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Marketplace All-in-One

One thing we can all agree on? Housing is too expensive

Marketplace All-in-One

Marketplace

News, Business

4.51.4K Ratings

🗓️ 26 April 2024

⏱️ 7 minutes

🧾️ Download transcript

Summary

Consumer sentiment reports reflect a universal truth: Lower income households feel the punch of inflation worse than wealthy households. But affordable housing — and lack thereof — is one issue that brings Americans together, across the wealth divide. Plus, Christopher Bass tells us what it’s like to be a high school basketball coach with a massive social media following. At just 5 years old, he’s got big hoop dreams.

Transcript

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0:00.0

It's time to talk about our feelings, economically speaking.

0:05.0

From Marketplace, I'm Sabrie Benashore in for David Brancaccio.

0:10.0

So later this morning we will get the University of Michigan's final sentiment report for April,

0:15.0

which translated into non-boring English means we're going to hear how everyone's feeling about the economy.

0:21.0

Back in 2022, we were feeling pretty terrible actually like the most

0:26.0

terrible in decades mostly because inflation was the highest in decades. The past few months

0:31.5

we've been feeling better, more optimistic about the

0:34.0

economy, but better doesn't mean good. We're still kind of meh and definitely not as

0:38.0

good as we felt in the decade before the pandemic.

0:40.2

Marketplace as Mitchell Hartman has more from the Consumer Mood Ring Department.

0:45.0

Taken in aggregate,

0:47.0

Overall the consumer seems to be in decent shape.

0:50.0

But Kayla Bruin at Polling Firm Morning Consult says drill down and you find big differences.

0:56.7

The higher income group, they're more likely to have a larger savings buffer.

1:00.8

So when the inflation surge was really at its worst, they were bothered by it, they were hurt by it, but no one was really broken by it.

1:07.0

And now gains from stock and home ownership keep them spending it up. By contrast, says Broon,

1:14.0

the lower income group, they have been persistently struggling.

1:18.0

They just have such a small buffer in between their income and their expenses each month.

1:22.0

Not a lot of savings.

1:24.0

High interest on credit cards and car loans only makes matters worse.

1:28.0

Chris Jackson at public opinion firm ipsoe says one thing seems to wrinkle everyone.

1:34.0

The availability of affordable housing, a lot of Americans are saying is one of the number one issues.

...

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