Today, it feels like the price of everything is going up, up and away from affordability. Just a few decades ago the middle class was expanding and placing a firm foothold in the American economy. Now, with inflation running rampant, news of tariffs shattering the global markets and the cost of living rising just about everywhere in the United States it is hard to tap into the basics of what used to be called “The American Dream.”
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“The truth is that, with the continuously rising costs of essentials and household necessities, many Americans’ dreams have quickly become expensive luxuries that are priced above the reach of many Americans,” said Aaron Razon, personal finance expert at Couponsnake. “Unfortunately, this sad reality is quickly becoming the new normal not just for low-income Americans and their households, but middle-class families as well.”
Looking for a good night’s rest? The mattress that most Americans have today is not stacking up and leading to more problems, as well as less sleep. On the other hand, the ability to buy a great mattress these days takes a lot more money than fits into most current day budgets.
Here are three purchases that used to be part of the American Dream but can now be considered only luxuries afforded by those with the means to buy them.
Mattresses
“A night’s rest on a decent mattress is no longer a dream that many Americans can count on because, in addition to being kept awake by their financial troubles, they would also have to suffer through the physical discomfort and pain of sleeping in a worn or subpar mattress,” Razon said.
This weaves into the narrative that many in the United States are struggling with too many financial obligations, sacrificing their comfort, health and a rest to make ends meet.
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Housing
The idea of homeownership is the pinnacle of the American Dream for most people. After all, who wouldn’t want to own a piece of property somewhere, but especially in the 50 states? For many, that possibility is becoming more and more unaffordable.
The truth is that affordable housing has become increasingly scarce, according to Razon. “Even for some who manage and somehow beat the odds against them and find a home they can afford, they end up being caught in the expensive webs that are maintenance cost, repair and property taxes and ultimately find that their financial burdens are crushing every chance they had at a decent and financially stable future,” he added.
Vacations
Being able to take a break from work, go somewhere fun and relaxing and pay for a little upscale living used to be in the cards for most Americans. Now, those who are able to find a decent job with paid time off still are finding it hard to be able to pay for a vacation.
Razon noted that not that long ago, taking a vacation, at least once a year, was one of the expenses that American households could comfortably balance on their income without putting too much thought into their budget.
“However, with today’s rising cost of living and stagnant wages that make it increasingly difficult for many Americans to afford even their most basic needs without having to rely on credit, taking a vacation has become an unaffordable luxury,” Razon said.
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Sources
- Aaron Razon, Couponsnake.
This article originally appeared on GOBankingRates.com: 3 Purchases That Used To Be Part of the American Dream But Are Now Luxuries
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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