One of the important topics in today’s society is the cost of daycare. The costs of daycare can be a very interesting topic for parents or anyone looking to spend some time with their child(ren). It is no news that many children spend a large part of their day, sometimes up to twelve hours away from home in a daycare facility.
The following article will discuss the different costs of daycare by focusing on the three main factors that affect its price, which are location, company/agency, and type of child care.
The Importance of Daycare
There is no more important factor in the development and upbringing of a child than that of his or her parents. However, like all general statements within the realm of parenting and children’s development, there are many caveats.
It must be understood that for one reason or another, many parents do not have the time or resources to provide adequate care for their children daily. There are many reasons that this may occur, and the most common reason is that mothers and fathers work.
While many find full-time employment outside of the home, some parents find themselves working only part-time or are otherwise unable to secure their child with reliable care. For these children, daycare becomes an essential aspect of life, as it provides them with human interaction and adequate supervision.
However, the importance of daycare extends beyond the mere fact that it allows children to receive a form of care and/or education.
By placing children in daycare from an early age, parents allow their offspring to develop social skills and a sense of independence earlier than they would otherwise be able to do so. For this reason, daycares are often beneficial not only for the children who attend but also for the parents who send their children there.
What Affects the Cost of Daycare?
One way to categorize daycare expenses is to consider the three major factors that determine prices: location (i.e., city), agency (i.e., in-home vs. center), and type of care (i.e., infant, child, or both). Each category has different characteristics that affect the cost of daycare (https://2000daysdaycare.ca/).
Location of the Daycare
Location matters when determining prices for daycare because the location determines the laws under which daycares in that area must abide. Cities sometimes have laws in place to increase the minimum requirements of a facility in order to provide a better standard of care for children. Other cities allow daycares to get away with less than the bare minimum, which results in lower costs for the consumer. The cost of living also affects rates, because large metropolitan areas tend to have higher prices overall.
The Ownership of the Daycare
Most daycare facilities are either privately owned or owned by an agency. The difference between the two is that privately-owned daycares are funded entirely through fees paid by clients, while agencies receive state subsidies for low-income families. Agencies also bear greater requirements and oversight because they take part in government programs. Additionally, some cities require all daycare facilities to be licensed, which also increases costs.
Type of Childcare
Another factor that affects the cost of daycare is the type of care provided. Agencies tend to have a lower rate for children under 18 months because they have a higher turnover and incur more expenses in providing adequate care. In contrast, infant care has a greater overall cost because infants require more attention. Some providers who only provide care for one type of child (e.g., infants only) may charge higher hourly rates because they do not provide child care for other age groups.
So How Much is Daycare?
The lowest cost per child is $4,736, while the highest cost can reach up to $13,000. Thet the median cost is about $8,900 per year.