The American middle class, caught between the affluent and the lower class, continues to face economic challenges. One major contributor to their struggle? Higher interest rates.
Bloomberg recently reported that the middle class is being squeezed by the cost of carrying debt. Delinquency rates on auto loans and credit cards are at their highest in decades.
As these financial pressures mount, the middle class is finding it increasingly difficult to make ends meet. Here are three activities that the middle class can no longer afford, according to GOBankingRates and other sources:
1. Going to the Movies
A trip to the cinema can be a fun leisure activity, but it has become quite costly. According to The Numbers, the average movie ticket price nationwide is $10.78 as of 2024. For a family outing, these costs can quickly add up. Instead, consider watching movies at home using streaming services you likely already subscribe to.
2. Vacations
Vacations are meant for leisure, rest, and relaxation, but they can also be expensive. Allianz Partners USA reported that in 2024, the average American household is expected to spend $2,843 on their summer vacation. This figure has topped $2,000 for the fifth time since 2009. Such expenses can lead to credit card debt if not managed carefully. Instead, consider a staycation and visit local destinations for day trips.
3. Homeownership
The middle-class “American dream” of homeownership is becoming increasingly difficult to achieve. The pandemic disrupted the U.S. housing market, leading to higher home prices and rising mortgage interest rates. As a result, purchasing a home has become significantly more expensive, making it harder for the middle class to realize this age-old dream.
These economic realities highlight the need for the middle class to adjust their spending habits and find more affordable alternatives to traditional activities.
Matt Pinner is a dedicated journalist for WVPrepBB.com, specializing in USA and crime news. With a keen eye for detail and a passion for uncovering the truth, Matt brings timely and insightful reporting to his readers. His work on WVPrepBB.com keeps the community informed and engaged with the latest developments in national news and criminal justice.
