Many Americans continue to take the hit of the inflation crisis. Surprisingly, recent stats say otherwise. The Bureau of Statistics disclosed that inflation is subsiding. It’s no longer 9.2% as it was mid-2022. Now, it’s approximately 3%.
But does this statistic portray reality? Kenneth Turner, a Tiktoker recently went viral on the platform. His video where he narrated how he’s pulling through despite soaring prices has proven to be quite relatable to several people.
Turner’s Point
The Kentucky-based insurance advisor asked his followers a striking question: “Has anyone noticed that it’s literally becoming impossible to live a normal life because of the inflation that’s going on?”
Turner’s video encompasses how basic expenses keep gnawing at the contents of his purse. Food, rent, and insurance are now big-deal settlements. But is he alone in this? Certainly not!
His Rent Problem
Turner‘s rent has shot up from $800 to $1,400 in the last few years. This is about a 75% price soar. But here is the thing: the problem is with the area he lives in.
The ticktocker resides in Lexington, Kentucky. In a recent study, this was named as the third most expensive city for young homebuyers. Yeah, you might say Turner is renting. But realistically, home prices have an impact on rent.
Recent Rental Prices In Lexington
In approximately two years, Lexington has recorded a 30% increase in rental prices. This statistic spans until November last year. From $953, there was a spike to $1,246 similar to what Turner experienced.
Despite all the inflated rental prices, it’s surprising to note that Lexington still belongs below the national average. The analysis of rental prices across the nation reveals that the median price is $1,964, as of February.
Turner’s Rent Plan
Turner has succumbed to reality by devising a method to save up for his rent. He has resorted to living in a low-cost state. Although relatively effective, splitting the rent with someone else might ease the burden more.
The Kentucky-based didn’t disclose whether or not he lives with a roommate, friend, or partner. But if he doesn’t, he or anyone willing to rent an apartment should consider it.
Other Perks Of Splitting Rent
Yes, sharing an apartment’s rent with a second party helps you keep sane in the recurrent skyrocketing market. But this isn’t all to it. Splitting rent is pretty straightforward.
More so, it’s an effective way to get around the dreaded “single taxes.” It’s also hassle-free as you cut down on a major cost while also sharing the pay for utilities and groceries.
Turner’s View On Food Cost
Turner is also taken aback at how much a shopping trip costs at Kroger. He assumed he could walk in with $100 and go back home with a gallon of milk and a lot of items. However, the reality is more shocking.
Contrary to what the statistics say about the cooling of food prices, many in the U.S. feel things are still crazy expensive. Safe to say this is the aftermath of the inflation that occurred between 2020 and 2022.
Consumer Price Index Report
According to the Consumer Price Index, food price inflation has dramatically decreased. Yet, this analysis seems like one conducted outside the sphere of the States.
The number of food-insecure households with seniors has doubled in the last 20 years. This is the extent to which food inflation has gotten out of hand.
Who Else Relates With Turner?
Turner’s followers, especially those living in the U.S. related to his experience. Many have almost similar stories. However, this is bothersome. Turner and his contemporaries aren’t even yet in their 60’s but are already struggling.
One comment under the insurance advisor’s video reads, “I sit here with no water because I chose food this month.” Other responses concerning the clip’s themes are a pointer to how expansive the challenge is.
A Look At Food Affordability
A study by a research platform, Attest, in 2023 gives a peek into how inflation has affected the purchasing power of Americans. The result of the analysis is pretty skewed.
About 40.5%, a value less than half the population say can afford food comfortably. Meanwhile, the remaining 59.5% are having it rough to provide food for themselves and their families.
Social Media To The Rescue
It’s now common knowledge that the food market isn’t an easy cruise anymore. However, you’d expect people to help out with hints on surviving this insane period.
The situation has transformed many Tiktok users into inflation guides. They now use the platform to dish out grocery hacks, like the cheapest items to procure and how to make the best of coupons.
Turner’s Auto Insurance Challenge
A current survey by MarketWatch reports that Kentucky residents pay an annual car insurance greater than the national average. This is roughly about $2,522 per year.
Turner recounted how his car insurance has soared by 28%. Unlike rental prices, Kentucky-based Americans are having it a little on the steeper side with automobile insurance compared to most places in the country.
Cause Of The Car Insurance Hike?
Perhaps not surprising but the pandemic inflation is to blame for the outrageous car insurance hike. In 2020, this is solely due to supply chain issues. However, costs never went back to what they were because people now ply the road more.
Car insurance skyrocketed massively late last year. Per Bureau of Labor Statistics on inflation data, it attained a 47-year high, catapulting by 20.6% from the earlier year.
How To Combat The Car Insurance Hike
The way to keep your car insurance within reasonable limits is simple. You can revert to a cleverer method of making purchases. Shop around to get multiple quotes and ensure you’re not being cheated.
Unlike back in the day, you can do all this online now. This saves you the hassle and speeds up the entire process. Plus, you can hop in as many stores as you need to compare prices.
