Latest news with #EmilyPeck
Axios
26-06-2025
- Business
- Axios
Louisiana day care costs top $20k for two children
The rising cost of child care is outpacing inflation, according to a new report. Why it matters: Climbing childcare costs put a huge financial strain on families, forcing some parents — typically women — to either ratchet back their working hours or leave the labor force entirely, writes Axios' Emily Peck. Zoom in: Louisiana families are paying about 35% of their median household income to keep two kids — one infant and one toddler — in day care, according to data from Child Care Aware, an advocacy group. The average annual child care cost for that hypothetical family in 2023 was $20,200, while the median household annual income in the state was $57,650, based on Census data released in 2024. The big picture: Nationally, the annual cost of day care tuition for the same two children — a toddler and an infant — was $28,168 last year, the data show.
Axios
16-06-2025
- Business
- Axios
Child care costs squeeze Virginia families
The cost of child care in Virginia and around the nation is skyrocketing, with a new report finding that it's outpacing overall inflation. Why it matters: Rising child care costs put a huge financial strain on families, Axios' Emily Peck reports. They can force some parents — typically women — to either ratchet back their working hours or leave the labor force entirely. For single parents, the calculus can be even more painful. By the numbers: The average annual cost of daycare tuition in Virginia for two children — one toddler and one infant — rose to $30,680 last year, according to data from Child Care Aware, an advocacy group. That's the highest price tag for child care in the Southeast by far — and roughly $8,000 more a year than it costs in North Carolina. That's about 32% of the median household annual income in Virginia, based on Census data released in 2024. Stunning stat: The cost for center-based child care for an infant would eat up 39% of a single parent's salary, per the report. Meanwhile, the average annual cost of daycare tuition nationwide for two children was $28,168 — about 35% of U.S. median household annual income. Zoom out: The U.S. doesn't have publicly funded universal childcare. However, the federal government does put money into the system for low-income kids through block grants to the states, as well as Head Start, the decades-old federal program that provides childcare, nutrition assistance and other services to the nation's poorest families. There were worries that the White House would stop funding Head Start, but the administration has said that won't happen.
Axios
12-06-2025
- Business
- Axios
Texas daycare costs about $21,600 a year for two kids
The average Texan spends more on child care for two children than on rent every year. The big picture: The cost of child care in the U.S. rose 29% from 2020 to 2024, outpacing overall inflation, Axios' Emily Peck reports. The average annual cost of daycare tuition nationwide for two children — one toddler and one infant — rose to $28,168 last year, according to data from Child Care Aware, an advocacy group. Zoom in: The average cost of child care in Texas is nearly $21,600 for an infant and a toddler, or about 27% of the median household annual income in the state. That's lower than the national average of 35%, based on Census Bureau data released in 2024. By the numbers: The average annual cost of daycare for two children is about $5,500 more than the average cost of rent in Texas, per Child Care Aware data.
Axios
09-06-2025
- Business
- Axios
Indianapolis homebuyers gain the upper hand
Homebuyers hold an edge in Indianapolis and across the nation — so long as you can cover the bigger tab. The big picture: There are nearly 500,000 more sellers than buyers in the U.S. housing market, Redfin estimates based on April figures. Why it matters: That's the widest gap on record — and a big reversal from just a few years ago, when buyers were desperate to find a place to live, sending prices into the stratosphere, Axios' Emily Peck and Sami Sparber report. By the numbers: There are 33.7% more sellers than buyers nationally. At no other point since Redfin began tracking in 2013 have sellers outnumbered buyers by such a large percentage. A year ago, sellers outnumbered buyers by 6.5%, and two years ago, buyers outnumbered sellers. Zoom in: The Indy metro had nearly 1,500 more sellers than buyers, a 21% difference, signaling a home buyer's market. Indianapolis also ranks fifth overall when tracking metros with the biggest year-over-year increases in pending home sales. Context: Redfin counted sellers as the number of active listings in a given area and created a model to estimate the total buyers. Where it stands: The one-two punch of still-soaring home prices and mortgage rates is making it hard for buyers, especially first-timers, to find a place they can afford despite the shift. Add to that the extreme economic uncertainty of 2025. Tariff news, layoff fears and, for many federal workers, layoff realities, are tamping down buyer demand. Yes, but: For home sellers "the mortgage rate lock-in effect is easing," per Redfin. "For most people, it's not realistic to stay put forever; job changes, return-to-office mandates and divorce force people to move." Elevated mortgage rates are becoming the norm. "The idea of taking on a higher mortgage rate also isn't as shocking as it was when rates first skyrocketed in 2022." Between the lines: Buying a home remains out of reach for most Americans, as the National Association of Realtors pointed out in a recent report. The median home price sold in the U.S. in the first three months of this year was $417,000, per federal data — 33% more than during the same period in 2019, before the housing market went haywire, outpacing inflation and incomes. Indy's median home sale price was $255,000 as of April per Redfin, a 4.9% increase when compared to the previous year. The household income required to afford a median home in the Indianapolis-Carmel-Anderson metro has also increased nearly 4% since last year. What to watch: Historically, when sellers outnumber buyers, prices drop. And in some markets, listings have already started falling. Redfin believes prices will dip 1% by the end of the year (not exactly a huge discount, to be sure). The bottom line: "The balance of power in the U.S. housing market has shifted toward buyers, but a lot of sellers have yet to see or accept the writing on the wall," said Redfin senior economist Asad Khan in the report.
Axios
05-06-2025
- Business
- Axios
Buyers gain upper hand in Valley housing market
It's a homebuyer's market nationally — if you can afford it — and in few places is that truer than the Phoenix Valley. The big picture: There are nearly 500,000 more sellers than buyers in the U.S. housing market, Redfin estimates. Why it matters: That's the widest gap on record — and a big reversal from just a few years ago, when buyers were desperate to find a place to live, sending prices into the stratosphere, Axios' Emily Peck reports. By the numbers: There are 33.7% more sellers than buyers now. At no other point since Redfin began tracking in 2013 have sellers outnumbered buyers by such a large percentage. A year ago, sellers outnumbered buyers by 6.5%, and two years ago, buyers outnumbered sellers. Context: Redfin counted sellers as the number of active listings in a given area and created a model to estimate the total buyers. Zoom in: Sellers outnumber buyers in the Phoenix area more than almost anywhere in the U.S. There are twice as many sellers (about 32,400) as buyers (nearly 16,200) in the Valley. Where it stands: The one-two punch of still-soaring home prices and mortgage rates is making it hard for buyers, especially first-timers, to find a place they can afford. Add to that the extreme economic uncertainty of 2025. Tariff news, layoff fears and, for many federal workers, layoff realities, are tamping down buyer demand. Yes, but: For homesellers "the mortgage rate lock-in effect is easing," per Redfin. "For most people, it's not realistic to stay put forever; job changes, return-to-office mandates and divorce force people to move." Elevated mortgage rates are becoming the norm. "The idea of taking on a higher mortgage rate also isn't as shocking as it was when rates first skyrocketed in 2022." Between the lines: Buying a home remains out of reach for most Americans, as the National Association for Realtors pointed out in a recent report. The median home price sold in the U.S. in the first three months of this year was $417,000, per federal data — 33% more than during the same period in 2019, before the housing market went haywire, outpacing inflation and incomes. Tina Tamboer, senior housing analyst with The Cromford Report, told the Arizona Republic that home prices could drop 3%-5%, but people shouldn't expect "big, bold movements" anytime soon. The other side: Mark Stapp, executive director of the Master of Real Estate Development program at Arizona State University, was skeptical that there are twice as many sellers as buyers in metro Phoenix. He said there are about 26,000 houses currently for sale in the Valley, which doesn't count new homes. "The market is still out of whack to some degree, and it hasn't corrected itself. We need five or six months of inventory for this to be a real buyer's market," Stapp told Axios, saying there's about 3.6 months of inventory now. Home prices aren't falling, they're just getting more realistic compared to the high prices sellers had been seeking, he said, and we're likely to see modest increases of about 3% in the Phoenix area. What to watch: Historically, when sellers outnumber buyers, prices drop. And in some markets, listings have already started falling. Redfin believes prices will dip 1% by the end of the year (not exactly a huge discount, to be sure).
