The Daily Money: 50 hours of work to pay the rent?
Good morning! This is Betty Lin-Fisher with Friday's consumer-focused The Daily Money.
Thank goodness we're at the end of a work week, but for the typical 40-hour-a-week worker, you'd have to log some more hours to afford your rent, according to a new study.
The typical American renter has to work 50 hours or just over 30% of a month's work to afford their rent, according to a Self Financial report.
That's an alarming finding, financial experts say, since the recommendation is American households not spend more than 30% of their income on rent.
The report took a look at median rents and hourly wages to calculate how many work hours it would take to cover rent in every state.
In some states, employees have to work 60+ hours to afford their rent.
Serious about moving out of the country post-election?
Speaking of housing, if you've talked about moving to another country depending on the results of Tuesday's election, here's a story for you:
The decision to move abroad – to become an immigrant, essentially – is a big one, full of logistical hurdles and existential questions, writes my housing reporting colleague Andrea Riquier. But every four years, as the U.S. election cycle peaks, relocation experts say more and more Americans get the itch.
Here's what to know before swapping citizenships.
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The Sharpie marker and personalized name on your Starbucks drink are coming back – for some. For years, Starbucks baristas wrote customer orders and names on individual cups. During the COVID pandemic, the company put the practice on hold, moving to printed stickers. Your hand-written name may soon show up on your cup again, the new CEO said.
About The Daily Money
Each weekday, The Daily Money delivers the best consumer and financial news from Paste BN, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.