![]() ![]() With many people priced out of home-ownership opportunities, the number of renters in the U.S. have skyrocketed over the last decades with preliminary data for 2022 showing the average sale price of a new home was 543,600 U.S. Average house prices of new homes sold in the U.S. This is a rate that has recovered slightly from the 2008 financial crisis, before which nearly 70 percent of Americans owned their home. In the U.S., just over 65 percent of Americans own their home. Housing is one of the most important and necessary monthly expenditures for residents of any country. in 2022, wages have not kept up with inflation and many Americans cannot afford to purchase the same goods and services they were once accustomed to. Despite the tightening economic conditions seen across the U.S. For example, in December 2022, the price of eggs increased by nearly 60 percent from December 2021, and the cost of electricity 15.6 percent over the same period. While CPI is a useful tool for tracking price changes for a collection of goods over time, different goods are impacted by inflation at different rates. ![]() has seen year on year growth almost every year for the last three decades, growing the most dramatically between 20. The CPI for all urban consumers in the U.S. The Consumer Price Index (CPI) is one of the most commonly used indices to track price changes of consumer goods over time. These prices are then compiled into indices than can be used to compare the change in costs over a certain time period or across different locations. The traditional method for quantifying living costs involves aggregating the prices of certain basic goods and services. Spending on entertainment and apparel grew by more than 20 percent when compared with 2020. Consumers had more money in the pockets than usual to spend as shops re-opened and social distancing rules were relaxed. Despite the rising cost of goods, consumer spending increased more than nine percent in 2021, with many economists attributing this to consumers having extra cash to spend due to stimulus checks sent out by the government, and reduced spending during COVID-19 related lockdowns. ![]() Furthermore, the Consumer Sentiment Index reached a record low in June 2022. consumers indicated that they were struggling to make ends meet. Monthly inflation peaked at 9.1 percent in June 2022, with annual inflation reaching a multi-decade high of eight percent.Īs of September 2022, 34 percent of U.S. residents saw essential goods and services become much more expensive. Like much of the world, the United States experienced high levels of inflation in 2022, and U.S. ![]()
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