Americans Feel Trapped in Place as Soaring Prices Put Major Life Goals Out of Reach

The economy looks good on a macro level, but on an individual level, making major life changes like buying a home or car is very expensive right now.

Home prices and mortgage rates are much higher than pre-pandemic, making homebuying difficult. The inventory of homes for sale has also collapsed.

Car prices are high, loans are harder to get, and insurance costs are up over 20% in the past year. Many are scrapping plans to buy homes and cars.

Job growth has slowed significantly. Wages are rising but switching jobs may not come with as big of pay bumps as before. The unemployed are also taking twice as long to find new jobs.

Americans feel "trapped in place." They can cover basic needs but moving up the socioeconomic ladder via home ownership, career advances, etc. feels out of reach for many right now.