A new national poll commissioned by Nationwide found more than three-quarters of respondents (78%) rating the economy as poor or fair, with half of the respondents citing high housing costs for their pessimism.
Nearly two-thirds (64%) of the respondents in Nationwide’s 2024 Economic Impact survey described their personal financial situation as poor or fair, up from 61% in a similar poll from last year – and Nationwide attributed this response to housing expenses, with 77% of renters and 53% of homeowners rating their personal finances as fair or poor.
The survey also found elevated housing costs has forced renters to either relocate or downsize at twice the rate of homeowners (20% versus 8%). However, two in five of the renter respondents expected their personal financial situation to improve over the next six months, which was 12% higher than that of homeowners. Still, two-thirds of consumers (66%) expected housing costs to continue rising over the next 12 months
Furthermore, the survey detailed the impact of housing costs on long-term financial plans. Roughly one in five (21%) have withdrawn money or are considering withdrawing money from their retirement savings to cover housing costs and 40% of homeowners delayed necessary structural repairs to their home.
“While many Americans are feeling financially strained, nowhere is that strain more apparent than for lower earners and renters, who are reacting strongly to the daily budget pressure they feel from high housing costs and sticky inflation,” said Kathy Bostjancic, Nationwide’s chief economist. “At the same time, we see improving macroeconomic conditions, including wages keeping pace with inflation. This tension between rapid price increases over the past several years and the evolving big picture is what has made today’s economy challenging to understand. The good news is that forecasts suggest that relief should be coming in the year ahead and these two seemingly contradictory realities should begin to agree more.”
Nationwide commissioned Edelman Data & Intelligence to conduct a nationally representative online survey of 2,000 consumer adults from May 1-15.
;
How can anyone who goes to the grocery store, puts gas in their car or looks at the cost of building materials believe this ‘The good news is that forecasts suggest that relief should be coming in the year ahead and these two seemingly contradictory realities should begin to agree more.’ the consumer products that cost $50 last year is $100 or more now.. Who is manipulating the ‘forecasts?”..certainly not someone who does their own shopping or bill paying.
LOL, stolen elections have consequences. We are in a war with the globalists and the current regime. Remember, their slogan is “You will own nothing and like it.” Things were great until the 2020 election when organized crime took over.
True
Agreed. 100%
Look at the immigration situation. I believe in immigration but it has to be tightly controlled. We have had over 10 million illegal immigrants enter in the last three years. They are getting housing and have taken close to 2 million units off the market. These are low income units. Many are subsidized or paid for by government and that drives rents up. It is like musical chairs with 20 people and fifteen chairs. It is brutal. We allowed too many in for the economy to absorb. It is impacting our healthcare system and driving that up. It is driving up the costs of food. It is driving up the costs of law enforcement. This has to be balanced so it doesn’t distort the economy and drive more into poverty
The insanity MUST stop and illegals must be deported. They steal benefits from our veterans and assistance from our low income AMERICANS. STOP THE INSANITY.
The middle class is being destroyed by this economy and the middle class is the backbone of this nation. Destroying the American Dream is what’s happening. When you destroy the ability for people to achieve and rise and you’ll also destroy their incentive to try. This is destroying our nation. Sadly, perhaps that’s the plan.
Cost of living has skyrocketed in the past few years, and many people are hurting and truggling financially. Income remained very low as the rise of cost of living reached to its highest levels in my lifetime. It’s no wander why the majority of people cannot afford to purchase a home in today’s market 😒