Posted July 20, 2018 05:03:57 If you want to live in the country and want to have a good life, it may be time to consider moving to an area with a lower average monthly household income, a new report has found.
The report, titled The Cost of Living in the Country, examined the average cost of living across the country, based on data from the Federal Reserve Bank of Dallas.
It found the median household income in the US was $53,000 last year, which is a decline of 5 per cent from 2016.
The cost of housing has also dropped in the past few years, but the report found the drop has been more pronounced for low-income households.
The median price of a home in the United States has dropped by $8,800 in the first half of 2018 from a year earlier, the report said.
This drop has largely been driven by the cost of buying a home.
“It’s clear that many Americans have been forced to make tough decisions about where to live and how they live,” said the report’s author, Michael Gartenberg, a senior fellow at the Peterson Institute for International Economics.
“While the US economy has improved since the Great Recession, it has been hard to see any significant gains in incomes for households in the lower-income brackets.”
While the cost to live has declined for the bottom 20 per cent of US households, the top 1 per cent have seen their income increase by over $2,500.
The survey found that the median annual household income for low income families was $25,000 in 2017, up 4.1 per cent on 2016.
It was $26,000 this year.
The average monthly income for the highest income families in 2017 was $86,300, up $822 from the previous year.
It was $113,600 for the lowest income family in 2017.
The number of people living in poverty has risen over the past decade, but it has dropped for the middle class and those earning less than $45,000.
The total cost of a single person’s house has increased by more than half over the last 10 years, from $13,500 in 2004 to $19,000 today.
But the number of homes in the bottom two quintiles of the income distribution has decreased by about half, from 10 per cent in 2004, to 3 per cent now.
The percentage of people in households earning less that $40,000 a year has increased from 15 per cent to 19 per cent over the same period.