America’s Middle Class Is Getting SmallerAnd it’s not just smaller — middle class incomes have stagnated..for decades.
In 1971, 61 percent of all U.S. households earned between half and two-thirds the median income. By 2015, the share of households in this middle tier had dropped to 50 percent. Plus our income between 1988 and 2015 only increased by $10,000.
When adjusted for inflation, the U.S. median household income is virtually the same as it was in the mid-1990s.
Although the median household income has stagnated, median home prices and rents exceed those prior to the Great Recession, 2007 and 2009. There is a widening gap between median household income and median home prices and rents.
The country’s population of older adults is growing fast. Most of us believe that the American households are made up of a nuclear family. But that’s incorrect… it’s single adults.
Surge in Single-Person Households
Divorce is the number one reason, and the trend is particularly true for women, who tend to outlive their spouses.