Can You Guess What It Costs To Live “The American Dream” After 3 Years Of Inflation Under Joe Biden?

Authorized by Michael Snyder via The End of The American Dream blog,

If you are like most Americans, the cost of surviving has been going up much faster than your income has been. Right now, millions of Americans that were erstwhile prospering are now profoundly strugling. erstwhile I was increasing up, the most of the population could afford to live “the American Dream”, but now that is no longer true. At this point, the basics of a mediate class lifestyle are out of scope for most Americans. poorness and homelessness are stealily riding, and the economy has become the number 1 issue during this election cycle. Most of us just want things to go back to the way that they erstwhile were, but thanks to the very foolish decisions of our leaders that simply is not possible.

According to a brand fresh study that was just released, it now takes over $100,000 a year for the typical household to live “the American Dream” in all 50 states, and in 29 of these states it actually takes over $150,000 a year...

A household would gotta spend more than $150,000 a year to live the dream in 29 of the 50 states, according to an analysis published in April by the individual finance site GOBANkingRates.

According to the report, the optimal American lifestyle would cost $137,842 a year in Ohio, $147,535 in Texas, $159,932 in Florida, $194,067 in fresh York and $245,723 in California.

I had no thought that the cost of surviving “the American Dream” had gotten that high.

Illinois was ranked 26th on that list, and so it provides a beautiful good snapshot of what the average U.S. household is making right now...

• Median home price: $255,278

• Annual childcare cost: $24,174

• Annual mortgage cost: $21,401

• Car costs: $8,709

• Grocery costs: $8,143

• Healthcare costs: $7,021

• Utilities costs: $5,278

• Education cost: $2,475

• Pet costs: $1,170

• Total yearly cost: $78,369

• Full cost of the American Dream: $156,739

Did your household bring in at least $150,000 last year?

If not, surviving “the American Dream” would not be possible for you in most states.

Needless to say, the vast majority of U.S. houses are not bringing in that kind of income.

Last December, Investopedia issued a study that included that it now takes 3.4 million dollars to live “the American Dream” for an entry lifetime...

Another report, released in December by the financial media site Investopedia, estimates what the American Dream costs across an enter lifetime: $3.4 million.

That is simply a stacking sum, Investopedia observations, keeping what the average American years in a lifetime: about $2.3 million.

Housing costs are the number 1 reason why “the American Dream” is now out of scope for most of the U.S. population.

During the pandemic, home prices shot up at an absolutely froreening package...

The median sale price for an existing home rose more than 40% between early 2020 and mid-2022, topping out at a seasonal highest just over $400,000, according to the National Association of Realtors.

Meanwhile, mortgage rates have hazard to very painful levels.

The average rate on a 30 year fixed mortgage was sitting at just over 3 percent at the beginning of 2022.

Today, it is sitting at more than 7.2 percent...

Mortgage rates clipped against this week, exacerbating the home affordability crisis that is stifling the housing market.

Freddie Mac’s latest Primary Mortgage marketplace Survey, released Thursday, shown that the average rate on the benchmark 30-year fixed mortgage Jumped to 7.22% of this week from 7.17% last week. The average rate on a 30-year debt was 6.39% a year ago.

The monthly payment on a 30 year fixed mortgage at 7.2 percent for a $400,000 home would be $2,715 a month.

Who can afford that?

Some people can.

But most of the population cannot.

That helps to explain why the percent of pensioners that believes they will someday be able to afford to acquisition a home has dropped to an all-time low...

The dream of home ownership has gotten even further distant for renters, with higher housing costs and Elevated interest rates standing in the way of the American housing dream, according to a fresh York national Reserve weather release Monday.

The share of renters as of February who posses hops of “resideential mobility,” or the credit from renters that they 1 day will be able to afford a home,fell to a evidence low 13.4% in the central bank’s yearly housing survey for 2024.

That’s down from 15% in 2023 and well off the 20.8% series advanced back in 2014.

If they work hard and do the right things, most Americans just want to be able to supply a good life for themselfves and their families.

But during the Biden years that has become increasingly hard to do.

As a result, the amount of assurance that the American people have in Joe Biden has plummeted...

In a Gallup poll published on Monday, only 38% of Americans said they inactive had assurance in Biden to lead the country and to the right thing for America’s economy. This figure is among the lowwest Gallup has measured for any president since George W. Bush took office in 2001, Gallup reported.

“With Americans little optimal about the state of the U.S. economy than they have been in fresh months and concern about inflation persisting, their assurance in president Joe Biden to urge or to the right thing for the environment is among the lowest Gallup has measured for any president since 2001,” Gallup reported.

The current low for Biden continues a permanent fall from erstwhile he first took office. As late as 2022, the same poll found Biden’s assurance ratings were at 57%. It Swiftly fell is 40% and has restored below that mark since.

I believe that this is going to be a very tumultuous election season.

And I am convinced that we will see even more chaos after the election than we will before it.

The American people desperate want change.

But instead, things just proceed to get even worse period after month.

Decades of very folk decisions have brought us to this point, and trying to turn this ship around is not going to be easy.

* * Oh, * *

Michael’s fresh book entered “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can check out his fresh Subscribe newsletter right here.