Americans skipping meals to cope with rising costs – poll — RT World News
A new study finds that half of U.S. homeowners and renters are struggling to afford their housing payments
A new poll shows that half of Americans are struggling to afford high housing costs, and that financial hardship is so severe for many that more than one in five are skipping meals to get by.
The survey was conducted by a Seattle-based real estate brokerage Redfin The report released on Friday showed that 50% of homeowners and renters in the United States had difficulties making their housing payments. Many participants said they had to make sacrifices to confront inflationary pressures. For example, 22% reported that they skipped meals, 21% sold some of their possessions, and 37% either worked extra hours or took on additional jobs.
“Housing has become so financially burdensome in America that some families can no longer afford other necessities, including food and medical care, and have been forced to make significant sacrifices, work overtime, and ask others for money so they can cover their monthly costs.” Head of Economic Research at Redfin said, Chen Zhao.
Housing prices and rents have risen sharply in many American cities, and mortgage interest rates remain high after reaching their highest level in 23 years last October. Redfin said the typical American family's income is about $30,000 a year below the level needed to buy a median-priced home.
Nearly 35% of survey respondents said they are taking less vacation, or no vacation at all, to keep up with their housing payments. About 18% borrowed money from friends and family or invested in their retirement savings. For 16%, the cash crunch was so difficult that they had to delay or forego needed medical care.
US inflation rose to the highest level in more than 40 years in June 2022, prompting the Federal Reserve to boost interest rates in an attempt to tame prices. The pace of inflation has slowed since then, but price growth rose to 3.2% from a year earlier in February, higher than economists had expected. This increase weakened hopes that the US central bank would soon begin pushing interest rates lower.
Many young Americans had to give up their apartments and move back in with their parents. a Harris/Bloomberg A poll conducted last September showed that 45% of people between the ages of 18 and 29 live at home with their parents or other relatives, the highest level since the 1940s. Most of them have returned to their homes within the past two years.
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