The average monthly payment for a new-car loan hit $733 in this year’s second quarter, compared with $562 in 2019, according to Edmunds. pic.twitter.com/G2JwxDSjo7
— unusual_whales (@unusual_whales) August 28, 2023
Least affordable car, house,food ever. 2008 and 1929 in second and third place respectively. Gee. I wonder how this ends? https://t.co/NXqZ71NeLz
— Citizen_One (@diegosegui9424) August 27, 2023
According to the affordability index, we are officially in the least affordable housing market ever.
Median new mortgage payments are nearing $3,000/mo and rents are at $2,000/mo.
This is unsustainable.
Follow us @KobeissiLetter for real time analysis as this develops.
(7/7)
— The Kobeissi Letter (@KobeissiLetter) August 22, 2023
As supply tightens and rates rise, affordability is getting even worse.
The median sales price of a home in the US is now 560% of the median household income.
In 2008, it was 360% of the median household income.
This is the least affordable housing market in history.
8/9 pic.twitter.com/4Ac5FbzKjr
— The Kobeissi Letter (@KobeissiLetter) August 23, 2023
ORANGE 🍊 JUICE pic.twitter.com/icsJPyILpH
— Win Smart, CFA (@WinfieldSmart) August 28, 2023
Bidenomics: When most Americans can't afford gas, groceries or most anything else.
— Cassandra (@CassyWearsHeels) August 25, 2023
One by one, food prices are killing us. Official inflation numbers are a joke. https://t.co/PSEksAJxNj
— R. Balakrishnan (@BalakrishnanR) August 25, 2023
US food prices. pic.twitter.com/K0YXfwfiAU
— Kumar (@datarade) August 20, 2023
$3.75 gas, insane food prices, unaffordable rent and crazy mortgage rates. This is what they think of us. https://t.co/GmVoKCqxyz
— Mike D. (@TheMIKED89) August 27, 2023
https://twitter.com/jeepgirl9272/status/1693630935776796716
Fed Up: Gasoline Prices Up 72%, Rent Up 16%, Food At Home Up 20%, 30Y Mortgage Rate UP 163%
Biden pledged not to raise taxes on households earning under $400,000, but soaring inflation acts like a hidden tax. Essentials have surged: gasoline by 72%, rent by 16%, and food by 20%. Mainstream metrics like the CPI are misleading; it doesn’t reflect true, cumulative inflation. Despite Biden’s attempts to manage inflation by releasing strategic oil reserves, essential prices remain high. In 2020, an average household spent $8,100 on food, which rose to $10,500 by 2023. Rent, home prices, and energy costs have also surged. Most Americans feel the pinch, with 74% saying the economy is worsening. Today’s wages need a 25-30% hike to match the living standard from just three years ago.
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