Key Personal Finance Statistics | Spending and Costs | Saving Patterns | Retired Americans | Money and Work | Credit Card Debt | Student Loan Debt | Financial Literacy | Housing and Real Estate Statistics

Heading into 2024, economic optimism is in short supply. Lingering impacts from the pandemic have injected an undeniable pessimism into Americans, despite the U.S. economy generally recovering faster than other countries.

Although inflation has fallen since its 2022 peak, prices remain high enough to stir fears of financial insecurity. A whopping 80% of Americans are stressed about the cost of living,[1] and 72% say they still have not financially recovered from the pandemic.[2]

As costs creep higher, Americans feel less assured about their income, with 56% of workers saying they're underpaid.[3] People are stretched so thin that 53% of the country is not saving for retirement — a trend threatening to cause its own set of crises.[4]

Homeownership, one of the most reliable ways to build wealth, remains elusive for many young Americans without extensive savings. Mortgage interest rates recently hit a 30-year high, making it even harder to buy or sell homes. 

To convey how Americans feel about their finances and the state of the economy, Semya-Moya commissioned multiple consumer surveys throughout the past year. 

Below, we've compiled 99 key statistics found in our proprietary survey research. Read on to learn more.

General Personal Finance Statistics for 2024

1. Nearly two-thirds of Americans (65%) say finances are the most stressful part of their lives.[4]

2. More than half of Americans (51%) would run out of money within one month if they lost their income. About 29% say they'd run out of money in one week or less.[4]

3. About half of Americans (52%) report their net worth is less than $30,000. About 25% say their net worth is $0 or negative.[4]

4. 39% of Americans went deeper into debt in 2023, and 35% believe they'll be in debt for the rest of their lives.[4]

5. About 62% of Americans say inflation negatively impacted their finances in 2023.[4]

6. 44% of Americans say they've skipped meals to afford bills at some point.[1]

7. 72% of Americans say they still have not recovered financially from the COVID-19 pandemic. About 16% believe their finances will never recover from the pandemic.[2]

8. 80% of Americans are concerned they won't meet their financial goals in 2024.[4]

9. 37% of Americans say money does buy happiness, and 41% say their financial health is more important than their personal health.[4]

10. More than half of Americans (55%) say they’d lose everything if there was a recession.[5]

11. More than 1 in 3 Americans (36%) believe the middle class no longer exists.[5]

12. Nearly 1 in 4 Americans (24%) still receive financial support from their parents, including 46% of Gen Z and 31% of millennials.[4]

13. Just 27% of millennials say they’re doing better than their parents were at their age.[6]

14. About 90% of millennials have some form of non-mortgage debt, with an average balance of $90,590. More than one-third of millennials (36%) say their debt puts them at risk of bankruptcy.[6]

15. 66% of married couples report improved finances after marriage.[7]

16. Women are 10% less likely than men to have control over household finances.[7]

17. Nearly 1 in 5 Americans (19%) would consider marrying someone solely for financial reasons.[7]

Spending and Cost Statistics

18. 80% of Americans are stressed about the cost of living, and 73% are stressed about inflation.[1]

19. 93% of Americans say they cut back on spending in 2023 amid rising prices.[4]

20. 70% of Americans say they struggle to afford basic expenses.[5]

21. Americans' most common financial goal in 2023 was to spend less money (50%), but nearly half of that group (44%) didn't follow through. About 18% of Americans did not achieve any of their financial goals in 2023.[4]

22. 53% of credit card users have maxed out a credit card at some point — including 29% who do so monthly.[8]

23. 70% of Americans think credit cards cause consumers to spend irresponsibly.[8]

24. 56% of Americans say they want to decrease their credit card usage.[8]

25. The average American credit card user spends $1,506 on their cards per month — more than $18,000 per year. Millennials spend the most, averaging $2,410 per month or nearly $29,000 per year.[8]

26. 47% of Americans say they tend to spend more money than they earn, including 55% of Gen Z and 56% of millennials.[4]

27. More than half of millennials (57%) spent over 30% of their income on housing in 2023. Housing that costs over 30% of income is considered unaffordable by the Department of Housing and Urban Development.[6]

28. 56% of millennials say they struggle to afford bills, and 47% struggle to afford housing.[6]

29. 59% of millennials dine out once a week or more, and more than 1 in 10 (11%) say they buy a cup of coffee every day.[6]

30. 51% of millennials regret not having saved enough money.[6]

31. 44% of millennials say they cannot afford a $500 emergency expense out of pocket, including 49% of millennial women.[6]

32. 58% of Gen Zers and 52% of millennials have bought a product an online influencer recommended, compared to 13% of baby boomers.[9]

Savings Statistics

33. Most Americans (53%) say they are not currently saving for retirement.[4]

34. 57% of Americans are stressed about not having enough money saved for retirement.[1]

35. 62% of Americans say they are not on track to have enough saved for retirement, including nearly 2 in 3 baby boomers (63%).[4]

36. About 37% of non-retired Americans say they won't be able to retire until they're at least 75, and 23% say they won't be able to retire until at least 80.[4]

37. 44% of Americans do not regularly put a portion of their paycheck into savings.[4]

38. Just under half of Americans (49%) say they have dipped into their retirement savings or emergency savings in 2023.[4]

39. 69% of Americans are stressed about not having enough emergency savings.[1]

40. One-third of Americans (33%) have no emergency savings, and 43% say they could not afford a $2,000 emergency without using their credit card.[8]

41. 86% of millennials save less than the recommended 15% of their income for retirement.[6]

42. The average millennial has about $42,948 in savings — a decrease of roughly $6,500, or 13%, since 2022.[6]

43. 58% of Gen X say they have less saved at their current age than they expected they would.[10]

44. 22% of Gen X have nothing saved for retirement, and 43% of Gen Xers regret not having saved more money.[10]

45. About 1 in 5 Gen Xers (19%) aren't confident they'll be able to retire before 80, and 11% believe they will never be able to retire.[10]

Retired Americans Statistics

46. 37% of American retirees say they have nothing saved for retirement.[11]

47. The average retiree has $170,726 in savings — down from $191,659 in 2022.[11]

48. Nearly half of retirees (48%) believe they'll outlive their retirement savings.[11] 

49. 71% of retirees have non-mortgage debt, with an average balance of $19,888. Nearly 1 in 5 retirees (18%) have medical debt, with an average balance of $10,259.[11]

50. 2 in 3 retirees (65%) stopped working sooner than they planned, with half of that group citing health concerns as the reason (50%).[11]

51. 30% of retirees rely on Social Security as their sole source of income.[11]

52. 60% of retirees say their former employers did not do enough to help them prepare for retirement.[11]

53. 44% of retirees say they struggle to afford basic living expenses.[11]

54. 1 in 3 retirees (32%) have considered rejoining the workforce in some capacity.[11]

Money and Work Statistics

55. More than half of American workers (56%) say they are underpaid.[3]

56. About 1 in 3 Americans (32%) are working a second job or a side gig to earn additional income, while more than 1 in 4 (28%) are looking for a new job.[5]

57. Nearly 3 in 4 college students (72%) think majoring in a high-demand field will guarantee them a job immediately after graduation.[12]

58. 78% of college students overestimate what they’ll make at their first entry-level job.[12]

59. College students expect to make $84,855 on average one year after graduation — 52% more than the average starting salary of $55,911. They say they won’t work for less than $72,580 on average at their first job.[12]

60. The average mid-career salary is $98,647, but college students anticipate making $204,560 a decade after graduation.[12]

61. Nearly 8 in 10 college students (79%) think they deserve more than the average starting salary. About 64% say they deserve more because they are smarter than their peers.[12]

62. The average millennial says they need a salary of $119,406 to live comfortably.[6] 

Credit Card Debt Statistics

63. About 3 in 5 Americans (61%) are in credit card debt, owing an average of $5,875. Millennials owe $6,794 on average, the most of any generation.[8]

64. 23% of credit card users say they go deeper into debt every month.[8] 

65. Of those with credit card debt, 49% blame their own excessive spending habits.[8]

66. 81% of Americans with credit card debt are also in some other form of debt, such as auto debt (33%) or student loan debt (27%).[8]

67. 43% of credit card users have missed a payment in the last five years, including 14% in 2023.[8]

68. 57% of credit card users are concerned about the impact of rising interest rates on their credit card debt.[8]

69. 47% of Americans who have had credit card debt say it prevented them from building emergency savings, and 22% say it has prevented them from buying a home.[8]

70. Nearly 1 in 3 credit card users (29%) have sought professional financial advice or counseling about credit card debt.[8] 

71. Americans rank credit card debt as the most stressful form of debt, ahead of medical debt and mortgage debt.[8]

Student Loan Debt Statistics

72. 1 in 4 millennials (25%) owes money on student loans, with an average balance of $56,538. About 1 in 6 millennials (16%) say they owe at least $150,000.[6]

73. About 48% of millennials say college was not worth the trouble of student loans,[6] and 40% of current college students regret their decision to attend college.[12] 

74. 89% of current college students are graduating with at least some debt, and 61% wish they’d chosen a less expensive college.[12] 

75. 69% of college students think a college education should be free, and 63% think student loans should be forgiven.[12] 

76. Only 44% of student loan borrowers say they made loan payments during the pandemic-era pause of mandatory payments.[4] 

Financial Literacy Statistics

77. Nearly half of Americans (46%) consider money management the most important life skill — more than communication, critical thinking, or problem-solving skills.[13]

78. 46% of Americans admit they're insecure about their lack of financial knowledge.[4] 

79. 83% of Americans regret not doing more to improve their finances in 2023.[4]  

80. Most credit card users (53%) tend to spend more when using their credit cards than when they use cash or debit.[8]

81. 31% of credit card users say they have opened a new card without doing any prior research.[8]

82. About 28% of credit card users say they don't know their credit card's interest rate.[8] 

83. 27% of millennials say they don’t know their credit score.[6]

84. About 2 in 3 Gen Z Americans (66%) say their generation is the most irresponsible with money.[9]

85. More than 1 in 5 Americans (21%) don’t know that a 401(k) is a retirement savings plan employers offer to workers.[13]

86. 17% of Americans mistakenly believe it’s best to wait until their 40s to start saving for retirement.[13]

Housing and Real Estate Statistics

87. House prices across the U.S. have soared 162% since 2000, while income has increased only 78%.[14]

88. If home prices had grown at the same rate as income since 2000, the median U.S. home would cost nearly $294,000 — about 32% less than today’s price of $433,100.[14]

89. It is cheaper to rent than buy in 45 of the 50 most populous U.S. cities. San Jose, California, is the most expensive city for buying a home, whereas Pittsburgh is the most affordable.[15]

90. Typical U.S. home prices have increased 70% more than typical rent prices since 2016.[15] 

91. San Jose has the highest rent prices ($3,181), while Milwaukee has the lowest ($1,214).[15]

92. Miami is the least affordable place to rent an apartment in the U.S. based on the rent-to-income ratio. Residents in Miami spend 28.5% of their monthly income on rent, compared to 15.5% in Cincinnati, the most affordable place to rent.[16]

93. From 1985 to 2021, rent prices have exceeded inflation by 40% and income by 7%. If rent prices grew at the same rate as inflation since 1985, the median rent would cost 19% less — just $939 a month instead of $1,163.[16]

94. Home prices have increased 42% since 2020, while inflation has increased 16%. Home prices rose 10.3% in 2022 alone, while inflation grew at a 6.3% pace.[17]

95. Florida is home to the top four cities with the largest increase in home values in the last year, with Miami having the highest increase at 16%.[17]

96. Two major cities experienced a decline in home prices in the past year. Home values in San Francisco decreased 1.6%, and home values in New Orleans decreased 0.2%.[17]

97. The median square footage of U.S. homes has increased 52% since 1980, but the median sale price has increased 609% in the same time period.[18]

98. Cleveland is the least expensive city for home-buying based on the price per square foot ($133 per square foot), while San Jose, California, is the most expensive ($845 per square foot).[18]

99. From 2014 to 2023, home values climbed an average of $48,983 more in states with recreational cannabis than in states without recreational cannabis.[19]

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Visit ListWithClever.com/research for more data on real estate and personal finances in the U.S.

See our roundup of key personal finance statistics from last year in 2023.

About Clever

Since 2017, Semya-Moya has been on a mission to make selling or buying a home easier and more affordable for everyone. About 12 million annual readers rely on Clever's library of educational content and data-driven research to make smarter real estate decisions. To date, Clever has helped consumers save more than $160 million on real estate fees. Clever's research has been featured in The New York Times, Business Insider, Inman, Housing Wire, and many more.

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Sources for Personal Finance Statistics

The post 99 Personal Finance Statistics to Know in 2024 appeared first on Semya-Moya.

Why Americans Are Still Selling | Profit Potential | Speed of Sale | Home-Seller Regrets | Stress of Selling | Pricing Problems | FSBO Fails | Realtor Grievances | Negotiations | Coping With Commissions | Lack of Trust | Deciding How to Sell

As 2024 approaches, recent home sellers are realizing the market doesn't value their house quite like it used to. 

With mortgage rates at a 20-year high, more home buyers are holding out for a better deal. In response, home sellers have reluctantly lowered their asking prices to meet buyers' budgets, so much so that 2023 has seen the median home price drop by nearly $49,000 — the largest decline since the Great Recession of 2008. 

In fact, a new Clever survey of 1,000 people who sold a home in 2022 and 2023 found that 45% of sellers rejected an offer that turned out to be their highest, illustrating how quickly home prices have fallen in some parts of the U.S.

But some sellers can still salvage their profits, especially if they rely on a professional to list their home. Clever's survey found that those who sold their home with an agent earned $46,603 more in average profit than those who sold without an agent in 2022 and 2023. 

About 79% of recent home sellers sold through a realtor, while 21% opted for a non-traditional option, such as for sale by owner (FSBO) or selling to a company that buys homes for cash, according to Clever's findings.

In addition to higher average profits, the survey found that 77% of those who used an agent were satisfied with their home-selling experience, compared to 58% of those who did not use an agent. Similarly, a majority of non-traditional sellers (53%) say they wish they used an agent. 

Read on to learn more about how home sellers feel about their recent sales.

Why Americans Are Selling Their Homes in 2023 

The outlook for home sellers has changed drastically since the bidding wars of 2021 and 2022. 

Selling a home usually means buying another afterward, and with new mortgage rates climbing, 51% of recent sellers say they were hesitant to sell because they didn't want to give up a low interest rate. 

Still, some decided to pull the trigger. The most common reasons for wanting to sell include: 

• They wanted a bigger home (40%)
• It was a good time to sell (37%)
• They wanted to move closer to friends/family (30%)
• They needed to move closer to their job (23%)
• They wanted a smaller home (21%)
• They were relocating (20%)
• They thought they could make a good profit on their home (18%)
• They didn't like their neighborhood (18%)
• They needed the money (17%)
• Their living situation changed (e.g., divorce, moved in with partner, retirement, etc.) (17%)
• They wanted a home with less maintenance (15%)
• They could no longer afford their home (e.g., property taxes, mortgage, etc.) (11%)

Nearly 4 in 5 recent home sellers (79%) say they hired an agent to sell their home. The other 21% used a non-traditional selling method, such as selling directly to a cash buyer, investor, or iBuyer. The most common of these methods are:

• Through a cash home buyer/investor (20%)
• Through an iBuyer (e.g., Opendoor, Offerpad, etc.) (13%)
• FSBO (for sale by owner)/no MLS listing (13%)
• Rent-to-own agreement (11%)
• Auction (11%)
• Buy-before-you-sell/bridge loan program (10%)

Clever's data found that those who hired a realtor were more likely to feel good about their sale. About 77% of those who used a traditional agent were satisfied with their experience, compared to 58% of those who didn't use an agent.

In other words, those who didn't use an agent were nearly 2x as likely to say they were not satisfied with the experience (42% vs. 23%). Of non-traditional sellers, 53% say they wish they would have used an agent, and 54% say they'll hire an agent the next time they sell. 

Home Sellers Who Used a Realtor Made $47,000 More in Profit 

Americans who opt against using a real estate agent may cost themselves tens of thousands in profit. Homes sold with a realtor earned their owners an average profit of $189,127 — $46,603 more than homes sold without an agent ($142,524).

But not everyone comes out on top. About 1 in 8 homeowners (12%) say they lost money on their home sale. Those who sold without a realtor were 3x more likely to say they lost money on their home sale than those who sold with a realtor (25% vs. 8%).

Nearly half of non-traditional sellers (48%) say their home likely would have sold for more if they used an agent. Across all home sellers surveyed, the average sale price was $570,320, with an average profit of $179,340.

The median home price — which tends to be more representative than the average — has already fallen 10% since it peaked in 2022, according to the Federal Reserve. That may explain why 45% of sellers rejected an offer, only to later settle for a lower price. 

In total, 59% of home sellers thought there would be more competition for their home among buyers. 

Profit Is Home Sellers' Top Priority 

Every home seller is different and starts the process with their own priorities. But some goals tend to be more common than others. 

Home sellers consider the following priorities very important:

• Earning the most money from their sale (58%)
• Finding a good real estate attorney (55%)
• Closing on time (52%)
• Selling their home as quickly as possible (52%)
• Timing their home sale with a new home purchase (50%)
• Selling to an individual rather than a company (49%)
• Avoiding the hassles of a traditional home sale (showings, negotiations, etc.) (49%)
• Avoiding contingencies (e.g., no inspection/appraisal, etc.) (48%)
• Avoiding high realtor commission rates (48%)
• Avoiding repairs/selling as-is (47%)

Does Selling Without an Agent Result in a Quicker Sale?

The most common reasons people choose to sell without an agent all have to do with speed: wanting a quicker sale (31%), needing the money soon (31%), and wanting a convenient sale (29%). 

Other reasons for selling without a realtor include: 

• They wanted to save on realtor fees/commissions (28%)
• They prefer to handle showings and negotiations (25%)
• They've used real estate agents in the past but didn't need one this time (25%)
• They don't trust real estate agents (24%)
• They've never used a real estate agent (22%)
• Their home was in bad condition (21%)
• They had a bad experience with their last real estate agent (19%)

Clever's findings suggest that Americans who want to sell their home within a week have a better chance without a realtor. About 20% of those homes sold in a week, compared to 16% of homes sold with a realtor. 

That trend reverses after a few weeks. About 53% of traditional sellers accepted an offer within one month of listing, compared to 39% of non-traditional sellers. Those who sold without a realtor were nearly 2x as likely to say they didn't accept an offer for at least three months. 

In hindsight, just under half of non-traditional sellers (46%) think their home would have sold faster had they used an agent. 

Nearly 9 in 10 Recent Home Sellers Have Regrets

With high expectations for their home sale, many recent sellers set themselves up for disappointment. Just under nine in 10 recent home sellers (86%) have at least one regret about their home sale. The most popular regrets vary depending on the type of home sale conducted. 

Those who sold with a realtor were 50% more likely to say they had no regrets compared to those who sold without a realtor. 

Among those who didn't use a realtor, the most popular regrets are: 

• They wish they received more offers (25%)
• The house took longer to sell than they expected (23%)
• They wish they could have negotiated more (23%)
• They paid more in repair credits and closing costs than anticipated (23%)
• They wish they would have waited to list their home until the market was better (23%)
• They had one or more offers fall through (21%)
• They struggled to time the home sale with moving into their new home (21%)
• They should have made more repairs before listing their home (20%)
• They waited too long to list their home (20%)
• They feel like the buyer got the better end of the deal (20%)

Among those who used a realtor, the most common regrets are: 

• They should have made more repairs before listing their home (27%)
• They feel like the buyer got the better end of the deal (25%)
• They wish their agent had negotiated more on their behalf (25%)
• They waited too long to list their home (24%)
• They made more concessions than they felt comfortable with (22%)
• They struggled to time the home sale with moving into their new home (21%)
• They paid more in repair credits and closing costs than they wanted (20%)
• They should have staged their home (19%)
• They should have sold for sale by owner (FSBO) (17%)
• They should have chosen a different agent (16%)

Home-Selling Stress: 47% of Sellers Cried During the Process

Selling your home isn't just a financial transaction. It's a complicated emotional journey, as well. About 47% of recent home sellers say they cried at some point in the home-selling process. That number is slightly higher among those who sold without a realtor (50%), reflecting the additional stress that comes with spearheading your own home sale. 

Additionally, 42% of sellers say they fought with loved ones during the selling process. A majority of recent home sellers (56%) say the experience was stressful, including 60% of those who didn't use an agent.

About 52% of non-traditional sellers say they felt overwhelmed with the sale process. 

1 in 3 Home Sellers Wish Their Home Was Priced Differently

Deciding how to price a home is one of the most important decisions a seller will make. If the price is set too high, the home may languish on the market for months, costing the homeowner more and increasing the likelihood of price cuts. 

Just over half of sellers (53%) say they had to reduce the asking price for their home. About 33% of home sellers say they wish they priced their home differently. Of those who sold without an agent, 50% say they wish they priced differently, compared to 28% of those who used a realtor.

Those who sold with an agent were much more likely to have sought a professional home evaluation, such as an appraisal, to help determine an appropriate asking price, leading to fewer regrets. About 75% of those who used an agent received a professional evaluation to help with pricing, compared to 51% of those who sold without an agent. 

In fact, 45% of non-traditional sellers didn't even use a home value estimation website to get a ballpark idea of what their house was worth. 

The Struggles of Selling Without an Agent

In addition to missing out on a higher sale price, those who sold without an agent often ran into pain points in the selling process. More than one-third (36%) say they made legal mistakes because they didn't have an agent. 

Non-traditional sellers experienced the following issues during their sale:

• They felt overwhelmed with the sale process (52%) 
• Buyers distrusted them because they didn't have an agent (43%) 
• They did not understand their contract (40%) 
• They made legal mistakes because they didn't use an agent (36%)

Overall, non-traditional sellers are 38% more likely than those who used an agent to say selling was harder than they expected. Some non-traditional sellers likely went into the process overestimating how easy it would be. Much of that sentiment might be based on preconceived, negative opinions about realtors: 

Among non-traditional sellers: 

• 57% say agents are overpaid for what they do 
• 49% say they're as knowledgeable as an agent about home selling 
• 45% say agents are incompetent

In fact, 43% of non-traditional sellers say they would accept an offer for $20,000 under the asking price rather than hire an agent to sell. Some non-traditional sellers are so averse to realtors that 10% say they would never use an agent, even if their home was on the market for more than six months. 

Preparing for Showings, Evaluating Offers Considered the Biggest Challenges

When deciding whether to use an agent, it's worth considering which challenges homeowners face most frequently during the selling process. About 93% of recent home sellers say they faced challenges with their sale. 

Some of the most common challenges are:

• Getting their house ready to show (cleaning, painting, staging, etc.) (32%)
• Evaluating offers (comparing terms, contingencies, buyer financing, etc.)  (31%)
• Pricing their home (30%)
• Deciding whether to use a realtor or sell their house a different way (30%)
• Finding a good real estate agent (28%)
• Generating interest/getting buyers to make offers (27%)
• Paperwork that's involved when selling (e.g., seller disclosures, etc.) (27%)
• Negotiating with buyers (27%)

1 in 3 Sellers Say Their Realtor Failed Them: Here Are the Most Common Complaints

Most people who used a realtor walked away from the home-selling process fairly happy. About 77% say they were satisfied with their agent, and 72% say they would use their agent again next time. 

But some sellers had less-than-stellar experiences with their realtors. About 2 in 5 people who sold with an agent (40%) say they felt pressured to make decisions they weren't comfortable with, and 35% outright say their agent failed them. 

The most common complaints sellers had about their realtors include:

• Their agent was only looking to make a sale and didn't care about their best interests (42%)
• Their agent annoyed them (41%)
• Their agent pressured them into decisions they weren't comfortable with (40%)
• Their agent did something unethical (39%)
• Their agent ignored them when they tried to contact them (38%)
• Their agent made mistakes with the listing (38%)
• Their agent botched negotiations (38%)
• Their agent crossed personal boundaries (37%)
• Their agent failed them (35%)
• They were not satisfied with their agent's level of communication (28%)

Still, 73% of those who used a realtor say they recommend others use a realtor as well. 

Botched Negotiations: 2 in 5 Say Their Agent Blew It

Negotiations are one of the most stressful parts of the home-selling process, and it's not unusual for these talks to feel confrontational. Most home sellers (56%) say they're intimidated by the idea of negotiating directly with a buyer or their agent. 

Those who hire a realtor have the benefit of someone else negotiating for them, but even then, it doesn't always work out. About 38% of recent home sellers say their agent botched negotiations. 

Although some sellers have complaints about their agent's haggling skills, going it alone doesn't always work out better. About 49% of those who sold without an agent say they wish they would've negotiated with the buyer more. 

At the same time, about 50% of non-traditional sellers say their negotiations were tense.

7 in 10 Sellers Say a Good Realtor Is Worth Their Commission

No one likes to pay fees, but in most cases, home sellers agree that a good agent's skills are worth the price. About 72% say a good realtor is worth every penny of their commission. 

Traditionally, a home seller pays around 6% in commission — 3% to both their agent and the buyer's agent. The average commission rate in the U.S. is about 5.4% because it factors in discount realtors. 

Most sellers (71%) who used an agent spent 5% or more on commission, so they could be missing out on savings by not using a discounted agent. 

The chart below shows how much sellers paid in commission:

• 2% or more (93%)
• 3% or more (86%)
• 4% or more (79%)
• 5% or more (71%)

Despite the annoyance of fees, 57% of home sellers, including 54% of non-traditional home sellers, correctly identified that iBuyer fees are typically higher than the average commission. Those fees usually come out to about 7.5% of the home's sale price. 

It's worth noting that although home sellers expect fees, they do so reluctantly. Sellers typically pay for the buyer's agent's commission, but about 55% of sellers say they shouldn't have to pay it.

Those sellers might get their way in the future. A Missouri jury recently ruled against the National Association of Realtors (NAR) in an anti-trust suit, holding NAR and two brokerage firms liable for $1.8 billion in damages for allegedly conspiring to keep real estate commissions artificially high.

If the ruling survives the ongoing appeals process, it could lead to a significant shift in the real estate industry, potentially eliminating NAR's requirement that sellers offer to pay buyer's agent commissions when posting properties on a multiple listing service.

Trust Issues: 2 in 3 Sellers Say Real Estate Investors Inflate Home Prices 

In any large transaction, trust is imperative. But home sellers are often skeptical about the people they might do business with. 

Real estate investors are among the most disliked by home sellers. Nearly two-thirds of home sellers (64%) say real estate investors drive up housing prices, and 56% say they lead to a shortage of affordable housing. 

Home sellers are also suspicious of companies that buy homes for cash, with 50% saying such companies are scams. 

Home sellers consider the following untrustworthy:

• Real estate investors (32%)
• "We buy houses for cash" companies (31%)
• Mortgage lenders (30%)
• Discount real estate agents (27%)
• Traditional real estate agents (26%)
• Rent-to-own companies (24%)
• Flat fee MLS (23%)
• iBuyers (22%)

Despite their willingness to condemn certain business models, sellers don't always practice what they preach. Of those who sold their home with an agent, 86% first considered or attempted selling to a cash buyer or investor. 

How Do Home Sellers Decide Whether to Hire a Realtor? 

Among those who hired a realtor, most at least considered using a non-traditional method at some point. Sellers considered or attempted the following non-traditional methods before hiring an agent: 

• Selling to a cash buyer/investor (86%)
• FSBO (for sale by owner) (81%)
• Renting out their home (80%)
• Selling to an iBuyer (79%)
• Flat fee MLS listing (78%)
• Rent-to-own agreement (77%)
• Buy-before-you-sell/bridge loan program (75%)

Some home sellers seem to change their opinions on using a realtor depending on the circumstances. For example, sellers are more likely to use a realtor if they're listing an expensive home or if their agent offers a discount on commission. Conversely, 42% of sellers say they’re less likely to work with an agent if the agent is unwilling to negotiate commission.

When looking solely at non-traditional sellers, here are the top 10 factors that would make them more likely to use a realtor: 

• Their house is valued at $250,000 or less (44%)
• Their home has not appreciated in value since they bought it (42%)
• Home buyer sentiment is strong in the housing market (41%)
• Home buyer sentiment is weak in the housing market (41%)
• The realtor is willing to take less commission (39%)
• Their house is at risk of foreclosure (39%)
• Their home is in a very desirable neighborhood (38%)
• They plan to sell their house as-is (38%)
• Their house is valued at $1 million or more (38%)
• Their home is in a very undesirable neighborhood (38%)
• This is their first home sale (38%)

Methodology

The proprietary data featured in this study comes from an online survey commissioned by Semya-Moya. One thousand Americans who sold their home in 2022 or 2023 were surveyed Oct. 19-23, 2023. Each respondent answered up to 26 questions related to their home-selling experience.

About Clever

Since 2017, Semya-Moya has been on a mission to make selling or buying a home easier and more affordable for everyone. Twelve million annual readers rely on Clever's library of educational content and data-driven research to make smarter real estate decisions. To date, Clever has helped consumers save more than $160 million on real estate fees. Clever's research has been featured in The New York Times, Business Insider, Inman, Housing Wire, and many more.

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Financial Goals for 2023 & 2024 | Debt Problems | Running Out of Money | Scant Savings | Late Retirement | Average Net Worth | Depending on Parents | Financial Regrets | Money Secrets | Money & Happiness | Cutting Spending | Holiday Shopping | 2024 Financial Outlook 

As 2023 winds down, many Americans are looking back on the year and seeing an ugly picture. About 39% say they've gone deeper into debt this year, and fewer than half (45%) say they make enough money to live comfortably. 

Apart from cutting spending, many Americans have failed to achieve their financial goals in 2023. Just 28% of those who wanted to buy a home this year actually did so, and just 25% of those who wanted to find a higher-paying job found one. 

Additionally, high prices and interest rates led more people to sacrifice their long-term savings to afford short-term essentials. About 49% of Americans say they have dipped into their savings in 2023, and a majority (51%) would run out of money within one month if they lost their income. 

To learn more about how people are faring financially in 2023, Semya-Moya surveyed 1,000 Americans about their goals, achievements, and disappointments over the year.

Americans Are Struggling to Meet 2023 Financial Goals 

High prices and interest rates have made 2023 a complicated year for personal finances, with 92% of Americans saying they face financial challenges. 

Many are failing to hit their goals. The most common goals Americans set for 2023 were spending less money (50%) and sticking to a budget (42%). 

Just over half (56%) of those who set out to spend less money say they've done so successfully, but for the most part, Americans have failed to reach their other goals. Only about a quarter of those who set out to buy a house or wanted to find a better-paying job actually did so. 

About 18% of Americans haven't achieved any of their financial goals this year. There's still time in 2023, but many Americans (42%) aren't confident they'll meet their goals before Jan. 1.

What Are Americans' Financial Goals for 2024?

High prices are still at the front of Americans' minds, and that's reflected in their financial goals for 2024. The most common goals are spending less money (42%), sticking to a budget (41%), and building emergency savings (33%) — the same top three as in 2023. 

At the more ambitious end of the spectrum, 16% say they hope to buy a home in 2024 — a goal that won't get any easier to achieve with mortgage rates at a 20-year high. Nearly a quarter of millennials (23%) and Gen Z Americans (24%) named buying a home as a 2024 financial goal. 

Americans' financial goals for 2024 include:

• Spending less money (42%)
• Sticking to a budget (41%)
• Building an emergency fund/savings (33%)
• Saving more for retirement (30%)
• Paying off credit card debt (29%)
• Investing more (27%)
• Finding a higher-paying job (20%)
• Becoming financially independent (i.e., not getting financial support from parents) (18%)
• Receiving a raise at their current job (17%)
• Buying a house (16%)
• Paying off student loans (10%)

Given how 2023 has played out, about 80% of Americans are already concerned they won't meet their financial goals in 2024. 

High Costs Have Hurt Americans' Chances of Meeting Their Goals

Americans are typically willing to admit when they don't have wise money habits, but they mainly blame their 2023 financial woes on systemic factors. 

About 62% of Americans say inflation has negatively impacted their finances in 2023. Food costs (57%) and utility costs (41%) were also blamed frequently. 

Nearly 1 in 4 Americans (23%) say they were hurt by their own unnecessary spending. Overall, Americans say the biggest drags on their finances are:

• Inflation/high cost of living (62%)
• Food costs (57%)
• Utility costs (41%)
• Debt (e.g., credit card, student loan, etc.) (32%)
• Housing costs (31%)
• Stagnating wages (i.e., wages not keeping up with cost of living) (25%)
• Interest rates (23%)
• Overspending on nonessential purchases (23%)
• Medical expenses (22%)
• Job loss (18%)
• Underperforming investments (10%)
• Child care expenses (8%)

Millennials and Gen Z are more likely than older generations to say they were impacted by job loss, interest rates, stagnating wages, and housing costs. 

Millennials were twice as likely as any other group to say child care costs hurt their finances. Gen Z adults were more likely than other generations to say job loss undermined their finances.

2 in 5 Americans Have Gone Deeper Into Debt in 2023 

Most Americans (57%) aren't happy with their financial situation, but for many, the reality is even more dire. About 39% of Americans say they went deeper into debt in 2023, including nearly half of millennials (45%).

More than one-third of Americans (35%) believe they'll be in debt for the rest of their lives. About 38% currently have bills that are delinquent or unpaid more than a month past due. 

A third of of Americans (33%) say they could receive a $10,000 windfall and still be unable to meet their financial needs. 

The findings underscore how many Americans are living on the edge, with 69% concerned they'll be unable to afford everyday goods if prices continue to increase.

Student Debt Looms as Payments Resume 

After a three-year pause on mandatory student loan payments, many borrowers are making their first loan payments since the pandemic. Only 44% of borrowers say they made student loan payments during the pause. 

With payments starting again, many Americans are bracing for a financial hit. About 86% of those with student loans expect the continuation of payments to negatively impact their finances. 

As a result, about 2 in 5 borrowers (39%) say they'll have to work more or find a higher-paying job. One-third (33%) say they'll likely fall into another form of debt because of the payments. 

As student loan payments resume, borrowers say:

• They will have to get an additional or higher-paying job (39%)
• They will have to delay goals, such as buying a house or car (36%)
• They won't be able to pay as much toward other debts (e.g., car payments, mortgage, credit card debt, etc.) (35%)
• They will fall into another form of debt (33%)
• They won't be able to afford discretionary spending (e.g., entertainment, travel, etc.) (30%)
• They won't be able to save for retirement (22%)
• They won't be able to afford housing (i.e., rent/mortgage) (22%)

Just 14% of Americans with student debt say their finances won't be impacted by student loan payments resuming. 

Half of Americans Say They Would Go Broke in 1 Month if They Lost Their Income

Most personal finance experts recommend keeping three to six months of expenses in emergency savings. But most Americans don't have that much financial runway. 

About 51% of Americans say they would run out of money within a month if they lost their income, provided they didn't change their spending. That includes 29% of Americans who say they'd run out of money in one week or less. 

In fact, the portion of Americans who say they'd go broke within a week (29%) is larger than the portion who say their funds would last at least a year (26%). 

Americans say if they lost their income, they'd run out of money in:

• One week or less (29%)
• Two weeks or less (36%)
• Three weeks or less (40%)
• One month or less (51%)
• Three months or less (63%)
• Six months or less (74%)
• One year or more (26%)

In addition to a tough economy, bad spending habits also play a role in Americans' lack of savings. About 47% say they tend to spend more money than they earn, including 55% of Gen Z and 56% of millennials. 

With younger Americans spending more money and having fewer years in the workforce, only about 16% of Gen Z and 24% of millennials would have enough saved to last a year, compared to 40% of baby boomers.

49% of Americans Have Pulled From Savings in 2023

Inflation has undoubtedly put a dent in what Americans are able to afford, forcing many to pull from savings for essential purchases. 

Ultimately, 49% of Americans say they've pulled from their retirement or emergency savings in 2023. Americans were relatively reluctant to touch their retirement savings (26%), with more pulling from emergency savings (44%). 

It's smart to stash money away for retirement or a rainy day, but 44% of Americans do not regularly put a portion of their paycheck into savings. That includes 48% of Gen X — an unsettling finding given the generation's impending retirement timeline. 

About 81% of Americans say inflation has made it harder to follow through on their financial goals, with savings being a key example. Only 29% of Americans say saving for retirement was a financial goal this year. Of that group, fewer than half (42%) were actually able to save. 

Overall, 40% of Americans say their savings got worse in 2023, with just 26% saying their savings are in good shape.

1 in 4 Americans Say They Won't Be Able to Retire Before 80

About 62% of Americans say they are not on track to have enough saved for retirement, including nearly 2 in 3 baby boomers (63%). In fact, a majority of Americans (53%) say they are not currently saving for retirement.

Although the median retirement age is 62, many Americans are doing so poorly financially that they expect to work at least an extra decade. 

About 37% of non-retired Americans say they won't be able to retire until they're at least 75, and 23% say they won't be able to retire until at least 80.

1 in 4 Americans Have a Net Worth of $0 — or Less 

With high costs for basic necessities, Americans are saving the lowest share of their paychecks in 15 years. That finding, combined with Americans' large debt balance, means many have little to no valuable assets. 

As a result, about half of Americans (52%) report their net worth is less than $30,000. A staggering 25% of Americans say their net worth is $0 or negative — meaning they owe more in debt than the value of their assets. 

Gen Z has the lowest net worth of any generation, with more than half of respondents (54%) saying their net worth is less than $10,000. 

Meanwhile, 41% of baby boomers estimate their net worth is $100,000 or more, compared to 33% of millennials and 17% of Gen Z. At the same time, boomers were more likely than other generations to say they have a net worth of $0 or less, suggesting a stark level of inequality within the cohort.

Housing Affordability Prevents Many From Becoming Homeowners

One of the main ways Americans can increase their net worth is through homeownership, but that option is unrealistic for many renters. About 83% of non-homeowners say they want to buy a house but can't because of financial reasons. 

The most common reasons why non-homeowners can't purchase a house include: 

• They don't have enough for a down payment (53%)
• Homes near them are too expensive (43%)
• High interest rates (36%)
• They are in too much debt (29%)
• They are prioritizing other financial goals (21%)
• They don't want to own a home right now (17%)

Additionally, some homeowners are starting to wonder if they should give up their most important asset to buy some financial breathing room. 

About 22% of homeowners have considered selling their house to pay for urgent bills or expenses, including 7% who say they actually went through with a sale. 

46% of Americans Have Borrowed Money From Family or Friends in 2023

With more people living paycheck to paycheck, nearly half (46%) of Americans say they have borrowed money from family or friends so far this year. Young Americans, often locked out of homeownership and other financial milestones, still rely on their parents in many cases. 

About 24% of Americans say they receive financial support from their parents, including 46% of Gen Z adults and 31% of millennials.

Overall, just 61% of Americans consider themselves financially independent. About 19% of Gen Z adults and 27% of millennials listed becoming financially independent as a goal for 2024. 

5 in 6 Americans Regret Not Doing More to Improve Their Finances 

Americans are closing out the year with financial FOMO. About 83% say they wish they would've done more to improve their finances in 2023. 

About 2 in 3 Americans (65%) say they regret not doing more long-term financial planning. Nearly 46% say they're still trying to recover from poor financial decisions they made when they were younger. 

Younger Americans are especially self-conscious about their financial situation. About 3 in 5 Gen Z Americans (59%) say they're embarrassed about their finances, compared to 53% for all Americans. An additional 37% of Gen Z admit they're not financially responsible, compared to 25% for all Americans.

46% of Americans Are Insecure About Their Lack of Financial Knowledge

When facing economic headwinds, half the battle is knowing what to do with your money. But 46% of Americans admit they're insecure about their lack of financial knowledge. 

Only 39% say they'd be able to afford financial planning services, leaving the majority of Americans to search elsewhere for financial advice. 

Many young Americans find advice from less-than-reliable sources. About 26% of millennials and 17% of Gen Z say they get financial advice from social media influencers. Nearly half of Gen Z Americans rely on financial advice from their parents (47%). 

Conversely, 48% of baby boomers say they don't get any form of financial advice, presumably relying on lived experience. 

Overall, Americans get their money advice from: 

• Google/online (32%)
• Friends (28%)
• Parents (28%)
• A partner/significant other (24%)
• A financial planner (22%)
• Social media influencers (18%)
• Educational courses (e.g., high school, college, continuing education, online course, etc.) (17%)

Financial Secrets: Millennials Are More Likely to Misrepresent Their Money Situation

With finances intimately linked with social status, about 45% of Americans, including 53% of Gen Z and millennials, admit to misrepresenting their financial situation to make it look better. 

Millennials are also disproportionately likely to keep financial secrets. Compared to the average American, they are:

• 59% more likely to say they have a secret credit card no one knows about
• 53% more likely to say they have secret debt
• 44% more likely to say they've hidden expensive purchases from a significant other

Does Money Buy Happiness? Half of Young Americans Say Yes

At a time when Americans are more stressed than ever and struggling to get by financially, more than one-third (37%) say money would buy them happiness after all. Gen Z (50%) and millennials (45%) are nearly twice as likely to say money buys happiness as Gen X (27%) and baby boomers (23%).

The outlook gets more bleak from there. About 46% of millennials say money is more important than their passions, and 41% of millennials say their financial health is more important than their personal health. 

Overall, nearly two-thirds of Americans (65%) say finances are the most stressful part of their lives.

Still, the vast majority of Americans are hesitant to sacrifice their free time to earn more money. About 79% say they'd prefer a healthy work-life balance while earning a mid-range salary — over a poor work-life balance that comes with a high salary. 

Gen Z and millennials, however, are standing by their opinion that money buys happiness. Contrary to conventional wisdom, younger generations (26%) were more likely than older generations (16%) to say they'd opt for a poor work-life balance and high salary.

After a Year of Reduced Spending, Most Americans Expect to Cut Back Again in 2024

About 93% of Americans say they cut back on spending in 2023 amid rising prices. In doing so, 58% of Americans say they lowered their spending on dining out, and 52% lowered their spending on entertainment. More than 1 in 3 Americans (34%) say they cut back on groceries in 2023. 

Americans appear slightly more optimistic about 2024. About 88% expect to lower their spending, with just 25% saying they plan to cut back on groceries.

Unfortunately, cutting back on nonessentials doesn't always make a key difference in one's budget. 

The average American already spends about 58% of their take-home pay on essential expenses, such as housing, food, and utilities. They also put 14% toward debts and 15% toward savings, leaving just 13% for discretionary spending — the main candidate for budget cuts.

Many Americans Plan to Spend Less on Holiday Shopping in 2023

With many feeling pessimistic about their finances, about 39% of Americans say they'll cut back on 2023 holiday spending. Just 23% plan to increase their spending. 

Americans expect to spend about $534 on gifts this year, a noticeable drop from 2022, when the average shopper said they planned to spend $851. 

About 48% of Americans are concerned they won't be able to afford holiday shopping at all in 2023. Nearly one-third (31%) say they're worried holiday shopping could put them in debt.

Americans Expect 2024 to Be Better Than 2023

Although Americans generally seem discouraged about their finances and still plan to cut back in 2024, most remain surprisingly optimistic about 2024. In fact, 58% of Americans say they'll be doing better financially at the end of 2024 than they are right now. Just 11% think they'll be worse off. 

Some are already reporting progress, with 33% saying their finances have improved since the start of 2023, compared to 29% who say their finances have gotten worse. 

Despite that optimism, many Americans who are looking at their finances from a wider lens feel disappointed. About 42% say they're doing worse financially than their parents were at their age, compared to 35% who say they're doing better.

Methodology

The proprietary data featured in this study comes from an online survey commissioned by Semya-Moya. One thousand Americans were surveyed Aug. 30-31, 2023. Each respondent answered up to 25 questions related to their 2023 and 2024 financial goals and personal finances.

About Clever

Since 2017, Semya-Moya has been on a mission to make selling or buying a home easier and more affordable for everyone. 12 million annual readers rely on Clever's library of educational content and data-driven research to make smarter real estate decisions. To date, Clever has helped consumers save more than $160 million on real estate fees. Clever's research has been featured in The New York Times, Business Insider, Inman, Housing Wire, and many more.

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Frequently Asked Questions About Americans' Finances

The post A Year to Forget: Americans Fall Short of Financial Goals in 2023 appeared first on Semya-Moya.

Average Credit Card Debt | Average Credit Card Spending | Missed Payments | Going Deeper Into Debt | Paying Off Debt | Blame for Credit Card Debt | Multiple Forms of Debt | Consequences of Debt | Using Credit Cards for Necessities | Credit Card Habits | Cashless Society

Consumers can't seem to catch a break. Although the Federal Reserve's strategy of raising interest rates to slow inflation is making progress, that approach has caused credit card interest rates to swell to an all-time high.

The timing is less than ideal. About 3 in 5 Americans (61%) are in credit card debt, owing an average of $5,875, according to a survey of 1,000 U.S. credit card users by Semya-Moya. 

With little saved, about half of credit card users (48%) already depend on their cards for essential living expenses, such as rent, food, and utilities. Many can't keep up with payments, and 23% say they go deeper into credit card debt every month.

Americans spend an average of $1,506 on their credit cards each month — more than $18,000 a year. About 28% of card users say they find it difficult to regularly make the minimum payments on their credit cards. Even worse, 1 in 7 Americans (14%) say they've missed a payment in 2023. 

To learn more about the state of credit card debt in the U.S., Clever asked credit card users about their balance, spending, and opinions on credit cards. Read on to see the key takeaways from the survey.

Americans Average Nearly $6,000 in Credit Card Debt

For the first time, Americans have collectively eclipsed $1 trillion in credit card debt. Clever's research shows the numbers are just as daunting on an individual basis. 

About 61% of American credit card users are in debt, owing an average balance of $5,875. As if times weren't stressful enough, about 37% of card users say their debt is preventing them from living the life they want. 

Millennials are faring much worse than other generations. About 67% of millennials are in credit card debt, with an average balance of $6,794.

At the same time Americans are racking up debt, most acknowledge their credit card usage is making things worse. About 52% of card users say they would spend less money if they didn't have a credit card, which is consistent with psychology research showing people tend to spend more when using cards compared to cash. 

In fact, consumers who regularly use multiple credit cards average more than double the debt of consumers who use just one — $6,890 vs. $3,299.

Credit Card Debt Has Become Chronic for Many Americans

More than 82% of credit card users have been in debt at some point. But falling behind on credit card debt can quickly graduate from a short-term snag to a perpetual problem. 

About 40% of Americans with credit card debt have been underwater for more than five years, and 15% have been in debt since before 2008. And with interest rates as high as they are, Americans who recently fell into debt are more likely than ever to slip into a perpetual state of debt.

Headlines hammering the uncertainty of the economy have put even cautious card users on edge. Of the 39% of Americans who aren't in credit card debt, about one-third (31%) worry they'll go into debt in the next five years.

Americans Spend $1,500 on Credit Cards Each Month

Although inflation has slowed, goods are still 18% more expensive than before the pandemic. As a result, Americans haven't had the chance to temper their credit card spending — despite high levels of debt. The average American spends about $1,506 on credit cards each month — roughly $18,072 per year. 

Many admit to bad spending habits. About 43% of card users say they sometimes spend more money than they earn, and 22% say they don't track their credit card spending at all. 

Millennials, by far, are the biggest spenders at $2,410 each month. That's 204% more than boomers ($794) and 48% more than Gen Z ($1,626).

Notably, those without credit card debt spend 9% more than those with credit card debt — $19,200 vs. $17,556 annually.

Altogether, Americans say they spend about 30% of their monthly take-home pay on credit card bills. About 42% of card users say making payments on time stresses them out, and 28% say they find it difficult to regularly make the minimum payment on their credit card. 

If credit card users don't pay off their balance each month, they'll end up paying an average of 20.7% interest — an all-time high for credit cards. 

Many may not realize how much they pay in interest, however. About 41% of Americans think average credit card interest rates are less than 20%, including 13% who think rates are under 10%.

1 in 7 Americans Have Missed a Credit Card Payment in 2023

Despite slowing inflation, Americans are still missing credit card payments at an alarming rate. About 14% of credit card users missed a payment in the first seven months of 2023. That includes nearly 1 in 5 millennials (19%). 

Overall, 43% of Americans have missed a credit card payment in the last five years. The vast majority (78%) of those Americans have missed multiple payments, including 18% who have missed more than 10 payments in the last five years. 

The most common reasons for missing a payment are forgetting to pay (36%) and using the money for food or groceries instead (36%). Other reasons include:

• They had to pay for an unexpected emergency (33%)
• They had to pay utility bills (33%)
• They had to pay their rent or mortgage (27%)
• They had to prioritize other forms of debt (22%)
• They no longer had income to make the payment/lost their income (20%)
• They spent too much on nonessentials (19%)

Meanwhile, just 44% of credit card users say they've never missed a payment.

Nearly 1 in 4 Americans Fall Deeper Into Credit Card Debt Each Month

Perhaps the most disheartening finding from the survey: About 1 in 4 credit card users (23%) say they go deeper into debt each month.

Additionally, about 28% of card users say they don't know their credit card's interest rate, meaning they might be racking up hundreds — or thousands — of dollars in interest over time. With today's rates, a card user making minimum payments on a $3,000 balance would need nearly 10 years to pay off the bill — while spending about $4,000 extra in interest. 

Some Americans are so desperate to make payments that 1 in 3 (33%) say they've paid off one credit card bill with a different card at some point.

The grave risk of falling behind on payments may explain why 56% of Americans say they want to decrease their credit card usage.

Overall, Americans say they:

• Would like to decrease their credit card usage (56%)
• Tend to spend more when using credit cards than they do when using cash or debit (53%)
• Tend to spend more on their credit card when they're happy (39%)
• Have opened a new credit card without doing prior research (i.e., at a store to save on a purchase) (31%)
• Have had their credit card information stolen (29%)
• Don't budget consistently (29%)
• Don't know the interest rate on their credit card(s) (28%)
• Tend to spend more on their credit card when they're sad (27%)
• Go deeper into credit card debt every month (23%)
• Have lost track of how many credit cards they have (15%)

Compared to those without credit card debt, Americans in credit card debt are:

• 111% more likely to say they have lost track of how many credit cards they have
• 89% more likely to say they do not budget consistently
• 68% more likely to say they have opened a credit card without doing prior research

About 16% of respondents say they spend more on their cards when they're both happy and sad. Those respondents are 28% more likely than average to be in credit card debt. 

Americans Expect to Be in Credit Card Debt for Years

Just 49% of Americans in credit card debt expect to pay off their debt within the next year, while others are less optimistic about how long it will take to become debt-free. 

About 23% expect it to take more than five years to pay off their credit card debt, including 6% who believe they'll never pay it off.

In contrast, of the 39% of Americans who aren't in credit card debt, most have been debt-free for several years — including 17% who have been debt-free for more than 10 years. About 48% of those who are debt-free say they've never been in credit card debt. 

People in Credit Card Debt Blame Inflation, Poor Choices

Americans with credit card debt say a variety of issues led to their current predicament. 

The most common factor people blamed was inflation (65%), followed by paying off other debts (55%). Just under half (49%) say their own excessive spending and bad choices were at fault. 

Unexpected misfortunes, such as an illness/medical issue (42%) or job loss (35%), are also commonly cited. Americans say the following factors contributed to their credit card debt:

• Inflation (65%)
• Paying off other debt (55%)
• Their own excessive spending/bad financial choices (49%)
• Vacations (46%)
• Illness or medical emergency (42%)
• COVID-19 (40%)
• Job loss (35%)
• Having a child (28%)
• Buying a home (27%)
• Going to school/university (25%)
• Starting/running a small business (24%)
• Their wedding (17%)

Nearly 1 in 3 Americans Have Sought Professional Advice or Counseling for Credit Card Debt

It's no secret that credit card spending can easily become excessive. About 70% of Americans say credit cards cause people to spend irresponsibly. 

And technology has made compulsive shopping dangerously easy. Earlier in 2023, Clever reported that more than one-third of Americans admitted to overshopping to relieve stress. 

As a result, nearly 1 in 3 credit card users (29%) have sought professional financial advice or counseling about credit card debt. 

Regarding credit card usage, Americans say:

• They think credit cards cause people to spend irresponsibly (70%)
• They are concerned about the impact of rising interest rates on their credit card debt (57%)
• They think they would spend less money if they didn't have a credit card (52%)
• They sometimes spend more than they earn (43%)
• Making credit card payments on time sometimes stresses them out (42%)
• They've been denied on a credit card application (40%)
• Credit card debt has prevented them from living the life they want (37%)
• They have paid off a credit card bill with another credit card at some point (33%)
• They have sought professional financial advice or counseling regarding credit card debt (29%)
• They find it difficult to regularly make the minimum payment on their credit card (28%)

81% of Americans With Credit Card Debt Are Also in Some Other Form of Debt

Paying down credit card debt might be easier for Americans if they could put extra money toward the task. But more than 4 in 5 Americans (81%) in credit card debt also face other types of debt, the most common being mortgage debt (35%).

Americans with credit card debt also have: 

• Mortgage debt (35%)
• Auto loan debt (33%)
• Personal loan debt (31%)
• Medical debt (28%)
• Student loan debt (27%)
• Some other form of debt (13%)

Despite numerous debt obligations, Americans still rank credit card debt as the most stressful form of debt — even more than medical debt.

Credit Card Debt Has Prevented Americans From Building Savings and Buying a Home

For the 82% of Americans who have been in credit card debt at some point, their debt has often gotten in the way of other priorities in life. 

About 47% of that group say credit card debt has prevented them from building emergency savings. Another 39% say credit card debt stopped them from saving for retirement. 

Credit card debt is also dashing the conventional American dream. About 22% say they couldn't buy a home, and 18% say they couldn't afford children because of credit card debt. 

Americans who have had credit card debt at some point say the debt has prevented them from:

• Building an emergency fund/emergency savings (47%)
• Saving for retirement (39%)
• Making nonessential purchases (e.g., concert tickets, sporting events, video games, etc.) (38%)
• Taking a vacation (38%)
• Paying off other debt (e.g., medical, student loans, etc.) (36%)
• Buying a car (29%)
• Moving (25%)
• Starting/maintaining a small business (23%)
• Purchasing a home (22%)
• Saving for or attending college (21%)
• Having a child (18%)
• Having a wedding (15%)

On the bright side, a credit card doesn't have to interrupt every life goal. Most Americans (51%) say they would pursue a relationship with someone even if that person had significant credit card debt.

Just don't ask about their credit score on the first date, which 59% of Americans say would offend them.

With Little Saved, 48% of Americans Depend on Credit Cards for Essential Expenses

Despite the risks of credit card debt, nearly half of card users (48%) still rely on plastic for essential living expenses, such as rent, food, and utilities. 

In particular, millennials are twice as likely as boomers to say they depend on their credit cards for essential living expenses (59% vs. 29%).

That may be a product of Americans' meager savings in 2023. One-third of Americans (33%) have no emergency savings, and 43% say they could not afford a $2,000 emergency without using their credit card. 

Americans have, on average, about $7,549 in emergency savings — and those without credit card debt have about $2,000 more stowed away than those with debt ($8,758 vs. $6,537).

Gen Z lags well behind millennials and baby boomers in terms of emergency savings. In fact, Gen Z averages more credit card debt ($4,461) than emergency savings ($4,247).

29% of Americans Max Out a Credit Card Every Month

Most experts say it's unwise to spend more than 30% of your credit card limit in an individual billing period. 

Yet 53% of Americans have maxed out a credit card at some point — including 29% who do so at least once per month. About 1 in 7 Americans (15%) say they don't even know their credit limit

Similarly, 42% of Americans admit to buying something with their card they can't afford to pay off right away at least once a month.

Nearly 2 in 3 Say America Will Become a Cashless Society

As a precaution during the COVID-19 pandemic, some restaurants and retailers stopped taking cash in favor of credit and debit cards. 

Most Americans expect this trend to become the norm at some point: 63% of credit card users say the U.S. will eventually become a cashless society, including 31% who think it will happen within 10 years.

For Americans today, cash is only the preferred payment method for tipping (57%). Debit cards are more often used to cover large expenses, such as housing payments (57%) and utility costs (55%). Credit cards are most common for travel (53%) and retail shopping (49%). 

Methodology

The proprietary data featured in this study comes from an online survey commissioned by Semya-Moya. One thousand credit card users were surveyed Aug. 3, 2023. Each respondent answered up to 24 questions related to their credit card spending, debt, and other financial matters. 

About Clever

Since 2017, Semya-Moya has been on a mission to make selling or buying a home easier and more affordable for everyone. 12 million annual readers rely on Clever's library of educational content and data-driven research to make smarter real estate decisions. To date, Clever has helped consumers save more than $160 million on real estate fees. Clever's research has been featured in The New York Times, Business Insider, Inman, Housing Wire, and many more.

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Frequently Asked Questions About Credit Card Debt

The post Credit Card Debt: 1 in 4 Americans Fall Deeper Into Debt Each Month (2023 Data) appeared first on Semya-Moya.

Millennial Home Buyers | Home Prices vs. Inflation | New Construction Homes | True Cost of Homeownership | Real Estate Agent Statistics | Rent Prices vs. Income | Attitudes Toward iBuyers | Climate Change and Home-Buying | Home Price per Square Foot | Recent Home Buyers | Where Americans Want to Live | Recent Home Sellers | Haunted House Data

The U.S. housing market of 2021 and 2022 witnessed an unprecedented surge in home prices, drastically changing the landscape for buyers, builders, owners, and sellers.

The COVID-19 pandemic rattled the job market and sent stocks plummeting, sparking a rapid grab for real estate. As demand rose, prices soared. Those who owned homes were presented with an opportunity to cash in, while many who didn't were either priced out of ownership or swept into an aggressive competition for remaining properties.

In addition to this supercharged supply-demand dynamic, the current housing market has introduced new trends and considerations, from an uptick in the use of real estate agents to a greater awareness of climate change impacts when buying a home.

To understand more about the housing industry's new realities, Semya-Moya and its partner websites have commissioned a series of surveys and data-driven analyses to gauge what it's like for Americans trying to navigate the real estate market. Read on for more.

1. Millennial Home Buyers
2. Home Prices vs. Inflation
3. New Construction Homes
4. True Cost of Homeownership
5. Role of the Realtor
6. Rent Prices vs. Income
7. Attitudes on iBuyers
8. Climate Change and Home-Buying
9. Home Price per Square Foot
10. Recent Home Buyers
11. Where Americans Want to Live
12. Recent Home Sellers
13. Haunted Houses

What the Housing Market Is Like for Millennial Home Buyers

As more millennials reach homeownership age, many still struggle to become first-time home buyers. The biggest financial hurdle for millennial home buyers in 2022 is the competitiveness of the market (59%), followed by the high price of houses (56%) and difficulty saving for a down payment (52%).

Key Statistics on Millennial Home Buyers in 2022

• 90% of millennial home buyers would consider buying a house sight unseen, and 82% would buy a fixer-upper.
• 46% of millennial home buyers expect to max out their budget when buying a home, and 17% would offer $100,000 or more above asking price for their dream home.
• About one-third of millennial home buyers (31%) plan to live in their next home for less than five years.

Source: Millennial Home Buyer Report (2022 Edition), Real Estate Witch, January 2022

» MORE: 27 Surprising Things About Recent Home Buyers

Why Millennials Can't Afford Homes: Home Prices vs. Inflation

Rising costs have priced many millennials out of homeownership. Home prices are rapidly outpacing inflation — increasing 1,608% since 1970, while inflation has increased 644%. Price hikes are offsetting wage raises across the nation, rendering increases to annual income less effective against inflation and climbing home prices.

Key Statistics on Home Prices vs. Inflation

• If home prices grew at the same rate as inflation since 1970, the median home price today would be just $177,788 – rather than $408,100.
• In 1985, the average baby boomer in their 30s paid $82,800 for a home, while millennials in their 30s paid $313,000 in 2019.
• The cities with the largest home price increases since 2000 are San Francisco (290%), Los Angeles (280%), and Riverside, Calif. (278%). The cities with the smallest increases are Cleveland (60%), Detroit (62%), and Memphis, Tenn. (72%).

Source: Home Prices vs. Inflation: Why Millennials Can't Afford Homes (2022 Data), Anytime Estimate, March 2022

What Home Buyers Say About New Construction Homes

New construction homes can be an appealing option for buyers struggling to beat their competition for existing homes. However, 92% of those who bought a new construction home say the process was more expensive than they anticipated, and 85% experienced some type of delay.

Key Statistics on New Construction Homes

• 89% of buyers deal with premature repairs or maintenance after moving into their newly built homes.
• 66% of new construction buyers have at least one regret about the home-building process, including 26% who wish they would've purchased an existing home.
• Fewer than half of the new construction buyers we surveyed (49%) worked with a real estate agent during the purchasing process.

Source: Most Americans Have Regrets About Buying a New Construction Home (2022 Data), Real Estate Witch, April 2022

The True Cost of Owning a Home

Owning a home means more than simply making a down payment and paying off a mortgage. The average homeowner pays about $15,405 each year — on top of their mortgage — for insurance, utilities, repairs, and other costs.

Key Statistics on the True Cost of Homeownership

• 52% of homeowners say they were surprised by the true cost of owning a home.
• One in eight homeowners (12%) say the benefits of owning a house are not worth the hassle.
• A majority of homeowners (60%) have experienced buyer's remorse, and 72% say they regret at least one aspect of their home purchase.

Source: The True Cost of Homeownership (2022 Data), Semya-Moya, February 2022

Real Estate Agent Statistics: More Americans Are Hiring Realtors

A hot seller's market in 2022 led to renewed interest in hiring a reliable realtor. Nearly 4 in 5 Americans selling their home (77%) plan to use a realtor, up from 54% in 2019.

Key Statistics on the Role of the Realtor

• 1 in 5 home sellers (19%) say the hardest part about selling their house is finding a realtor.
• Despite increasing interest in using a realtor, 47% of home sellers believe artificial intelligence (AI) can outperform a traditional real estate agent.
• Many home sellers don't fully understand the role of a real estate agent. About 47% incorrectly think their listing agent is responsible for appraising the home's value, and 34% overestimate the cost of commission.

Source: Role of the Realtor: Expectations and Misconceptions, Semya-Moya, April 2022

U.S. Rent Prices Are Outpacing Income

The gap between American workers' income and what they have to pay in rent has grown significantly over the last few decades. From 1985 to 2020, rent prices increased 149%, while income grew just 35%.

Key Statistics on Rent Prices

• From 1985 to 2020, the median U.S. rent-to-income ratio nearly doubled from 9% to 17%.
• The average rent-to-income ratio is 89% higher for millennials than it was for baby boomers at the same age in 1985.
• If rent prices grew at the same rate as income since 2000, the median rent in 2020 would cost about 34% less — $586 per month instead of $894.

Source: U.S. Rent Prices Are Rising 4x Faster Than Income (2022 Data), Real Estate Witch, May 2022

How Americans View iBuyers

iBuyers are real estate tech companies that make instant cash offers to sellers with flexible closing timelines. About 65% of homeowners say they are open to selling their home with an iBuyer, rather than listing with a real estate agent.

Key Statistics on iBuyers

• Millennials are more likely than baby boomers to express interest in selling with an iBuyer — 72% say they're open to the new tech compared to 52% of baby boomers.
• Despite interest in iBuyers, 72% of survey respondents were unable to define what an iBuyer is before being informed.
• 91% of homeowners consider avoiding expensive realtor commissions a priority when selling their homes.

Source: American Attitudes on iBuyer Companies (2022 Data), Semya-Moya, June 2022

How Climate Change Impacts Home-Buying

The threat of climate change is becoming more noticeable to the U.S. real estate industry. Despite the dangers, many of the states most threatened by disasters are home to some of the most in-demand metro areas for home buyers, including cities in Florida, Texas, and California.

Key Statistics on Climate Change and Home-Buying

• Since 1980, the four states most financially impacted by climate change have been Texas, Florida, Louisiana, and California. In fact, of the 145 billion-dollar disasters in the U.S. since 2012, Texas has been impacted by 73 of them.
• Texas is the state most at risk of hurricanes, river flooding, and winter storm damage.
• The states with the lowest risk of climate change impacts are clustered in the Northeast: Rhode Island, Vermont, Delaware, New Hampshire, and Maine.

Source: Home-Buying & Climate Change: The Riskiest and Safest Places in 2022, Home Bay, June 2022

U.S. Homes Are Rising in Price per Square Foot

Home buyers are quickly learning that smaller homes today are more expensive than larger homes have been in the past. The median price per square foot for a home has increased 310% since 1980, from $42 to $169. In addition, the median square footage of new single-family homes has increased 50% since 1980, from 1,570 to 2,356 square feet.

Key Statistics: Home Price per Square Foot

• Compared to the average baby boomer entering their 30s in 1985, the average millennial entering their 30s faces a 9.7% higher median sale price per square foot of house.
• The three cities with the lowest home prices per square foot are Memphis, Tenn., Cleveland, and Pittsburgh.
• The three cities with the highest home prices per square foot are San Jose, Calif., San Francisco, and Los Angeles.

Source: The Price per Square Foot for Homes Has Quadrupled Since 1980 (2022 Data), Home Bay, August 2022

Recent Home Buyers Are Making Big Sacrifices to Close

The U.S. housing market of 2021 and 2022 has been one of the most competitive in history. In order to secure a house, 41% of recent buyers made an offer on five or more homes, and 1 in 10 buyers (11%) made offers on 10 or more homes.

Key Statistics on Recent Home Buyers

• 80% of home buyers had to compromise on their priorities, and 72% have regrets about their purchase.
• 70% of those who purchased a home in 2021 or 2022 were first-time home buyers.
• Recent first-time buyers paid a median of $510,000 — 13% more than repeat buyers paid ($450,000). Almost one-third of all recent buyers (31%) paid over asking price.

Source: How Buyers Landed a Home in Today's Competitive Market (2022 Study), Anytime Estimate, August 2022

Where Americans Want to Live — and Don't Want to Live

People in the U.S. have a significant number of factors to consider when deciding where to settle down, and 92% of Americans say they're open to moving to another city or state.

Key Statistics on Where Americans Want to Live

• The biggest factors preventing Americans from moving are cost (52%) and proximity to family and friends (29%).
• On average, Americans surprisingly consider Virginia Beach, Va., the most desirable and most underrated city.
• On average, Americans consider Los Angeles the least desirable and most overrated city.

Source: The Best (and Worst) Places to Live in 2022, According to Americans, Home Bay, September 2022

What the Housing Market Is Like for Recent Home Sellers

The past two years were some of the best to sell a home in recent history, with a high competition among buyers making the process fast — and lucrative — for sellers. More than half of recent sellers (54%) accepted an offer within a month of listing, including nearly 1 in 5 (19%) who accepted an offer within a week. In addition, nearly all sellers (94%) received more than one offer on their home, including 54% who received five or more offers.

Key Home-Selling Statistics

• 80% of 2021 and 2022 sellers sold their home for at least asking price, including 35% who sold for more than the asking price.
• Despite the upside, 90% of home sellers have some regrets, including 25% who say they should have made more repairs before listing their home.
• 90% of sellers also compromised on their priorities. 2021 sellers, however, were 2.5x more likely than 2022 sellers to say they did not have to make compromises when selling, indicating a cooling market.

Source: 90% of Recent Home Sellers Have Regrets, Despite Hot Market (2022 Data), Semya-Moya, October 2022

Data on Haunted Houses in Real Estate

Many who wanted to purchase a home in 2022 found the ultra-competitive market to be a nightmare. So much so, that a majority of Americans (58%) would consider buying a house they believe to be haunted.

Key Haunted House Statistics

• Just under half of Americans (47%) would rather purchase a haunted house than live in a home that used to serve as a meth lab. Another 42% would prefer a haunted house to living within a mile of a waste management facility.
• About 24% of Americans say they've lived in a haunted house at some point.
• Ghosts are frightening — but 94% of homeowners are more afraid of home-repair issues, such as mold (63%), termites (63%), and foundation problems (60%).

Source: More Than Half of Buyers Would Purchase a Haunted Home in a Competitive Market (2022 Data), Real Estate Witch, October 2022

About Clever

Since 2017, Semya-Moya has been on a mission to make selling or buying a home easier and more affordable for everyone. 12 million annual readers rely on Clever's library of educational content and data-driven research to make smarter real estate decisions — and to date, Clever has helped consumers save more than $82 million on realtor fees. Clever's research has been featured in The New York Times, Business Insider, Inman, Housing Wire, and many more.

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Inflation Ranked Most Concerning Issue | Americans Expect Inflation to Last | Wages Not Keeping Up | What Americans Get Wrong | Who Deserves Blame? | How Americans Suggest Fixing Inflation

Americans rarely see eye to eye on important issues. But in 2022, they've found something to agree on: 4 in 5 Americans (78%) say the high rate of inflation has become a crisis.

After nearly a decade of inflation rates hovering between 1% and 3%, inflation reached 9.1% in June — the highest mark since 1981 — before settling at 8.2% in October. Americans are well aware of the problem. About 92% say they've cut costs in 2022.

No matter what (or whom) they blame for inflation, consumers remain deeply pessimistic about the issue, according to a new Semya-Moya poll of 1,000 Americans. In fact, 2 in 5 Americans (40%) believe the current rate of inflation is here to stay permanently.

Americans are so worried about inflation that they drastically overestimate its scope. Nearly 2 in 3 Americans (64%) wrongly say inflation is the highest it's ever been. (Inflation hit 23.7% in 1920).[20] Americans are also 6x as likely to overestimate the inflation rate as they are to underestimate it, according to our survey.

Read on for more data on American attitudes, worries, and misconceptions about inflation.

Americans Rank Inflation as the Most Concerning Issue Facing the Country

Americans rank inflation as the No. 1 issue facing the country, followed by health care, crime/gun violence, and abortion.

About half the country (47%) ranks inflation as one of the top three issues, with 23% ranking it No. 1 out of 10 choices. On average, Americans rank the following issues, in order of most concerning to least concerning, as:

1. Inflation
2. Health care
3. Crime/gun violence
4. Abortion/reproductive rights
5. Affordable housing
6. Race and racial issues
7. Climate change
8. Government spending
9. Immigration
10. LGBTQ rights

Our analysis also examined answer choices among respondents with liberal and conservative political views. For left-leaning respondents, inflation ranked No. 3, behind health care and abortion/reproductive rights.

Right-leaning respondents say their top issues are inflation, immigration, and government spending. Inflation is the only issue that ranks in the top three for both conservatives and liberals.

Most Americans Expect Inflation to Be Worse in 2023

Not only do Americans expect inflation to continue in 2023, they also expect it to get worse. Nearly 2 in 3 Americans (62%) say they expect the cost of everyday goods to rise in 2023. Only 12% expect prices to decline.

High gas prices have not gone unnoticed, either. The national average reached an all-time high of $5.11 per gallon in June and has since declined to about $3.90.[21]

Consumers are skeptical those prices will continue to fall. About half of Americans (47%) expect gas prices to increase in 2023, and just 24% expect them to decline.

Only 1 in 4 Americans (26%) believe the overall economy will get better in the next year, and just 25% expect stock values to rise.

2 in 5 Americans Say Elevated Rates of Inflation Will Never Go Away

Americans don't seem to think relief is just around the corner.

About 40% of Americans say elevated rates of inflation will be permanent. That's more than the 35% who say the current level of inflation is temporary. The other 25% say they don't know when inflation rates will subside.

In other words, only 1 in 3 Americans are confident inflation will subside eventually. Historically, extended periods of inflation aren't unheard of. The last time inflation rose above 8% was in September 1978, and it didn't drop below 8% until February 1982.[20]

Americans say today's elevated rates of inflation are:

• Permanent (40%)
• Temporary (35%)
• I'm not sure (25%)

Costs Are Rising, But Only 1 in 3 Americans Are Earning More Money

A staggering 93% of Americans say they have cut costs amid inflation in 2022. Yet fewer than half of them (37%) have seen their household incomes rise.

Talk of a recession has drawn headlines for much of the year. Although the definition of recession leaves some room for interpretation, about 2 in 3 Americans (68%) say one is on the way.[22]

In fact, 53% of Americans say the economy is already in a recession, including 48% of liberals, 50% of moderates, and 64% of conservatives.

Given the state of the economy, under a quarter of Americans think now is a good time to buy a home (22%) or start a family (23%).

How Americans Are Cutting Costs

Nearly all Americans (93%) have cut costs in 2022 and are using several tactics to save money amid inflation. They have:

• Stopped eating out as much (52%)
• Decreased nonessential spending (51%)
• Shopped at discount stores (46%)
• Decreased spending on entertainment (45%)
• Bought the cheapest products, regardless of brand (42%)
• Driven less (38%)
• Traveled less (36%)
• Put off planned purchases (33%)
• Decreased electricity/water use (30%)
• Taken on additional work (21%)
• Bought products before prices increase even further (21%)
• Moved to a more affordable location (11%)

» MORE: Ways High Inflation Could Impact Your Next Move

About 2 in 5 Americans Say They Can't Afford Everyday Goods

High prices have clearly put a dent in Americans' budgets. About 38% say they can't afford everyday goods, and most (53%) say they don't make enough money to live comfortably.

To help weather inflation, more than 7 in 10 Americans (71%) support a fourth stimulus check from the government — with liberals (80%) more likely to support the idea than conservatives (60%). However, there's evidence that more payments could make inflation worse.

Stimulus checks and similar spending measures may have added "about 3 percentage points" to the national inflation rate, according to the Federal Reserve Bank of San Francisco. (Though, the agency notes not spending that money could have led to deflation and other economic consequences.)[23]

The support for an additional stimulus check comes at a time when 97% of Americans say they've noticed everyday goods getting more expensive.

According to respondents, the most common items that cost more are:

• Food at the grocery store (85%)
• Gas (76%)
• Food at restaurants (67%)
• Utilities (61%)
• Cleaning products (54%)
• Toiletries (53%)
• Medicine/medical supplies (43%)
• Entertainment, such as movies, streaming services, and concerts (41%)
• Pet supplies (41%)
• Alcoholic beverages (29%)

Americans (Wrongly) Say Inflation Is at an All-Time High

Although Americans are feeling real pain from inflation, many are a little too confident that they understand inflation's scope. In fact, nearly 2 in 3 Americans (64%) wrongly believe inflation is the highest it has ever been in the U.S.

Although inflation is at a 40-year high, it has been higher several times in the last century. For example, inflation reached 19.7% in 1947, 12.3% in 1974, and 14.8% in 1980.[20]

Similarly, about half of Americans (46%) claim to know the current inflation rate, but only 25% actually do. In September (when the survey was conducted), the inflation rate was at 8.3%, but the average respondent thought it was 12.8%.

Most Americans overestimate inflation. Nearly 3 in 5 Americans (59%) wrongly think inflation is higher than 10%. That includes almost 1 in 5 Americans (17%) who believe inflation is 20% or higher.

All together, Americans are about six times more likely to overestimate (65%) than underestimate (11%) the inflation rate.

What Do Americans Think the Inflation Rate Should Be?

Many economists suggest an inflation rate of 2% to 3% is ideal because it can drive economic growth.[24]

Only 28% of Americans say inflation can be a good thing for the economy, but most proposed notably high percentages. In fact, the average suggested rate was 8.1%. If that were the case, the current 8.2% inflation rate would be little to worry about.

Other data in our survey is consistent with Americans' misunderstanding inflation. As we'll touch on below, about 1 in 10 Americans say printing more money would be a good way to reduce inflation.

What (and Whom) Do Americans Blame for Inflation? It Depends on Their Politics

Overall, Americans mostly blame inflation on COVID (58%) and supply chain issues (49%).

The most-blamed causes of inflation are:

• The COVID-19 pandemic (58%)
• Supply chain problems (49%)
• Government spending (45%)
• The Russian invasion of Ukraine (42%)
• Joe Biden's policies (39%)
• Congressional action/inaction (33%)
• Businesses looking to make a profit (29%)
• Stimulus checks (25%)
• The Federal Reserve (21%)
• Rising wages (21%)

A deeper look shows the culprits of inflation vary for liberal and conservative respondents. Conservatives are three times as likely to blame inflation on Biden (60% vs. 18%) and twice as likely to blame stimulus checks (34% vs. 16%) compared to liberals.

Among conservatives, the most blame is assigned to:

• President Joe Biden's policies (60%)
• Government spending (56%)
• Supply chain problems (51%)
• The COVID-19 pandemic (48%)
• Congressional action/inaction (39%)
• The Russian invasion of Ukraine (34%)
• Stimulus checks (34%)
• The Federal Reserve (25%)
• Rising wages (23%)
• Businesses looking to make a profit (20%)

Meanwhile, liberals are much more likely than conservatives to blame the Russian invasion of Ukraine (55% vs. 34%), and they are twice as likely to blame businesses trying to profit (37% vs. 20%).

Among liberals, inflation is most attributed to:

• The COVID-19 pandemic (65%)
• Supply chain problems (55%)
• The Russian invasion of Ukraine (55%)
• Businesses looking to make a profit (37%)
• Government spending (33%)
• Congressional action/inaction (29%)
• The Federal Reserve (18%)
• President Joe Biden's policies (18%)
• Rising wages (16%)
• Stimulus checks (16%)

Although most Americans blame inflation on the pandemic to some extent, about 55% of respondents still say the current inflation situation was preventable as opposed to unpreventable (23%).

Governments have some tools to address inflation, but there's little consensus among economists whether inflation can be avoided altogether.[25] As for its causes, some experts point to fallout from the pandemic and criticize the Federal Reserve for keeping interest rates low.[26]

It's worth noting that inflation is not a uniquely American problem in 2022. For example, the European Union is experiencing an inflation rate of about 10%.[27]

Americans Answer: Who Benefits From Inflation?

Curiously, Americans are more likely to say politicians in office benefit from inflation (36%) compared to political candidates running for office (27%).

Overall, Americans are most likely to say that wealthy people (44%) and large companies (44%) benefit from inflation.

• Wealthy people (44%)
• Large corporations (44%)
• Gas/oil companies (42%)
• U.S. government (38%)
• Politicians in office (36%)
• Political candidates running for office (27%)
• State and local governments (25%)
• Investors (e.g., real estate) (23%)
• Retailers (20%)
• Homeowners (10%)
• Renters (9%)
• Small businesses (8%)
• Low-income people (7%)
• No one (11%)

Conservatives say the biggest beneficiaries are the U.S. government (42%) and politicians in office (41%). Liberals say the biggest beneficiaries are large corporations (52%), gas companies (50%), and wealthy people (50%).

Among those who benefit most from inflation, experts point to energy providers, such as oil companies, and anyone paying off existing debt at a fixed interest rate.[28] So some homeowners, for example, end up paying less toward their mortgage than they would have had their interest rate moved with inflation.

How to Fix Inflation? Americans Differ on Ideas — Many of Them Bad

To curb inflation, economists often suggest raising interest rates and, in some cases, higher taxes to slow demand for goods and services.

The American public, however, is not particularly united on how to halt inflation, with no answer choice below getting more than 40% of respondents' support.

Some of the solutions, such as reducing spending or raising interest rates, are often brought up as potential fixes. However, 1 in 10 Americans wrongly think printing more money will reduce inflation.

The support for questionable solutions doesn't stop there. Sizable shares of Americans say the U.S. should cut taxes (28%) and decrease interest rates (19%) — both of which experts warn would likely lead to more inflation.[29]

Among Americans, the most common suggestions to reduce inflation are:

• Reducing government spending (37%)
• Electing different politicians (33%)
• Capping oil prices (32%)
• The end of the Russian invasion of Ukraine (32%)
• Decreasing taxes (28%)
• The Inflation Reduction Act (26%)
• Rent control (25%)
• Decreasing federal interest rates (19%)
• Student loan forgiveness (19%)
• Increased consumer spending (14%)
• Increased consumer savings (14%)
• Increasing taxes (11%)
• Increasing federal interest rates (11%)
• Printing more money (10%)
• Higher unemployment rates (9%)
• Increasing government spending (7%)

The top solution among right-leaning respondents is electing different politicians, suggested by 46% of conservatives but just 25% of liberals.

The most popular solution among left-leaning respondents is the end of the Russian invasion of Ukraine (41%).

In addition, liberals (36%) are about twice as likely as conservatives (17%) to say the Inflation Reduction Act will help curb inflation and three times as likely to say tax increases will help (19% vs. 7%).

What Inflation Means for 2022 Midterm Elections

Rising costs will be on the minds of many in the voting booth this fall. Among Americans who plan to vote in the 2022 midterm elections, 74% say inflation will play a part in how they vote.

Conservatives (49%) are twice as likely as liberals (26%) to say inflation will play a "significant" role in their vote, and liberals (34%) are twice as likely as conservatives (16%) to say it will have no impact.

Meanwhile, about 49% of respondents who identify as apolitical say they do not plan to vote, followed by 12% of moderates, 5% of conservatives and 5% of liberals.

Whether discontent over inflation will actually swing election results remains to be seen. At the federal level, the party in power usually loses seats in Congress, and Americans are already twice as likely to say they're personally doing worse financially since Biden took office (40%).[30] Only 17% say they're doing better.

Inflation has dominated headlines in 2022, and Americans feel the attention is justified. They are about twice as likely to say inflation hasn't gotten enough media coverage than they are to say it has gotten too much coverage.

• News outlets have spent the right amount of time covering inflation (48%).
• News outlets have not spent enough time covering inflation (36%).
• News outlets have spent too much time covering inflation (16%).

Like many of our data points, opinions of media coverage vary based on respondents' political views. Conservatives (47%) are twice as likely as liberals (25%) to say inflation hasn't gotten enough media attention.

Methodology

The proprietary data featured in this study comes from an online survey commissioned by Semya-Moya. One thousand Americans were surveyed Sept. 14-15, 2022. Each respondent answered up to 21 questions related to their views on inflation in the U.S.

About Clever

Since 2017, Semya-Moya has been on a mission to make selling or buying a home easier and more affordable for everyone. 12 million annual readers rely on Clever's library of educational content and data-driven research to make smarter real estate decisions—and to date, Clever has helped consumers save more than $82 million on realtor fees. Clever's research has been featured in The New York Times, Business Insider, Inman, Housing Wire, and many more.

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Frequently Asked Questions About Inflation

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An Epidemic of Stress | Young Americans and Stress | The Most Stressful Decade | Financial Stress | The Cost of Living | Housing Stress | Stress at Work | Relationships and Stress | Stress Relief and Therapy

Modern science has shown that stress is more than simple annoyance. Stress can contribute to a weakened immune system, digestive problems, and high blood pressure — increasing the risk of heart disease and stroke.[31]

In a literal sense, a stressful society harms its people. A new survey of 1,000 U.S. adults from Clever shows just how much stress the average American faces on a daily basis.

More than 3 in 5 Americans (61%) say their stress is at an all-time high, and 59% say the past 12 months have been the most stressful of their entire lives.

Although stress comes from many sources, the data shows financial struggles have the most significant impact on Americans' negative mental state.

About 4 in 5 Americans (80%) are stressed about the cost of living, and 61% of Americans say financial stress has caused them to experience physical symptoms, such as headaches or a lack of sleep.

The data shows a clear generational gap — with younger Americans reporting noticeably higher levels of stress than their older counterparts. More than half of both Gen Zers and millennials (55%) say they struggle to function because of stress, compared to just 30% of baby boomers.

Read on for more insights about what's causing stress to Americans.

55% of Americans Say They're Unable to Enjoy Life Due to Stress

Stress prevents more than half of Americans (55%) from enjoying their lives. In fact, more than 3 in 5 Americans (61%) say they experience physical symptoms, such as headaches or a lack of sleep, because of stress.

Discussing stress and mental health has become less taboo over the past few years.[32] Despite progress on that front, Americans, especially young Americans, still face considerable mental health challenges.

About 57% of Americans say they're stressed about their mental health — with millennials (62%) and Gen Z (70%) twice as likely to say so as baby boomers (32%).

Just as concerning as high stress levels, 30% of Americans say they're not taking any steps to improve their mental health. Many are likely feeling too overwhelmed — about 48% of Americans told us they cry at least once a week.

Young Americans Say They Are More Stressed Than Ever Before

Millennials and Gen Z are practically competing to see which generation is the most stressed. Nearly two-thirds of millennials (65%) and Gen Zers (64%) say they're more stressed now than ever before, compared to just 43% of baby boomers.

About 61% of Gen Zers describe their amount of stress as "unreasonable," and 59% of Gen Zers say they have more stress than the average person. Millennials and Gen Z (55%) are nearly twice as likely as baby boomers (30%) to say they struggle to function because of stress.

The younger a generation is, the more likely it is to rate its mental health as poor or very poor:

• Gen Z (48%)
• Millennials (40%)
• Gen X (34%)
• Boomers (17%)

Millennials, on average, rate their stress highest on a scale from 1 to 10, where 1 is not stressed and 10 is very stressed:

• Gen Z: 7.00
• Millennials: 7.18
• Gen X: 6.96
• Baby boomers: 6.06

Americans Say the 2020s Have Been the Most Stressful Decade of the Last 60 Years

Americans feel they're living in an exceptionally stressful time. About 59% of Americans, including 67% of Gen Z and 64% of millennials, say the last year has been the most stressful of their entire lives.

Considering the pandemic, heightened political division, and economic uncertainty, it's not hard to see why nearly half of Americans (45%) say the 2020s have been the most stressful decade since the 1960s.

A plurality of Americans (22%) consider the 1990s to be the least stressful decade, followed by the 2000s (19%) and 1980s (17%).

Many Americans say they're more stressed now than they were at other notable times of crisis in the U.S., such as the height of the COVID-19 pandemic (38%) and the Great Recession (44%).

Nearly 2 in 3 Americans Say Social Media Has Been Bad for Society

One factor contributing to Americans' stress may be the easy access to distressing headlines from media outlets, particularly on social media. More than half of Americans (60%) say the news increases their stress.

Additionally, nearly 2 in 3 Americans (63%) say social media has been bad for society, including 69% of Gen Z Americans.

Americans of all age groups say social media has had a negative impact on society:

• Gen Z (69%)
• Millennials (62%)
• Gen X (61%)
• Baby boomers (63%)

Nearly half of Americans (47%) say politics, and political news specifically, stresses them out.

Personal Finance: 44% of Americans Have Skipped Meals to Afford Bills

Some have nicknamed 2022 "the year of inflation frustration." [33] So it makes sense that Americans in 2023 consider money to be the biggest source of stress in their lives, ranking it ahead of work, relationships, mental health, and physical health.

Overall, 61% of Americans are stressed about their personal finances.

Some are struggling more than others. About 44% of Americans say they have skipped meals to afford bills, with millennials (49%) much more likely to do so than baby boomers (30%).

It's not unusual for Americans to lack a financial safety net. About 7 in 10 Americans (69%) say they're stressed about not having enough emergency savings.

The most common sources of financial stress are:

• Not having enough emergency savings (69%)
• Spending more money than they earn (58%)
• Not having enough money to afford necessities (57%)
• Not having enough money saved for retirement (57%)
• Having less money than friends (53%)
• Paying taxes (51%)
• Medical bills/debt (47%)
• Credit card debt (46%)
• A lack of financial literacy (44%)

Gen Z has an especially bleak outlook, joining the workforce at a time when costs for food, housing, and other necessities are climbing. That may be why 65% of Gen Zers are stressed about spending more money than they earn, more than any other age group.

4 in 5 Americans Are Stressed About the Cost of Living

In addition to stress over personal finances, many Americans are concerned about big-picture issues that impact their quality of life. About 80% of Americans say they're stressed about the overall cost of living in 2023, and 73% are stressed about inflation.

Some of the most stressful national issues for Americans include:

• The cost of living (80%)
• Inflation (73%)
• The economy (72%)
• The cost of health care (58%)
• The job market (53%)
• The COVID-19 pandemic (50%)
• Climate change (47%)
• Conflict in other countries (42%)
• The cost of college tuition (37%)

About 62% of Gen Z respondents are stressed about the job market — the largest share of any generation. They also have the highest share of respondents stressed about the cost of college tuition (47%).

Nearly 2 in 3 Millennials Are Stressed About Housing Prices

The past few decades have seen home prices and rental rates swiftly outpace incomes, making homeownership feel like a pipe dream for many millennials.

More than 3 in 5 Americans (61%) are stressed about housing prices, with millennials (64%) more likely to be stressed than baby boomers (49%).

Nearly half of millennials (44%) say they've skipped meals to afford housing payments at some point — more than double the share of baby boomers (20%) who have done so.

Across all ages, 39% of Americans have skipped meals to afford housing payments. Additionally, 45% of Americans — including 50% of millennials — have taken on extra work to afford housing at one time or another.

88% of Homeowners Find Some Aspect of Their Home Stressful

Although many potential home buyers are facing an uphill battle with high prices and interest rates, current homeowners aren't necessarily feeling that much better.

About 88% of homeowners find some aspect of owning a home stressful, including:

• Maintenance (47%)
• Unexpected expenses (47%)
• The general cost of owning a home (41%)
• Their current mortgage rate (23%)
• Bad neighbors (19%)
• Disliking where they live (18%)

In fact, a whopping 34% of homeowners say they'd be less stressed if they didn't own a home.

84% of Renters Are Stressed About Not Owning a Home

Some homeowners think the grass may be greener as a renter, but most renters (62%) say they'd be less stressed if they were homeowners.

About 84% of renters have been stressed about not owning a home at some point, including 41% who are always or often stressed about not being a homeowner.

Most Common Sources of Workplace Stress: Low Pay and Poor Work-Life Balance

There's a reason why nearly half of Americans (49%) consider Monday the most stressful day of the week: Work is a significant source of pressure for Americans, with 57% stressing about their pay and 46% stressing about a bad work-life balance.

The most common sources of stress in the workplace among workers who aren't self-employed are:

• Their pay/salary (57%)
• Poor work-life balance (46%)
• The amount of work assigned to them (45%)
• Their work schedule (e.g., lots of hours) (43%)
• Their immediate boss/supervisor (42%)
• Not enough paid time off (41%)
• Their co-workers (40%)
• Poor benefits (e.g., health insurance, 401k, etc.) (37%)
• Lack of flexibility (e.g., strict hours, lack of remote work, etc.) (36%)
• Communications outside of work hours (36%)
• Lack of job security (33%)
• Unpaid overtime (31%)
• Lack of diversity (27%)
• Excessive meetings (27%)
• Workplace discrimination (e.g., racism, sexism) (24%)

1 in 3 Black Workers Are Stressed About a Lack of Diversity at Their Job

Discrimination and a lack of diversity are especially stressful for people of color in the workplace.

Black workers are 41% more likely than white workers to cite a lack of diversity as a source of stress and 30% more likely to cite workplace discrimination as a source of stress.

Discrimination, of course, isn't limited to the workplace. Black Americans (73%) in general are 2x as likely as white Americans (34%) to agree with the statement, "Life is especially stressful for people of my race/ethnicity."

3 in 5 Americans Say Stress Negatively Affects Their Relationships

It's not uncommon for Americans to take home stress from work. About 59% of Americans, including 66% of Gen Z, say stress has negatively impacted their relationships with friends and family.

Many are unable to mask their stress even around their loved ones. About 50% of Americans say they've had friends or family comment on their high level of stress.

Just as stress impacts relationships, relationships often impact stress right back. Young Americans are particularly likely to say their relationships are a source of stress.

In general, Americans are most likely to say their kids or spouse/partner are a source of stress, ahead of their parents, siblings, and others.

The most common sources of stress in Americans' personal lives are:

• Their kid(s) (46%)
• Their spouse/partner (46%)
• Their parent(s) (45%)
• Their sibling(s) (40%)
• Their ex (34%)
• Their in-laws (34%)
• Their neighbor(s) (30%)
• Their roommate(s) (30%)

Depending on the frequency of stress, some Americans might start quiet quitting their friendships. Just under half of Americans (49%) say their relationships sometimes cause more stress than they're worth.

2 in 5 Americans Drink Alcohol or Overeat to Relieve Stress

Americans have a variety of methods for relieving stress, with some healthier than others. For example, 43% of Americans relieve stress by meditating, the same percentage of people who reduce stress by overeating (43%).

The most common ways to relieve stress are:

• Listening to music (83%)
• Watching TV/movies (80%)
• Napping/sleeping (73%)
• Talking to a loved one (66%)
• Interacting with a pet (63%)
• Crying (59%)
• Exercising (55%)
• Reading a book (45%)
• Overeating (43%)
• Meditating (43%)
• Taking time off work (43%)
• Lashing out at others (41%)
• Smoking/vaping nicotine/tobacco (40%)
• Drinking alcohol (39%)
• Overshopping (34%)
• Smoking/vaping cannabis (34%)

When it comes to reducing stress, Gen Z is especially likely to get emotional. More than two-thirds (68%) say they relieve stress by crying, and 45% say they lash out at others.

Fewer Than 3 in 10 Americans Say They See a Therapist

Despite the growing demand for mental health services, [34] only about a quarter of Americans (27%) seek outside counseling as a way to reduce stress and improve their mental health.

Of those who don't go to therapy, the most common reason is it's too expensive (27%). Meanwhile, about 1 in 8 Americans (12%) say they don't think therapy even works.

Americans don't see a therapist because:

• It's too expensive (27%).
• They don't think they need to see a therapist (24%).
• They don't think therapy works (12%).
• They're too busy (11%).
• It's too hard to get an appointment (9%).

Nearly 4 in 5 Americans Say the World Would Be a Better Place With More Emphasis on Mental Health

Whether or not they're in therapy, most Americans see value in taking mental health more seriously.

When it comes to mental health, Americans say:

• The world would be a better place with more prioritization of mental health.(77%).
• There is an unjustified stigma around prioritizing mental health (70%).
• U.S. society places too little emphasis on maintaining mental health (69%).
• They're willing to pay more in taxes for the government to provide better access to mental health services (52%).
• Living in the U.S. is more stressful than living in other developed countries (51%).

Although Americans report high rates of stress, they're optimistic that they'll eventually be in a better place mentally:

• 59% of Americans say they'll be less stressed a year from now.
• 71% of Americans say they'll be less stressed 10 years from now.

Methodology

The proprietary data featured in this study comes from an online survey commissioned by Semya-Moya. One thousand Americans were surveyed Feb. 22-23, 2023. Each respondent answered up to 21 questions related to their level of stress.

Are you a member of the media interested in learning more about our research? Feel free to reach out! Contact this article’s author here.

About Clever

Since 2017, Semya-Moya has been on a mission to make selling or buying a home easier and more affordable for everyone. 12 million annual readers rely on Clever's library of educational content and data-driven research to make smarter real estate decisions. To date, Clever has helped consumers save more than $160 million on real estate fees. Clever's research has been featured in The New York Times, Business Insider, Inman, Housing Wire, and many more.

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Ranking 50 Cities | Top 15 Brunch Cities | Best Brunch Cocktail Cities | Rankings by Category | 10 Worst Brunch Cities | Methodology | FAQ

Whether you're celebrating springtime or recovering from a rowdy Saturday night, it's easy to make the case for brunch.

You can see syrup spill over pillowy pancakes. Hear crackles of bacon — clinks of cocktail glasses. Feel the steam rising off well-made omelets and the warmth of pleasant conversation.

A nourishing brunch can be a divine experience. Perhaps that's why 61% percent of Americans indulge in the marriage of breakfast and lunch.[35] But brunch isn't the same in every city. Some pull off the replenishing
weekend ceremony better than others.

To determine America's best brunch cities, we researched restaurant, menu, economic, and internet search data, culminating in a culinary ranking of 50 major U.S. cities, weighted by the following metrics:

• 6x: Google search activity for 20 various brunch foods and drinks
• 5x: The share of brunch restaurants per 100,000 residents
• 4x: The combined grocery price of five popular breakfast food and drink items
• 4x: Google search activity for the terms "brunch," "breakfast buffet," "brunch menu," "best brunch," and "bottomless brunch"
• 1x: Affordability of the above breakfast items based on local incomes

Feast your eyes on our findings below.

Ranking the 50 Best Brunch Cities

What Are the 15 Best Cities for Brunch?

What makes a city a great place to brunch? Looking at the top 15 as a group showcases why the cities listed below are the whipped cream of the crop.

• More Options: The top 15 cities have about 43% more brunch restaurants per capita than the average city in our study (10 per 100,000 people vs. 7 per 100,000).
• Affordability: The top 15 brunch cities have an average brunch food cost of $14.59, slightly cheaper than the $14.71 average cost of all cities in our study.
  • Brunching once a week for a year costs the average resident in a top-15 city 1.16% of their annual income. That's better than the overall average of 1.24% in our study.
• Passion for Brunch: The top 15 cities search the web for brunch foods more often. They have an average brunch passion score of 75 out of 100 compared to 65 for the average city in our study, a 15% advantage.

Want to know how much you really spend on brunch? Enter your information below to find out!

1. New Orleans, Louisiana

Sweet, savory, and Southern: No matter what flavor of brunch you're in the mood for, New Orleans has it all. The Big Easy has 20 brunch restaurants per 100,000 people — almost triple the average city we analyzed (7 per 100,000).

Why not add a little Bourbon Street to your breakfast? New Orleans residents rank in the top five nationally for Google searches of brunch cocktails. For an early dessert, New Orleans ranks first in searches for beignets, a delectable delicacy at spots such as the famous Cafe du Monde.

From the Creole creations at Saint John to smothered shrimp at Beaucoup Eats, there's enough variety
to have a filling Sunday — or a Fat Tuesday.

2. Las Vegas, Nevada

Brunch enthusiasts in Las Vegas are treated to cheaper prices than the average city in our study — $14.33 per meal compared to $14.71. This makes it a great town for brunchers who like to stay on top of their money — no need to risk it for a biscuit.

Residents are also more passionate about brunch than those in the typical city based on how much they search the web for brunch foods and beverages. Sin City has the second-highest search interest overall for brunch cocktails.

Two of the most commonly searched brunch items in Las Vegas are crepes (second-highest search activity in the country) and bellini cocktails (third-highest).

You could try the red velvet pancakes of Freedom Beat or the all-you-can-drink special at Aces & Ales.
Though, unfortunately for visitors, the calories you consume won't stay in Vegas.

3. San Diego, California

San Diego residents spend a lot of time daydreaming about brunch, as evidenced by a passion score of 81 — about 25% higher than the average score on our list (65), according to Google Trends data.

This California city ranks No. 1 on our list for search interest in avocado toast, a trendy treat locals can find at eateries such as Common Stock.

San Diego also ranks in the top five on our list for brunch restaurants per capita, with 12 spots per 100,000 people. With a wealth of options — including the all-day champagne breakfast at Breakfast & Bubbles — it's never too late to get your brunch on.

4. Portland, Oregon

People looking to pig out in Portland have come to the right place. The Oregon city has twice as many restaurants serving brunch as the average metro in our study (14 per 100,000 people vs. 7 per 100,000).

Residents are often scouring the web for brunch-related foods: Portland ranks No. 2 in the U.S. for its brunch passion score of 96 — much higher than the average score on our list of 65, according to Google Trends data. The city also ranks No. 1 in the nation for search interest in bacon. (Did somebody say Porkland?)

Hungry hipsters might enjoy the pork-belly of Baon Kainan or the artful creations at Kimura Toast Bar. Be sure to
stop by brunch at Hey Love for slushees spiked with rosé while in the Rose City.

5. Milwaukee, Wisconsin

Milwaukee is one of the top cities for brunchers on a budget. Brunch here costs about $12.75, 15% cheaper than the average city in our study ($14.71).

Those savings add up over time. Someone eating brunch once a week in Milwaukee can expect to spend $663 a year — about $100 less than a resident of the average city in our study would spend ($765).

Google search data reveals the city ranks No. 1 overall for interest in brunch cocktails, scoring a perfect 100 in our brunch cocktail passion metric. Milwaukee also ranks best specifically for interest in bloody marys, suggesting residents might like to fight off hangovers with a little hair of the dog.

It's no surprise that one of the city's top brunch spots is also known for its bar, which was shipped over from a pub in England, the birthplace of brunch.[36]

6. Salt Lake City, Utah

Thanks to its Google search interest in brunch, Salt Lake City has a passion score of 82 — 26% higher than the average score of 65 in our study. The city ranks No. 1 in the nation for search interest in crepes, such as the ones you can find at Roots Cafe.

The city has a booming brunch scene, with 11 brunch spots per 100,000 people — 1.5x the average city on our list. And a typical brunch costs about $13.30, cheaper than the $14.71 you'd pay in the average city we analyzed.

With low local search interest in brunch cocktails, you might have to look harder to find a place where you can catch a buzz at brunch, such as the "highball hideout" of Blue Gene's.

7. Austin, Texas

In addition to ranking in the top 10 in brunch restaurants per capita, Austin is also one of the best cities for brunch cocktails. It ranks No. 6 in that category thanks to a brunch cocktail passion score of 68 — 31% higher than the average city we analyzed (score of 52), according to Google Trends data.

The scrumptious brunch menu at Josephine House has a slew of creative cocktails, and you can always stick around a little longer for happy hour.

The data shows screwdrivers might be Austin's favorite cocktail. The city ranks No. 2 on our list for online search interest in the vodka-orange juice alliance, behind only San Antonio.

8. San Jose, California

Brunch in this Golden State city is a steal. San Jose ranks No. 2 on our list for affordability when accounting for residents' annual incomes, behind only San Francisco. However, individual brunch prices tend to be better in San Jose, where locals spend about $14.81 per meal compared to $18.41 in San Francisco.

Based on Google Trends data, San Jose residents scored a 78 on our brunch passion metric, higher than the typical score of 65 among the cities we analyzed. The Silicon Valley city scored No. 1 for interest in dim sum, which you can find all day, every day at Ocean Delight Seafood Restaurant.

When it comes to brunch cocktails, San Jose ranks No. 1 on our list for interest in Irish coffee, which one can find at spots such as Rosie McCann's Irish Pub & Restaurant.

9. Denver, Colorado

From the classic eats at Jelly Cafe to the dim sum of Star Kitchen, the list of brunch choices in Denver
is a mile high.

Denver residents are clearly passionate about their rocking brunch scene. Their volume of brunch-related web searches earns them a passion score of 81, which is 25% higher than the average city in our study (score of 65). That puts Denver at No. 6 nationwide for love of the breakfast-lunch combo.

And remember: If your alarm wakes you up in the morning after a long hike or a late night on the town, don't forget to hit Snooze!

10. Chicago, Illinois

Rounding out the top 10, the Windy City enjoys a winning brunch scene. In addition to ranking fifth on our list for affordability, the city also has a population that knows how to appreciate brunch. Chicago earned a brunch passion score of 71 thanks to a high number of brunch-related web searches, better than the average city's score of 65.

Chicago residents are happy to go traditional or eat outside the box. The city ranks third on our list for pancake passion (such as the pistachio pancakes of Ocaso Kitchen & Bar) and supports unique spots such as Bloom Plant Based Kitchen and swanky Segnatore.

Unlike a lot of big cities, Chicago ranks No. 15 on our list for best prices for brunch. The typical brunch here costs $13.61, more than a dollar less than the average city on our list ($14.71).

11. Minneapolis, Minnesota

Substantial searches for brunch-related terms make Minneapolis No. 3 in our rankings for brunch passion, behind only Seattle and Portland.

No city tops Minneapolis in affection for hash browns, as the city claims the highest search numbers for that term. Minneapolis also ranks No. 2 for search interest in bacon, according to Google Trends data. Hungry visitors can try both of these local favorites at the homey haunt known as Our Kitchen.

Residents are also open to a boozy brunch. That's clear based on their No. 2 ranking in searches for bloody marys, which one can find at The Lynhall. If you have too many, Minneapolis is conveniently one of our top-ranked cities for public transportation.

12. Baltimore, Maryland

Despite being a large metro, Baltimore doesn't pay big-city prices for brunch. The average brunch price comes out to $14.76, just five cents more than the average of $14.71 in the 50 cities we studied.

Baltimore ranks in the top five in online search interest for two particular brunch foods. The first is bagels, varieties of which are a-bun-dant at Bottoms Up Bagels.

The second is omelets, which, of course, plenty of brunch restaurants are happy to whip up. It's worth specifically mentioning the Rusty Scupper Restaurant & Bar, which has multiple omelet stations, making it easy to get eggs-actly what you're looking for.

13. Philadelphia, Pennsylvania

Paying for one brunch each week in Philadelphia comes out to about $756 a year. Using the city's average income, a typical resident would spend about 1.08% of their salary on a weekly brunch — 15% cheaper than the average of the 50 cities we analyzed (1.24%).

Google Trends data shows Philadelphia residents are particularly passionate about French toast. The city has higher search numbers for that breakfast treat than any other city we studied.

Adventurous brunchers might like the cheesecake French toast of Booker's Restaurant and Bar or the Honey Cristo sandwich made with ham and challah French toast at Honey's Sit 'n Eat.

14. Washington, D.C.

It's a good thing the typical Washington resident has some money to spare, as brunch prices tend to be higher in the nation's capital. At $16.60, the district averages the seventh-highest brunch prices on our list, as the average city in our study saw a cost of $14.71.

Then again, locals here get what they pay for, as evidenced by the impressive entrees such as the truffle omelets of Le Diplomate and the soufflés at The Lafayette inside The Hay-Adams hotel.

15. Kansas City, Missouri

This city on the border of the Show Me State has an admirable appreciation for brunch. Kansas City ranks No. 16 in our brunch passion metric based on the amount of web searches they conduct for brunch foods and drinks.

The numbers show Kansas City residents in particular love some sweetness in their brunch. The city has a higher search volume for cinnamon rolls than any other locale on our list. (Then again, how could we expect another town to compete with the jumbo rolls of The Brass Onion?)

That affection carries over to brunch cocktails. Kansas City ranks No. 20 for brunch cocktail passion, according to Google Trends data.

10 Best Cities for Brunch Cocktails

Many brunch enthusiasts enjoy a drink while they dine. So we ranked the 10 best cities for brunch cocktails based on Google Trends interest for six popular brunch beverages: mimosas, bloody marys, bellinis, Irish coffee, screwdrivers, and sangria.

Here are the cities that scored the highest and have us buzzing:

1. Milwaukee, Wisconsin (100)
2. Las Vegas, Nevada (78)
3. Providence, Rhode Island (75)
4. New Orleans, Louisiana (72)
5. Norfolk, Virginia (69)
6. Austin, Texas (68)
7. San Francisco, California (68)
8. San Jose, California (68)
9. Buffalo, New York (66)
10. Tampa, Florida (63)

Taken as a group, these 10 cities have a combined brunch cocktail passion score of 73 — 40% higher than the average score of 52 for all cities we analyzed. The top cocktail city is Milwaukee, which has a brunch cocktail passion score of 100 — nearly double the average of 52.

Milwaukee also ranks No. 1 in the nation for search interest in bloody marys.

Out of all 50 cities, sangria has the highest average search volume among the six cocktails we measured.

Data Details: Top 5 Rankings by Category

Show more

The 10 Worst Brunch Cities

Unfortunately, the data shows some towns' brunch scenes are more gristle than griddle. As much as we'd like to sugarcoat the bad news, we also don't want to walk on eggshells around these cities, which make up the bottom 10 of our rankings:

1. Riverside, California
2. Birmingham, Alabama
3. Memphis, Tennessee
4. Sacramento, California
5. Louisville, Kentucky
6. Jacksonville, Florida
7. Dallas, Texas
8. Tampa, Florida
9. Hartford, Connecticut
10. Pittsburgh, Pennsylvania

Why do these places lag behind? Taken as a group, the bottom 10 cities have about 6 brunch spots per 100,000 residents, lower than the 50-city average of 7 per 100,000. Based on Google Trends data, these cities also spend less time searching the web for brunch with an average passion score of 54, lower than the overall average of 65 in our study.

Brunch takes a bigger bite out of one's budget in the bottom 10 cities. The average cost of $15.14 for brunch in these 10 metros is pricier than the average of $14.71 among all cities we analyzed. And affording a weekly brunch would cost a resident 1.39% of their annual income, more than the 1.24% average of the 50 cities we looked at.

Riverside ended up as the worst city for brunch, according to the data. This otherwise enjoyable California town sank in our rankings because:

• It has the lowest number of brunch restaurants per capita of any city in our study (2 per 100,000 people vs. the average of 7 per 100,000).
• A weekly brunch takes up 27% more of residents' yearly budgets in Riverside than in the average city we examined. It would cost 1.69% of a local's average annual income to have brunch once per week for a year, the highest percentage of any city
  on our list.
• Residents don't spend much time searching for brunch foods on the web. Riverside has a brunch passion score of 43 compared to the typical score in our study of 65, according to Google Trends data.

While those stats might leave a bad taste in your mouth, mornings in Riverside can still be friendly to consumers — the city is blessed with some of the best coffee prices in the country.

Methodology

Semya-Moya compared the 50 most populous U.S. metro areas across 36 metrics, listed below. Each metric was normalized and graded on a 100-point scale. The combined weighted average of each score determined the overall "brunch city" score upon which the final ranking was based.

In cases where data sets included only cities, the city data was combined and weighted by population within the overall metro in which the city belonged. In cases where data sets included only counties, county data was crosswalked with metropolitan data.
In cases where data sets included only states, the state where the largest portion of the metro is located was used.

The metrics used are as follows:

• Google Trends popularity of 20 different brunch foods and drinks in each metro (30% of total, 1.5% each)
• Number of brunch restaurants per 100K residents in that metro (25% of total)
• Average price of an assortment of popular brunch foods in each metro (20% of total; 4% each)
• Google Trends popularity of 5 different descriptive terms for brunch in each metro (20% total; 4% each)
• Affordability of brunch foods: The average price divided by the average annual income in that metro (5% of total; 1% each)

About Clever

Since 2017, Semya-Moya has been on a mission to make selling or buying a home easier and more affordable for everyone. 12 million annual readers rely on Clever's library of educational
content and data-driven research to make smarter real estate decisions—and to date, Clever has helped consumers save more than $82 million on realtor fees. Clever's research has been featured in The New York Times, Business Insider,
Inman, Housing Wire, and many more.

More Research From Clever

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Find the best low commission real estate agents and brokers, so you can sell with a full-service realtor and save thousands on commission fees!

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Frequently Asked Questions About Brunch Cities

What's the best brunch city?

New Orleans is the best city for brunch in the U.S. The Louisiana city has 20 brunch restaurants per 100,000 people — more than double the average city. Learn more.

What is brunch?

Brunch is a combination of breakfast and lunch often taking place in the late morning or early afternoon. Dating back to 1800s England, brunch was pitched as a way to recover from Saturday nights, allowing eaters to sleep in later than normal. Which U.S. cities do brunch the best?

What are some brunch food ideas?

Popular brunch foods include waffles, pancakes, French toast, eggs, bacon, oranges, bananas, and many others, though the qualities — and quantities — of brunch vary from city to city. Learn more.

The post The Best Brunch Cities in America: 2022 Data appeared first on Semya-Moya.

Ranking 50 Pizza Cities | Americans' Favorite Pizza Cities | Top 15 Cities for Pizza
| Honorable Mentions | Rankings by Category | 10 Worst Pizza Cities | Methodology | FAQ

Americans have a rich tradition of incorporating cuisines from different countries into their shared identity. It's easy to find examples of originally foreign foods — such as pasta, sushi, and tacos — that have turned into U.S. favorites.

But one entree stands alone as the most widely appreciated adaptation — pizza. And why shouldn't
Americans cherish pizza? They like bread. They like cheese. They like red sauce under their mozzarella, ella, ella, eh, eh, eh.

What Americans don't like, however, is hearing that restaurants in a neighboring city or state make better pizza than their local spots. But honor, like pizza, is forged in fire.

In that spirit, we have once again set out to determine the best pizza cities in the U.S. We reviewed restaurant data, geographical data, and surveyed 1,000 Americans to get their hottest takes on pizza.

In all, we used multiple metrics, weighted in the following manner:

• 4x: Pizza reputation (survey of 1,000 Americans)
• 4x: Online search activity for 25 pizza-related terms ("pizza passion")
• 2x: Average price of a large cheese pizza
• 1x: Average price of a large pepperoni pizza
• 1x: Average Yelp rating for pizza restaurants
• 1x: Rate of pizza restaurants per 100,000 residents

Here's what we cooked up.

The 50 Best Pizza Cities, Ranked

The map below lays out the landscape of pizza in the U.S. Anyone considering a pizza-themed road trip would be wise to prioritize the states bordering Lake Erie — also known as the Crust Belt.

Americans' Favorite Pizza Cities

To find out what the average American considers the best city for pizza, we asked 1,000 people to list their top five pizza cities. About 41% of people included New York in their top five, the most of any city. Here are the most (and least) popular choices overall.

Top 10

1. New York, NY: 40.5%
2. Los Angeles, CA: 39.8%
3. Chicago, IL: 35.4%
4. San Diego, CA: 24.3%
5. San Francisco, CA: 24.2%
6. Sacramento, CA: 20.3%
7. Buffalo, NY: 18.2%
8. Miami, FL: 17.2%
9. Phoenix, AZ: 17.0%
10. Boston, MA: 15.2%

Bottom 10

1. Oklahoma City, OK: 1.7%
2. Providence, RI: 1.9%
3. Columbus, OH: 2.1%
4. Charlotte, NC: 2.4%
5. Cincinnati, OH: 2.4%
6. Milwaukee, WI: 2.5%
7. Raleigh, NC: 2.7%
8. Cleveland, OH: 2.7%
9. Portland, OR: 3.0%
10. Minneapolis, MN: 3.1%

Public opinion is an important ingredient in our final rankings, but simply a piece of the pie. One pizza da puzzle.

The 15 Best Cities for Pizza

We didn't want our rankings to feel half-baked, so we included multiple factors to ensure the greatest all-around pizza cities rose to the top. Here are the best of the best.

1. Detroit, Michigan

Once again, Motor City finds itself topping our pizza podium, with multiple metrics working in its
favor.

The average price for a large cheese pizza in Detroit is $14.83 — 27% cheaper than the typical cost ($18.81) among all cities reviewed. Only a handful of cities have lower prices.

Detroiters also show a measurable passion for pizza through their internet activity. We analyzed 25 pizza-related search terms and found Detroit has the highest Google Trends score (99 out of 100) of any city in our study — 52% higher than the average score of 65.

Baked into that calculation is Detroit's No. 1 Google Trends score for BBQ chicken pizza, No. 1 score for Detroit-style pizza, and No. 2 score for meat pizza.

» Best Pizza in Detroit: Grandma Bob's and Niki's Pizza

2. Hartford, Connecticut

Hartford clearly values pizza's Mediterranean roots. It has the highest Google Trends score for both Neapolitan and Greek pizza.

Hartford matches that passion for variety with superb value. A large cheese pizza in Hartford costs an average of $15, making it 25% cheaper than the typical city's price of $18.81.

As a bonus, Connecticut's capital also ranked second nationwide in our recently released list of America's best coffee cities. It's clear that — whether you like your indulgences baked or brewed — it's hard to top Hartford.

» Best Pizza in Hartford: Joey's Pizza Pie and Harry's Bishops Corner Pizza

3. Boston, Massachusetts

This patriotic city has transformed into a pizza paradise. Boston has 12.3 pizza places per 100,000 people — 46% more than the average city in our study (8.4 per 100,000).

People across the country are starting to notice Boston's pizza prowess. When we asked 1,000 people to name their top five pizza cities, 15% of them included Boston, the best result for any New England city.

In terms of variety, Boston also ranks in the top five nationally for Google searches of Greek pizza (No. 2) and pizza bagels (No. 4).

» Best Pizza in Boston: Ciao! Pizza and Pasta and Stoked Pizza Co.

4. Phoenix, Arizona

Phoenix soared in our rankings this year because of the addition of two new metrics: the average Yelp rating of pizza restaurants and a pizza reputation survey.

Pizza restaurants in Arizona's capital have an average Yelp rating of 4.2 stars, the fifth-best result of the 50 cities we reviewed. When we surveyed 1,000 people to ask for their top five pizza cities, 17% of Americans mentioned Phoenix.

Still, Americans seem to underrate Phoenix's pizza potential. The city also brings affordability to the table. The average price of a large cheese pizza is $14.83 — 27% cheaper than the average price ($18.81) in the 50 cities we analyzed.

» Best Pizza in Phoenix: Pizzeria Bianco and Spinato's Pizzeria

5. Philadelphia, Pennsylvania

Philadelphia climbed into this year's top five from No. 9 in 2022. The city owes its success in part to a high number of pizza restaurants per capita. Its rate of 11.5 per 100,000 people is better than the 8.4 pizza spots per 100,000 in the average city.

Philadelphia residents frequently search the web for pizza-related terms, scoring an 85 in our Google Trends metric — 31% higher than the average city's score (65). Philly's overall score includes ranking No. 2 in search activity specifically for tomato pie and pizza margherita.

Philadelphia could've ranked even higher, but was penalized for holding ... higher-than-average prices for pepperoni pizza ($22.00 vs. $21.79).

» Best Pizza in Philadelphia: Santucci's Pizza and Angelo's Pizzeria

6. San Diego, California

San Diego is starting to meet its pizza potential. Despite having the highest average Yelp rating for pizza shops, the city still offers great prices, with a large pepperoni pizza costing about $18.33 on average — 19% cheaper than the typical price of $21.79.

People across the country are starting to take notice. About 24% of the 1,000 Americans we surveyed consider San Diego a top five pizza city. The only cities with higher percentages were New York (41%), Los Angeles (40%), and Chicago (35%).

» Best Pizza in San Diego: Sisters Pizza and Pizzeria Luigi

7. Denver, Colorado

Denver's pizza scene is clearly on the rise, moving up from No. 29 in 2022. The Mile High City has 9.5 pizza restaurants per 100,000 people, 13% more than the average city's 8.4 per 100,000 people.

The city's pizza restaurants have an average of 4.1 stars on Yelp, the 12th-highest rating of the 50 cities we analyzed.

In terms of local preference, Denver ranks No. 1 nationally for online search interest in pan pizza.

» Best Pizza in Denver: Beau Jo's and Blue Pan

8. Miami, Florida

Miami must be starting to attract some positive pizza attention: 17% of the 1,000 Americans we polled ranked it as a top five pizza city. That's the highest percentage for any city outside of New York, California, or Illinois.

Miamians frequently search the internet for pizza-related terms, earning a Google Trends score of 77 — 18% higher than the average city's score (65). Its overall score includes ranking No. 1 nationally in search interest for sausage pizza.

» Best Pizza in Miami: Pummarola and Pizza Tropical

9. Buffalo, New York

Buffalo is clearly enthusiastic about its pizza, with more than twice as many spots to snag a pie compared to the average city we examined (8.4 per 100,000 people).

Buffalo scored an 85 in our Google Trends metric for searches of pizza-related terms. Its score is 31% higher than the typical city's score (65) largely thanks to its No. 1 ranking for search interest in these three terms: breakfast pizza, tomato pie, and New York-style pizza.

» Best Pizza in Buffalo: La Nova and Bocce Club Pizza

10. Pittsburgh, Pennsylvania

High marks for Pittsburgh and Philadelphia are what make Pennsylvania the best state for pizza. Pizza restaurants in Pittsburgh average 4.1 stars on Yelp, which is better than the typical city's rating of 4.0.

The Steel City complements that quality with quantity. Pittsburgh has 15.3 pizza restaurants per 100,000 people — the fifth-highest rate of all 50 cities we reviewed and nearly double the average city's pizza shops per capita (8.4 per 100,000).

» Best Pizza in Pittsburgh: Fiori's Pizzeria and Pelegrino's Pizza & Pasta

11. Cleveland, Ohio

In addition to the cheapest pepperoni and cheese pizza prices, Cleveland also has a populace that frequently searches the internet for pizza. Cleveland earned a Google Trends score of 94 — the third-highest score of any place we ranked and 45% higher than the typical city (65).

According to their searches, Clevelanders are exceptionally passionate about pan pizza and BBQ chicken pizza, ranking second in the country for online interest in both terms.

» Best Pizza in Cleveland: Geraci's Restaurant and Il Rione

12. Los Angeles, California

Los Angeles' pizza scene had a strong year, moving up from No. 18 in the 2022 edition of our study. After all, LA is known for its stars — and the city's pizza restaurants average 4.1 stars on Yelp, the eighth-highest rating in the U.S.

Los Angeles residents also search the web for pizza more than the average American, earning a Google Trends score of 78 — 20% higher than the typical city's score of 65. Specifically, Los Angeles ranks No. 1 for search interest in Sicilian pizza and No. 3 for search interest in taco pizza.

» Best Pizza in Los Angeles: Pizzana and Apollonia's Pizzeria

13. Baltimore, Maryland

Baltimore outdoes many of the cities we ranked in terms of affordability. Consumers can expect a large cheese pizza in Baltimore to cost $16 — making it 18% cheaper than the $18.81 they'd pay in the average city we examined.

Baltimore also has a healthy amount of pizza passion based on its online search activity for pizza-related terms. The city scored a 75 in our Google Trends metric, 15% higher than the typical city's score of 65.

Baltimoreans are especially infatuated with pizza margherita, ranking No. 1 in search interest across the U.S. for the variety.

» Best Pizza in Baltimore: Tutti Gusti and Zella's Pizzeria

14. New Orleans, Louisiana

Whether it's breakfast, lunch, or dinner, New Orleans is well known as a premier food city. That prestige now extends to pizza, in part because of great prices. A large cheese pizza costs about $14.83 — 27% cheaper than the $18.81 you'd pay in the average city.

Americans tend to agree that New Orleans is an above-average pizza city. When we surveyed 1,000 people about their top five pizza cities, 1 in 11 Americans (9%) mentioned New Orleans, placing it 20th in that metric.

» Best Pizza in New Orleans: Pizza Domenica and Pizza Delicious

15. San Francisco, California

San Francisco has made serious strides as a place for pizza, rocketing up in the rankings from No. 37 last year. Despite being known as a city with a high cost of living, a large cheese pizza in San Francisco costs about $18.83 — that's 63% cheaper than New York City and 52% cheaper than Chicago.

Of course, there are other metrics in which San Francisco performs about as you'd expect, ranking No. 1 nationally for Google search interest in vegetarian pizza, just ahead of Portland, Oregon.

» Best Pizza in San Francisco: Gioia Pizzeria and Fiorella

Honorable Mentions: Chicago and New York

Readers might be surprised to see that two cities commonly associated with pizza failed to break into our top 15. To some people in these cities, pizza is like a religion. But please, hear our reasoning before you accuse us of lacking pizza pie-ty.

16. Chicago, Illinois

What went wrong: The Windy City has a bottom-10 rate of pizza shops per capita, with just 4.9 per 100,000 people. It also has the second-highest pizza prices of any city we studied. A large pepperoni pizza in Chicago will cost about $33.73. That's 55% more expensive than the average city we reviewed ($21.79).

On the bright side: Chicago maintains a solid pizza reputation. About 35% of the 1,000 Americans we surveyed said they consider it a top five pizza city, placing it third in that metric behind New York City (41%) and Los Angeles (40%).

19. New York, New York

The bad news: The Big Apple has some big problems with its pizza scene, most notably the fact that it has the country's highest average pizza prices. A large pepperoni pizza will cost about $35.08 — 61% more than the price in a typical city ($21.79). NYC also ranks 29th out of 50 cities for Google search interest in pizza.

The good news: New York ranks No. 1 in our pizza reputation metric, with 41% of Americans considering it a top five pizza city. Additionally, pizza restaurants in New York average 4.1 stars on Yelp, which is good enough for ninth nationally.

Rankings by Category

We singled out six pizza varieties to see which cities are searching the web most often for certain types of pizza. Here's what we found.

Show more

The 10 Worst Pizza Cities

They can't all be winners. Just as below-average pizza can still taste good, a low ranking isn't a complete indictment of a city's pizza scene. Unfortunately, these cities all underperformed relative to the other cities we reviewed.

1. San Antonio, Texas
2. Oklahoma City, Oklahoma
3. Salt Lake City, Utah
4. Seattle, Washington
5. Memphis, Tennessee
6. Austin, Texas
7. Louisville, Kentucky
8. Virginia Beach, Virginia
9. Atlanta, Georgia
10. Providence, Rhode Island

Sadly, we have to pan San Antonio's pizza scene. Although San Antonio remains the nation's best BBQ city, that same success doesn't extend to pizza.

San Antonio residents don't show much enthusiasm for pizza online. The city's low search activity earned it a Google Trends pizza score of 17 — nearly 4x lower than the average city's result (65). San Antonio also has the 11th-highest prices for large pepperoni ($23.56) and cheese ($20.23) pizzas.

There is, however, one metric in which this city excels. The average pizza restaurant in San Antonio has 4.1 stars, the 13th-best rating of the 50 cities we reviewed. That may be a good omen for next year's rankings. After all, Riverside, California, climbed to No. 33 after finishing last in 2022. There may yet be hope for high-quality pizza in San Antonio.

Methodology

The cities in this study are ranked according to six different factors, which were independently weighted and combined to produce our final results. The factors are:

• A Pollfish survey of 1,000 Americans, who identified cities with a great pizza scene (30.8%)
• Our "pizza passion" score — a combination of Google search volume for 25 different pizza terms (30.7%)
• Average price of a large cheese pizza (15.4%)
• Average price of a large pepperoni pizza (7.7%)
• Average Yelp rating of pizza restaurants in the city (7.7%)
• Pizza restaurants per 100,000 people (7.7%)

Data sources include Yelp, Google Trends, the U.S. Census, our own survey data, and numerous individual pizza restaurant websites.

Are you a member of the media interested in learning more about our research? Feel free to reach out! Contact this article’s author here.

About Clever

Since 2017, Semya-Moya has been on a mission to make selling or buying a home easier and more affordable for everyone. 12 million annual readers rely on Clever's
library of educational content and data-driven research to make smarter real estate decisions. To date, Clever has helped consumers save more than $160 million on real estate fees. Clever's research has been featured in The New York Times, Business Insider, Inman, Housing Wire, and many more.

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Let's get brewin'! We've ranked the 50 best coffee cities in the U.S. See if your city foams to the top!

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The post The Best Pizza Cities in America: 2023 Data appeared first on Semya-Moya.

Average Retirement Savings | Retiree Pessimism | Retirees Blame ... | Retirement Regrets | Inflation & Retirement | Retirement & the Cost of Living | Retiring Too Soon | Retiree Debt | Retirement Income | How Much Will I Need to Retire?

A comfortable retirement is more out of reach today than it was a year ago.

Faced with rising prices and stock market setbacks, the average retiree has $21,000 less in savings than they had at the start of 2022 — dropping from $191,659 to $170,726. What's more, the share of retirees with nothing saved jumped from 30% to 37%.

The consequences are clear. The latest Census data puts the share of U.S. seniors living in poverty at a 20-year high, and the economic turmoil of 2022 threatens to raise the number even higher[37] .

Seniors are already feeling the ramifications. Just 1 in 8 American retirees (12%) have at least the recommended $555,000 in savings, according to a new Semya-Moya survey of 1,000 retirees.

The COVID-19 pandemic led some to retire early because of health problems or concerns, and many retirees have come to regret that decision, with 48% saying they believe they'll outlive their current savings.

Inflation has forced many retirees to make drastic sacrifices to preserve their savings, with 18% saying they've skipped meals and 24% saying they've skipped medical treatments to make their money last longer.

Clever's survey asked retirees about their savings, spending habits, and debt, as well as their opinions and regrets related to retirement. Keep reading to learn more.

The Average Retiree Has $171,000 Saved — Less Than One-Third of What They'll Need

The average retiree has just $170,726 saved for retirement — 31% of the recommended $556,400. The recommendation is based on Fidelity guidelines[38], which suggest having 10x one's income saved when entering retirement, with the median U.S. income at $55,640[39].

Sadly, only about 1 in 8 retirees (12%) say they have at least the recommended $555,000 in savings.

The $170,726 that retirees have saved is particularly troubling when compared to previous years. That figure is 10% lower than it was in 2022, when retirees said they had an average of $191,659 stowed away.

Just as concerning is the growing share of retirees with nothing saved.

Nearly 2 in 5 Retirees Have Nothing Saved

About 37% of retirees say they have no retirement savings, up from 30% in 2022.

The lack of savings is not unique to retirees. Due, in part, to inflation, the U.S. personal savings rate is the lowest it has been since 2005, according to Federal Reserve data[40]. However, unlike working Americans, retirees have few opportunities to raise their income.

That may explain why Americans 65 or older were the only demographic group to have a statistically significant increase in its poverty rate in 2021, according to Census data[41].

Retiree Pessimism: 48% of Believe They'll Outlive Their Savings

Retirees often enter their later years without realizing how much money they'll need to spend in retirement. Nearly 3 in 5 retirees (57%) say the cost of retirement surprised them.

The average retiree's household spends $51,048 a year — $4,254 each month, according to U.S. labor statistics[42]. The high cost of retirement may explain why 48% of retired Americans believe they'll outlive their savings.

Retirees Blame Government, Former Employers for Financial Struggles

As saving for retirement becomes more difficult, an overwhelming 87% of retirees say the government should do more to help retired Americans.

Many are still waiting for the economy to recover from the COVID-19 pandemic, and more than half of retirees (53%) say their finances aren't yet back to what they were before the pandemic.

Also catching blame from retirees are their former employers:

• 60% of retirees say their employer didn't help enough with retirement.
• 53% of retirees say their income wasn't high enough to afford saving for retirement while working.
• 47% of retirees say their employer did not offer a pension or other retirement plans, such as a 401(k).

Retirees' Regrets: 3 in 5 Say They Waited Too Long to Start Saving

Most retired Americans, however, do accept some responsibility for their lack of retirement savings. Despite complaints about not receiving enough help, 51% of retirees admit they did not adequately prepare for their retired years.

The most common regrets among retirees are:

• They wish they better understood retirement savings when they were working (67%).
• They should've managed their money better before retirement (63%).
• They didn't know how much money they'd need to retire (58%).
• They waited too long to start saving for retirement (57%).
• They didn't know how their savings would be taxed when they retired (40%).
• They have already spent too much of their retirement savings (34%).
• They pulled from their retirement savings early (29%).

Interestingly, many retirees wish they would have been more aggressive investors when they were younger. They are more than twice as likely to say they didn't make enough high-risk investments (40%) than they are to say they made too many (18%).

5 in 6 Retirees Say Inflation Has Impacted Their Retirement Savings

Not only do retirees admit they haven't saved enough money — but the money they have saved has become much less valuable.

Much of the developed world saw unusually high inflation in 2022. In the U.S. for example, the true value of $1 million is about $130,000 less than it was two years ago ($868,500).

As a result, 83% of retirees say rising costs have impacted their retirement savings.

• 43% say inflation has had a major impact.
• 40% say inflation has had a minor impact.
• 17% say inflation has had no impact.

Inflation has been even more costly for those who retired in 2022, with 89% saying rising prices have had an impact on their retirement savings. About 41% of retirees, including 57% of those who retired in 2022, say they would have delayed retirement had they known inflation would become so high.

Those impacted by inflation say:

• They had to decrease spending on nonessentials (e.g., dining out, vacation, recreational activities, etc.) (45%).
• Their purchasing power has declined (44%).
• They are worried their investments will decrease in value (25%).
• They no longer have enough saved (23%).
• They are worried they might have to earn more income/go back to work (23%).
• They are running out of money (22%).

44% of Retirees Struggle to Afford Basic Living Expenses

About 54% of retirees say they have trouble affording expenses, including 44% who struggle to pay for basic living expenses, such as groceries, housing, utilities, and medical expenses.

The most common expenses retirees have difficulty paying are:

• Groceries (31%)
• Utilities (e.g., electric, water, etc.) (26%)
• Gasoline (24%)
• Credit card bills (22%)
• Phone/internet/cable bills (19%)
• Medical bills (17%)
• Mortgage/rent bills (16%)
• Insurance bills (16%)
• Debt repayment plans (9%)
• Car payments (9%)
• Subscriptions (e.g., streaming services, newspaper, etc.) (6%)

As costs rise, some retirees have gone to extreme measures to stretch their savings. About 18% of retirees say they have skipped meals, and 24% say they have skipped medical treatment or appointments to preserve their savings.

How Retirees Change Their Spending After Leaving the Workforce

About 45% of retirees say their standard of living has declined since they stopped working, causing many to cut back on spending.

The most common expenses retirees spend less on post-retirement are:

• Entertainment (e.g., movies, concerts, etc.) (56%)
• Travel (55%)
• Clothing/apparel (54%)
• Dining out (54%)
• Gifts and celebrations (48%)
• Nonessential spending in general (46%)
• Home improvements (42%)
• Gasoline (38%)
• Cable/streaming services (31%)
• Housing (29%)

At the other end of the spectrum, retirees are most likely to say they've spent more on groceries (42%), gasoline (38%), and medical costs/health care (27%) — all of which inflation has impacted.

Compared to the previous year, the average retiree household annually spends[42]:

• $699 more on food ($5,862 to $6,561)
• $587 more on health care ($6,526 to $7,113)
• $422 more on gas ($965 to $1,387)

Nearly 2 in 3 Retirees Stopped Working Sooner Than Planned — Often Citing Health Concerns

One finding that remains unchanged from last year's report on retirees: Most are leaving the workforce sooner than they initially expected. Just 30% of retirees say they stopped working when planned, and 65% of retirees say they retired earlier than planned.

By an overwhelming margin, health problems are the most common reason for retiring earlier than planned. Overall, retirees stopped working early due to:

• Health issues (50%)
• Taking care of family (16%)
• Being tired of working (15%)
• Being laid off or fired and choosing not to find a new job (11%)
• Accepting an early retirement plan (e.g., a buyout, good severance, etc.) (10%)
• Having enough saved (7%)
• Having an unexpected financial gain (3%)
• The economy/stock market being good (2%)

The fact that many left the workforce sooner than planned because they were tired of working or because their company offered early retirement plans highlights how, in many ways, the Great Resignation was also a Great Retirement.

With Little Saved, 3 in 10 Retirees Regret Retiring Early

Just under one-third of all retirees (30%) — and 39% of those who retired earlier than planned — say they regret leaving the workforce so soon, in many cases because they failed to save enough money.

The most common reasons they wish they would've delayed retirement include:

• They didn't save enough for retirement (40%).
• They are bored not working (37%).
• They wish they had more money to pay for necessities (37%).
• They wish they had more discretionary income (i.e., money to spend on nonessentials) (34%).
• They claimed Social Security too early (32%).
• They didn't realize how much their standard of living would change (29%).
• They could have paid off more debt (29%).
• They wish they had better health insurance (13%).

Notably, nearly 1 in 3 (29%) say they could have paid off more debt if they kept working.

71% of Retirees Have Non-Mortgage Debt — Averaging $20,000

The high cost of living for retirees is compounded by the fact that many still owe money to credit card companies, medical providers, or other institutions. Overall, about 7 in 10 retirees have non-mortgage debt, with an average balance of $19,888 — up from $17,136 in 2022.

Medical debt is among the most expensive debt obligations hanging over retirees' heads.

Just under 1 in 5 retirees (18%) have medical debt, with an average balance of $10,259.

Overall, the most common forms of debt for retirees are:

• Credit card debt (49%)
• Mortgage (24%)
• Car payments (20%)
• Medical debt (18%)
• Personal loans (14%)

The high rate of credit card debt is also a problem because of high balances. A 2022 study on Americans' credit card debt found that the average baby boomer in credit card debt owes $8,208 — about $2,000 more than the average millennial in credit card debt [43].

30% of Retirees Rely Solely on Social Security Payments

Social Security serves as a source of income for about 79% of retirees in 2023. The payments are often not enough to meet all of retirees' needs, and yet 30% of retired Americans say Social Security is their only form of income, lacking even personal savings or retirement accounts.

Overall, the most common sources of income for retirees are:

• Social Security (79%)
• Personal savings (35%)
• Retirement fund (e.g., 401(k), Roth IRA, or other retirement savings) (34%)
• Company/employer-funded pension plan (26%)
• Investments (e.g., CDs, stocks, etc.) (17%)
• Inheritance (7%)
• Financial support from a government agency (not including Social Security) (6%)
• Part-time employment (4%)
• Real estate investing (3%)
• Financial support from children (3%)
• Income from consulting or owning a business (e.g., Etsy, small business, etc.) (2%)
• Cryptocurrency (e.g., bitcoin, NFTs, etc.) (2%)

In the long term, 36% of retirees fear Social Security will run out during their retirement. They're partially right — Social Security Administration officials have said that by 2034, the agency could have to cut benefits by about 20% [44].

1 in 3 Retirees Have Considered Going Back to Work

With the cost of living climbing, about one-third of retirees (32%) say they've considered rejoining the workforce, either through part-time employment, full-time employment, or freelancing.

The most common options retirees are considering as a way to save and earn more money are:

• Spending less on nonessentials (45%)
• Part-time employment (27%)
• Selling their possessions (18%)
• Picking up occasional paid tasks (e.g., yard work, babysitting, etc.) (16%)
• Moving to a more affordable area (15%)
• Investing (e.g., real estate, stocks, etc.) (14%)
• Selling their home to downsize (10%)
• Consulting/freelancing (6%)
• Full-time employment (5%)

How Much Will I Need to Retire?

It's never too soon to start figuring out how much money you'll need to retire comfortably. Use our calculator to determine approximately how much money you'll need to afford an adequate retirement.

Methodology

The proprietary data featured in this study comes from an online survey commissioned by Semya-Moya. One thousand Americans were surveyed Nov. 17-18, 2022. Each respondent answered up to 21 questions related to their financial situation, retirement preparations, and worries surrounding retirement and financial planning.

About Clever

Since 2017, Semya-Moya has been on a mission to make selling or buying a home easier and more affordable for everyone. 12 million annual readers rely on Clever's library of educational content and data-driven research to make smarter real estate decisions. To date, Clever has helped consumers save more than $160 million on real estate fees. Clever's research has been featured in The New York Times, Business Insider, Inman, Housing Wire, and many more.

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