Fed Issues Report on Economic Well-Being
The Board of Governors of the Federal Reserve System recently released its “Report on the Economic Well-Being of US Households in 2018.” The report describes the responses to the sixth annual “Survey of Household Economics and Decisionmaking,” and it highlights the wide range of financial challenges facing individuals and households across the nation.
According to the report, satisfaction with one’s housing and neighborhood is generally high, although notably less so in low-income communities. Renters face varying degrees of housing strain, including some who report difficulty getting repairs done or being forced to move due to a threat of eviction.
The report found that over half of renters needed a repair at some point in the prior year, and 15 percent of renters had moderate or substantial difficulty getting their landlord to complete the repair. Black and Hispanic renters are more likely than whites to have difficulties getting repairs done. It also shows that 3 percent of renters were evicted or moved because of the threat of eviction in the prior two years.
In response to a question about their ability to cover an unexpected expense of $400, 27 percent of adults said that they would borrow or sell something to pay for the expense and 12 percent reported that they would not be able to cover the expense at all.