So you did your research, filled out applications and survived the interview process. Congratulations! Your child is off to the best day care in town.
But with this accomplishment comes a seriously hefty price tag. The Economic Policy Institute recently released data about child care costs in the U.S. that found 33 states, plus Washington D.C., have day care facilities that charge more than college tuition for a four-year public school. That's mind-blowing, especially for families with more than one kid.
Washington D.C., has the most expensive preschool costs in the nation, at $22,631 per year. Massachusetts has the second-most expensive costs for preschool, at $17,062 per year.
The numbers don't lie -- paying for child care can get expensive and some parents who want the best for their kids may even overextend themselves financially. Fortunately, some states' child care won't set parents back more than the cost of a mortgage. Using annual child care cost data from the Economic Policy Institute's study, along with their stats on annual housing, we've compiled a list of the most affordable states for daycare.
Oklahoma is listed as No. 10 among the most affordable states for daycare. With the average annual cost of housing at slightly more than $8,200 in Oklahoma, child care costs 17.2 percent less than average rent in the state.
See a complete list here:
1. Mississippi. Annual child care costs: $4,822
2. Alabama. Annual child care costs: $5,637
3. South Dakota. Annual child care costs: $5,661
4. Louisiana. Annual child care costs: $5,747
5. Tennessee. Annual child care costs: $5,857
6. Arkansas. Annual child care costs: $5,995
7. Kentucky. Annual child care costs: $6,294
8. South Carolina. Annual child care costs: $6,475
9. Wyoming. Annual child care costs: $6,541
10. Oklahoma. Annual child care costs: $6,788
See the complete research here.