Brookings report: 45.5% of U.S. households can't afford basic necessities in 2024
By
By Stephan Bisaha
Slow-proofed and worth the wait. Worth its weight in flour.
Summary
A new Brookings Institution report reveals that in 2024, 45.5% of U.S. households did not earn enough to cover their basic necessities. The research defines affordability by comparing rising costs of essentials against family incomes, providing a concrete measure of financial strain that goes beyond the vague political term "affordability." The findings highlight that nearly half of American households are living on the financial edge, unable to afford necessities despite being employed or having multiple income sources.
Key quotes
· 3 pulledIn 2024 45.5% of U.S. households did not earn enough to cover their necessities.
Affordability has been a politically potent word, but an ill-defined measure of financial pain, often used as a reference to inflated prices.
New research from the Brookings Institution describes affordability by comparing the rising costs of essentials against family incomes.
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