What will life look like in 10 years? For the wealthy, not much will change. They’ll still enjoy the same privileges they do today. But for everyone else, many once-shared goals may turn into luxuries. As the gap between the upper class and the rest of us keeps widening, certain things may no longer be within reach for most families by end of the decade.
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Here are the things only the upper class will still afford, according to finance experts.
A House
Buying a house is already one of the biggest financial hurdles for middle-income families, and it’s getting even harder. The high home prices, elevated mortgage rates and weak wage growth are making homeownership feel more like an upper-class privilege.
“Housing prices have been steadily rising and becoming increasingly unaffordable for the middle class,” said Melanie Musson, finance expert at Quote. “The upper class will still be able to afford a house, and they’re also the ones who will be able to purchase properties to use as rentals, further growing their wealth and keeping home prices out of reach of the lower middle class.”
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Household Services
As labor and equipment costs rise, many day-to-day services historically outsourced by families are becoming luxuries.
“Landscaping, home cleaning and meal preparation services will continue to be affordable options for the upper class,” Musson said. “These services are getting more expensive, but if they start being priced beyond what the upper class can afford, they won’t get any business. The price of these services will remain in an affordable range for the upper class.”
Luxury Travel
While the middle class is struggling to save for at least one local or international trip a year, the upper class will still be able to afford luxury travel without feeling a pinch.
“As airports become more crowded, the wealthy are circumventing the crowds altogether by flying private,” said Jeremy Finger, founder of Riverbend Wealth Management. “They just hop on a plane like getting into an Uber and fly directly to their location. Many times their destinations are so remote that it’s difficult for someone traveling commercially to get there.”
Private Personalized Healthcare
While most Americans deal with insurance hassles, appointment wait times and rushed doctor visits, the upper class is creating an entirely different healthcare system.
“As healthcare costs rise dramatically and lack of personal attention drops, the wealthy are paying up for VIP healthcare,” Finger said. “They can have direct access to their doctors on short notice. Some even have 24/7 accessibility all around the world.”
Large Land Ownership
The demand for land is going up, especially in desirable areas. While developers focus on maximizing profits with new builds, the wealthy can afford to hold onto vast stretches of private land simply for the experience.
“As populations continue to rise in urban areas and become more crowded, having large tracts of land, especially in desirable locations, is becoming increasingly rare,” noted Finger. “The reason is that the land values are expensive, and financially speaking, it would make more sense to develop. But wealthy people may not care about the money. They just care about their experiences.”
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This article originally appeared on GOBankingRates.com: 5 Things Only the Upper Class Will Still Be Able To Afford by the End of the Decade
