For first time most American families see both parents working: study

The traditional single-income family once familiar in American culture has continued to decrease, with just a quarter of households now consisting of a father working full-time while the mother remains at home. Meanwhile, families increasingly depend on two incomes to maintain a middle-class lifestyle. Under former President Joe Biden, inflation surged to levels not seen in decades. The Consumer Price Index peaked at 9.1 percent in June 2022, the highest rate in more than 40 years. While inflation eventually slowed under the current Trump administration, prices never returned to pre-pandemic levels, leaving families dealing with higher costs for housing, food, energy, insurance, childcare, and transportation.

According to government inflation data, prices rose more than 20 percent during the Biden years. Essential household expenses often increased even faster. Grocery prices climbed sharply, mortgage rates more than doubled from pandemic-era lows, and the dream of homeownership moved further out of reach for younger Americans.

Pew's findings suggest those economic pressures altered how American families survive. The report notes that concerns about the cost of living have exploded since the pandemic. Nearly one-third of Americans now identify high living costs as their primary financial concern, compared to just 3 percent in 2020. "If you look at Joe Biden's job approval numbers and his favorability, [it was] obviously incredibly low... And I think the inflationary pressures and the sense that it came from the Biden administration was part of a vote for change," pollster Anna Greenberg told the NPR.

Yet despite two incomes becoming the norm, many families still feel financially squeezed. Fortune reports that half of Americans say they have only enough money to maintain their current standard of living, while nearly one in five report falling behind financially.

According to LendingTree, raising a child now costs more than $300,000 over the first 18 years of life, nearly double estimates from roughly 25 years ago. Childcare costs have become so extreme that some estimates suggest a family with two children would need to earn over $400,000 annually before childcare falls within federal affordability guidelines. More than half of full-time working parents told Pew they struggle to balance work and family responsibilities.

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