Housing represents a growing source of budgetary pressure for Americans, and the data suggests American's desire for space is at least partially to blame. In 2017, housing represented 33 percent of total US household expenditures, with rent and mortgage—as compared to other household expenses like furnishings and utilities—making up about 60 percent of the household budget, according to the US Bureau of Labor Statistics.
Reducing financial stress comes down to housing and rental prices for many Americans and with it, for some, reevaluating the need for space.
* The US Census Bureau definition of 'rooms' includes: living rooms, dining rooms, kitchens, bedrooms, finished recreation rooms, enclosed porches suitable for year-round use, and lodgers' rooms.
The US Economy Data Brief provides a comprehensive and interactive overview of leading US economic and financial indicators, including but not limited to GDP, inflation and prices, economic activity, financial accounts, debt figures, the labor market, and so much more.
Student loans in the United States represent the second largest type of household debt after home mortgages and were not only impervious to the 2009 recession, but are steadily rising along with total US household debt. As of the third quarter of 2018, student debt outstanding expanded by 2.6 percent, reaching a peak of $1.44 trillion, which is higher than total US auto loans and credit card debt. Total student loan debt has more than doubled since 2009 and grown six-fold over the last 15 years. The cumulative value of student loans in default has also increased, jumping almost 90...
Consumer sentiment among US residents surged in March to its highest value since 2004, according to the University of Michigan. An improving job market, expectations of increased disposable income from tax cuts, and prospects for continued economic growth offset concerns about tariffs and stock market volatility triggered by the US president’s impulsive tweets and policy shifts. Growing confidence should help to stimulate consumer spending, roughly 69 percent of the US economy in the first quarter of 2018. The University of Michigan updates its Consumer Sentiment Index monthly...
The net worth of US households tumbled 3.5 percent quarter-on-quarter during the fourth quarter of 2018, according to the US Federal Reserve. Only twice since 1952, once in 1962 and again in 2008, was a larger drop reported, and yet for most Americans it’s the proverbial tree falling in the woods: did anyone feel it? The slump in 4Q 2018 is attributable to the poor performance of the stock market in late 2018 and the corresponding hit to the value of household holdings of corporate equities. It's a familiar story. Historically, corporate equities have caused the most volatility...
Consumer confidence in the world's biggest economy, the United States, rebounded in February after a sharp drop in January, according to the University of Michigan. January’s decrease was the single sharpest drop in consumer sentiment since 2012 and was at least partially spurred by the partial US government shutdown. In February, the Federal Reserve signaled that it will hold off on further interest rate hikes and trade relations with China continued to thaw, bolstering the rebound. The Fed monitors the Consumer Confidence Index to help guide policy adjustments. Currently,...