20% of high-income US households live paycheck to paycheck due to rising costs, mortgage, and inflation.
A Bank of America analysis reveals that 20% of U.S. households earning over $150,000 annually live paycheck to paycheck, spending over 95% of their income on essentials like housing and food. This trend is partly due to higher-income families purchasing larger homes, leading to increased mortgage and utility costs. The study also notes that inflation has raised consumer prices by about 20% since February 2020, while wage growth has slowed.
October 27, 2024
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