6 Things That Used To Be Middle Class but Are Now Basically a Luxury
Middle-class families may not have the same level of financial freedom that upper-class wealthy households have. But for decades, they’ve almost always had the financial stability to afford high-ticket purchases and splurge from time to time.
Unfortunately, that’s not the case anymore. Here are some of the things experts say used to be within reach of the middle class that are now becoming luxuries.
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1. Homeownership
Owning a home has long been considered a key symbol of success for middle-class households. But buying a house today requires years of planning and aggressive saving.
"Median U.S. home prices are well above $400,000 with a 30-year mortgage interest rate exceeding 6.5%," said Cody Schuiteboer, president and CEO of Best Interest Financial. "This means monthly payments on the median-priced property start from $2,500, not counting property taxes and insurance. Even couples earning between $90,000 and $110,000 struggle to qualify due to high debt-to-income ratios."
The challenge is no longer saving for a down payment. Borrowing costs, homeowners' insurance, property taxes and the cost of maintaining a home have turned homeownership into something that feels out of reach for many middle-class families.
2. A One-Income Household
Years ago, it was common for many middle-class households to have one parent stay home while the other worked. While this still works for some, it has become harder for many households to sustain. Schuiteboer pointed to childcare costs as a major reason.
“The cost of childcare exceeds $1,300 a month. This means having a partner at home has become a luxury. Two incomes are almost mandatory for many middle-class households now.
3. Eating Out Regularly
Going out to eat regularly used to be attainable for many middle-class families, but it’s now a luxury that almost always needs a budget discussion.
"Inflation has hit the food industry hard," said Melanie Musson, finance expert at Quote.com. "Not only do ingredients cost more, but staff have to be paid more to recruit and retain employees. Going out to eat will easily cost a family $100 or more.”
What used to be a weekly habit for many families is increasingly becoming a special-occasion expense.
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4. Concerts and Sporting Events
Live entertainment was once a regular weekend family activity. Now, you must plan for it. Concert ticket prices have surged to an average of nearly $136, a 75% increase since 2015. And that's before fees, parking and concessions.
"Concerts and sporting events used to be much cheaper," said Elisabella Ricca, personal finance and consumer analyst at TopCashback. "Now, it can cost thousands of dollars to see major artists and teams.” At those prices, the average American can't afford to go.
5. Big Weddings
Big weddings were once a fairly standard event. Today, they’re super expensive, running well into five figures. Many middle-class couples are opting for more affordable options.
"Hosting a big wedding used to be standard practice," says Musson. "Now, many couples are opting for micro weddings, courthouse weddings or informal backyard weddings to avoid going into debt."
6. Secure Retirement
Retirement once looked simpler for many middle-class individuals. A pension, Social Security and savings created a stable financial future.
Schuiteboer noted that this picture has changed significantly. According to him, “Nowadays, a pension plan is rare among employees.”
Today's workers carry much more of the responsibility themselves through 401(k)s and personal savings accounts. That shift has created pressure on many middle-class households that are trying to save while also dealing with higher living costs.
"The median savings for Americans approaching retirement are less than $90,000," said Schuiteboer. For his clients who do everything right — saving diligently, owning homes and staying out of bad debt—retirement still looks uncertain and far away.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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