Mon, 22 January 2024 | consumers economy
According to the recently released KeyBank 2024 Financial Mobility Survey, a staggering 66% of Americans would choose to work at a job they love even if it paid less than their current salary (34%). At the same time, a quarter of Americans say they're saving less and spending more, up from 13% in 2021 and 15% in 2022. Additionally, 60% of Americans think a recession is underway or will occur soon, suggesting that people are putting their happiness first while preparing for financial difficulties.
Indeed, almost one-third (30%) of poll participants report experiencing daily financial s... Read More
Thu, 18 January 2024 | housing
According to the January 2024 commentary from the Fannie Mae Economic and Strategic Research (ESR) Group, the housing market is anticipated to gradually return to a more normal balance in 2024, following years of significant oscillations in mortgage rates and divergences of key housing market measures from their historical, pre-pandemic relationships.
According to the ESR Group, mortgage rates will drop in 2024 and finish the year at less than 6%. Refinance volumes are predicted to nearly double from their 2023 levels in 2024 due to the reduced interest rate environment. These v... Read More
Thu, 18 January 2024 | housing
The 2024 Rental Affordability Report from Attom, a real estate data aggregator, reveals that renting a typical three-bedroom home is cheaper than owning in nearly 90% of local markets throughout the US. According to the survey, the majority of county-level housing markets saw rent or ownership of a three-bedroom home consume more than one-third of the salaries of average workers, resulting in considerable financial constraints. However, in 296 out of 338 U.S. counties with sufficient data for analysis, median rental rates still demand a lesser percentage of typical salaries than signi... Read More
Tue, 16 January 2024 | consumers economy spending
The latest survey from the Federal Reserve Bank of New York’s Center for Microeconomic Data shows households are continuing to reduce the growth in monthly household spending, although growth still remains above pre-pandemic levels.
The share of households that reported making a large purchase during the past four months fell compared to August 2023 levels, although it increased for home repairs and electronics. Year-ahead overall household spending growth expectations similarly continued to moderate and reached 3.0% in December 2023, its lowest reading since December 2... Read More
Tue, 09 January 2024 | economy
The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the December 2023 Survey of Consumer Expectations, which shows that inflation expectations declined at the short-, medium- and longer-term horizons. Notably, inflation expectations at the short-term horizon reached the lowest level recorded since January 2021. Earnings growth and spending growth expectations also decreased slightly to their lowest recorded levels since 2021, while expectations about credit access and households’ financial... Read More
Tue, 06 June 2023 | housing
The latest BMO Real Financial Progress Index reveals current mortgage rates are keeping many Americans from buying a home with 64 percent saying they are waiting on rates to drop before entering the market. Adding to the rate sensitivity of buyers, only 6 percent of Americans who say they plan to purchase a home soon plan on doing so this summer.
Compared to a year ago, homebuyers are dealing with much higher costs of ownership due to a combination of elevated mortgage rates, persistently high home prices and limited inventory, leaving housing affordability near the most challenging l... Read More
News and insights about consumer and demographic financial trends
The Hidden Cost of Idle Cash: What the Vanguard Survey Reveals About America’s Savings Habits
Consumers Growing Cautious Amid Rising Inflation and Economic Uncertainty
US Taxpayers Say Tax Refunds are a Financial Necessity
Consumer Pessimism Grows Despite Stable Long-Term Inflation Expectations
Economic Uncertainty and Inflation Impact Retirement Prospects for Americans
AARP Survey Reveals Alarming Retirement Savings Trends
Hispanic Consumers More Optimistic About Finances
Homeowners Facing Increasing Insurance Rates
U.S. Foreclosures Increase In First Quarter
Consumers Perceive Less Buying Power Despite Lower Inflation