Last year, 50% of Americans said they had no trouble paying household bills. This year, it's 40%.
Are you struggling to bring in enough money to support your expenses? If so, please know you're not remotely alone. Overall inflation is up 8.3% since last year.
According to the recent report from QuoteWizard, a LendingTree company, 45% of Americans report having a "difficult time" paying for their usual household expense. And 15% said they are having a "very difficult" time.
In June of 2021, 6% of individuals surveyed in Ohio said they are having a very difficult time paying the bills. In May of 2022, 13% of individuals surveyed in Ohio said they are having a very difficult time paying the bills. This is an 113% increase in less than one year. (source)
Price Hikes in Food and Housing
Two of the areas being hit the hardest are food and housing. According to the CPI which is published by the Bureau of Labor Statistics, over the course of the last year, food prices were higher by 11.2 percent. Prices for food at home advanced 12.3 percent since a year ago, and prices for food away from home cost 9.3 percent more.
As far as housing goes in Ohio, the average sales price across Ohio in March reached $247,123, an 11.1% increase from the $222,421 mark posted during the month in 2021. (source)
Is there hope in sight? Some good news is that unemployment is down in Ohio at 4.1% and the job market is surging here too. Maybe now is the right time for you to seek a promotion, raise, or a new job. Please know help is available if you are struggling to pay your bills. You can even get help with your mortgage or rent too. There is more info and resources available here.
What do you think about inflation in Ohio? Do you feel this is just temporary or are higher prices here to stay? Please feel free to share your thoughts in the comments.
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Disclaimer: Please note that this article is only for educational and informational purposes.