Brookings report: 45.5% of U.S. households can't afford basic necessities in 2024
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By Stephan Bisaha
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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 report highlights how widespread financial insecurity has become, with nearly half of American households living on the edge of their means.
Key quotes
· 3 pulledAffordability 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 released Wednesday describes affordability by comparing the rising costs of essentials against family incomes.
In 2024 45.5% of U.S. households did not earn enough to cover their necessities.
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