80% of Americans are dealing with a cost of living creep

The cost of living has risen to the point that most Americans are feeling the pressure. An astounding 80% of Americans have experienced a cost of living creep in the last few years, a Credit Karma study found. This cost of living creep means that consumers are spending more money to afford the same amount of goods or services as they did in the past. About 66% of those surveyed said the rising cost of living is holding them back from meeting their financial goals.

Living costs are rising to the point where retirees and seniors are thinking about returning to work temporarily. One third of retired individuals considered taking on a few shifts per week, an Indeed Flex survey showed. Around 42% of seniors who never left the workforce also considered adding extra shifts at work or through side hustles.

One of the most expensive costs Americans are dealing with is housing. Both buying and renting costs have grown substantially since before the pandemic, but the cost of buying is outpacing renting in the 50 largest metros across the country, Realtor.com found. "In all of the major housing markets, renting is more affordable than buying a starter home," Realtor.com economist Jiayi Xu said.

Source: Real Estate Daily Report (realestatedailyreport.net)

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