Of course, actual out of pocket housing costs went up more for renters than for existing owner occupants, and OER increases for owner occupants were accompanied by massive increases in home equity. Renters are more likely to be working class than middle class. Working class folks are also more likely to have to pay for car repairs or rid…
Of course, actual out of pocket housing costs went up more for renters than for existing owner occupants, and OER increases for owner occupants were accompanied by massive increases in home equity. Renters are more likely to be working class than middle class. Working class folks are also more likely to have to pay for car repairs or rideshare or another used car at the bottom of the market where prices went up the most. Experience of inflation differs, so just because we usually use a common deflator for all incomes, and nominal incomes rose more as a percentage for the 40th percentile than the 80th (I assume) doesn’t necessarily mean real incomes actually rose more for lower incomes when comparing the actual disparate baskets of goods purchased at the various income levels.
Of course, actual out of pocket housing costs went up more for renters than for existing owner occupants, and OER increases for owner occupants were accompanied by massive increases in home equity. Renters are more likely to be working class than middle class. Working class folks are also more likely to have to pay for car repairs or rideshare or another used car at the bottom of the market where prices went up the most. Experience of inflation differs, so just because we usually use a common deflator for all incomes, and nominal incomes rose more as a percentage for the 40th percentile than the 80th (I assume) doesn’t necessarily mean real incomes actually rose more for lower incomes when comparing the actual disparate baskets of goods purchased at the various income levels.