Somehow, our generation was dealt a bad hand in terms of living and wanting to experience social life. It is no secret that the cost of renting and finding homes is problematic. NPR released an article describing how the housing is now unaffordable for nearly half of U.S. renters. The article details how rent spiked during the COVID-19 pandemic. Since 2019, households that make $30,000 to $74,000 a year have seen the most significant jump in housing unaffordability.
According to Statista, the monthly median asking rent for an apartment was $841 in 2000, but it skyrocketed to $1,837 in the first quarter of 2023. Forbes reports that the average annual salary is $59,428 and varies by state.
Frustration sets in with not only the cost of rent but other expenses as well. Groceries can be costly, depending on your household. Restaurant prices have increased over the years if you want to eat out. For New York, I've experienced a plate averaging around $18-$26, and the starting cost of alcohol being $15 or more. We are seeing increases in monthly payments of streaming services such as Netflix (which is increasing their monthly payments again) and other platforms hiding behind a paywall for a better service with no ads.
Many enjoy traveling, but the amount of traveling has hindered us from going on vacation and how long we will be away due to affordability. According to the Bureau of Transportation Statistics, the average cost of a domestic airline ticket was $382 in the first quarter of 2023. For a 3-day vacation, with the price of a round-trip ticket for economy seating ($427.20 per individual), a 3-night hotel stay ($501.48), the rental car ($147.51), and meals ($312.90), Forbes calculated the total of $1,389.09.
And how about wanting to see your favorite artists live? This past summer, Beyonce and Taylor Swift dominated the concert landscape. But concertgoers were paying an arm and a leg for tickets. In an article by the Wall Street Journal titled "The Year of the $1,000 Concert Ticket," the ticket resale price on SeatGeek doubled since 2019, from $125 to $252 as of April 2023. To see Beyonce and Taylor Swift costs $480 and $1,311. Factors that do not support the price of tickets are reselling for a higher price and artists having to go through Live Nation, which owns Ticketmaster, predominantly. Some fans worked a second job so they could afford a ticket. Another way to cut back was to stop purchasing commemorative merchandise and paying for alcohol, which has seen significant increases.
While inflation has contributed to cost increases and the need to catch up from the revenue loss from the pandemic, I have yet to see action on this issue. Inflation will continue to go up, but when will our salaries start to match our expenses? Or when will the price of things go down?
We all feel the stress of money and finances. Many Americans must work well beyond a budget and dip into their savings to live. We are either being pushed or at our wits' end. We cannot justify making certain purchases or having experiences because of the cost. And it is more complicated to ask for a raise. If you have a full-time job, you should not have to work a second job to make ends meet or afford a concert or game. There should be no burden of paying for things we want to do because we earned it or want to treat ourselves. The best we can do is continue to budget and live within our means. There is no shame in wanting to treat yourself now and then. Just be aware of if you can afford it. We share the sentiment of hoping prices will decrease or jobs will offer us more money. I am betting on the ladder. And I hope we are all able to live comfortably.
“Asking Rent for U.S. Unfurnished Apartments 1980-2023.” Statista. 4 Sept. 2023. Web. 27 Jan. 2024.
Ludden, Jennifer. “Housing Is Now Unaffordable for a Record Half of All U.S. Renters, Study Finds.” NPR. NPR, 25 Jan. 2024. Web. 27 Jan. 2024.
Pokora, Becky. “Average Cost of Travel Statistics for 2023.” Forbes. Forbes Magazine, 13 June 2023. Web. 27 Jan. 2024.
Wolfe, Rachel. “The Year of the $1,000 Concert Ticket - WSJ - The Wall Street Journal.” The Year of the $1,000 Concert Ticket. Wall Street Journal, 20 Apr. 2023. Web. 27 Jan. 2024.
Wong, Belle. “Average Salary by State in 2024.” Forbes. Forbes Magazine, 8 Nov. 2023. Web. 27 Jan. 2024.
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