11 Things That Aren’t Worth Buying Anymore Because They’re Too Expensive
From food costs to gas prices, the rise of inflation has made many things unaffordable these days, and it’s hard not to notice prices continually going up.
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If you’re wondering what things aren’t exactly worth buying anymore, we had experts weigh in on what they consider to have become too expensive.
Homeownership
“In the 1990s, the average single-family home cost $100,000,” said Melanie Musson, a finance expert with Clearsurance. “Now, it costs $400,000, an increase of 400%.
“During that same time, the average household income has increased by 25%. That makes homeownership a significant sacrifice for some families and completely out of reach for others.”
Rhett Stubbendeck, CEO and founder of Leverage Planning, equally noted that homeownership has gotten expensive.
“It’s tougher for younger people to buy homes today,” he explained. “With high prices and wages not keeping up, we’ve seen a real drop in homeowners under 35 owning homes. It’s a topic we often discuss at [my company], helping clients figure out if buying a home is a smart move for them right now.”
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Streaming Services
“Streaming has increased in cost, and service providers are cracking down on sharing accounts,” Musson said. “So, people are turning back to cable and satellite services for more cost-effective options.”
She said that streaming that used to cost $10 for several users now costs $15 a month for a single user.
On the other hand, she said the price of satellite and cable has increased only slightly over the past decade.
High-Quality Meat
“People are buying less high-quality meat,” Musson noted. “Families that cook their own food are relying more on lower-quality cuts that cost less and can go further. A steak costs 50% more than it did five years ago. The price of groceries, in general, has exceeded the growth in household income.”
Groceries
You obviously still need to buy groceries, but people aren’t buying as many.
“The latest annual figures released by the Bureau of Labor Statistics reveal that grocery prices are up by 10.1% year-over-year,” said Kevin Huffman, personal finance expert and owner of Kriminil Trading. “This means that fewer groceries are being bought — people have turned to store brands; they’re planning meals better; and they’re wasting less food.”
Impulse Purchases
“Impulse purchasing is becoming a thing of the past,” Huffman said. “Consumers are slowing their roll and sussing out the differences between needs and wants — durability over fads and frills.
Eating Out
“It is no longer a weekly pastime that most enjoy,” Huffman observed. “With restaurant prices rising more, the Consumer Price Index is pushing people into the less expensive options of dining in or settling for inexpensive options.”
Stubbendeck agreed that dining out has become overly pricey.
“Eating out less is another big change. As prices rise, cooking at home becomes more appealing. We’ve noticed a 30% drop in dining out among our clients in recent years.”
Entertainment
“The cost of entertainment such as movie tickets or concert tickets is rising every day,” Huffman said. “People look for free alternatives or less expensive ways to have fun by going to the library or the park or museum, and watching movies or TV shows at home using streaming services.”
New Outfits
Fast fashion might be losing its appeal, Huffman noted.
“People’s wardrobes are being reassessed, with more investment going into quality pieces which will last longer and clothes sourced second-hand.”
Cars
“The price of new cars has skyrocketed, up by more than 20% in just five years,” Stubbendeck said. “As a result, many are skipping new purchases and keeping older cars longer or opting for used ones. At [my company], we explore all the options, helping clients make the best decision for their situation.”
Luxury Goods
Splurging on luxury items isn’t as common anymore, according to Stubbendeck.
“When money’s tight, it’s harder to justify a fancy watch or designer bag,” he explained. “We see more clients choosing to put their money toward savings instead.”
Print Subscriptions
Darian Shimy, founder and CEO of FutureFund, argued that as digital subscriptions and free online news sources become more prevalent, the shift away from print media is becoming increasingly common.
“The subscription costs for printed newspapers and magazines have risen significantly, often exceeding $200 annually for daily newspapers.”
He said this increase, coupled with the growing accessibility of digital alternatives, has led many consumers to rethink their spending on print media.
“Digital subscriptions generally cost less and offer numerous advantages over traditional print. For instance, a digital subscription to a major newspaper might range from $10 to $20 per month, providing substantial savings compared to print.”
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