Costs Rising: 14 Things The Middle-Class Will Struggle to Afford in 2035
The middle class sits comfortably between those living paycheck to paycheck and those with extreme wealth. Middle-class people tend to have a reserve savings account and a comfortable home life, owning a house and possibly a few cars. They have debt, but assets overpower their dues. However, with inflation continuing to rise each year, it’s estimated the gap between working and wealthy will shrink, giving fewer middle-class citizens the ability to enjoy what they currently fill their time with.
1. College
College is expensive. Private universities and public schools usually lead students to take out loans, strive for scholarships, and work a few jobs to bridge the gap between paying rent and tuition. The college I attended raised tuition a few thousand dollars each year, which nauseated most of the students who came from working-class or middle-class families. As tuition increases, fewer people can enroll. Nevertheless, financial aid, loans, and scholarships emerged to help students from different backgrounds receive the same education available to the wealthy.
2. Concerts
Remember when concerts cost $20 for a music-filled night packed with three or four bands playing their catalogs to thousands of eager music appreciators? Attaining concert tickets became synonymous with the Hunger Games a few years ago. Tickets dropped at a specific time, monsoons of people logged onto the ticket-selling website simultaneously, the server inevitably crashed, and scalpers stole tickets before lifelong fans could grasp a single admission slip.
Since Taylor Swift’s Eras tour Ticketmaster fiasco, fans pleaded with Ticketmaster to instill regulations regarding ticket sales, though the strictness of these rules caused inflated prices. What used to cost $20 now costs $200. Concert-goers remain optimistic, hoping the days of reasonably priced music events return.
3. Homes
The housing market seems to increase rapidly every couple of years, then fizzle out after a few years. A lot of millennials express fear about becoming future homeowners due to current housing prices. They believe inflation contributes to expensive houses selling for way over their value due to demand. Houses that cost $100,000 in 2000 sell eight times the price today. Real estate inches toward higher monthly payments, which affects mortgages and down payments. Perhaps starting a mortgage savings account today can help you relinquish fear surrounding homeowning.
4. Healthcare
Healthcare in the U.S. is already costly. Within the next few years, healthcare prices are expected to rise. In fact, a study reported that healthcare costs will rise 8% between 2024 and 2025. If that rate keeps up, the price will force patients to fundraise, take out loans, or pay increments on healthcare for the foreseeable future.
5. Retirement
Decades ago, working citizens forged a retirement account to cover their expenses post-career. Workers deposited money into these accounts every week, thinking little of the budding financial growth. With the money, they faced an enjoyable retirement, fully funded by their younger selves. Today, many workers struggle to pay their bills, so they live out a paycheck-to-paycheck lifestyle. This lifestyle, while necessary for many, prevents people from opening a savings account to retire. Therefore, individuals remain working longer than they expect. With inflation, dozens of workers believe their retirement won’t come until they’re 70. Fortunately, select companies assist workers with retirement accounts by taking stipends out of their paychecks for inevitable retirement.
6. Traveling During Retirement
What do you envision for yourself when you reach the golden years of your life? Sitting holed up in your residence or journeying between continents, exploring new places? Everyone pictures a different retirement reality, except the latter costs a little more than morphing into a hermit. Traveling during retirement is not an impossible feat. It just might require extra, advanced budgeting for fruitful trips.
7. Travel
The idea of travel raised serious discussion among self-pronounced middle-class citizens. Several folks claimed travel never occurred in their middle-class family. Sure, they went on small road trips and ventured around their town a few hours out of their city, but they never embarked on a multi-day, out-of-country trip with their whole family. The cost exceeded their budget. Others say the future cost of travel will cause their extended family reunions to transfer to Zoom. What say you?
8 Cars
According to Yahoo Finance, the average American’s annual income floats right below $60,000, or the price of a brand-new car. To afford a vehicle, a dealership presents the customer with financing options and loans. Good in theory, these payment plans cause hardships to someone’s wallet, following them around for a good portion of their lives. Cars, like education, are another belonging which continues to rise in price each year. Can we keep up?
9. Private School
During my school-aged years, I attended half private and half public school, and like college, the tuition expanded every school year. My high school in 2012 cost around $8,000 for the year. By my senior year, tuition had climbed to $10,000 per student. Today, the school charges each student $14,500 for the same education. Thankfully, scholarships and financial aid assist kids with attending these types of schools.
10. Dining
How often do you go out to lunch or dinner rather than staying in for a home-cooked meal? I dine out frequently throughout the week, way more than I should, and the bills add up. For example, a trip to Burger King – not a fancy outing by any means, though the prices suggest otherwise – for a Whopper costs $5.59. Back in 2000, a BK Whopper rang up for a whopping $0.99. In 2010, the same sandwich ran for $3.15. Twelve years later, one burger costs $5.59. Plus, Burger King is a fast food restaurant. Fine dining expenses soar beyond Burger King’s burger boost.
11. Childcare
What do you do as a parent with a full-time job and a child not old enough for school? Enroll them in daycare or ask a friend or family member to watch the youngin. Most parents lean on family members to cut childcare costs, yet not everyone has family members capable of watching kids in their spare time. Here’s where childcare comes in: paying someone else to watch over a young person while the parent brings in income to raise the child.
Last year, a chart depicted the average cost of childcare in the U.S. Washington D.C. charged the highest, asking for $24,243 each year. That price eats up most low-middle-class incomes. Parents struggle with continuing to seek childcare services and figuring out how to find affordable options.
12. Streaming Services
Hulu used to air TV shows the day after their live premiere cable date. The streaming service showed episodes free of charge without (or with minimal) commercials. I snuck into my parents’ office every day after 6th grade to watch the newest glee episode on their computer while they cooked dinner. As we know now, Hulu, among the countless other streaming services, comes in various priced memberships. The lowest starts at $7.99 as the highest soars to $17.99 monthly for a commercial-free option. Netflix has begun an evil plan where it dictates how many people can access your account in a chosen location.
13. Organic Food
Eat a diet lacking pesticides, plastics, artificial sweeteners, or any material deemed inedible yet stuffed into our food. That’s the promise of organic food. A clean diet is one where one knows every ingredient put into one’s body. Well,sadly, to follow an organic diet, a customer pays twice or thrice the price of a non-organic item. It is not a feasible plan for someone with student loans, a mortgage, bills, and other expenses. An easy way to consume cleaner, healthier organics encompasses involvement with local greenhouses and gardens or planting crops.
14. Electronics
Does anyone own their computer anymore? How many payments remain on that $3,000 laptop? Next year, a slight change in the layout will skyrocket the price, somehow spawning increased demand. Electronic inflation stems from a deficit of raw materials and labor mixed with heightened demand. Society stays glued to electronics, fostering the endless price jump of screened objects.
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