• Two-thirds, 65 percent of middle-class Americans said they were struggling financially and didn’t expect their situation to improve for the rest of their lives, according to a June survey by the National Cost of Living Coalition.
• Three-quarters of middle-income families said they are actively cutting non-essential expenses, according to Primerica.

Nationally, the middle class is usually defined as households earning between two-thirds and double the median household income. Based on the figures of 2023that is, those with an annual income between $53,740 and $161,220.

Compared to its peak, US inflation has eased substantially. According to the Bureau of Labor Statistics, the annual rate of inflation was 2.4% in Septembermeasured by the consumer price index. But that didn’t necessarily lead to a dramatic drop in prices; in many categories, consumers saw only costs rising more slowly.

From June65 percent of middle-class Americans said they were struggling financially and didn’t expect their situation to improve for the rest of their lives, according to a survey by the National True Cost of Living Coalition.

“Financially, things were a struggle,” said Kyle Connolly, a middle-class mother of three in Pensacola, Florida. “Last month I was left with $125 in my checking account and that’s it.”

Housing, child care, and health care costs are among the significant expenses that put pressure on middle-class families.

Three-quarters of middle-income families said they are actively cutting back on non-essential expenses, and 73% find it difficult to save for the future. according to the most recent survey conducted by Primerica.

“In their own neighborhoods and in their own lives, they have their own expectations for what they can do, where they can go, where they can eat, where they can live,” said Bradley Hardy, a professor of public policy at Georgetown University. . “And to the extent that they face these pressures individually, it causes alarm.”

Follow up video above to discover what makes life unaffordable for middle-class Americans.