7 Things the Middle Class Can Afford Now That It Couldn’t 10 Years Ago
Written by
Greg Garrison, AI Editor
Edited by
Carly Brashears
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The middle class has always been a barometer of economic health and social mobility. Over the last decade, changes in technology, economics, and consumer behavior have significantly altered what the middle class can afford.
As we look back, it’s fascinating to see how affordability and accessibility have evolved. Here are seven things the middle class can afford today that were out of reach just 10 years ago.
(On the other hand, here are five things the middle class can’t afford anymore.)
Electric Vehicles
A decade ago, owning an electric vehicle seemed like a distant dream for many in the middle class. Prices were steep, options were limited, and the necessary infrastructure, like charging stations, was in its infancy. Fast forward to today, and the landscape has drastically changed. With the advent of more affordable models, increased range, and a growing network of charging stations, EVs are now within reach for many middle-class families.
The entry-level EVs are now available in the $30,000 to $40,000 range, making them comparable to traditional gasoline cars. Incentives like tax credits and rebates further sweeten the deal, making EVs not just an environmentally conscious choice but also a financially wise one.
Solar Panels
Solar technology was once a costly investment that promised long-term savings. However, with the costs of solar panels dropping by more than 70% over the last decade, harnessing the power of the sun has become a viable option for the middle class. This shift is attributed to advances in technology, increased production scale, and supportive government policies.
The cost of installing solar panels can vary widely based on the size of your home and energy needs. However, with the average price now ranging from $10,000 to $15,000 after incentives, solar panels have become an attainable asset for middle-class households, offering energy independence and reduced utility bills.
Smart Home Devices
Smart home technology has transitioned from a luxury to a standard part of many middle-class households. Devices that control lighting, heating, security, and entertainment through smartphone apps are now widely available and affordable.
From smart bulbs costing around $25 to more sophisticated home security systems that can go up to $200 or more, these devices offer convenience, energy savings, and enhanced security, all without breaking the bank.
International Travel
International travel was once considered a luxury beyond the means of many middle-class families. However, the proliferation of budget airlines and competitive pricing has dramatically lowered the cost of travel. Coupled with the rise of affordable accommodations through platforms like Airbnb, exploring the world has never been more accessible.
While prices vary greatly depending on the destination and timing, it’s now possible to find international flights for as low as a few hundred dollars and accommodations that fit any budget, making travel a reality for the middle class.
Online Education
The last decade has seen a revolution in education, with top-tier universities and colleges offering online courses at a fraction of the cost of traditional education. This shift has made higher education, skill development, and career advancement accessible to a broader audience.
From free online courses to more structured programs costing up to $2,000, the middle class now has the tools to enhance their skills and knowledge without the burden of significant debt.
3D Printers
Once a tool for industries and high-end design firms, 3D printers have become affordable for hobbyists and entrepreneurs alike. This technology allows individuals to create custom objects, prototypes, and even small-scale production runs from the comfort of their homes.
With entry-level models available for as little as $200, 3D printing is an exciting example of how advanced technology has become accessible to the middle class, fostering creativity and innovation.
Streaming Services
Yes, many middle-class Americans willingly forked over the costs for cable TV packages (often bundled with a landline phone they never used) a decade ago. They could technically afford it. But few middle-class expenses have changed as radically as those tied to our viewing habits. Cable TV has given way to streaming services that offer a wide array of entertainment options at a fraction of the cost.
For about $10 to $20 per month, families can access thousands of movies, TV shows, documentaries, and more, making it easier than ever to enjoy premium content without the premium price tag.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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