The Myth of the Declining Middle Class
Consumption statistics totally disprove the myth of the declining US middle class. The average US house size has more than doubled since 1960 while the average US household size has fallen from 3.3 people to 2.5. The US home ownership rate has gone up over the same period: https://dqydj.com/historical-homeownership-rate-united-states/?fbclid=IwAR0sADiMMgWTqm1Bt6rQbOF4-_GmH_lKBVX7HLJFmeThfumm2ae35Uf3tVk When considering increases in home prices, we should probably adjust for changes in house size which would explain much of the increase. Additionally, Housing affordability isn't just determined by house prices. It's also determined by interest rates and deposit requirements. In inflation-adjusted terms, the median monthly mortgage payment is roughly half of what it was in the 1980's when US mortgage rates peaked at around 18%. Over the same period, the percentage of US households without at least one motor vehicle declined from 22% to 9%. These changes h...