New Jersey’s Median Family Income and Care Costs Revealed

If you’ve ever wondered about the cost of a college education in New Jersey, child care costs or median income, then know that you aren’t alone. People are often curious to learn about financial information, especially in their state, and it also helps plan for the future. Let’s just say that when it comes to child care costs, it’s not cheap.

According to a LendingTree study, the cost to raise a child from the time that baby is born to age 18 in the U.S. is about $300,000. The estimate includes things such as housing, child care, food and clothing. Specifically, that number is $297,674, which is is more than a 25% increase from LendingTree’s 2023 estimate of $237,482. It’s so wild to think that the number spiked so much in just one year.

Median Income, Child Care Costs and More

What’s really crazy is that according to research conducted by Economic Policy Institute (EPI), there’s no state where the average cost of infant care is within the affordable range of families earning the area’s median income. According to the Department of Health and Human Services, that affordable range is costing 7% of less of a family’s income.

The folks at CNBC have put together a tally of each state’s median family income, in-state tuition for a four-year public college, average annual cost of child care for a 4-year-old and average annual cost of infant care, using data from the EPI. That note the surprising finding that “infant and toddler care may be more expensive than college.” Who would have thought?

“EPI also compared child-care costs with public college tuition, and in 38 states and Washington, D.C., the average annual cost for infant care is higher than the in-state tuition for a public four-year college,” CNBC added.

For New Jersey, the median family income is $139,703, in-state tuition for a four-year public college is $15,528, the average annual cost of child care for a 4-year-old is $17,534 and the average annual cost of infant care is $18,155. Are you surprised? Reach out to me with your thoughts.

The EPI notes that, “Child care costs vary widely across the country, ranging from as low as $572 per month in Mississippi to as high as $2,363 per month in Washington D.C. for a household with one infant.”

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