Economic Woes?

NBC's Rory O'Neill reports the housing market is apparently stuck, and mom and pop stores are being hit by the "affordability crisis"

Episode Transcript

Speaker 1 (00:00):
It's spend a couple of minutes on the Legacy Retirement
Group dot com phone line. NBC News Radios Roory O'Neil,
and I was just talking with our sports director Matt
about the affordability of certain things. I mean, he had
gotten Chipotle with his wife, and you know, you start
ordering food in for you know, three or four people,
and it's easily a fifty dollars bill. We do have

(00:20):
an affordability crisis in this country.

Speaker 2 (00:23):
Yeah, and that's one of the frustrations out there with
the Trump administration. A lot of Americans feel he's not
getting that message. But the President says, look, prices are
coming down, things like fuel and eggs, and you know,
look gas prices are pretty much exactly where they were
this time one year ago. You know, yes, egg prices
have come down, but if you want beef, oh boy,

(00:43):
that's going to cost you. Yeah. Thankfully, the Thanksgiving table
rarely has beef on it, so that's actually going to
help the folks. Most experts say the Thanksgiving meal is
actually going to be a little bit cheaper this year.

Speaker 1 (00:55):
And I'm seeing conflicting information on the housing market. I've
got a real estate experts get later on, Who is
going to talk about that new home sales for twenty
twenty six next year expected to jump by about fifteen percent.

Speaker 2 (01:09):
Well, that'd be nice if we can get those mortgage
rates to come down. But we will see this Redden
report is looking backwards, so you're your guy apparently looking
forward to the year ahead, so fingers crossed. But Reddin
looking at the October data shows that the housing market
is stuck with sales and listings barely budgeting. Still a
bit of a buyer's market technically, as most homes are

(01:31):
selling for about a point and a half less than
what they're going on the market for, so there is
some wiggle room there, you know, not selling much for
over the asking price, so that helps buyers. But with
average rates around six and a quarter many people and
the median price being four hundred and forty thousand dollars,
back to the affordability question, a lot of Americans just

(01:52):
feel locked out.

Speaker 1 (01:52):
It's going to be interesting to see this the holidays
spending data too, as we are into buying season here,
and I.

Speaker 2 (01:59):
Do have a bit of a previe, specifically for the
folks in Columbus. Wallet hub ran the numbers and looking
at a average age, average income, debt to income ratio.
What they essentially said, this is what you should be
spending for a typical household. They ranked more than five
hundred cities. Columbus, Ohio ranked right in the middle two

(02:19):
hundred and eighty on the pack. Thirteen hundred dollars they're
saying is your average holiday budget for residents of Columbus.