While student loan data remains obscured until after the election, auto and mortgage loans typically lag in delinquency due to their critical nature—people prioritize keeping their cars and homes. However, other debts are surging, begging the question: does this signal a thriving economy? Should stocks be skyrocketing to all-time highs?
Consider the staggering reality: the median U.S. mortgage payment soared to a record $2,894 per month in May 2024, marking a 14.1% increase from last year. This means the average new homeowner now forks out $35,000 annually on mortgage payments alone—nearly half of their pre-tax household income. Shockingly, this figure excludes additional costs like insurance, taxes, and maintenance, pushing the real financial burden even higher, potentially surpassing $3,000 monthly.
The delinquency rates for personal loans, credit cards, auto loans, mortgages, and student loans.
Ignore student loans, by the way. The Biden administration is not revealing those numbers until after the November election.
Auto loans and mortgage loans will always lag because… pic.twitter.com/zYG9rCBLbn
— Uncle Milty’s Ghost (@his_eminence_j) June 6, 2024
BREAKING: The median US mortgage payment hits a record of $2,894/month in May 2024, up 14.1% compared to last year.
This means that the median new homebuyer is now spending $35,000 PER YEAR on their mortgage.
That's ~47% of the median PRE-TAX household income.
The worst part?… pic.twitter.com/CkCWbxSQRi
— The Kobeissi Letter (@KobeissiLetter) June 6, 2024
McDonald’s, $MCD, has said the average U.S. Big Mac was $4.39 in 2019 and now costs $5.29, a 20.5% increase.
— unusual_whales (@unusual_whales) June 6, 2024
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