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Americans now need to make $120K a year to afford a typical middle-class life and qualify to purchase a home, one expert discusses.

“I think most of us in America would define the middle class as somebody who can work a 40-hour-a-week career and can have the income to purchase the average home in America,” Freddie Smith, an Orlando realtor and TikTok creator, told Fox News Digital.

The TikToker, whose videos explore millennial and Gen Z struggles to afford a home and the general cost of living in today’s economic climate, dissected the common factors of living a middle-class existence.

“A lot of us grew up middle class, and we watched what middle class was in the 80s and 90s as millennials. And nowadays, what has moved the goalpost more than anything is the housing market,” the relator said.

Smith explained how, just a few years ago, $60-$70K a year would have been sufficient to qualify for a home. 

With the average cost of a house being around $400K-$420K in 2024, people’s salaries would need to be around $120K a year for people to even qualify, Smith explained.

The realtor highlights how this wage-to-housing gap has forced many people to rent for a longer period.

“Rent prices are taking up 30-40% of people’s income, making it harder for them to save for a house. So it’s this perpetual cycle that is keeping people out of the middle class,” he explains, noting this trend has been continuing at a rapid pace over the last few years.

Smith also explained how a $120K salary, even without children, becomes a far lower number when confronted with the crippling debt most Americans are facing today.

Is 100k salary the new middle class? ??

“Most people are carrying student loan debt, which is at an all-time high, and the average payment in the country is $500 a month for your college degree. [There are] some people I’m seeing in my comment section saying $500, I wish, it was $1,200 a month for me,” said Smith.

Credit card debt is also at a record high in America, and while Smith acknowledges that reckless spending could be a factor, he has learned from many Americans commenting on his posts that many are forced to use their cards for groceries because they ran out of money.

According to DQYDJ, the average American income in 2023 was roughly $69K a year, with only 18.8% percent of Americans reaching $100K or more a year. According to the same source, the top 10 percent of individual earnings started at $135,605 a year.

The middle class is in a segmented state, Smith argues, largely determined by how much debt one finds themselves in. 

“If you are someone who bought a house before 2020 and you have it paid off or you have a 3% interest rate, you are not burdened by the housing costs like the 2024 adults are now,” the relator said, explaining how debt, especially college debt, housing costs and childcare are burdening millennials and Gen Zers starting their lives.

“People are spending about $1,200 to $1,500 a month on daycare, and I’ve even heard it as much as $3,000-$4,000. So when you add in somebody who’s renting for $2,500, $2,000 for daycare, $1,000 for two college loans, just that alone, you need $100,000 as an income just for that,” said Smith.

For slightly older individuals who had a chance to pay off their debt and have grown-up children, $70K remains a comfortable middle-class wage to them.

“‘These millennials are whining. These Gen Zers just work harder.’ If you bought your house before and don’t have those other payments, that’s really the three-layered cake. Housing, college [debt] and daycare” explained Smith, highlighting these three factors greatly determine your middle-class placement.

As a result of high housing costs, many young people are choosing to stay at home with their families to save funds.

Smith explains how he is seeing communal living go even further in Florida, where separate families are choosing to live under one roof.

“Many families [with] 3 or 4 adults and [say] five children, they all split a big house, and they all take care of each other. You can see that they have a lot of toys and they’re pooling their money,” Smith detailed.

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The TikToker enumerates how millennials and older Gen Zers had a “difficult” hand dealt to them. Younger Gen Zers, however, have a lot of “opportunity” to “crush in today’s economy” if they plan carefully to avoid debt and make smart financial choices.

“The millennials, they’re the pinched generation where college essentially stopped working for most. The debt piled up, and the old American dream died, and we got left holding the bag,” he said.

The creator said that through posting on TikTok, he has learned a tremendous amount about the everyday struggles real Americans are facing through his comment section.

“People in America, real society, are sharing all this with me. And I’m learning at a rapid pace from all different individuals. It’s not just googling it, or asking 100 college students what they think. It’s thousands and thousands of people sharing what’s going on,” said Smith.

The realtor discussed how there is a “bigger conversation” around an evolving American Dream that we’re likely to see take place over the next few years.

“We’re basically redefining the American dream from top to bottom, like the way that we see work and work-life balance,” said the creator, explaining how the idea of owning a home might grow old alongside past generations.

“I don’t even know if millennials and Gen Zers want to follow that path of buying a house and living in it for 40 years and staying at the same job for 40 years. I don’t think creatively, work-life balance wise, is also what our long-term play is,” he said.

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Politics

The ‘£7bn’ government secret

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The '£7bn' government secret

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

Who knew what about the Afghan data leak? And could anyone in parliament have done more to help scrutinise the government at the time of the superinjunction? Harriet thinks so.

So in this episode, Beth, Ruth, and Harriet talk about the massive breach, the secret court hearings, and the constitutional chaos it’s unleashed.

Plus – the fallout from the latest Labour rebellion. Four MPs have lost the whip – officially for repeated defiance, but unofficially? A government source called it “persistent knobheadery”.

So is Keir Starmer tightening his grip or losing control? And how does this compare to rebellions of Labour past?

Oh and singer Chesney Hawkes gets an unexpected mention.

Responding to claims in the podcast about whether Commons Speaker Sir Lindsay Hoyle could have scrutinised the government, a Commons spokesperson said: “As has been made clear, Mr Speaker was himself under a superinjunction, and so would have been under severe legal restrictions regarding speaking about this. He would have had no awareness which organisations or individuals were and were not already aware of this matter.

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“The injunction could not constrain proceedings in parliament and between being served with the injunction in September 2023 and the 2024 General Election Mr Speaker granted four UQs on matters relating to Afghan refugees and resettlement schemes.

“Furthermore, as set out in the Justice and Security Act 2013, the Speaker has no powers to refer matters to the Intelligence and Security Committee.”

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World

England through to semi-finals of Women’s Euros after beating Sweden on penalties

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England through to semi-finals of Women's Euros after beating Sweden on penalties

England have booked their place in the semi-finals of the Women’s Euros after knocking out Sweden.

The Lionesses won 3-2 on penalties at Stadion Letzigrund in Zurich, Switzerland, after clawing their way back to take the game into extra-time.

The defending champions had been 2-0 down at half-time after goals from Sweden’s Kosovare Asllani and Stina Blackstenius in the quarter-final clash.

England then levelled matters towards the end of normal time. Lucy Bronze delivered the first England goal on 79 minutes, assisted by substitute Chloe Kelly. Two minutes later, Michelle Agyemang followed suit, taking the score to 2-2.

England goalkeeper Hannah Hampton (R) celebrates with teammates after the side beat Sweden. Pic: AP
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England goalkeeper Hannah Hampton (R) celebrates with teammates after the side beat Sweden. Pic: AP

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Englan
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Bronze’s penalty kept England’s hopes alive. Pic: Reuters

After a goalless extra-time, it was time for penalties.

Alessia Russo kicked things off, finding the back of the net for England, before Lauren James, Alex Greenwood, Beth Mead and Grace Clinton had their attempts saved by Sweden’s Jennifer Falk.

The game was sent into sudden death after Falk went face-to-face with England’s Hannah Hampton but sent the ball flying over the crossbar.

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Englan
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Pic: Reuters

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Sweden
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A devastated Sweden. Pic: Reuters

It all came down to Sweden’s seventh penalty after Bronze sensationally scored, with 18-year-old Smilla Holmberg missing the chance to send her team through.

England will next face Italy in the semi-finals in Geneva on Tuesday.

‘That was crazy’

England boss Sarina Wiegman described the action as “one of the hardest games I’ve ever watched”.

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Englan
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Sarina Wiegman after the match. Pic: Reuters

“We could have been out of the game three or four times, when you’re 2-0 at half-time it’s not good,” she said after the match.

“Although we started really bad, at the end it got better, but we didn’t create anything so we had to change shape, and we score two goals – that was crazy.

“We miss a lot [of penalties], and they miss even more. I need to decompress, I think.”

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Englan
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Hannah Hampton still delivered with one nostril down. Pic: Reuters

Goalkeeper Hampton added that it was “stressful watching” and “stressful playing”.

The 24-year-old, who was left with a bloodied nose in extra-time, said: “Every time I saved one, I was just thinking ‘please put it in, so we have a bit of a cushion!’

“To be honest, I think I was better in the game when I had one nostril than when I was completely fine!”

She said it was the support of the England fans that helped the team push on. She said: “They were definitely behind me and I appreciate all the support.”

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Englan
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Michelle Agyemang reacts after levelling the game for the Lionesses. Pic: Reuters

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Sweden
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Pic: Reuters

Pressure was on the Lionesses after they won the tournament in 2022.

Their journey in the group stages started with a 2-1 defeat to France, but hopes were lifted after England sailed past the Netherlands and Wales to reach the knockout stages, finishing second in Group D.

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Sweden on the other hand went into Thursday’s game unbeaten in the tournament so far, having already defeated Germany, Poland and Denmark in the group stages.

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World

Lionesses went from sloppy to celebratory in nerve-shredding euros quarter-final

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Lionesses went from sloppy to celebratory in nerve-shredding euros quarter-final

By the time Hannah Hampton appeared in the news conference, the England goalkeeper was relieved, ecstatic and wanting to share this night far and wide.

So when her phone started ringing with a FaceTime call, she broke off speaking to the media about reaching the Euros semi-finals to answer it.

And then share the call with the room in Zurich.

After such a nerve-shredding night, this was the moment to relax and just savour it all.

Savour how close they came to throwing it all away against Sweden before staging a stirring comeback inspired by Lucy Bronze.

The 33-year-old scored the goal that began the fightback with 11 minutes to go and converted England’s final penalty in the shootout.

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Englan
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Lucy Bronze converted England’s final penalty. Pic: Reuters

“Lucy Bronze is one of a kind,” England manager Sarina Wiegman said. “It’s that resilience, that fight. I think the only way to get her off the pitch is in a wheelchair.”

The Lionesses looked down and out, 2-0 down after 25 minutes.

Completely outplayed. A defence run ragged. Just too sloppy.

“We said at half-time we don’t want to go home,” Hampton said. “So it’s up to us to turn the game around.”

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Englan
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Things were not looking good for England by half-time. Pic: Reuters

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Englan
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But the team managed to turn things around. Pic: Reuters

That only came after Wiegman deployed the substitutes the manager calls “finishers”.

They fulfilled their mission.

“Sweden in that moment had to adapt to some different things in the game,” Wiegman said, “before they could, it was 2-2.”

Within seconds of coming on, match-winner Chloe Kelly showed the missing spirit. The spirit that saw her score the Euro 2022 winner.

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Sweden
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Pic: Reuters

A creator of two goals in 103 seconds.

A cross headed in with 11 minutes to go by Bronze – the only player still playing from the Euro 2013 group-stage elimination.

It was a lifeline seized on so quickly.

Another cross from Kelly was this time brought down by Beth Mead before Michelle Agyemang.

The timeliest of goals from the teen – a first tournament goal on her third appearance as a sub.

Soccer Football - UEFA Women's Euro 2025 - Quarter Final - Sweden v England - Stadion Letzigrund, Zurich, Switzerland - July 17, 2025 Englan
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Teenager Michelle Agyemang reacts after scoring England’s second goal in normal time. Pic: Reuters

But there would be the anxiousness of extra time to follow, unable to find a breakthrough.

So to the shootout that lasted 14 penalties between them.

Hampton said: “It was stressful watching and playing, I thought every single time when I saved one, ‘Please score and give us a cushion’. I feel so happy and relieved.”

Around Alessia Russo and Kelly scoring there were four England misses before Bronze converted England’s seventh and Sweden missed a fifth.

Read more:
How far has women’s football come since 1972?
Lioness star explains what ‘Proper England’ is

A frenzied 3-2 shootout win was complete.

“I can’t remember anything like this,” said Wiegman, who has only reached finals in her four tournaments with the Netherlands and England.

“I thought three times we were out,” she said.

But instead it’s off to Geneva for the European champions for a semi-final with Italy.

They’ll be hoping it’s less of a struggle, less dramatic – while just glad to have made it there.

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