Consider these factors when thinking about hiring in-home care for your child.
In-Home Care for Babies and Toddlers
Similar to traditional daycare, costs of in-home daycare depend on the age of your child and where you live. The size of the facility and whether or not it is licensed may also impact cost. Some in-home daycare providers charge very little if they are a friend or neighbor, where others run more like a business and may charge as much as traditional daycare.
The average in-home daycare charges about $9,027 a year ($752 a month) for infants and $8,246 a year ($688 a month) for toddlers.
Prices for infant daycare start at $4,183 a year and go up to $13,184 a year ($349 to $1,099 a month), though costs will likely be higher in large cities.
The most expensive states for home daycare for infants and toddlers are Connecticut, Maryland, Massachusetts, New York, and Virginia, with costs of over $10,000 a year ($833 a month).
In-Home Care for Preschoolers
For preschool-age children, the average cost for home daycare is $7,976 a year ($665 a month). The price for in-home care can vary widely between states, but an in-home care facility is generally less expensive than center-based care in the same area.
What Is the Cost of a Nanny?
Hiring a full-time nanny for your child may be the most expensive option. Depending on where you live, how many children you have, and what the competition is for qualified candidates, nannies typically cost between $11 and $25 an hour. According to a 2017 survey, the average hourly wage for nannies is $19.14.4
Some nannies also get benefits, such as employer-paid health insurance, paid holidays, vacation, and sick days.
Keep in mind that when you hire a nanny you become an employer, and the U.S. government expects you to pay your nanny’s Social Security taxes.
Cut Costs With a Nanny Share
A nanny share is a childcare arrangement where one nanny cares for the child or children of two or more families at the same time. A nanny share is an alternative childcare option to daycare or hiring a nanny for one family. You can have a “full” nanny share, which means that one nanny takes care of two families’ kids at the same time without any individualized care (easier to figure out financially, but not always practical). Another option is a “partial” share, when a nanny takes care of two families’ children sometimes individually and sometimes together.
In a nanny share, the childcare costs are cut because the nanny is sharing time between the children. For example, if you pay a nanny $15 an hour to watch one child, you may pay $11 an hour during share hours. Nanny shares may be full-time or part-time.
What Is the Cost of a Babysitter?
What to pay a babysitter also depends on various factors, such as how many children are being watched, the experience level of the babysitter, if the babysitter is doing additional work, and if the babysitter is being hired for a special occasion, such as a holiday or a vacation.