Grocery lists are shrinking; summer plans are being changed due to gas prices; and now housing security is being threatened by inflation. Rent has risen more than 16% since April 2021 in the 50 largest metropolitan areas of the United States. As mortgage payments are rising as well, homeowners and renters have no choice but to pay the price. The rent crisis disproportionately hits low income and young people, and a new poll out this week shows dipping approval ratings for President Joe Biden.
A Civitas poll released Thursday shows that 60% of voters polled aged 18-34 disapprove of Biden’s performance as president. Of that age group 75% of women reported that they would definitely vote in the next election, 76% of men said they would. Of that age group, 90% said inflation was a huge problem.
Alonzo Roberts, a renter in Charlotte, told WCNC recently that his rent has gone up 30% despite always paying his rent on time.
It is not just inflation spiking rents, though. Kim Graham, executive director of the Greater Charlotte Apartment Association, said property owners are also still trying to recoup losses after Gov. Roy Cooper’s eviction moratorium from 2021,
Housing affordability is typically measured by the percentage of people that spend less than 30% of their monthly income on housing and utilities. At the moment, the average monthly income in the U.S. is $5,345 while the average rent is $1,326 and homeowners can likely spend up to $400 on utilities each month. This puts the average person percentage of income spent on housing at 32%, meaning many fall below the 30% threshold.
The effects of inflation on the public’s approval of President Joe Biden can be seen in correlation with monthly polls. In the most recent Civitas poll, 61.8% of respondents say they find it difficult to pay for housing, 76.1% found it difficult to afford gas. The average price of a gallon of gas has climbed from around $4.50 to $5 a gallon over the summer; one year ago the price was about $3.
Young voters’ approval of Biden could be a problem for the Democratic Party in an election year. The Civitas poll shows that only 25% of people ages 18-34 approve of Biden with 18% of them only somewhat approving; around 60% of young voters disapprove of Biden. The economic crisis in the country is on the mind of these young voters, with 30% of them picking the economy and inflation as their top priority.
Biden spoke about the Jan. 6 hearings and inflation on the USS Iowa at the Port of Los Angeles June 10.
“Today’s inflation report confirmed what Americans already know: Putin’s price hike is hitting America hard,” said Biden, “I’m doing everything in my power to blunt Putin’s price hike and bring down the cost of gas and food. I led the world to coordinate the largest release of global oil reserves in history — 240 million barrels — to boost supply to keep prices from rising even more.”
As Biden continues to blame inflation on Putin, disapproval among young Americans has begun to build in social media.
Disney star turned professional boxer Jake Paul recently took to Twitter to vent his own frustrations:
Known for his adept sensationalism in his boxing promotions, Paul has 4.3 million Twitter followers, mostly of the younger generation that helped elect Biden into office.