New parents are being hit with a surprising financial challenge. According to a recent study it now costs more to put a child through daycare than it costs to put someone through college in the state of Florida.
Research from the Economic Policy Institute says the average cost for infant care is $725 per month, which equates to $8,700 per year. That total is about $5,000 more than the average cost of a year of college tuition.
The study says parents are spending more than 16% of their total income on child care.