Child care in the U.S. today can cost more than families pay for rent, a mortgage or college tuition

The soaring cost of child care in the U.S. can now exceed what families pay for housing or college.

That's according to recently released data that outlines the heavy financial burden on the nearly 14 million American parents who rely on paid caregivers to look after their children. Families spent as much as $15,600 per year on full-day care per child in 2022 (the latest year for which data is available), although those with infants can face costs as high as $31,544 annually, according to a recently updated database compiled by the Department of Labor. 

That exceeds the U.S. median rent of $15,216 that same year, while some families are spending as much as almost 30% of their annual earnings on child care, the agency noted. Overall, the cost of child care has soared more than 50% over the last decade.