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Supporting a family in the U.S. has become challenging even for working parents with good salaries. In 79 of the 100 largest U.S. metropolitan areas, the cost of basic necessities for a family of two adults and two children—not including retirement, college or emergency savings—exceeds the median family income for that area, according to data from the Economic Policy Institute, a left-leaning think tank. For many families, even high earners, making ends meet requires making compromises or taking on debt.
The effect on families has been especially pronounced: The share of home buyers with children under 18 dropped to 30% in 2023, a record low, while more sales went to older repeat buyers, according to the National Association of REALTORS®. The decline may be a result of the high costs of child care and child-rearing affecting renters’ ability to save for a down payment, Jessica Lautz, deputy chief economist and vice president of research at the NAR, told MarketWatch.