Many Americans are feeling the heat as the cost of living continues to rise. Wages aren’t keeping apace, causing the definition of affordable to the average American household to change dramatically. Here’s a list of eight essential items and services that have become increasingly out of reach for many.
Owning a Home
High property prices, combined with high mortgage rates, are making homeownership increasingly unaffordable for many Americans, particularly first-time buyers. The thing that used to almost define the average American — homeownership — has become a literal pipe dream in the current real estate climate. Many young people have resigned themselves to either rent indefinitely or move to a less desirable area just to afford a home.
College
Tuition costs have soared, saddling students with debilitating debt and pushing college diplomas further out of reach. So unless you’ve lucked out with a rich family, you’re going to have a much harder time affording higher education than you would have ten or even five years ago.
Good Healthcare
Even with insurance, families are finding that the co-pays and deductibles associated with healthcare can be unexpectedly high. They’re stuck covering significant amounts out of pocket for essential medical services and prescription medications with little to no choice but to fork over their hard-earned cash.
Vacations and Travel
Food, hotel rates, and travel-related costs have all surged, so vacations, family trips, and getaways are out of reach for many. Even if they are something a person can save for and eventually take, it’s become much more expensive to do so on a whim, especially if you have a larger family.
Basic Technology
Technology is a necessity. But prices for smartphones, laptops, and other must-have tech devices are well out of the reach of the average American family. This forces many of their hands to use credit cards or lines of credit to access this technology, further putting them into debt.
Personal Care Services
It’s important to take care of ourselves. Yet it’s also more expensive to do so than it has been in recent years; spa treatments, fitness memberships, and even haircuts have gone way up in price, leading people to have to make sacrifices in their budgets that leave them feeling like they aren’t caring for themselves.
Groceries
Price hikes from inflation and supply chain woes have increased the costs of everyday groceries, posing more of a challenge for families to stay on budget. And with the disparity in cost between many healthy options and unhealthy ones, along with food deserts, it’s becoming harder than ever for the average American to eat well without paying the price.
Dining Out
Prices at restaurants have risen, and what used to be an affordable treat has turned into a luxury for many families. For many families, the convenience can be hard to say no to, leading them to overspend on dining in or carryout in an attempt to get back some of their day instead of spending more time in the kitchen.
