We think that an ever-progressing, advanced civilization means that our lifestyle is improving. However, many individuals believe that the modern excellence of life isn’t what it used to be, at least not for middle class people. It is because it doesn’t matter every time whether individuals make extra money than in previous years.
Flexible income is not so tranquil to discover. Here is a list of things that are becoming unaffordable for the middle class. We’re not talking about lavish amenities, like private jets and ships. But the things on this list are a little more necessary, and some are even basic requirements.
It wasn’t a history that a single earner used to support the full family. But, now a lot of dual-income earners are struggling to keep up the current situation, and many have fallen in arrears. Changing standards partially describe the changes between the standard of living of the past and of the present, but not entirely. The fact is, many things that our seniors take for granted are now becoming difficult for the middle class to afford and some of those things are observed to be more lavish than others.
- New Cars: There are many people who can’t afford to enter into the new car market for its purchase especially middle-income families. The prices of a car are out of their reach. As per the study, it was observed that Washington was the only city in America where all people can easily afford to purchase a new car. A typical price tag on cars are high and when you consider the heavy sales charge, taxes and car insurance, it is contrary to average family income. It becomes apparent why new cars are becoming gradually unaffordable. But that doesn’t stop traders and business companies from assisting individuals to endorse the wheel of new vehicles. Also, the financial stress doesn’t discontinue customers from signing unpleasant agreements that contain exclusive extra stuff, high-interest charges and extended credit periods.
- Dentist Visits: When was your last visit to a dentist? Only about 60% of individuals could say their most recent appointment was almost a year ago. Dental treatments are costly, and teeth usually aren’t covered by insurance, they require distinct policies that millions of individuals lack. Individuals have to pay substantial costs for dental care. In addition to the insurance premiums, they face massive co-expenses, which almost range up to 50%.
- A Big House with A Big Mortgage: In recent years, people are struggling to make rental charges, much less by making a down payment for new houses. In U.S., the middle class are out of the race for home possession. In metro cities like New York City, San Francisco and Los Angeles, only 30% of homes in the market are affordable to middle-income Americans. There are some cities in the USA that are still out of the reach of middle class.
- Fido and Fluffy: American middle-class families are more diffident to start a family during an economic depression. Also, the pet possession has seen a deterioration in recent years as well. The average cost of adopting a dog and managing the expenses of him makes middle-class families adjourn the plan. For a middle-class family, raising Fido or Fluffy until the family’s financial status is in order is now becoming an unaffordable stuff.
- CHILDCARE: When it comes to childcare, lots of middle-class families discover themselves in a double problem. While one parent might want to stay back at home and undertake the responsibilities of a child, the loss of that member can be a massive shock to their family finances. Though expenses on childcare differ due to locality and the stage of development of a child, the study found that the yearly cost of day-care is more than the annual middle house rent. The high cost of childcare means that kin have less cash to apportion to housing, retirement and also savings. It in turn makes childcare expense unaffordable for middle-class families.
- Dinners out at restaurants: When you have a tight financial budget, one of the main things to be cut from the budget are restaurant visits. Middle-class Americans have curbed on their restaurant expenditure and because of this, restaurants that provide best services to median-class people are anguished. This restaurant now offers some happy hours to retain their customers back, but it is still unaffordable for middle-class individuals.
- Brand Name Items: As the middle class is constricting their wallets when it comes to eating out, they’re also becoming more cautious in their buying off brand name items. Dealers that appeal to the middle-class crowd get affected by their consumers’ reduced buying power.
When people discuss the troubles faced by the middle class they frequently portray an image of a sinking boat. Many of the stuff that appear to be slipping beyond reach are becoming unaffordable because individuals get placed in dangerous economic conditions. What middle class actually can’t afford any longer is staying casual about their choices that upset their financial stability and consuming resources based on urges and cravings.