Posted on 12/14/2015 6:08:56 PM PST by Red in Blue PA
A surprisingly large share of Americans are in a precarious financial state, according to a new, detailed study from The Pew Charitable Trust.
For its study, Pew sampled nearly 8,000 individuals, and it found that the typical American household’s finances have not recovered in any substantial way since the downturn, especially in regards to income, savings and covering emergency expenses.
Pew’s conclusions have strong implications for the future of housing, so we have spotlighted several of the study’s most notable findings:
1. Income Instability – For the typical U.S. family, earnings have grown just 2 percent from 1999 to 2009, and more than half of U.S. households report that income and expenses vary from month to month.
2. Lackluster Savings – With such slow growth in earnings, Pew found that many Americans’ savings have taken a hit. One in 3 families, the study found, have no savings at all, while a quarter have less than $400 in savings (those admittedly shocking statistics are consistent with complementary studies). According to NAR’s 2015 Profile of Buyers and Sellers, 60 percent of homebuyers utilize savings to finance their home purchase.
America needs to support American businesses once again.
Bring back American manufacturing.
Don’t think that will happen.
It is (way) up on Donald Trump’s list of priorities.
He’s quite vocal about it.
Part of the reason I am for him, actually.
save for later
I know!! Lets make home mortgages easier to get; that’ll solve this.
Better yet, let’s bundle those mortgages into mysterious investment vehicles and sell them to investors. What could possibly go wrong?
If 1/3rd have no savings then how does a lesser percentage have less than $ 400 in savings, or is that in addition to the 1/3rd with no savings. Confusing written presentation of the data here in the article.
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