Americans skipping meals to cope with rising costs: Poll
2 Min Read
A recent poll reveals that increasing housing expenses in the United States is compelling many Americans to make difficult choices such as skipping meals, taking on extra jobs, or forgoing necessary medical care.
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This photo taken December 20, 2013, shows shoppers passing through the Sweet Auburn Curb Market in Atlanta. (AP)
A recent poll reveals that half of the American population grapples with the challenge of affording their increasing housing expenses. The financial strain is so intense for a significant portion of the population that over one in five individuals are forced to skip meals to make ends meet.
According to a survey commissioned by Seattle-based real estate brokerage firm Redfin and released on Friday, half of US homeowners and renters have encountered challenges in meeting their housing payments. Respondents highlighted making sacrifices to manage inflationary pressures, with 22% admitting to skipping meals, 21% selling some of their possessions, and a combined 37% either working extra hours or taking on additional jobs to cope with the financial strain.
“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,” said Redfin’s economic research chief, Chen Zhao.
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Home prices and rents have surged significantly in numerous US cities, while mortgage rates continue to stay elevated following a peak reached in October, marking a 23-year high. Redfin highlighted that the typical US household income falls approximately $30,000 below the level required to afford a home at the median price.
Almost 35% of poll participants indicated they were reducing or completely forgoing vacations to manage their housing payments. Approximately 18% resorted to borrowing money from friends and family or tapping into their retirement savings. For 16%, the financial strain was so severe that they had to postpone or forego necessary medical treatment.
A number of young Americans have been compelled to relinquish their apartments and return to living with their parents. According to a Harris/Bloomberg poll conducted last September, 45% of individuals aged 18 to 29 resided with their parents or other family members, marking the highest level since the 1940s. The majority of these individuals had moved back home within the past two years.
