Survey of Middle Class Families

A recent survey of middle class families from across the country, revealed that many are concerned about their financial future and the “middle class“ disappearing.

This survey consisted of five hundred middle income families from various states and regions. Many of those surveyed currently living in the southwestern part of the country (i.e., New Mexico and Arizona) are extremely concerned about slow job growth and illegal immigration. They feel that these two issues are having an extreme negative impact on the middle class. Some of those surveyed also stated that they have downsized their homes over the past two years, because they are trying to cut back on their debt and expenses. They are hoping that this will give them a financial buffer in case they lose their jobs.
Survey respondents from the Midwestern part of the country are very concerned about the large number of lost jobs in the automotive and manufacturing sectors. Many of these survey respondents live in states like Ohio and Michigan, and currently or have previously worked for General Motors and Ford.

Those who are currently working are very concerned about job stability. Despite an increase in car sales, Ford and General Motors are still experiencing layoffs. For many people living in the Midwest, automotive companies like these have helped them maintain a good middle class living. If they lose their jobs, they don’t feel confident that they will find another compatible position that will pay what they are currently making.

The survey respondents from northeastern states like New Jersey and New York are concerned about the rising cost of home owners insurance and the widening income gap between the rich and middle class. Due to the number of hurricane storms over the past three years, some middle class New Yorkers have seen their home owners insurance increase by almost sixty percent. In some cases this increase has added up to an additional three to five thousand dollars per year.

The widening income gap between the rich and middle class is another issue that many middle income families living in New York don’t see changing anytime soon. The real estate prices in New York have gotten so high in recent years that only the very, very rich can afford them. This has made many middle income families feel that they will never have an opportunity to live in high end neighborhoods and communities like SoHo Village and Manhattan. Instead, they will have to settle for more affordably priced real estate in areas like the Bronx or the suburbs.

The only way the situation for the middle class will improve, is an increase in job growth and more legislation designed to regulate real estate prices.

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