A recent study found that more than 63 percent of American children and 55 percent of Americans live in “asset poverty”. This means they have few or no assets to rely on in the event of a financial emergencysuch as a job loss, a medical crisis, recessions, or natural disasters.
In a press release, study co-author David Rothwell, an assistant professor in OSU’s College of Public Health and Human Sciences, explained that when families lack assets such as vehicles, homes, savings accounts or investments, surviving a financial crisis is very difficult. “This is a dimension of financial security that we don’t think about that much, and it’s pretty high. The findings highlight the extent of financial insecurity among American families. These shocks ripple through the family and down to the children,” Rothwell said.
The study was published in the journal Children and Youth Services Review earlier this year. Co-authors are Timothy Ottusch of the University of Arizona and Jennifer Finders of Purdue University.
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According to the National Low Income Housing Coalition, renting is becoming increasingly unaffordable for many Americans. In its latest “Out of Reach” report, the organization explains that the struggle to find affordable housing is not limited to those earning minimum wage or the unemployed.
The report’s central statistic is the Housing Wage, which is an estimate of the hourly wage a full-time worker must earn to rent a home without spending more than 30 percent of income on housing costs. For 2019, the Housing Wage is $22.96 and $18.65 for a modest two and one-bedroom apartment respectively based on the “fair market rent”. – READ MORE