Slower growth in child-care payments does not necessarily mean families are finding care more affordable.
An October 20 report from the Bank of America Institute finds that more households in its customer data pay over $2,000 a month for care, even as median payment growth has slowed.
The report also identifies significant geographic differences. Nashville and Jacksonville recorded the fastest year-over-year median payment growth among the metropolitan areas examined.
These findings describe selected Bank of America customer transactions, not every American household or a national price survey.
Lower spending can reflect different arrangements
The report suggests that families may be changing how much paid care they use, moving to less expensive arrangements, relying on relatives, or adjusting work schedules.
Those are possible explanations—not proof of what happened in each household.
The analysis also reports a 0.7% year-over-year decline in child-care employment in September. It identifies limited provider capacity as a potential constraint on access and parents’ ability to work.
Financial assistance varies by location
ChildCare.gov explains that states and territories receive federal funding to help eligible low-income families pay for child care while they work or attend school.
Assistance may be described as a subsidy, voucher, or certificate. Eligibility requirements vary by state, so families should check the rules where they live rather than rely on another state’s information.
The federal website’s child-care financial assistance guide provides a starting point.
Help finding available care
Families struggling to locate a suitable opening can contact a local Child Care Resource and Referral agency.
ChildCare.gov identifies these agencies as a resource for help with the search. It also advises families facing long waitlists to explore their options rather than assume an estimated wait means they should not join a list.
Review safety information alongside cost
Price and availability factor into the decision. Families can also review licensing status and inspection history.
ChildCare.gov recommends examining inspection reports for health and safety violations and how a provider addressed them. Its state and territory resources link families to available provider-search and monitoring information.
For residents, employers, and community organizations, the report highlights the connection between household expenses, access to care, and employment. Local assistance programs and provider information can help families evaluate their next steps.
Sources: Bank of America Institute child-care report; ChildCare.gov.