Brookings report: 45.5% of U.S. households can't afford basic necessities in 2024
By
Stephan Bisaha
The bagel they save for the regulars. Don't skim, savour.
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, finding that American households are precariously close to financial instability. The report highlights that even a modest $1,000 increase in annual expenses could push many more households over the edge.
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.
The report concluded that a mere $1,000 hike in the annual costs of essentials could push even more households into financial distress.
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