Story at a glance
- A new national survey from Wallet Hub shows many Americans are dealing with financial uncertainties heading into the Fourth of July holiday.
- Only 56 percent of those surveyed said they feel financially independent.
- The survey was conducted online, measuring a nationally representative sample of 350 U.S. adults.
Rising costs are pinching the pockets of Americans, leading most in a new survey to say the cost of living expenses is keeping them from achieving the American dream.
A new nationally representative survey from Wallet Hub shows many Americans are dealing with financial uncertainties heading into the Fourth of July holiday, with only 56 percent saying they feel financially independent.
When asked what was holding them back from living the American dream, 62 percent of those surveyed said the cost of living, while less than 20 percent said their income was their main obstacle.
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Gas prices nationwide are currently falling from recent highs that were above $5 per gallon. Yet data shows consumers are paying on average $4.89 per gallon at the pump.
Further, federal data indicates rent prices are increasing, with costs rising in May by 5 percent from last year, and an analysis from Redfin noted the median home price in the U.S. is up by 14.6 percent from the previous year, at more than $430,000.
More than 59 percent of homes sold in May went for more than their listing price.
Americans planning to celebrate the Fourth of July will also see increasing prices. A new analysis from the American Farm Bureau Federation shows the costs of the average cookout will increase by 17 percent.
The Wallet Hub survey found that nearly two-thirds of Americans plan on spending less for celebrations this year, and most do not plan on holiday shopping. Yet a majority surveyed view saving money as more patriotic than spending.
The survey was conducted online, measuring a nationally representative sample of 350 U.S. adults.
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