The affordability of the “American Dream” is slipping further away for many U.S. citizens, with escalating costs outpacing income gains for most households. A new report indicates that those seeking the “American Dream” must now exceed $100,000 in annual earnings in all 50 states. A staggering 29 of these states require more than $150,000 a year.
Examples of these states include Ohio, where the ideal lifestyle costs $137,842 a year, Texas at $147,535, and Florida at $159,932. The rates climb even higher in states like New York, at $194,067, and California, at a whopping $245,723.
Alarming figures like this put into perspective the financial difficulties under the Biden economy that are suffocating average U.S. households. For example, in Illinois, which ranks 26 on the list, the median home price is $255,278, with total annual costs reaching $78,369. The total cost of the American Dream in Illinois is around $156,739. The cost of living could continue to worsen as the Biden government struggles to bring down inflation.
Across the board, spikes in essential commodity prices and the sharp rise in housing costs have fueled increasing disillusionment among voters. The 81-year-old incumbent, Joe Biden, has struggled to regain his footing in opinion polls with core Democratic demographics, including young voters, Hispanics, and Black voters.
The National Pulse previously reported that concerns about jobs, the economy, and immigration top most presidential opinion polls heading into this November’s election. Voters routinely believe former President Donald Trump is better suited to address these concerns.