BALTIMORE — Each day American families face tough choices.
For many parents, their top priority is finding affordable quality childcare.
A close second is saving for college tuition.
While both options have always been pricey, some were lucky enough to make ends meet.
Now, according to a new study, that's becoming less possible.
The Economic Policy Institute revealed annual childcare costs in Maryland have surpassed college tuition rates.
Maryland's median family income is $121,329.
The Economic Policy Institute found a year's worth of childcare for a 4-year-old costs around $13,355.
For an infant, it's even more money — $18,946.
To compare, in-state tuition for a four-year public college averages out at $10,214. That's 85.5 percent less than caring for just one infant.
That means childcare for one infant costs $1,579 per month, making up an astounding 15.6 percent of a Maryland family's yearly income.
To put into more perspective, infant care in Maryland costs just 9 percent less than average rent.
The U.S. Department of Health and Human Services (HHS), suggests affordable childcare shouldn't cost more than 7 percent of a family’s income.
By that standard, only 13.8 percent of Maryland families can afford infant care.
Families paying childcare for an infant and 4-year-old are stretched even more thinly.
In total it would cost $32,301 — more than 35 percent the price of rent — equaling 26.6 percent of a family's annual income.
And that's just for median income families. What about those earning minimum wage?
Currently Maryland's full-time minimum salary equates to $31,200, meaning nearly 61 percent of their yearly income would go towards childcare for one infant.
They'd need to work full time for 32 weeks, just to pay $18,946 in childcare costs.
Take Montgomery County for example, which pays a statewide high minimum hourly wage of $17.15 — it still would take 28 weeks of full-time work to cover childcare costs for a single infant.
When all set and done, the Economic Policy Institute ranks Maryland 11th out of 50 states for most expensive infant care.
If that weren't enough, a separate study conducted by Cinch Home Services found Maryland rent prices jumped fifth most in the nation, by 7.56 percent, from 2023 to 2024 ($1,448.45 to $1,557.92 per month).
At the same time another survey seems to indicate a higher level of Maryland residents being buried in dept.
The verified coupon site Coupons4Real lists Maryland as having a 43.90 percent increase in credit card debt since 2003.
At the time Maryland residents found themselves backed up an average of $3,280, only to see that number grow to $4,720 by 2023.
That's 10.45 percent higher than the 2023 national average of credit card debt.
Consider that with yet another study byGo Banking Rates, which put Maryland ahead of Hawaii and California for highest salaries required to be considered upper-middle class - $158,126.
