Globally, all countries with GDP per capita > $5000 except Israel have fertility rates below replacement, and those below that line are largely above replacement. Generally, income inversely correlates with fertility.

Anecdotally, it feels like people don’t want to sacrifice to have kids in the middle income levels here in the states. Households over $500k income are above replacement, then below that threshold households are below replacement, so it seems like people who are by all means well off (ie $250k) would rather have more money for lifestyle spending than additional kids.

That all being said, we all do feel poorer, but I think people need to be quite well off to trade money for more kids.