7 things that us middle-classers may not be able to afford in 5 years?

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7 Things the Middle Class Won’t Be Able To Afford in the Next 5 Years

Say you’re riding high — financially speaking. You’ve acquired a middle class lifestyle and enjoying all the perks that come with it: a nicer home, financial stability, a growing nest egg.

But inflation creeps up on us all; and, according to experts, there are things you won’t be able to afford anymore in the next five years.

“I’ve seen how the middle class currently enjoys some important aspects of life,” said Alyssa Huff, real estate expert and owner of Sell House As Is. “Like owning homes with manageable mortgages, sending their kids to college with the help of student loans, having healthcare coverage, saving for retirement, and even indulging in occasional luxuries.”

But looking ahead, she said she’s concerned about the future: “Rising housing costs, tuition fees, healthcare expenses, and inflation could make life tougher for middle-class families in the next five years.”

Huff said it might become harder to afford a home, send kids to college or save for retirement. Even simple pleasures such as vacations or buying nice things could become more challenging.

The good news? Knowing these rising costs will happen can help you better prepare.

“As someone who cares deeply about financial well-being,” Huff said, “I urge the middle class to start planning wisely now to weather these potential storms and keep their dreams within reach.”

Extended Family Trips
“I would say the tradition of extended family trips, especially overseas, will probably increasingly be something the middle class can’t afford in the coming years,” said David Kemmerer, CEO of CoinLedger. “In lots of ways I already feel like the traditional family vacation has fallen to the wayside over the last decade due to a number of factors — Covid and inflation being some of them.”

But with the middle class income not going nearly as far as it used to, he said money that could previously have been devoted to trips probably will be going to things like housing and other necessities.

New Cars
Melanie Musson, finance expert with Clearsurance, said the middle class won’t be able to afford a new car in the not-so-distant future.

“Vehicle prices have increased dramatically in the past four years and will likely continue to become more expensive,” Musson said. “Safety features, autonomous technology and EV batteries contribute to the rising prices.”