The middle class was once considered the economic backbone of American society, but it’s now being eroded as the gap between rich and poor widens. The harsh reality is that many essential items and services they could once comfortably afford are now unaffordable. This article explores 17 necessities that many middle-class families no longer have enough money for.
Homeownership
The American dream of owning a home is becoming unachievable for many average families. As house prices skyrocket alongside tighter mortgage restrictions and inflation, owning property is becoming the exclusive domain of the wealthy. NAR says 71% of housing market growth from 2010-20 was due to the upper classes, with middle-income homeowners accounting for only 26%.
Quality Healthcare
Quality healthcare is becoming increasingly expensive, even with comprehensive insurance. Middle-class households are struggling with high deductibles, rising premiums, and the ever-rising cost of prescription drugs and medical procedures. This can lead to delayed treatments, skipping check-ups, and prioritizing immediate needs over long-term health.
Higher Education
The cost of higher education has risen so sharply in recent years that many middle-class families are forced to choose between their children’s education and other essentials. Their children may face crippling, lifelong debts or limited career opportunities—both of which impact their future financial stability and effectively push them into lower socioeconomic brackets.
Childcare
Time reports that the U.S. is experiencing a ‘childcare crisis’ that makes having a child (let alone more than one) unaffordable for lower and middle-class parents. Many mid-income households have two working adults and would require adequate childcare during working hours, yet this can cost up to half of their income, forcing many to reconsider starting a family.
Healthy Food
The rising cost of fresh fruits, vegetables, and organic options makes it difficult for many middle-class families to enjoy a nutritious diet. This often leads to reliance on high-calorie and low-cost convenience foods like processed or fast food options and snacks high in salt and sugar. Although cheap, these come with detrimental long-term health consequences.
Transportation
Owning and maintaining a car or two was once something every middle-class family could afford, and homes typically had driveways and garages that included mid-range vehicles. Unfortunately, rising gas prices and increased insurance costs and car repairs have strained middle-class finances, and many use public transport or rely on older, less reliable cars.
Retirement Savings
Saving for retirement has become increasingly difficult for the middle classes, as stagnant wages and rising living costs leave little room for extra monthly contributions. This can make the future especially worrying and uncertain and further erodes the middle class, pushing them into lower class brackets, where retirement savings are rarely achievable.
Vacations
According to Newsweek, a yearly vacation abroad is now a luxury reserved only for the upper classes. Middle-class families used to be able to afford an annual trip, but the escalating costs of travel, accommodation, and entertainment, alongside inflation and rising living costs, mean many average families now miss out on this chance to bond, relax, and explore.
Home Maintenance
Even if middle-income earners can afford to buy their own homes, many cannot afford to keep them in good condition, and many households struggle with leaks, creaks, heating problems, and dampness. As the cost of materials, labor, and professional services has risen, middle-class households have chosen necessities over maintenance despite the potential danger and discomfort.
Entertainment
Leisure activities like going to the movies, attending concerts, or visiting theme parks have become increasingly expensive, and most middle-class families now choose to spend their limited budgets on other necessities, like utility bills and groceries. This results in duller, less fun lifestyles and can even result in social isolation and increased mental health issues.
Sustainable Living
Many lifestyle choices, such as recycling, energy efficiency, and eco-friendly practices, come at a premium price. Although the middle classes used to purchase organic clothing, efficient appliances, and sustainable cleaning products, budget restraints are now forcing them to opt for the cheapest available options, regardless of their environmental impact.
Pet Care
Owning a pet is a rewarding experience everyone should be able to afford, but sadly, that is not the case. Linked In states that 28% of Americans are unable to afford veterinary care and that inflation is “eating into the disposable income of middle-class Americans.” This also means less money for things like premium pet food, doggy daycare, toys, and grooming.
Life Insurance
Securing adequate life insurance coverage is vital for protecting families in the event of an unforeseen illness or accident. However, premiums have risen so much in the past decade that many middle-class families struggle to afford comprehensive coverage, potentially leaving children and other dependents financially vulnerable if the worst happens.
Fitness
Services like gym memberships, fitness classes, and exercise equipment are becoming increasingly exclusive to the rich and not affordable for the average American. Despite the apparent health benefits of staying in shape, mid-income families are having to choose between basic necessities and fitness expenses, prompting a decline in physical health.
Emergency Funds
It’s essential to have a financial safety net for unexpected expenses like car repairs, medical emergencies, or sudden job loss, especially for families that are dependent on one person’s health and income. Unfortunately, rising living costs and inflation have left middle-class families with insufficient cash for basic needs, let alone extra money to put aside for contingencies.
Personal Care
Things like regular haircuts, spa treatments, or cosmetic procedures used to be affordable luxuries for middle-class people but are now something only the wealthiest Americans can afford. The rising cost of these services, alongside dwindling disposable incomes, can lead to prioritization of more essential purchases.
Technological Advancements
In the 1950s, every middle-class home could afford an up-to-date kitchen appliance or two, but nowadays, things have changed. Keeping up with the latest technological advancements is increasingly expensive, and many middle-income households cannot afford the latest upgrades in smartphones, computers, and other gadgets, which can lead to feelings of inadequacy.
Up Next: 19 Completely False Things About America That Foreigners Think Are True
The U.S. is arguably the most famous country in the world, and people from far-off places often know our flag and president’s name! However, a lot of media coverage and exported movies mean plenty of opportunities for misunderstanding and stereotyping. Here are 19 false assumptions non-Americans often make about ‘the land of the free!’
19 Completely False Things About America That Foreigners Think Are True
20 Loyal Dog Breeds That Will Never Leave Your Side
Since early humans first fed a wolf around a campfire, dogs have been our constant companions and are renowned for making strong bonds with their owners. But which specific types of dogs make the most loyal and devoted pets? This article describes the 20 most unwaveringly loyal canine breeds and the characteristics that make them the ultimate ‘ride or die’ pets!
20 Loyal Dog Breeds That Will Never Leave Your Side
18 Reasons Older Men Say ‘Nope’ To Relationships
Older men embrace being alone and generally prefer spending time in solitude. They’ve had a full, so don’t criticize them for being less social! The following 18 reasons explain why older men prefer to be alone and are redefining how they experience their retirement years.