RALEIGH, N.C. — While children are preparing to head back to school this month after the summer break, the cost of child care remains a concern for parents.

Financial experts say it can cost $21,000 per year for two working parents to raise one child in North Carolina.

What You Need To Know

  • While children are preparing to head back to school, the cost for child care remains a concern for parents
  • Financial experts say it can cost $21,000 a year for two working parents to raise a child in North Carolina
  • Financial professional Wes White of Patriot Wealth Management in Raleigh says overall costs are continuing to rise because of inflation, which affects everything from housing to food

Financial professional Wes White with Patriot Wealth Management in Raleigh says overall costs are continuing to rise because of inflation, which affects everything from housing to food. 

“One of the biggest expenses families face is child care. It’s become so expensive that the average cost of child care for one kid is more expensive than rent in every U.S. state,” he said.

White says the three most common things parents spend money on when raising children are housing, food and child care.

On average, parents spend about 33% of their income on housing, he says.

“Food is another major cost. Families spend anywhere from $975 to more than $1,500 on food per month,” White said.

White says there are ways to support your children besides giving them money. He stresses teaching them good money management skills and encouraging them to create a financial plan for themselves.