5 Basic Necessities the Middle Class Is Struggling To Afford in 2024 | GoBankingRates
In recent years, the financial landscape for many American families has been increasingly challenging, with rising living costs outpacing income growth. The once-solid ground of the middle class is shifting as a combination of factors, including income inequality, inflation, and the withdrawal of pandemic aid programs, has led to a notable decline. According to Pew Research Center, the proportion of households classified as middle class dropped from 61 percent in 1971 to just 50 percent in 2021.
The definition of a middle-class lifestyle is evolving, with secure employment, access to health insurance, and the ability to meet basic expenses and emergencies being key benchmarks. However, these standards are becoming harder to attain for many families. Joan C. Williams, from the University of California, College of the Law, notes that even those who expected a middle-class life struggle to cover essentials like food, rent, and childcare simultaneously.
Several fundamental necessities are becoming increasingly out of reach for middle-class families. Rent prices have surged, outpacing income growth and leaving many families spending a significant portion of their income on housing. This has contributed to a rise in homelessness despite individuals being employed. Childcare costs have also skyrocketed, with many families spending far above what is considered affordable by the U.S. Department of Health and Human Services.
Transportation costs are another burden, with prices for new and used vehicles experiencing fluctuations, partly driven by supply chain issues during the pandemic. Healthcare expenses, including the cost of prescription drugs, have been on a steady rise, outpacing inflation rates for other consumer goods and services. Additionally, the cost of groceries and dining out has seen significant inflation in recent years, adding to the financial strain on middle-class households. As a result, many families have to tighten their budgets to make ends meet…………
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How do economic fluctuations impact the affordability of essential goods and services for middle-class families?
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