Economic News Thread | 3Q Annual GDP 2.8%

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"Nearly half of all renter households in the US were cost-burdened in 2023, meaning they paid more than 30% of their income towards housing costs, according to new government data.

The data, released Thursday as part of the US Census Bureau’s 2023 American Community Survey, underscores the gravity of America’s home-affordability crisis: Not only has buying a home become prohibitively expensive for many Americans, but so too has renting one.

“Housing costs rose between 2022 and 2023 for both homeowners and renters,” Molly Ross, a survey statistician at the Census Bureau, said in a statement. “The median cost of housing for renters rose from $1,354 to $1,406 (after adjusting for inflation).”

That equates to a 3.8% increase in rent, outstripping the 1.8% increase in home values, according to the Census Bureau.

Households that spend more than 30% of their income on rent, mortgage payments or other housing costs are considered “cost-burdened” by the US Department of Housing and Urban Development. The survey indicates that more than 21 million households are in that situation.

... While mortgage rates are still elevated by recent historical standards, they have been falling recently in anticipation of a Fed interest rate cut this month. Last week, the 30-year fixed-rate mortgage averaged 6.20%, the lowest level since February 2023. ..."
 

"Nearly half of all renter households in the US were cost-burdened in 2023, meaning they paid more than 30% of their income towards housing costs, according to new government data.

The data, released Thursday as part of the US Census Bureau’s 2023 American Community Survey, underscores the gravity of America’s home-affordability crisis: Not only has buying a home become prohibitively expensive for many Americans, but so too has renting one.

“Housing costs rose between 2022 and 2023 for both homeowners and renters,” Molly Ross, a survey statistician at the Census Bureau, said in a statement. “The median cost of housing for renters rose from $1,354 to $1,406 (after adjusting for inflation).”

That equates to a 3.8% increase in rent, outstripping the 1.8% increase in home values, according to the Census Bureau.

Households that spend more than 30% of their income on rent, mortgage payments or other housing costs are considered “cost-burdened” by the US Department of Housing and Urban Development. The survey indicates that more than 21 million households are in that situation.

... While mortgage rates are still elevated by recent historical standards, they have been falling recently in anticipation of a Fed interest rate cut this month. Last week, the 30-year fixed-rate mortgage averaged 6.20%, the lowest level since February 2023. ..."
But Trump is going to protect the single-family sanctity of the suburbs.
 
Who knows less about economics...Trump or JV Vance ?

He should be relegated to the JV team based on his performance.

Calling him JV would probably get him more worked up than being weird.
 
$2.74 gas in Charlotte today. Shout out to Joe and Kamala for that.
I paid $2.55 at Costco on Friday.

Did you happen to read the exchange between Mark Cuban and Gaetz about how trump would lower people's costs of living?

It was on Twitter.

Gaetz had to let AI respond for him.
 
I paid $2.55 at Costco on Friday.

Did you happen to read the exchange between Mark Cuban and Gaetz about how trump would lower people's costs of living?

It was on Twitter.

Gaetz had to let AI respond for him.
I filled up for $2.43 in Burlington on Friday (E88)
 
Trump is going to lose his freaking mind if they cut a half percent
Right wing chatter has definitely shifted to this today. They’re pushing hard for a 25 point drop, and are already saying a 50 point drop is nothing more than electoral manipulation. They’re terrified of what will happen to the markets with a 50 point drop.
 
They also know that a half basis point cut is already pretty much baked into the market at this point and a quarter basis point cut will tank the market a bit, helping Trump out.
 
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