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Higher Mortgage Rates And Gas Prices A Burden To Increasing Number Of Americans Living From Paycheck To Paycheck

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Higher Mortgage Rates And Gas Prices A Burden To Increasing Number Of Americans Living From Paycheck To Paycheck Photo From: iStock

Six in ten Americans say they are living paycheck to paycheck amidst Bidenomics initiative from the administration. Which is causing mortgage rates and petrol costs to reach their highest levels for the last 20 years.

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Higher Mortgage Rates And Gas Prices A Burden To Increasing Number Of Americans Living From Paycheck To Paycheck
Photo From: iStock

Higher Mortgage Rates And Gas Prices

Hank Lewis, an economist at Lone Star College, claims that although mortgage rates have historically been far higher, the present cost of living, including housing, petrol, groceries, and other expenses, makes homeownership all but impossible as reported in KTRH.

the fact that older millennials are currently less likely to own homes implies that there will be less generational wealth available to the general public in the future, which tends to further harm the economy in the long run.

READ ALSO: Mercedes-Benz Disconnected Russian Dealers After Completing Exit From Russia

Higher Mortgage Rates And Gas Prices A Burden To Increasing Number Of Americans Living From Paycheck To Paycheck

According to AAA, the national average for gasoline prices on Monday was $3.829 a gallon.

William Watts also explained that prices have increased as a result of Saudi Arabia’s announcement that it will continue with production restrictions as well as refinery disruptions, some of which are related to excessive heat. This is an increase from around $3.537 per gallon a month ago.

READ ALSO: Texas Tax Free Weekend To Get Your Tax-Free Back To School Needs Has Ended

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