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Housing costs have also played a significant role in the financial struggles individuals face today. Median home prices have surged from about $315,000 pre-pandemic to an astonishing $420,000, while rental costs have increased by 26-28% in the same timeframe.
This rise in housing expenses can be partially attributed to irresponsible money-printing and government spending during the pandemic, leaving many individuals without the ability to cover their rent or mortgage payments. Increasing financial pressures compel people to either take on excessive debt or put financial strain on their other expenses, further complicating their financial situations.