A Target trip cost me $300. Are we stuck with high prices forever? | Opinion

My two teenage daughters and I recently went to Target to pick up a few things they needed.

We grabbed basics – underwear, bras and a couple tubes of mascara – plus a dress and a pair of sandals for each of them. I added a few groceries.

Target isn’t exactly expensive, but the total still came to about $300 – roughly a quarter of what I spend on groceries and cleaning supplies each month. The girls gasped and said thank you. Later, I returned some items. It felt like too much.

That moment isn’t unusual. Since 2020, the cost of everyday life has climbed – groceries, clothes, basics that didn’t use to feel like splurges. People across income levels are feeling it.

The question is what that means for the American dream, and whether it’s still within reach.

Americans are worried about basics

A March 31 Gallup poll found that 61% of Americans worry a lot about health care costs, and that half worry about the economy, inflation and federal spending.

Housing costs have surged. The median home price is now $408,800, up 1.4% from a year ago – and the 33rd month in a row prices have increased.

Renting isn't much easier. In 2023, about 42.5 million Americans rented, and more than 21 million households spent over 30% of their income on housing. Renters in 20% of U.S. counties paid more between 2020 and 2024 than they did in the previous five years.

Other essentials for families, like childcare and health care, have also gotten more expensive. Raising a child now can cost more than $300,000 ‒ about $1,400 a month for 18 years.

Health care tells a similar story. KFF found that 41% of adults carry some medical or dental debt, and Gallup reports that a third of Americans have cut back on spending to cover it. I've had to pay medical bills a bit slower than I'd like.

Inflation has played a big role. While it has cooled in recent years, prices have climbed steadily since 2020, pushing up the cost of everyday essentials like groceries, housing and transportation.

And because inflation builds on itself, those increases don’t go away. Even as inflation slows, prices remain much higher than they were just a few years ago.

Is the American dream still affordable?

I’m not the only one worrying about how to pay for groceries, medical bills and clothes that kids quickly outgrow. Across generations, people are feeling the strain.

Younger adults, in particular, are struggling to get ahead. A February LendingTree survey found that just 27% of full-time workers ages 18-27 say they can live comfortably on their own.

My adult son has a good job, but even he gets discouraged when he thinks about buying a home.

It’s easy to assume older Americans had it easier. Baby boomers have become the wealthiest generation, but many faced their own cost pressures early on. And while millennials today may have higher net worth than boomers did at the same age, they’re also dealing with much higher costs – especially for housing and education.

I see it in smaller ways, too. Some retirees I know are hesitant to travel because they're trying to stretch their savings. And across age groups, rising costs are influencing major life decisions, even pushing some young professionals to delay having children.

There are steps policymakers could take to ease the pressure. Bringing federal spending more in line with revenues would help address the deficit over time. Loosening some housing regulations could increase supply and improve affordability. And giving Americans more flexibility in their health coverage could help lower costs.

But the problem feels bigger than any one proposal. For many Americans, the pressure shows up in rent, groceries and medical bills long before it shows up in a policy debate.

A 2025 Wall Street Journal-NORC poll found that nearly 70% say the American dream no longer holds true. When people lose faith that hard work will pay off, the consequences go beyond economics.

I think about that moment in the checkout line, my daughters surprised by a total that didn’t feel extravagant. I don’t want that to be their normal. I still believe in the American dream, and in the idea that it’s worth working for.

But for many Americans, it’s starting to feel out of reach. And that’s a much harder problem to fix.

Nicole Russell is an opinion columnist with USA TODAY. She lives in Texas with her four kids. Sign up for her newsletter, The Right Track, and get it delivered to your inbox.