179532800
submission
BrianFagioli writes:
Cloudflare has revealed something I did not see coming. The company, best known for protecting and accelerating websites, is now introducing a stablecoin called NET Dollar. A U.S. dollar-backed cryptocurrency from Cloudflare feels unusual to me, and Iâ(TM)m still surprised by it. The decision shows just how much the Internet is shifting in response to artificial intelligence.
NET Dollar is meant to support instant, secure payments for what Cloudflare calls the âoeagentic web.â In this future, AI agents handle tasks such as booking flights, buying groceries, and managing calendars. For that kind of automation, the money itself needs to move instantly, work globally, and be trustworthy. Cloudflare believes NET Dollar will fill that role.
CEO Matthew Prince said, âoeFor decades, the business model of the Internet ran on ad platforms and bank transfers. The Internetâ(TM)s next business model will be powered by pay-per-use, fractional payments, and microtransactionsâ"tools that shift incentives toward original, creative content that actually adds value.â He added that by using its global network, Cloudflare aims to âoehelp modernize the financial rails needed to move money at the speed of the Internet.â
Cloudflare says NET Dollar will make payments possible anywhere in the world, across currencies and borders. It will allow personal AI agents to act instantly, such as paying for a plane ticket the moment a price drops, while business AI agents could be programmed to release payment as soon as a delivery is confirmed. The company also expects creators, developers, and content providers to benefit from easier monetization.
Alongside NET Dollar, Cloudflare is contributing to open standards like the Agent Payments Protocol and x402. These are intended to simplify how payments move across the Internet.
I remain shocked that Cloudflare is taking this step. It feels odd to see a company rooted in security and performance suddenly create a digital currency. Still, AI is reshaping the Internet faster than many expected, and Cloudflare clearly wants to position itself at the center of how payments will work in that world. Whether NET Dollar becomes widely adopted or fades as an experiment, the launch is a reminder that the financial side of the Internet may look very different in the years ahead.
179516368
submission
BrianFagioli writes:
Cloudflare has unveiled the Content Signals Policy, a free addition to its managed robots.txt service that aims to give website owners and publishers more control over how their content is accessed and reused by AI companies.
The idea is pretty simple: robots.txt already lets site operators specify which crawlers can enter and where. Cloudflareâ(TM)s new policy adds a layer that signals how the data may be used once accessed, with plain-language terms for search, AI input, and AI training. âoeYesâ means allowed, âoenoâ means not allowed, and no signal means no preference.
Matthew Prince, Cloudflareâ(TM)s co-founder and CEO, said: âoeThe Internet cannot wait for a solution, while in the meantime, creatorsâ(TM) original content is used for profit by other companies. To ensure the web remains open and thriving, weâ(TM)re giving website owners a better way to express how companies are allowed to use their content.â
Cloudflare says more than 3.8 million domains already use its robots.txt tools to signal they donâ(TM)t want their content used for AI training. Now, the Content Signals Policy makes those preferences clearer and potentially enforceable.
Danielle Coffey of the News/Media Alliance called it âoean important step towards empowering publishers of all sizes to reclaim control over their own content.â Meanwhile, Stack Overflow CEO Prashanth Chandrasekar pointed to his companyâ(TM)s large corpus of developer Q&A and said he applauds Cloudflare âoefor playing a central role to empower and protect content creators in this new AI era.â
Starting today, the new policy language will be automatically added to Cloudflare-managed robots.txt files for customers who opt in. For others, Cloudflare is publishing tools to help them declare content preferences manually. Whether AI companies will respect these signals remains uncertain, but Cloudflare is betting that legal clarity and public pressure will push them to comply.
179460328
submission
BrianFagioli writes:
Mac users have a new reason to be cautious when downloading software. LastPass has revealed that cybercriminals are running a large-scale campaign using fraudulent GitHub repositories to trick people into installing the Atomic Stealer (AMOS) malware.
The LastPass Threat Intelligence, Mitigation, and Escalation (TIME) team discovered the effort, which uses aggressive Search Engine Optimization (SEO) tactics to push malicious links to the top of Google and Bing results. The attackers create GitHub pages impersonating companies such as LastPass, 1Password, Citibank, Fidelity, Docker, Dropbox, Shopify, and dozens more. Once clicked, the repositories redirect victims to malicious websites that instruct them to run terminal commands on their Macs. Those commands eventually pull down the Atomic Stealer payload.
LastPass says it immediately reported and helped take down multiple GitHub pages targeting its own customers. One example involved a repository that pretended to offer âoeInstall LastPass on MacBook,â which funneled users through a series of redirects until they unknowingly executed a CURL command that decoded into a malicious download from bonoud[.]com. That file planted the infostealer under the guise of an âoeUpdateâ process.
Atomic Stealer is not new. It has been circulating since at least April 2023 and is associated with financially motivated groups that focus on harvesting passwords, crypto wallet keys, and other sensitive information. This latest campaign simply repackages an old threat in a new delivery method, using GitHubâ(TM)s trusted reputation and search visibility to ensnare victims.
The list of impersonated brands is long. Beyond password managers and financial firms, the attackers set up GitHub repos imitating software projects like Audacity, Thunderbird, Docker, Notion, Obsidian, and even Adobeâ(TM)s After Effects. This shows a broad shotgun-style approach rather than a narrow focus.
LastPass has shared a full set of Indicators of Compromise (IoCs) to help defenders identify infections and related infrastructure. Security teams can use these to block known domains and hashes linked to the campaign. The company is continuing to monitor the operation and warns that the same actors may quickly create new repositories after takedowns.
For everyday users, the advice is simple but critical: do not install software from random GitHub pages or unfamiliar websites, even if they appear high in search results. Download only from official company sites or trusted app stores.
LastPass stresses that protecting users is its top priority and says it will keep collaborating with industry partners to disrupt the attackers. But at the end of the day, personal vigilance remains the best defense.
179345760
submission
BrianFagioli writes:
Tails 7.0 has officially arrived, marking the first release of the privacy-focused, Linux-based operating system based on Debian 13 âoeTrixieâ and GNOME 48 âoeBengaluru.â This update delivers faster startup times, refreshed applications, and stronger hardware support.
One of the most noticeable improvements is boot speed. Thanks to a switch from xz to zstd compression, Tails now starts 10 to 15 seconds quicker on most machines. The tradeoff is a slightly larger image size, but for users with reliable USB sticks the difference in speed is worth it. The developers caution that low-quality USB drives could still cause slower boots.
Software updates are a major part of this release. GNOME Terminal has been replaced by GNOME Console, and GNOME Image Viewer has been swapped for GNOME Loupe. Key applications have been updated as well, including Tor Browser 14.5.7, Tor client 0.4.8.17, Thunderbird 128.14.0esr, Electrum 4.5.8, KeePassXC 2.7.10, GIMP 3.0.4, Inkscape 1.4, and Audacity 3.7.3. The Text Editor and Document Scanner also get substantial upgrades.
GNOME itself sees a wave of improvements. The Settings app now has redesigned sections for sound, accessibility, and input. New accessibility features include Overamplification and always-visible scrollbars. Other changes include a workspace indicator replacing the Activities button, better screen reader navigation, and an option to extend battery life in laptops. While GNOME 48 is a polished release, itâ(TM)s worth noting that GNOME 49 was released just yesterday, which makes Tails 7.0 feel slightly behind the curve from day one.
Some older tools have been removed, such as unar, aircrack-ng, and the Power Statistics utility, but alternatives remain. File Roller still handles most RAR archives, and aircrack-ng can be reinstalled if needed using Additional Software.
Under the hood, the Linux kernel has been updated to 6.12.43, boosting compatibility with newer graphics cards and Wi-Fi hardware. Memory requirements have also increased from 2GB to 3GB, though the developers expect this will affect very few users.
Tails 7.0 is a huge step for anyone who values privacy and security. With faster performance, updated apps, and better hardware support, it continues to be one of the most important Linux-based tools for staying anonymous online.
179288022
submission
BrianFagioli writes:
The Fedora Project has announced Fedora Linux 43 Beta, giving users and developers the opportunity to test the distribution ahead of its final release. This beta introduces improvements across installation, system tools, and programming languages while continuing Fedoraâ(TM)s pattern of cleaning out older components.
The beta can be downloaded in Workstation, KDE Plasma, Server, IoT, and Cloud editions. Spins and Labs are also available, though Mate and i3 are not provided in some builds. Existing systems can be upgraded with DNF system-upgrade. Fedora CoreOS will follow one week later through its âoenextâ stream.
Installer changes are a major focus in Fedora 43. The Anaconda WebUI is now the default across Spins, creating a consistent and modern setup experience. The installer has also moved to DNF5, replacing DNF4. Support for modular packages has been removed, simplifying the installation process further. Fedora Kinoite now enables automatic updates by default, applying fixes in the background and finalizing them after reboot.
Fedora 43 updates its core development tools. The GNU toolchain has been refreshed with gcc 15.2, glibc 2.42, binutils 2.45, and gdb 17.1. LLVM has been updated to version 21. Perl moves to 5.42, and OpenJDK 25 is now the preferred Java version. RPM itself jumps to 6.0, bringing structural changes for packagers. Package maintainers also benefit from new RPM macros for build flags, easing per-package compiler adjustments.
On the language front, Python has been updated to version 3.14. Go 1.25 is included, with Golang packages now vendored by default to improve reproducibility. Idris 2 makes its debut, offering advanced type system features. Haskell GHC is updated to 9.8 with Stackage 23. The release also introduces support for the Hare programming language, which is still under development but available for experimentation.
Other notable updates include PostgreSQL 18, Ruby on Rails 8.0, MySQL 8.4 as the default version, Dovecot 2.4, and Tomcat 10.1. Fedora CoreOS is now built with Containerfile, allowing Podman users to build locally. Greenboot has been rewritten in Rust, and SELinux handling sees adjustments with reduced âoedontauditâ rules.
Fedora 43 also makes graphical and user-facing changes. Noto Color Emoji now uses the newer COLRv1 format, improving scalability. GNOME is now Wayland-only, retiring the old X11 session. The default monospace fallback font has been set to avoid inconsistent text rendering.
Deprecated or removed components include the gold linker, python-nose, YASM, legacy GTK Rust bindings, and outdated Python RPM macros tied to setup.py. Packages depending on async-std and python-async-timeout are also being phased out.
179261332
submission
BrianFagioli writes:
Canonical is making life a whole lot easier for developers who rely on NVIDIA GPUs. The publisher of Ubuntu has announced that the NVIDIA CUDA toolkit will now be distributed straight through Ubuntuâ(TM)s repositories. No more chasing downloads from NVIDIAâ(TM)s website or dealing with a long list of installation steps. Soon, a single command inside Ubuntu will get CUDA up and running.
CUDA is the platform that lets developers push NVIDIA graphics cards beyond gaming and into serious number crunching. It gives direct access to GPU threads, memory handling, and kernels, which makes it essential for machine learning and large-scale computing tasks. While Ubuntu users have always had access to CUDA, setting it up hasnâ(TM)t exactly been seamless. Canonicalâ(TM)s change aims to fix that.
This isnâ(TM)t some new partnership either. Canonical and NVIDIA have worked closely for years, with Ubuntu already being the go-to Linux distribution for data centers running GPU workloads. By distributing CUDA inside Ubuntu, Canonical is basically removing one of the last headaches for developers who want to get straight to building and testing their apps.
For anyone managing systems at scale, this could be a big time-saver. Developers will be able to list CUDA as a dependency, and Ubuntu will handle the installation and compatibility behind the scenes. Thatâ(TM)s a huge shift from the current multi-step process, and it means fewer things breaking in production.
It also ties neatly into Ubuntuâ(TM)s overall approach. Canonical has long promoted its secure supply chain, LTS releases, and the extended coverage available through Ubuntu Pro. Now CUDA falls under the same umbrella, which gives enterprises more confidence that their AI workloads will stay reliable over the long haul.
If youâ(TM)re a developer, the takeaway is simple: youâ(TM)ll spend less time wrestling with installs and more time writing code. Canonical putting CUDA inside Ubuntuâ(TM)s repositories just makes sense, and itâ(TM)s a move that should benefit everyone from solo developers to massive data centers.
179231628
submission
BrianFagioli writes:
Buying a car is one of the biggest financial moves most people make, and it rarely feels simple. Prices are high nowadays, financing is confusing, and every website claims to have the right answer. When it came time to replace my 2020 Nissan Rogue Sport with 45,000 miles, I wanted a smarter way to cut through the noise. So I leaned on ChatGPT 5, the newest generation of AI, to see if it could help me make a clearer decision.
This was not an experiment for fun. It was a real purchase that mattered to my family. With a toddler and more road trips ahead of us, the Rogue Sport just was not cutting it anymore. It was starting to feel cramped, and I knew it would not hold up trouble free forever (its CVT is notoriously problematic). Trading it in before it hit 50,000 miles made sense, but deciding what to buy next was the real challenge.
At the end of it all, I drove home a used Honda Pilot EX-L. It may not be the flashiest option, but it was the most balanced. Big enough for road trips, dependable enough for long term peace of mind, and comfortable for family life. Trading in the cramped Rogue Sport for the roomy Pilot felt like the right move, a big step up that matched our needs without creating new headaches. Most importantly, I love it.
The truth is, I probably would have gotten to the Pilot eventually. But ChatGPT 5 helped me cut the noise, confirm the facts, and feel confident that I was not missing something better. That confidence changed the whole experience.
179162502
submission
BrianFagioli writes:
Artificial intelligence is often blamed when companies announce layoffs, but new data shows the picture is far less dramatic. While some tasks are being reshaped by AI, most jobs are not disappearing. The bigger problem comes from business leaders choosing cuts instead of retraining.
TechWolf, a workforce intelligence company, has released its Workforce Intelligence Index. It draws on more than two billion job postings collected worldwide between 2015 and 2025. The numbers tell a different story from the headlines. Only 18 percent of tasks can be fully automated. About 62 percent of work remains entirely human. Another 38 percent falls into the category of disruption, meaning tasks that can be either automated or augmented by AI.
That means most workers are not being replaced. They are facing change, and change can be managed through reskilling. According to the data, 75 percent of employees at large technology firms have the potential to retrain into AI-augmented roles. Yet too often, companies fall back on layoffs, a move that may cut costs in the short term but weakens innovation and morale for years.
Engineering jobs are a prime example. These roles are often painted as endangered, especially with the rise of AI-assisted coding tools. The Index shows the opposite. Engineers are shifting into roles where AI speeds up development, improves code quality, and frees up time for more complex architecture and design work.
Some of the biggest names in tech highlight this potential. Microsoft shows 86 percent of its workforce could benefit from retraining. IBM sits at 85 percent, Dell at 79 percent, Apple at 75 percent, Cisco at 70 percent, and Qualcomm at 71 percent. In all of these cases, layoffs risk throwing away talent that could instead be retrained to master AI-driven tools.
The same trend shows up outside of tech. Healthcare workers can be trained to work alongside AI in diagnostics and administration. Retail employees can move from repetitive logistics tasks to data-driven customer engagement. Even within industries, the picture varies. For example, one pharmaceutical companyâ(TM)s supply chain may be ripe for AI adoption, while another companyâ(TM)s sales team shows little disruption.
The big takeaway is simple. AI is not triggering mass unemployment. It is reshaping tasks. The real damage comes when executives rush to layoffs instead of investing in their people. Companies that choose reskilling are better positioned to keep expertise, maintain culture, and capture the productivity gains that AI can actually deliver.
179110096
submission
BrianFagioli writes:
Microsoft has decided it is time to rein in remote work. The company will soon require employees to spend at least three days per week in the office, starting with those in the Puget Sound region by February 2026. From there, the policy will spread across the United States and eventually overseas.
The announcement came in a memo from Amy Coleman, Executive Vice President and Chief People Officer. She reminded staff how work has evolved over the decades, from the old days of desktop machines in the office to the pandemic era when working from home became normal. Coleman claimed that Microsoftâ(TM)s own data shows people thrive when they are together in person, saying teams are more energized, deliver stronger results, and drive the kind of collaboration needed to build its next wave of AI tools.
That may be the official line, but I think forcing employees back into the office nowadays is rotten. It feels like a step backwards at a time when workers have already proven they can get the job done from home. While the company insists this is not about cutting staff, the underlying message is clear: Microsoft wants people at desks again, whether itâ(TM)s truly necessary or not.
Exceptions can be requested, but managers are expected to enforce the rule and guide their teams through the change. The company also said it is beefing up safety and security measures at its offices to help ease the transition.
For employees outside of Puget Sound, nothing changes immediately, but new timelines for other U.S. regions are on the way. International offices will follow in 2026.
The bottom line? Remote work at Microsoft is being chipped away, and many workers who built their lives around flexibility will be left scrambling to adjust. To me, itâ(TM)s a disappointing move that ignores the lessons of the past few years.
179093588
submission
BrianFagioli writes:
Plex has alerted its customers about a security incident that may have affected user accounts. In an email sent to subscribers, the popular media server company confirmed that an unauthorized third party gained access to one of its databases. The breach exposed emails, usernames, and hashed passwords.
Plex emphasized that passwords were encrypted following best practices, so attackers cannot simply read them. The company also reassured users that no credit card data was compromised, since Plex does not store that information on its servers. Still, out of caution, it is requiring all account holders to reset their credentials.
Users are being directed to reset their passwords at plex.tv/reset. During the process, Plex recommends enabling the option to sign out all connected devices. This measure logs out every device associated with the account, including Plex Media Servers, forcing a fresh login with the updated password.
The company says it has already fixed the method used by the intruder to gain entry and is conducting additional security reviews. Plex is also urging subscribers to enable two-factor authentication if they have not already done so.
In its message, Plex stressed that no employee will ever ask for a customerâ(TM)s password or payment details via email. The company closed by apologizing to users and promising to strengthen its defenses to avoid similar incidents in the future.
178994698
submission
BrianFagioli writes:
Influencers are everywhere. A study from Casino.org estimates there are between 30 and 50 million of them worldwide, with that number growing by as much as 20 percent each year. For many, the lifestyle looks glamorous. But behind the brand trips and photo shoots is a grind that can have real consequences.
Ava is a glimpse into what an influencer of the future might look like by 2050. She is not just a thought experiment but a warning about what years of chasing trends, filters, and cosmetic fixes can do to a body.
The images of Ava were created by Casino.org as concept art, informed by medical research, to visualize how influencer habits might shape a personâ(TM)s health and appearance over decades. Put simply, this is what someone like iJustine (one of the internetâ(TM)s most enduring influencers) could look like if she kept living the lifestyle far into the future.
178992440
submission
BrianFagioli writes:
Roku is celebrating a milestone that says a lot about where entertainment is heading. For the third month in a row, people in the United States spent more time streaming on Roku-powered devices than they did watching traditional broadcast television.
Nielsenâ(TM)s latest data shows Roku-powered devices accounted for 21.4 percent of all TV viewing in July. Broadcast came in at 18.4 percent. That gap may not seem huge, but it marks a steady trend from May and June where streaming also came out ahead. Roku says its share of TV viewing is up 14 percent year-over-year, which suggests people are not just trying streaming, theyâ(TM)re sticking with it.
The Roku Channel, the companyâ(TM)s free and ad-supported streaming service, represents 2.8 percent of all TV viewing on its own. But Roku is quick to point out that its platform goes beyond one service, covering thousands of apps and live TV providers. Itâ(TM)s not just about giving people access to content, but also about becoming the front door to modern television.
âoeWhen we first said that all TV would be streamed, it was a bold prediction,â said Anthony Wood, Rokuâ(TM)s founder and CEO. âoeThat day is closer than ever.â Wood said the company now wants to make streaming easier and more personal while also giving creators and partners more impact.
Charlie Collier, President of Roku Media, made a point about how much has changed since the days of the old TV guide. âoeIn broadcastâ(TM)s heyday, TV guides directed us to âmust-seeâ(TM) television and the pop cultural moments we shared. Today, the streaming platform is the guide, and the moments shaping culture are happening on Roku.â
Roku powers streaming on smart TVs and devices in over half of internet-enabled U.S. households. By its own numbers, it sells more TV units than the next two operating systems combined. Itâ(TM)s a reminder that Roku has positioned itself as more than just a box or an app. It clearly wants to be the place where television happens.
So, is traditional TV dead? Not yet, folks. Broadcast still plays a role, especially for live sports and local news. But with Roku steadily outpacing it, the balance of power is shifting. For many households, streaming is no longer the future of TV⦠itâ(TM)s already the present.
178977690
submission
BrianFagioli writes:
The U.S. General Services Administration (GSA) has signed a new agreement with Microsoft that could change how federal agencies buy and use technology. The deal, part of GSAâ(TM)s OneGov strategy, is expected to save $3.1 billion in the first year alone.
One of the biggest perks is free access to Microsoft 365 Copilot for millions of government employees on G5 plans. Agencies will be able to use the AI tool at no cost for up to 12 months.
âoeThis agreement helps us advance AI adoption across the federal government, a key priority of the Trump Administration,â said GSA Deputy Administrator Stephen Ehikian. He called on agencies to take advantage of the new offers to cut costs and modernize operations.
Josh Gruenbaum, Commissioner of the Federal Acquisition Service, called OneGov âoea paradigm shift in federal procurementâ and said the savings are possible because the government is now buying as one large customer.
Microsoft CEO Satya Nadella said the company has worked with the U.S. government for more than four decades. âoeWith this new agreement, including a no-cost Microsoft 365 Copilot offer, we will help agencies improve citizen services, strengthen security, and save taxpayers more than $3 billion in the first year alone,â Nadella said.
Chris Barry, Microsoftâ(TM)s U.S. Public Sector lead, added that the company is âoecommitted to leading as the governmentâ(TM)s essential partnerâ as agencies move deeper into the AI era.
The deal also includes steep discounts on Azure, Sentinel, Dynamics 365, and Entra ID Governance. Agencies wonâ(TM)t pay per-agent fees for new AI agent features, which can power citizen inquiries and case management systems. Microsoft also waived data egress fees, making it easier for agencies to share information securely across departments.
Security is a major selling point. Microsoft 365, Azure, and other services are already authorized at FedRAMP High, meeting more than 400 NIST security controls. Copilot has provisional approval from the Department of Defense and is expected to earn full FedRAMP High clearance soon.
Microsoft is also investing $20 million in support services and workshops to help agencies get the most from the deal. Those workshops will focus on cutting software duplication, boosting automation, and improving interoperability.
Agencies can opt in until September 2026, with discounted pricing available for up to three years. If the projections hold, the partnership could deliver more than $6 billion in total value over three years.
178881562
submission
BrianFagioli writes:
Hosting.com has acquired Rocket.net, bringing the fast-growing managed WordPress hosting company under its corporate umbrella. The move gives hosting.com a proven SaaS platform and a strong brand in WordPress hosting, while Rocket.net gains the capital and global reach of a much larger player. Financial details of the deal were not disclosed.
Rocket.net will continue to operate under its own name, but it is now part of hosting.comâ(TM)s family of brands. As part of the deal, Rocket.net founder and CEO Ben Gabler has been appointed Chief Product Officer at hosting.com, where he will lead product and software engineering across the entire company.
Here at NERDS.xyz, we use Rocket.net ourselves, and we absolutely love it. The service has been rock solid for us, with top-tier performance and customer support that actually feels personal. That kind of reliability and responsiveness is rare in the hosting world.
Rocket.net has been on a rapid rise since its founding in 2020. In 2025, it ranked 167th on the Inc. 5000 list of the fastest-growing companies in the United States. The company has also boasted a 98 percent customer satisfaction rate while powering some of the largest WordPress sites in the world.
For hosting.com, the acquisition strengthens its ability to serve a wider range of customers. The company, founded in 2019, already operates more than 20 data centers, powers over 3 million websites, and serves 600,000 customers worldwide with a team of 900 employees.
Jessica Frick, a veteran of Automattic and Pressable, will continue to run Rocket.net as General Manager, reporting to Gabler. âoeIâ(TM)m beyond excited by our new partnership with hosting.com. It will immediately put the Rocket.net platform in front of hundreds of thousands of hosting.com customers,â she said.
The Rocket.net platform will now be rolled out across hosting.comâ(TM)s global footprint, including the USA, UK, Germany, and Singapore, as well as new regions such as Mexico, the UAE, and Australia.
Both companies stress that their commitment to WordPress and open source will remain intact. Hosting.com already sponsors global WordCamps and encourages employees to contribute to the WordPress project, while Rocket.net has long positioned itself as a champion of the open web.
In plain terms, folks, Rocket.net is now owned by hosting.com. The brand lives on, but the acquisition means Rocket.net is no longer an independent company.
178856552
submission
BrianFagioli writes:
A new Redfin report paints a troubling picture of housing affordability in America, particularly for Gen Z and millennial renters and homeowners. Seven in 10 renters in those generations say they struggle to make their regular housing payments. Even homeowners in the same age group are feeling the pressure, with 41 percent saying the same.
The study, based on a May 2025 survey of more than 4,000 U.S. adults, shows just how widespread the crunch has become. Younger generations were hit hardest, though baby boomers and Gen Xers are also affected. Over half of baby boomer renters and more than two-thirds of Gen X renters said they have a hard time making monthly payments.
To make ends meet, young renters are cutting back on eating out, with 40 percent saying they dine at restaurants less often. Nearly one-third are skipping vacations, 27 percent borrow money from family or friends, and 25 percent pick up extra shifts. Some of the most drastic measures include selling belongings, delaying medical treatments, and in more than one in five cases, skipping meals.
Millennials and Gen Zers who own their homes report similar adjustments. They are more likely than renters to cut luxuries like eating out and traveling, but fewer said they are skipping meals or putting off doctor visits to make mortgage payments. Older Americans also trim back on non-essentials. Roughly 45 percent of baby boomer and Gen X homeowners said they cut back on restaurants, and two in five reported taking no or fewer vacations.
The backdrop is a basic affordability problem. Home prices are up more than 40 percent since before the pandemic, mortgage rates have doubled, and rents have climbed more than 20 percent. Wages, on the other hand, have grown about 28 percent in the same period. Younger workers typically earn less because they are earlier in their careers. Many are also burdened with student loans and do not have equity from a previous home sale to help.
“Many Gen Zers and millennials are making real sacrifices, picking up side gigs, selling their possessions, even delaying doctor’s appointments just to pay for the basic need of housing,” said Daryl Fairweather, Redfin’s chief economist. She added that “a lot of the young people who can easily afford housing can do so because they have major financial support from their parents, with roughly one-quarter of the young Americans who recently bought a home using family money for their down payments.”
Fairweather warned that with home costs rising much faster than wages, “people without access to family money are much more likely to struggle to pay for housing, which could widen the gap between the haves and the have-nots in the future.”
There are a few encouraging signs, however. Mortgage rates recently dropped to a 10-month low. Buyers now have more purchasing power and sellers are more willing to negotiate. Affordability has even improved in 11 major metro areas, including parts of California and Florida.
Jim Fletcher, a Redfin Premier agent in Tampa, Florida, explained that “the local market is slow, with builders offering incentives to entice people to buy and individual sellers willing to negotiate because there’s so much supply on the market.” He suggested that for people early in their careers, “it’s a good time to start building equity. They can get homes for less than they could have a few years ago, especially if they’re open to condos or townhouses.”
But the report also raises a larger question. If so many young people are skipping meals and delaying medical care just to afford rent, how are they still buying the latest smartphones, tablets, and laptops?
Look, folks, flagship devices now range from $800 to more than $2,000 nowadays. Even so-called budget laptops and tablets remain a serious expense. If housing continues to strain budgets, younger buyers may finally cut back on yearly gadget upgrades. That could ripple into the consumer tech industry, which depends heavily on these same demographics for steady sales.
