Increased Costs Force Binghamton Parents to Get Creative

The Department of Health and Human Services says that child care should only cost about ten percent of a person’s income and the cost of housing shouldn’t cost more than 30 percent of a person’s income. Tell that to the parents of Binghamton.

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According to the Economic Policy Institute, in 2015, more than 8 percent of the country was paying more per month in child care costs than they were for rent. In Binghamton, the cost for child care for two children was three times more than the cost of the rent.

In 2015, the Economic Policy Institute estimated that the average amount a family paid in rent was $692 a month. That amount seems low even though the figure was estimated about seven years ago. Seven years ago, my family rented an apartment on the West side of Binghamton and paid $800. Today, the rent on that same apartment is $1,575.

The Economic Policy Institute revealed that the average family in the Binghamton area was paying $2,011 a month in child care costs for two children in 2015. According to Care LuLu, the current cost per month for child care for two children in Binghamton is $1,850.

While the lower figure might look more attractive, consider this: the median household income in Binghamton is $34,487. The median annual income across the United States is $65,712.

While the $34,487 number for median household income in Binghamton is unsettling, it's an eight percent jump from 2018 when the figure was $31,905. Not much solace when the cost of everything is astronomical but perhaps a reason why more and more two-parent families are getting creative with finances and opting for one parent to leave their job and stay home with their small children.

According to Parents Magazine, "On average, 2.4 percent of parents are staying at home with their children as of early 2021, up from pre-COVID-19 levels of 1.5 percent." If you are a two-parent family and considering going down to only one income, Magnify Money has some fantastic financial tips.

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These money-saving tips—from finding discounts to simple changes to your daily habits—can come in handy whether you have a specific savings goal, want to stash away cash for retirement, or just want to pinch pennies. It’s never too late to be more financially savvy. Read on to learn more about how you can start saving now. [From: 25 ways you could be saving money today]

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