Published Jun 1, 2022
With so many changes to the economy and day to day lifestyles since the early months of 2020; you may be wondering what the new normal is in terms of American income. Living in an incredibly depressed area of the country since the onset of the pandemic has had me wondering too. Because the poverty rate in my area is 33% to 42% depending on the neighborhood, I had to ask where the grass might be greener. I use median income as a measure because average income tends to be higher due to the number of high earners whose wages are increasing at a more rapid pace than those of the lower and middle classes. It’s no secret that the income gap is increasing!
According to the U.S. Census Bureau the median household income in 2020 was $67,521. Now, 3 years later, it is estimated to be $71,300 for nonmetropolitan areas according to the U.S. Department of Housing and Urban Development . If your household is earning way less than this, read on for tips on picking a more suitable location. A shift in geographical location just might be your ticket to more freedom and #balance in life! For more information on #medianhouseholdincome by state, check out World Population Review’s statistics here .
While these numbers may seem high, living expenses can reduce liquidity fast. So, let’s look at median household expenses in 2022. Housing, food, clothing and childcare would be my personal top considerations. Firstly, the median home price in the U.S. is $392,000 as of April, 2022. The median rental price is $1,295 for a two bedroom apartment. Secondly, the USDA estimates average monthly grocery bills to run a 2 adult household $838 per month in 2022. As far as clothing, the fashion industry warns us to expect a 3% increase this year. Finally, check out this infographic from Money Scoop regarding childcare costs in the United States. Ranging from $5,000 to $21,000 per year, affordability seems to be a downward trend in this essential sector for parents.
It’s important to consider both potential income as well as expense when evaluating a #move to another region of the country. Both factors will play a role in the quality of life available to you in that particular area. While the median household income of $204,018 in Massachusetts seems so worth it, is forking out $20,913 for childcare, $515,000 for a house and $350 per month per person for groceries? Maybe, if you’re okay with snow and tolls! If you are one of the thousands of Americans who has found new freedom to live wherever they want due to remote work, you might find some interesting information on this site to help you plan your next move. Feel free to reach out if you have any questions about a particular place or are looking to get connected to a real estate professional in your new home town.
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