According to Norways largest bank (DNB), an average family with 2 adults and 2 children have increased costs of 16.000 $ yearly since 2020.

Approx half from increased prices and half of interest payments on a normal house.

In the same period, income after tax increased with 6.000 $ for the household. Still a difference of 10.000 $ yearly.

We know that the price index does not take into account interest payments. As this example from DNB shows, intrests are really impacting Norwegian families. And about 82 % of adult Norwegians own their own home, and less than 8 % have a fixed interest rate.

In 2020, according to the Natinal Beeau of Statistics (SSB), the avarage income for a household after tax was 54.400 $ (this would include single households, so I guess the example family from the bank would be above average).

If you add 6.000 $ in wages since 2020, and also add another 10.000 $ to this example family, it is not far fetched to conclude that a lot of families in 2023 have about 70.000 $ in income after tax, with 16.000 $ increse in yearly living costs. That is a lot!

Harder times incoming?