In 2021, the median US full-time worker earned roughly $54,000 per year, per the Census Bureau'sTo feel rich, those surveyed said they'd need to earn, on average, $483,000 per year, nearly nine-times the median income.
Bankrate analyst Sarah Foster told Insider that several economic factors are likely driving these results. "Long before inflation surged, Americans had been grappling with a massive increase in the cost-of-living, including but not limited to college tuition, health care and housing," she said."Americans feeling that they need a major annual six-figure income first to be financially comfortable and about half a million a year on average to feel rich is a direct consequence of the rapid run-up in affording the items they both need and want.
Since the turn of the century, the costs of big middle-class expenditures like childcare, healthcare, college tuition, and housing have risen 115%, 130%, 178%, and 80% respectively as of 2022, well above overall inflation, according to University of Michigan economist Mark Perry's analysis ofMany Americans surveyed cited insufficient emergency savings and retirement funds as evidence they're not financially secure.
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