The factors concerning the income gap between the wealthy and the poor appears to widening. These factors might include decreasing wages, radical spending, and a change in the socioeconomic status of families. The shifting of household incomes and incomplete parent homes also plagues a factor in the income variance. The term middle class has been around since the 1970's; nonetheless the income median of families in the middle class has drastically changed. Middle class has been used as a description of the working individuals who comprise of an income anywhere between $25,000 and $100,000 annually.
Although the idea seems to be clear, there are many people who may view the middle class as currently non existent. To many researchers there is no clear explanation of defining the middle class. Is personal a factor in the dividing classes or is it a matter of economic inflation in the countries industries? These are just a few of the questions people have long wanted to address but have not quite grasped the concept of the fading middle.
A families income is broadening into a larger gray area. There have been changes in the lifestyles of people over the past thirty to forty years. The cost of living has risen with an increase of 3.3% for Social Security Administration.
There is a considerable amount of fluctuation in the housing market. More families are spending money on upscale housing as they increase their household incomes. The ratio of income to house mortgages shows an interruption of the ability to maintain a living with the bare necessities. Viewing the vanishing middle class from this perspective can be confusing. There can only be a question of less money made or spending money appropriately.
The Depart of Housing and Urban Development states, "Affordable housing should cost less than 30% of a family's income either in rent or a monthly mortgage." Cities such as Los Angeles, New York, and Washington D.C have a high cost of living compared to cities like Kansas City. Although the cost of living may be higher in places like this, the wages are more proportionate to the cost of living. Certain areas of the U.S. might feel the affects of the variation.
A number of families have experienced change in the household status. There are more single parent homes now that twenty years ago. This may also be a factor in the transformation of income for households. Families going through divorces and separations divide the median income among parents. This creates a smaller income for the divided families between the ones whom may have received a larger income together at one time. Families separating show there is also an increase in childcare expenses, post-secondary education and housing expenses.
In addition to income changes, credit card spending has increased for many Americans. A number of families have adopted the idea the credit is money. There are many times individuals will use credit cards and loans as a means of income between periods of unemployment.
Due to the broadening gap of the middle class, the standards of poor have dropped considerable. Industries have turned to other sources of maintaining their economic status. Manufacturing jobs suffer the most from the fading middle. These jobs are being outsourced and companies periodically layoff a percent of individuals as a result of budget cuts or their concern for their economic growth.
Despite the reasons for the change in the middle classes income, the average person can feel the affects financially. As the cost of living and gas prices rise, it makes it harder for families to cope with economic change to sustain the bare minimum of survival.
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