Nearly half of Americans have $500 or less in their savings accounts

[Anonymous]

Anonymous wrote:The supposed "real net worth" is due to housing prices increasing. I know some families who sold their houses and moved to lower COL cities. Then what? I don't know anyone who is happy that housing prices went up.

Every homeowner is happy that housing prices are up - so two thirds of Americans. “The homeownership rate in the United States rose slightly in 2022, reaching the highest figure since 2011. In 2022, the proportion of households which are occupied by owners stood at 65.9 percent.”
https://www.statista.com/statistics/184902/homeownership-rate-in-the-us-since-2003/

[Anonymous]

Anonymous wrote:

Anonymous wrote:You're telling this to DCUM where people with HHIs of $600k describe themselves as middle class. Expect no empathy or understanding.

Exactly. Most of DCUM are liberal elite (or liberal strivers) who are completely detached from reality and live in bubbles isolated from the other 99% of the country. The only emotion they have for people different from them is contempt.

How can you possibly know who frequents this site? It’s an anonymous site of strangers. People from all over the country post on here. I’ve been on here for years and most of the time can’t tell how much a poster makes, where they live, if they’re male or female, or even if it’s a legit post. You both seem to have a fantasy of what a “liberal” is and it’s probably just as wrong as what a liberal’s fantasy is of what a “conservative” is. Grow up.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The supposed "real net worth" is due to housing prices increasing. I know some families who sold their houses and moved to lower COL cities. Then what? I don't know anyone who is happy that housing prices went up.

Every homeowner is happy that housing prices are up - so two thirds of Americans. “The homeownership rate in the United States rose slightly in 2022, reaching the highest figure since 2011. In 2022, the proportion of households which are occupied by owners stood at 65.9 percent.”
https://www.statista.com/statistics/184902/homeownership-rate-in-the-us-since-2003/

And, then, along comes 2023

2023 U.S. home sales fell to nearly 30-year low

https://www.latimes.com/business/story/2024-01-19/2023-was-slowest-year-for-us-home-sales-in-nearly-30-years-as-high-mortgage-rates-frustrated-buyers

Home Sales Were the Lowest in Almost 30 Years in 2023

"Home sales last year dropped to the lowest level in nearly three decades, after elevated mortgage rates and a lack of homes for sale shut out buyers. Existing-home sales slid 19% in 2023 from the prior year to 4.09 million, the National Association of Realtors said Friday."
https://www.wsj.com/economy/housing/home-sales-likely-fell-to-15-year-low-in-2023-3da220e1#

[Anonymous]

One thing that’s weird is that consumer spending hasn’t really slowed. So with rising prices people are still spending more and more so I guess it’s not surprising savings are down. I get these quarterly economic updates in my job and I keep expecting things like travel spending to crash, but it hasn’t.

The four year presidential cycle is a real conundrum because by the time one president’s economic policies take effect for real, it’s often the next administration. Part of the problem we are seeing now was created by past administrations that built dependence on Chinese manufacturing, which has now led yo shortages and inflation. And the real estate prices are insane because interest rates were insanely low for so long so people kept bidding higher and higher because with 3% mortgages, you can afford to.

I don’t even know what Trump’s economic plan is now….he has never articulated anything. Is he going to cut taxes for the rich even more? Deregulate? Who really knows. I’m not at all confident he will het anyone competent to work for him given what happened to people in his last administration. Biden may be slipping but he’ll let competent people do their jobs. Trump is all about Trump so God only knows what he’ll do.

[Anonymous]

This is both a cultural problem and a structural economic/policy problem. It is definitely common for people to experience financial difficulties due to unexpected healthcare expenses. However, there is also a cultural component that is incredibly important. Americans have a much lower personal savings rate in comparison to many wealthy European and Asian countries. There are a lot of people making bad financial decisions in the US where people in other wealthy countries would likely make better choices.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The supposed "real net worth" is due to housing prices increasing. I know some families who sold their houses and moved to lower COL cities. Then what? I don't know anyone who is happy that housing prices went up.

Every homeowner is happy that housing prices are up - so two thirds of Americans. “The homeownership rate in the United States rose slightly in 2022, reaching the highest figure since 2011. In 2022, the proportion of households which are occupied by owners stood at 65.9 percent.”
https://www.statista.com/statistics/184902/homeownership-rate-in-the-us-since-2003/

And, then, along comes 2023

2023 U.S. home sales fell to nearly 30-year low

https://www.latimes.com/business/story/2024-01-19/2023-was-slowest-year-for-us-home-sales-in-nearly-30-years-as-high-mortgage-rates-frustrated-buyers

Home Sales Were the Lowest in Almost 30 Years in 2023

"Home sales last year dropped to the lowest level in nearly three decades, after elevated mortgage rates and a lack of homes for sale shut out buyers. Existing-home sales slid 19% in 2023 from the prior year to 4.09 million, the National Association of Realtors said Friday."
https://www.wsj.com/economy/housing/home-sales-likely-fell-to-15-year-low-in-2023-3da220e1#

Those aren’t home prices, they’re the number of homes sold. Why do I have to keep explaining this.

[Anonymous]

I don’t even know what Trump’s economic plan is now….he has never articulated anything. Is he going to cut taxes for the rich even more? Deregulate? Who really knows. I’m not at all confident he will het anyone competent to work for him given what happened to people in his last administration. Biden may be slipping but he’ll let competent people do their jobs. Trump is all about Trump so God only knows what he’ll do.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:https://www.cnbc.com/2024/01/24/how-much-money-americans-have-in-savings.html

Nearly half of Americans have $500 or less in their savings accounts, an amount that leaves them vulnerable to unexpected expenses, according to a GOBankingRates survey of 1,063 U.S. adults conducted in November 2023.


Few hold much cash in their checking accounts as well. Of those surveyed, 60% report having $500 or less in their checking accounts, while only about 12% have $2,001 or more.

The lack of cash in either savings or checking accounts suggests that many Americans are living paycheck to paycheck. This leaves them vulnerable to unexpected expenses, underscoring the importance of having an emergency fund, if they’re able to build one.


https://www.cnbc.com/2024/01/24/how-much-money-americans-have-in-savings.html

The cost of living has decimated many American families. I don’t think our country is doing well if people are unable to save $500.00.

—————>
Americans are saving at an unusually high level after Trump's tax cuts

Americans have been socking away an unusually high rate of their income since the Great Recession, which economists warn could become harmful to the economy over an extended period of time, according to the Wall Street Journal.

https://www.axios.com/2019/09/22/saving-rate-trump-tax-cuts


But of course, during the Trump administration, it was bad, very bad for the economy, for people to be able to save their own money. People should not be able to save their own money.

Your link doesn’t say that more people built up savings after Trump’s tax cuts. It says that the people who already had savings built up more savings after their taxes were cut. No shit. Trump only helped the people who did not need help.

Who is Biden helping?

Everyone

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The supposed "real net worth" is due to housing prices increasing. I know some families who sold their houses and moved to lower COL cities. Then what? I don't know anyone who is happy that housing prices went up.

Every homeowner is happy that housing prices are up - so two thirds of Americans. “The homeownership rate in the United States rose slightly in 2022, reaching the highest figure since 2011. In 2022, the proportion of households which are occupied by owners stood at 65.9 percent.”
https://www.statista.com/statistics/184902/homeownership-rate-in-the-us-since-2003/

And, then, along comes 2023

2023 U.S. home sales fell to nearly 30-year low

https://www.latimes.com/business/story/2024-01-19/2023-was-slowest-year-for-us-home-sales-in-nearly-30-years-as-high-mortgage-rates-frustrated-buyers

Home Sales Were the Lowest in Almost 30 Years in 2023

"Home sales last year dropped to the lowest level in nearly three decades, after elevated mortgage rates and a lack of homes for sale shut out buyers. Existing-home sales slid 19% in 2023 from the prior year to 4.09 million, the National Association of Realtors said Friday."
https://www.wsj.com/economy/housing/home-sales-likely-fell-to-15-year-low-in-2023-3da220e1#

Home sales are low because people don't want to move, mostly because they are locked into lower interest rates. That has nothing to do with how much a house is worth. In our area, there is no shortage of 'all cash' buyers at every cost band, well into the millions.

[Anonymous]

If you're retiring and planning on downsizing, then maybe having housing prices go up is great for you. People aren't selling their houses for cash in Arlington, and then moving to Omaha to settle.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You're telling this to DCUM where people with HHIs of $600k describe themselves as middle class. Expect no empathy or understanding.

Exactly. Most of DCUM are liberal elite (or liberal strivers) who are completely detached from reality and live in bubbles isolated from the other 99% of the country. The only emotion they have for people different from them is contempt.

How can you possibly know who frequents this site? It’s an anonymous site of strangers. People from all over the country post on here. I’ve been on here for years and most of the time can’t tell how much a poster makes, where they live, if they’re male or female, or even if it’s a legit post. You both seem to have a fantasy of what a “liberal” is and it’s probably just as wrong as what a liberal’s fantasy is of what a “conservative” is. Grow up.

“The DC Urban Moms and Dads community is highly-educated and generally affluent. Mostly between the ages of 25 and 44 with users concentrated in Washington, DC and the close-in suburbs of Maryland and Northern Virginia, DC Urban Moms and Dads provides an unmatched means of targeting this highly desirable demographic group.”

Female: 76% female — 1.5x Internet average
Adult Audience: Aged 25 - 44, well ahead of Internet average in this demographic
Educated: 43% have college degrees and 27% have post graduate degrees (nearly twice the Internet average)
Regional: Over half of visits from DC, MD, and VA. California and New York are the next most common locations of users
Has Kids: 65% have kids
Income: Ahead of Internet average in audience members earning greater than $100,000 and $150,000.

Statistics provided by quantcast
Copy and pasted from:
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[Anonymous]

OP, I hear you calling for an increase in the federal minimum wage. And for stronger unions, so that workers have higher salaries and can save more. Good for you! I agree!

[Anonymous]

New poster here and in political discussion as a whole. I am ACTUALLY middle (lower middle???) class and I totally agree the middle is stretched. What I am horrified about right now is that I am seeing LOTS of middle-class families with dependents like me who are used to getting that nice $1000-$1500 boost this time of year in the form of a tax refund and are now owing that amount of money— I’ve been seeing all over social media. Bad combo, I have a different bonus of $2500 coming in 2 weeks that I have never ever gotten before. I had big plans for it but now it is going 70% to freaking taxes for the first time ever.

Mark my works (I hate that phrase) this is going to be a crisis

[Anonymous]

Anonymous wrote:

Anonymous wrote:The supposed "real net worth" is due to housing prices increasing. I know some families who sold their houses and moved to lower COL cities. Then what? I don't know anyone who is happy that housing prices went up.

Every homeowner is happy that housing prices are up - so two thirds of Americans. “The homeownership rate in the United States rose slightly in 2022, reaching the highest figure since 2011. In 2022, the proportion of households which are occupied by owners stood at 65.9 percent.”
https://www.statista.com/statistics/184902/homeownership-rate-in-the-us-since-2003/

Happy? No. People who look on their homes as investments might be happy. The rest of us would prefer lower property taxes.

[Anonymous]

Anonymous wrote:New poster here and in political discussion as a whole. I am ACTUALLY middle (lower middle???) class and I totally agree the middle is stretched. What I am horrified about right now is that I am seeing LOTS of middle-class families with dependents like me who are used to getting that nice $1000-$1500 boost this time of year in the form of a tax refund and are now owing that amount of money— I’ve been seeing all over social media. Bad combo, I have a different bonus of $2500 coming in 2 weeks that I have never ever gotten before. I had big plans for it but now it is going 70% to freaking taxes for the first time ever.

Mark my works (I hate that phrase) this is going to be a crisis

This is because the Trump tax cut bill, which was the only piece of legislation he was able to pass while Republicans held all three branches of government, let all the tax cuts for regular people expire while making the tax cuts for big corporations permanent.