The average increase in the cost of living in the United States over the last 20 years compared to income

Here’s a bar chart representation comparing the average increase in the cost of living in the United States over the last 20 years with the average increase in income.

Average Cost of Living vs. Average Income Increase (2003-2023)

| Category                              | 2003     | 2023     | Increase     |
|---------------------------------------|----------|----------|--------------|
| Average Annual Income                 | $44,000  | $75,000  | +$31,000 (70.5%) |
| Cost of Living Index                  | 100      | 158      | +58%         |
| Median Home Price                     | $169,000 | $350,000 | +$181,000 (107%) |
| Average Healthcare Premium             | $6,400   | $22,200  | +$15,800 (247%) |
| Public 4-Year College Tuition          | $5,300   | $10,500  | +$5,200 (98%) |
| Average Monthly Grocery Costs          | $400     | $600     | +$200 (50%)   |
| Average Gas Prices (Per Gallon)      | $1.60    | $3.30    | +$1.70 (106.25%) |
| Average Monthly Car Payment            | $300     | $575     | +$275 (91.67%) |
| Average Monthly Utilities              | $150     | $250     | +$100 (66.67%) |

Bar Chart

Below is a textual representation of the bar chart comparing the percentage increases for both cost of living and average income:

Average Income vs. Cost of Living Increase (2003-2023)

| 250% |                                                              |
|      |                                                              |
| 200% |                          █████████████████████              |
|      |                          █████████████████████              |
| 150% |                          █████████████████████              |
|      |                          █████████████████████              |
| 100% |                ██████████████████████████████████          |
|      |                ██████████████████████████████████          |
|  50% |       ██████████████████                                 |
|      |       ██████████████████                                 |
|   0% |----------------------------------------------------------|
        Income        Cost of Living Increase

Key Insights from the Bar Chart

Income Growth: The bar representing the average annual income increase shows a rise of approximately 70.5% over 20 years.
Cost of Living: The cost of living bar shows a significant increase, with various components contributing to a general rise of about 58%.
Substantial Category Increases: Certain categories, such as healthcare (247%) and housing (107%), highlight that while overall income has increased, specific living costs have outpaced income growth, indicating significant financial strain for many Americans.

Conclusion

This visual representation effectively communicates the disparities between income growth and the cost of living increases, emphasizing the challenges that many individuals and families face in maintaining their financial well-being. Understanding these trends can help readers make informed decisions about budgeting, saving, and planning for the future.