17 Things the Middle Class Could Afford 10 Years Ago, But No Longer Can
There’s no doubt the last decade has brought a lot of change for middle-class Americans. One of the biggest is how far (or how no-so-far) their dollars stretch.
Things that the average American used to expect now seem out of reach. From summer vacation to a college degree, middle-class necessities have quickly become luxury indulgences.
Blame inflation, blame supply chains, or blame the world at large. Whoever you point the finger at, the facts won’t change. Middle-class life isn’t what it was a decade ago.
1: College Degree
In 2014, the average cost of tuition at an in-state public school was $7,142. It wasn’t exactly cheap, but it was certainly within reach for many middle-class families.
Now, the same college costs students $9,687 per year. If that still sounds reasonable, consider this: every other expense, including textbooks, housing, and on-campus meals, has significantly increased as well.
Today’s total cost for an out-of-state four-year public school degree is over $150,000 on average. In 2014, it was under $100,000.
2: Healthcare Costs
According to Peterson-KFF’s Healthy System Tracker, ten years ago, Americans spent about $1,070 on out-of-pocket healthcare expenses. If you account for inflation, that comes out to $1,279 in today’s dollars.
Today, the same healthcare services cost $1,425. This might not seem like that significant of a jump. However, Peterson-KFF notes that many Americans changed their spending on healthcare in the same time period.
For example, they may have stopped paying for dental care as dental spending significantly decreased. This shows that the same healthcare costs are now unaffordable for many middle-class Americans.
3: An Emergency Fund
In the last decade, many middle-class Americans have lost their emergency funds. Financial experts typically recommend keeping emergency funds on hand that could cover three to six months of living expenses. Unfortunately, a recent Bankrate survey revealed that 44% of Americans can’t pay an unexpected $1,000 expense.
Some of America’s middle class have always lived without an emergency fund. Still, recent inflation seems to be a major factor in whether the middle class can save or not. Sixty-three percent of survey respondents said high inflation left less room for them to build up emergency savings.
4: Living Debt Free
Rising costs over the last decade have made it harder, if not impossible, for middle-class Americans to live debt-free. As more Americans reach for their credit cards and opt to use payment plans for large purchases, household debt in the U.S. has skyrocketed.
According to the New York Federal Reserve, household debt in 2014 (excluding mortgage payments) was $2.96 trillion. Today, it’s $4.87 trillion. Based on that data alone, it’s clear living debt-free is no longer possible for many middle-class Americans.
5: Snack Foods
One marker of a middle-class life is having a flexible discretionary spending budget. Part of that budget often goes to unnecessary but desirable foods, including snack foods.
However, recent reports show that Americans are cutting their snack food budgets in the face of rising costs. That’s no surprise, given that items like potato chips rose from $4.30 in 2014 to $6.50 in 2024.
6: Homes
Homeownership has long been a goal of middle-class Americans, and ten years ago, it seemed well within reach. Now, however, it’s become almost impossible to enter the housing market on a middle-class salary.
In 2014, the median price of a home in the U.S. was $275,200. According to Zillow’s data, the median price today is $335,170.
Mortgage interest rates are also significantly higher. In 2014, the annual average 30-year fixed rate was 4.17%. Now, interest rates hover around 7%.
7: Concerts
Even ten years ago, seeing a big-name artist was pretty expensive. Ticket prices for Paul McCartney’s 2014 tour averaged $133.91 each.
Still, compared to today’s prices, seeing a concert in 2014 was cheap. Seeing Billy Joel on tour in 2024 cost an average of $560.07.
8: Vacations
Loading up the car and taking the family on a summer trip used to be a quintessential part of middle-class life. Now, though, many Americans are forgoing their typical vacations because of the cost.
According to Bankrate, only 53% of Americans plan to take a summer vacation in 2024. Of those who take one, 36% anticipate going into debt to pay for it.
This isn’t surprising, given rising costs over the last decade. Air travel, gas, hotels, and dining have all seen significant increases. Taking a trip these days often requires making more than a middle-class salary.
9: Pets
A recent Newsweek headline read, “Americans Can No Longer Afford Their Pets,” and it’s true. Pet ownership has become increasingly expensive over the last decade, leaving many middle-class earners worried that they won’t be able to care for their animals long-term.
The cost of veterinary care has skyrocketed in recent years, in part because of new medications and technology but also due to basic underlying costs like increases in rent and electricity for veterinary clinics.
10: Kids
According to the CDC, the U.S. is experiencing a historic low when it comes to birth rates. Though many factors contribute to fertility rates, there’s no doubt that the rising cost of raising kids is playing a significant role.
A recent NerdWallet study found that only 27% of non-parents plan to have children in the future. Many of them cited rising costs as their reason.
11: Retirement
If you were looking at retirement ten years ago, you needed to have a significant amount in savings. Today, that amount is even higher.
Costs have gone up so much in the last ten years that up to one in eight retirees is rejoining the workforce. Many middle-class earners worry they’ll never save enough to leave their jobs.
With the estimated cost of retirement nearing $1.5 million, that’s no surprise. When you’re making a middle-class salary, a number like that seems unattainable.
12: Disneyland
A trip to Disneyland or Disneyworld has always been a treat for middle-class families. It used to be feasible once every few years, but now, the theme park has priced out many Americans.
In 2014, a ticket to Disneyland cost $96. Today, a one-park ticket can cost as much as $194 during peak times.
Add in travel, food, and lodging costs and things start to get outrageous. One Nerd Wallet report found the average cost for a 3-day Disney trip for a family of four was $3,636, and that doesn’t include airfare.
13: Sporting Events
Enjoying a professional sporting event was something middle-class Americans could do regularly ten years ago. Many even had season tickets for their favorite teams.
While some sporting events are still affordable, many are off the table for typical middle-class families. It’s not just the price of the ticket, after all. Sports fans also have to account for the price of parking, food, and beverages at the event, all of which have gone up in price over the last decade.
14: Childcare
In the past decade, the cost of childcare has increased by 36%. That means childcare costs have outpaced inflation and are causing middle-class earners to look for alternative options.
Instead of paying for childcare, many middle-class Americans are choosing to have one spouse leave the workforce. Others are opting to work alternating schedules, so one parent is home while the other works.
15: Steak Dinners
A decade ago, the average cost of beef steak was just under $7 per pound. It was a pricey dinner option but by no means unaffordable for the middle class.
If you want to buy steak in the grocery store today, expect to pay around $10.70 per pound. And, remember, that’s an average. If you want a top-quality filet mignon, expect to pay far more.
At those rates, having a weekly, bi-weekly, or even monthly steak dinner for many middle-class earners feels like a stretch, even if you’re preparing it yourself. Going to a steakhouse is entirely out of reach for many middle-class Americans.
16: Date Night
In 2024, MoneyGeek found the average cost of taking your sweetheart to dinner and movie was $123. In many cities, though, it was far more, up to $156 in Miami. In 2014, surveys showed Americans spent an average of $60 per month on dates.
Given the rising costs of dining out, these statistics aren’t all that surprising. If you’re a middle-class American, fewer date nights could be in your future.
17: A New Car
According to Kelly Blue Book, a Honda Acura cost $27,437 in 2014. In 2024, a new Honda Acura RDX costs $44,500.
And it’s not just Honda’s. As of January 2024, the average list price of a new car on Cars.com is $49,096. With prices like that, middle-class earners can expect to drive their current vehicles into the ground.
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