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Surge in Homelessness Among Employed Americans as Soaring Rents and Inflation Devastate Livelihoods: Report

A growing number of Americans with steady jobs are finding themselves homeless due to skyrocketing rents and high inflation, according to a report by The Washington Post. Local shelters and volunteer groups across the country have seen an influx of employed individuals seeking help. In Tulsa, a prominent organization identified the lack of affordable housing as the primary reason for homelessness.

The article highlights that despite a robust labor market and rising wages, the financial pressures of inflation and years of increasing rents have left many working Americans unable to afford housing. According to the U.S. Department of Housing and Urban Development (HUD), 653,104 people experienced homelessness on a single night in 2023, marking a 12% increase from the previous year and the highest number recorded since the annual point-in-time survey began in 2007.

Individuals shared their struggles with The Washington Post, describing lives spent in cars, hotels, or with friends, and some even sleeping in parks. Many reported earning too much to qualify for government assistance but not enough to afford housing. They strive to save for the upfront costs of renting, including first and last month's rent and security deposits, but everyday expenses hinder their progress.

Aaron Reed, a 22-year-old Amazon worker, earns $21 an hour but still finds it challenging to make ends meet. He, his mother, and their dog have been living in his mother’s Hyundai SUV, facing additional costs such as buying bottled water due to the lack of running water. Similarly, Marie, a 28-year-old hotel and casino supervisor, expressed that her $15-an-hour wage barely covers rent and utilities, making it impossible to save for a rental.

The National Low Income Housing Coalition reported that a $20-per-hour wage is necessary to afford a two-bedroom apartment in only six states, despite many states having a $15-per-hour minimum wage.

The homelessness crisis continues to afflict major cities in the U.S., with some Democratic lawmakers proposing bans on homeless encampments following a Supreme Court ruling earlier this year. Read More. 

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Wealthy Investors Fuel Alarming Surge in Gold Demand

Wealthy families and individuals concerned about US government debt levels drove a record surge in gold demand in the second quarter, pushing prices to all-time highs, according to the World Gold Council. Private purchases of gold soared to 329 tonnes from April to June, nearly five times the previous quarter's amount, contributing to a total demand of 1,258 tonnes, the highest since records began in 2000. This spike was fueled by fears over fiscal deficits, uncertainty around the US presidential election, and expectations of interest rate cuts. Wealthy US family offices, along with buyers in Singapore, Hong Kong, and Turkey, significantly contributed to this increase. Meanwhile, gold-backed ETFs saw inflows after two years of outflows, and central bank purchases remained strong, although there was a noticeable slowdown in buying from China and a decline in gold jewelry purchases. Read Now.