By Brian E. Clark
The last few decades have been tough on mid- dle-income Americans. Wages have remained relatively flat and many good-paying fac- tory jobs have disappeared overseas. In this economic climate, a lot of people consider themselves fortunate simply to have work, a
job with family health insurance and a roof over their heads.
The cost of gas may be down — at least temporarily —
and there are bargains at Walmart and the Dollar Store,
but the cost of housing has risen significantly. According
to a report by the U.S. Census Bureau, the median price
of a new home in July 1996 was $144,000. If that number would have risen with inflation, the study said, the
average American home would cost roughly $232,000
now. Instead, it stood at $363,400 in January, more
than 46 percent higher than the cost when figuring for
inflation alone.
And wages? The typical American family income was
$53,657 in 2014, down slightly from $54,462 a year
earlier, according to the Census Bureau. Median family
income remains lower than it was in 2007, the Census
State
Tax Credits
A boon to m
report said, though precise comparisons are difficult to
determine because the Census changed its methodology
last year so it could provide a more detailed look at the
sources of Americans’ income.
This one-two punch of stagnating wages and rising home
costs makes it difficult for lots of middle-class Americans
to afford housing. Other than the mortgage interest and
Photo by Andy Perkins
Photo by Andy Perkins
Photo by Paul Sableman
