US consumers remain unimpressed with this progress, however, because they remember what they were paying for things pre-pandemic. Used car prices are 34% higher, food prices are 26% higher and rent prices are 22% higher than in January 2020, according to our calculations using PCE data.
While these are some of the more extreme examples of recent price increases, the average basket of goods and services that most Americans buy in any given month is 17% more expensive than four years ago.
70k is not enough in many states anymore.
That’s right, but the average in those more expensive states is also higher. But I do agree the states that don’t build new housing (the states where rents grow faster) are not affordable
I’m a Europoor, and 70k USD wouldn’t be “comfortable” even here. Maybe in Eastern Europe, but rents and house prices are soaring there as well, so I’m not sure.