The Latest in Childcare 👪

You may already know the following maxim all too well, but for my fellow child-free friends and readers, childcare is expensive. Like really expensive. In New York, annual daycare rates at a facility for one child start at 19k annually. For at-home childcare, it starts at 25k annually for part-time care all the way to 50k+ for full-time care. For some, the expenditure is well worth the dent it makes in the take-home pay of a parent, who can justify the outsourcing if it comes with a larger salary.

But for many low-income families, the cost of childcare eats up half of their wages. Stricter rules regarding a child's temperatures and signs of sickness can cause a parent to miss out on work shifts and risk termination from his or her employer. For the business of childcare, which was already operating on small margins before the pandemic, the last two years' enrollment numbers have been rattled by the pandemic.

                                          An in-home daycare business in New York City.

In New York, Governor Hochul has recently signed a new budget providing $7BN in subsidies for parents and providers over the next four years. Previously, where families of four were eligible at only 200% of the poverty level, they are now eligible at 300%, or $83,000.

For parents considering their return-to-office plans, many are empowered to ask for greater flexibility and access to childcare. Maven Clinic has been an active participant in research and policy recommendations to improve health care and support for women and families. Helpr is on a mission to convince employers to offer childcare benefits, and Neighborschools tries to make finding childcare easier. All three of these companies have recently raised funding.

For more on this topic, search fundings using the keyword “childcare.”