A surge in rents and home prices left more lower-income households with no place else to go.

Summary

A growing number of Americans are seeking shelter in budget motels due to rising rents and home prices, with families experiencing cramped, unstable living conditions.

In New York’s Hudson Valley, over 550 families with children lived in motels in 2023, a 21% increase from 2018.

High costs, safety concerns, and limited housing options make escaping this cycle difficult.

Advocacy groups warn motels are an unsustainable solution as housing costs outpace wages, while waitlists for subsidized housing and vouchers remain long.

  • LifeInMultipleChoice@lemmy.world
    20·
    1 day ago

    Let’s look at the new average cost of a car. Roughly 50k. The average loan amount for new cars is right over 40k. (Meaning they are paying 20% upfront by either trade-ins or down payments. The average car loan interest and length are 6.84% at around 67 months.

    So that would mean the average person pays $8,235 more than a rich person.

    So it really makes out to be that there is a 120% charge on the 40k they borrowed.

    Note: car insurance costs are based off the area you reside in, and your credit score. So you will pay more to have it as well.

    Poor people pay more on everything. And when you compare how much money someone makes it isn’t direct like many people view it.
    Someone who makes 40k vs 50k isn’t a “well they don’t make that much more”

    If the cost of living in the area is 35 a year. One has $13.69 /day spending money. The other has $41.07 /day spending money. $178/day if you made 100k in that area.

    So someone making 40k if they spent money on nothing else, could buy that car outright in 10 years… 100k doing the same could buy it in October, of that same year (271ish days)

    Drastically different living/saving possibilities between them.