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Americans’ economic well-being has plummeted over the past year, according to new report report by the Federal Reserve. In 2022, 73% of Americans reported being “at least okay” financially. This is down 5 percentage points from 2021. Only 34% of those who said they were okay. “Living comfortably”.
In addition, a tight housing market and rising mortgage rates That’s why renters can’t buy houses.
Thirty-six percent of renters said they prefer to rent, but 65% said they rent because they can’t afford the down payment on their purchase. Additionally, 44% said they could not afford their monthly mortgage payments and 40% said they were not eligible for a mortgage.
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One of the report’s most striking findings is that when asked how much they could use their savings alone for emergency expenses, 18% said they could only cover an expense of $100 or less. 63% said he could cover an emergency expense of $400 hypothetically (down 5% year-over-year).
Sustained inflation also impacted spending and fiscal burdens over the past year. 33% of Americans said inflation will be their biggest economic challenge in 2022. Nearly two-thirds reported having stopped using a product or used it less due to inflation, 64% reported switching to cheaper products, and 51% experienced a reduction in usage. replied. Turn to savings as prices rise.
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