By now, we can all tell that our dollars don’t stretch as far as they used to. The purchasing power of the average American family has declined by over 35% since 2010, and as we enter a new year, more price increases, inflation, and financial hardships are on the horizon. It’s never been so expensive to live in the United States. While the cost of basic necessities continues to reach new highs, our incomes stay the same, and the threat of job losses reemerges due to the ongoing recession. 2023 will be a very challenging year for many households, and in today’s video, we listed a series of things that are either going up in price in the months ahead or becoming more unaffordable and out of the reach of hard-working Americans. For example, We’re still in the middle of one of the greatest housing bubbles in history, and even though prices are crashing in some pandemic hotspots, soaring interest rates are keeping the cost of a home and monthly mortgage payments over 40% higher than a year ago. The trend is expected to continue throughout 2023 as the Fed announced that it will continue its monetary tightening policy until inflation is tamed down. New research released by ATTOM Data Solutions revealed that Americans can’t afford to purchase a home in more than 75 percent of the country. Out of 473 U.S. counties analyzed in the report, 355 listed median home prices more than what average wage earners could afford, the firm found. “New York City claimed the largest share of a person’s income to purchase a home,” researchers noted, adding that “while average earners nationwide need to spend only about one-third of their income on a home, residents in Brooklyn and Manhattan must shell out more than 115 percent of their income. In San Francisco, residents must spend 103 percent, and in Hawaii’s Maui County, it takes 101 percent”. Similarly, renters seem to be struggling just as much, but their uncertain situation is even worse. With unemployment rates steadily rising, and a recession at our door, a wave of evictions is expected to occur in 2023. Affordable housing problems will, unfortunately, stay with us for quite some time, and many hard-working people out there are at risk of becoming homeless. Already, roughly 51 million households don’t earn enough to afford rent according to a study released Thursday by the United Way ALICE Project. That represents 43% of households in the entire country. The figure includes the 16.1 million households living in poverty, as well as the 34.7 million families that the United Way has dubbed as ALICE — Asset Limited, Income Constrained, Employed. This group makes less than what’s needed “to survive in the modern economy,” the organization noted. Unfortunately, financial stability will not be in the cards for millions of families out there in 2023. This will be a year marked by the burst of financial bubbles, business shutdowns, layoffs, and an economic downturn that is set to be the greatest since the 2008 meltdown. The recession has only just begun, and we should all brace for a bumpy ride in the coming months. For more info, find us on: https://www.epiceconomist.com/
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