From skipping meals to working more to moving in with mom and dad—that's how Americans are trying to afford housing
From skipping meals to working more to moving in with mom and dad—that's how Americans are trying to afford housing
“Housing has become so financially burdensome in America that some families can no longer afford other essentials,” Redfin’s economics research lead said.
The cancerous greed of the capitalist class is crushing the working class. The workers should fight back somehow. Maybe we should look to the past for ideas. Maybe that way the monied oppressors will remember why collective bargaining is in their best interest. The alternative is the “v” word.
Can you point me to these people that are saying the economy is all hunky dory and nothing is wrong? Because I keep seeing this as if it is being pushed, but I've never seen it actually being pushed.
I’m shocked he’s not offering Poland up too…
This is the best summary I could come up with:
“Housing has become so financially burdensome in America that some families can no longer afford other essentials, including food and medical care, and have been forced to make major sacrifices, work overtime, and ask others for money so they can cover their monthly costs,” Redfin’s economics research lead, Chen Zhao, said.
Mortgage payments are close to an all-time high, and it’s no longer clear when or if the Federal Reserve will cut interest rates this year, especially after today’s hot jobs report.
From the survey, we know that millennials, baby boomers, and Gen Xers dipped into their retirement money for housing costs or skipped vacations.
It also referred to a 2022 Pew Research Center analysis that found a quarter of American adults, from 25 to 34 years old, lived in a multigenerational family household in 2021—that’s up from 9% in 1971.
And as Fortune has previously reported, moving back in with Mom and Dad is so common, it has pretty much lost its stigma—but it’s never really had a stigma outside of America; if anything, it’s the norm in several countries.
More recently, a generational trends report from the National Association of Realtors released this week revealed that 24% of younger millennials between 25 and 33 years old moved directly from a family home to their own.
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Just moved back in with my parents last week. It sucks, but I can see the social stigma breaking down rapidly considering how many of my peers are being forced back into multi-generational housing situations. At least now I have enough money to spend on food.