He checked off all the boxes. “Green flags” flew from the restaurant to a city park bench in Gallivan Plaza, under a street lamp and a small maple tree. We sat on the bench and continued to chat excitedly about our shared philosophies.

He checked off all the boxes except one: I can’t afford love in this economy, and yet, according to current salary requirements based on inflation trends, I won’t survive on one paycheck. How could my mind derail this lovely moment? Instead of thinking about another date, the American economic climate perilously dangling over a potential infrastructure collapse was all I could think about.

My brain was selfishly spinning and ruining the date. Quick mental math on a park bench at midnight equaled love lost. As a single mom, I am not a “single person,” as I am a multiple of me plus dependents who rely on my production and livelihood.

The pinch is not isolated to single parents: Trending economic actions remain consistent with inflation growth, but no compensatory salary increase has occurred.

There is one thing for sure in this economy: You can’t win being single, but how much better off are you married?

How is the American family thriving in economic turbulence?

Alex Gailey, lead data reporter at Bankrate, writes about the numbers behind consumer finance and economic trends: “Part of the reason is because wages haven’t kept pace with home prices. According to Bankrate’s calculations, would-be homeowners have to make $110,871 annually to afford a median-priced home ($402,343 per Redfin) in the U.S. That’s almost a 50 percent increase since January 2020, when potential homebuyers only required an annual income of $76,191 to afford a typical home.

“At the state level, aspiring homeowners must earn six figures to afford a typical home in 22 states and the District of Columbia, including many Western states that boomed during the pandemic, such as Utah, Montana, and Idaho. Four years ago, only the District of Columbia and six states — California, Hawaii, Massachusetts, New York, New Jersey, and Washington — required a six-figure salary.”

In January 2020, the annual salary needed to afford a median-priced home in Utah was $78,000. In January of this year, that salary requirement jumped to $133,866 — a 70.3% increase.

The five states where the annual income needed to afford a typical home has increased the most since the beginning of 2020 are Montana (+77.7%), Utah (+70.3%), Tennessee (+70.1%), South Carolina (+67.3%) and Arizona (+65.3%).

What caused this rapid increase in the cost of living in just four years?

A surge in mortgage rates has caused the income needed to afford a median-priced home to increase nationwide. Mortgage rates have jumped more than three percentage points in the last few years. In January 2020, the average 30-year fixed rate was 3.68%, compared to 7.07% as of March 20, according to Bankrate’s survey of large lenders. American families have to contend with elevated home prices, high mortgage rates and a shortage of houses.

Gen Z can readily attest that after graduating from a reputable university with crippling student loans, homeownership is not only a far-off dream but laughable at best. It is common for many adult children to boomerang back home after college or even as newly married couples — if they aren’t in an apartment with six roommates.

According to the U.S. Bureau of Labor Statistics, the Consumer Price Index (CPI) for all items, less food and energy, increased 3.8% from January 2023 to February 2024, while the CPI increased 0.6% from January to February 2024. (The CPI measures the average price change urban consumers pay over time for a market basket of goods and services.)

You’re not alone if you were recently shocked by the total bill at a fast-food joint. While fast food was once regarded as a budget-friendly option for families and students, combo meals are rapidly approaching $20 at most restaurant chains. Individual chain owners can set prices; combo meals at nearly all fast-food restaurants start at $10.

Food prices have risen steadily since 2020 due to a combination of factors, including inflation, labor costs, the supply chain and the war in Ukraine.

• According to the U.S. Department of Agriculture, food production costs will increase by 3.8% in 2024.
• According to the U.S. Bureau of Labor Statistics, labor costs are rising faster than inflation. This is a significant underlying factor because higher wages and benefit costs ripple throughout the supply chain.
• Ukraine’s food exports remain lower than pre-war levels, but they’re increasing. According to the USDA’s Foreign Agricultural Service, food exports from Ukraine, nicknamed “the breadbasket of Europe,” have historically accounted for 9% of the global wheat market and 12% of the corn market.

According to the USDA, food prices are expected to increase by 1.6% in 2024, while food-away-from-home prices are expected to increase by 5%. The CPI for food at home (grocery store or supermarket food purchases) increased 0.1% from January 2024 to February 2024 and was 1.0% higher than in February 2023. The CPI for food-away-from-home (restaurant purchases) increased 0.1% in February 2024 and was 4.5% higher than in February 2023.

With the rising cost of living, a new surge of workers has entered the workforce. Women who originally planned to stay home and tend the house and children see no other option but to get a job to supplement the household income. Newly retired people are also a new form of boomerang: right back into the workforce but far from the position they retired from. Veteran teachers, professionals and retired health care workers are finding themselves behind the cash register of big-box stores nationwide to afford a dozen eggs. I know; I’ve applied for those positions and await a response.

In this economy, who can afford love?

I’m pretty sure my economic-panic-turned-existential-crisis doesn’t bode well in the dating pool. I’m still debating whether or not I can afford the pool pass this season.

Camille Heckmann writes about her observations of the human condition. She can be found on Substack: @camilleheckmann.

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