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While the cost of everything has gone up, Americans still equate the six-figure milestone to wealth and prosperity.
But according to the Bureau of Labor Statistics inflation calculator, for a person to have the same purchasing power in 2014 as a 0,000 income earner in 1980 did, he or she would need to earn nearly 7,000.
When more of your money is going to housing, you’ve got less left over for savings and other expenses,” says Adam. Department of Agriculture, the cost to raise a child from birth to age 18 for a middle-income, two-parent family is 5,340. In recent years, college tuition costs, which have been growing faster than the rate of inflation for more than two decades, have slowed a bit.
Household size and the number of children in the home also have a large impact on the power of a 0,000 income. According to the College Board’s annual Trends in College Pricing report from 2014, the average cost of in-state tuition and fees at a four-year public university increased by 2.9 percent between the 2013-2014 school year and the 2014-2015 school year to ,139.
People still look up to that and think they’re going to be ‘rich,’ but it’s just not the case,” says Koos.Where a person lives has a tremendous impact on how far a 0,000 income will go.Living on that salary in Texas or Mississippi is dramatically different from living on it in New York or Boston.Workers on average paid ,823 annually toward the cost of coverage.Premiums increased by 26 percent over the past five years, slower than the preceding five years, which saw costs grow 34 percent.