The top 10% of earners—households making about $250,000 a year or more—are splurging on everything from vacations to designer handbags, buoyed by big gains in stocks, real estate and other assets.
Those consumers now account for 49.7% of all spending, a record in data going back to 1989, according to an analysis by Moody’s Analytics. Three decades ago, they accounted for about 36%.
The top-level post uses a gift link. When it runs out, there is an archived copy of the article.
Go far enough back and yes the negative things were absolutely true for non-white men. However houses used to cost a much smaller portion of a median earners income and this was true after we started to turn things around for women and minorities.
Let’s try 1980 not exactly the dark ages. Median income was $9400 and the median home was 55k. 5.8 years of wages. Someone could actually save up for and potentially actually buy perhaps not a median but a starter home right out. for 3 years of wages.
Median home is now 419k median income is 50k. This is now 8.2 years of wages. You will have to get a mortgage and in fact pay around 22 years of the median wage to pay the bank interest. Worse medical care, college, and rent have also skyrocketed so you may not be able to get up enough to even do that if you haven’t already bought in leaving you paying even more to your landlord.
https://dqydj.com/individual-income-by-year/ https://dqydj.com/historical-home-prices/