Per CNBC
Almost 2/3rds of Americans lived paycheck to paycheck in 2022, jumping from 42% in 2021
2/6/2023
More Americans are now living paycheck to paycheck as the prices of goods have risen, and inflation has affected people's income. Now, two-thirds of Americans say they are living paycheck to paycheck.
The numbers came in for 2022 showing 64% of Americans had to live paycheck to paycheck, up from 42% in 2021, per the LendingClub. Anuj Nayar, the financial health officer of the company, gave a statement regarding how inflation and other factors affected Americans' savings.
Nayar: “The effects of inflation are eating into every American’s wallet and as the Fed’s efforts to curb inflation drive up the cost of debt, we are seeing near record numbers of Americans living paycheck to paycheck,”
The report shared how the numbers include over half of people that earn over $100,000 a year. The report was called "New Reality Check: The Paycheck-to-Paycheck Report" and shared the results of a survey that included 3,989 US consumers.
The survey was done to help understand the impact of inflation and how Americans might make changes in their expenses in 2023. An example of these findings was that 55% of consumers that didn't buy a new car in 2022 said they would be doing the same this year.
This comes at a time when US credit card debt has soared closer to a trillion at just $930.6 billion. In November, credit card debt in the United States increased the most in 20 years.
On top of this, homebuyers will have a harder time purchasing a house as the median-price home would require them to make at least $107,000 per year. In 2022, buyers only had to make $74,000 a year.
Although it would require homebuyers to earn more, mortgage rates started to drop to 6% as the housing market started to cool down. Freddie Mac said that the decrease in rates could open the market to 3 million borrowers who previously struggled to purchase a home amid the high rates.
See flow at unusualwhales.com/flow.
Other News:
- U.S. credit card debt has hit a record $930.6 billion
- To buy a median-price home in the US, an average person would need to make about $107,000 annually, up from about $74,000 a year earlier
Resources:
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