Over the past 20-30 years, what changes have occurred that now make it necessary for many households to have two incomes to stay afloat?

Question

Over the past 20-30 years, what changes have occurred that now make it necessary for many households to have two incomes to stay afloat?

In: Economics

Answer 1

It’s not over the last 20-30 years. Number of incomes is an arbitrary metric. Call it wages or real wages or whatever.

The reason for this is because of economic competition.

Sure, I could build a house that you could buy from me using 1 income. But if I build a bigger one that 2 incomes can afford I make more money for myself. So why would I do the first instead of the second.

This is broadly applicable across history.