Freddie Smith's viral claim sparks discussion amid rising living costs and inflated housing prices.
Orlando real estate agent and content creator Freddie Smith stirred an online debate in a viral video saying that earning $50 an hour has become the 'new middle class.' His comments come as the U.S. economy sees increased pressures on housing and everyday necessities.Economists define middle income as earning between two-thirds and double the median household income. Smith's viral dialogue suggests the benchmarks for achieving the middle-class lifestyle are shifting.
As a result, to comfortably purchase a median-priced home at $425,000 in 2023, homebuyers need an annual income of $119,500—more than twice the median U.S. salary—amid monthly mortgage costs of $2,405.That means only a minority of Americans can afford a home as 18 percent of individuals and 34.4 percent of households make over $100,000 annually.The Orlando real estate agent has a problem with wage disparity too.
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