No Shelter Here

It’s always a good time to be frugal. That’s especially true during these troubling economic times.

Sure, the stock market is soaring and some macroeconomic trends are looking rosier, but the overall picture is still gloomy. This is especially true if you’re a millennial who is looking to make your way in the world and entertain the idea of home ownership.

• The average 30-year fixed mortgage rate sits above 7.5%
• The average United States home value is $346,653, up 1.8% over the past year
• From 2017 to 2022, the average year-over-year increase in rent was 5.77% nationwide

Beyond housing, the cost of living has risen dramatically over the past several years in nearly every category. Groceries are more expensive. Automobiles are more expensive. Education is more expensive. Healthcare is more expensive.

Meanwhile, credit card utilization and delinquency rates are on the rise. Americans are getting closer to maxing out. Couple this with the fact that approximately 62% of Americans live paycheck to paycheck with 63% of workers unable to pay a $500 emergency expense.

Clearly, a majority of Americans are struggling financially and feeling the pinch. There’s no shelter here, which means it’s a perfect time to go frugal.