Are you finding that your everyday bills are becoming unaffordable?
As inflation tightens, experts believe the middle class will find it challenging to cover essential expenses such as healthcare, college fees, and housing.
Awareness of these rising inflation costs is critical as it will help you further plan for the future, knowing what costs to anticipate.
Here are 3 things the lower middle class can’t afford anymore due to inflation.
Healthcare Costs
Over the next few years, the lower-middle class won’t be able to afford the rising healthcare costs. Apathy from medical treatment, copays, deductibles, and health insurance premiums have become expensive, especially for families who need regular medical care or those suffering from chronic health conditions.
Many lower-middle-class families may find their income constrained to cover long-term care for themselves or their aging parents.
Housing Expenses
The lower-middle class is struggling with strained budgets, making it a challenge to cover rent or mortgage payments. A survey by Redfin revealed that half of Americans have struggled to afford their rent or montage at some point this year.
Some have taken drastic measures such as canceling vacations, working overtime, and selling their belongings to keep up with their housing payments. The high rent costs, low number of affordable units, high cost of home loans, and housing construction deficit are reasons why most families may be struggling to afford housing.
Utility Expenses
A recent GoBankingRates poll revealed that 82% of people struggle to pay for utilities. Out of that figure, 21% cannot afford utilities due to inflation, rising costs of essential items, and reduced federal funding. With more lower-middle class opting to buy food and pay for housing, only a few have enough income to cover their utility bills.
