Results show inflation is significantly impacting residents
TAMPA, Fla. (Apr. 21, 2022) – Researchers at the University of South Florida have released results from a statewide survey that measures public opinion on inflation, the housing market and student loans.
Among the key findings:
Recent inflation is making it harder for many Floridians to afford necessities. Almost half of Floridians (48%) either “strongly” or “somewhat agree” that inflation has impacted their ability to pay essential bills, and over three-fourths (77%) say that inflation has impacted their grocery spending.
Inflation has impacted discretionary spending and travel plans for a majority of Floridians as well. In an effort to keep up with the price of necessities, four in five Floridians (80%) either “strongly” or “somewhat agree” that inflation has impacted their discretionary spending, and two-thirds (65%) say that inflation has impacted their travel plans as well.
Floridians have had a hard time keeping up with mortgage and rent payments over the past year. About a quarter of Floridians (24%) say that they have had a hard time keeping up with their rent and mortgage payments over the past year, and one in three (35%) noted that their current household income does not support the cost of renting or buying a home in the state.
Floridians feel that multiple factors are responsible for inflation. An overwhelming 87% of Floridians said that supply chain issues were either “very” or “somewhat responsible” for the inflation being experienced by Floridians right now, followed by the COVID-19 pandemic (83%), and increased federal spending (73%).
In general, Floridians appear to be dissatisfied with the federal government’s management of inflation so far. Two-thirds of Floridians said that the Biden administration is “very” or “somewhat responsible” for the inflation being experienced by Floridians right now (64%), compared to 49% placing responsibility with the Trump administration. Overall, three-fourths of Floridians are “somewhat” or “very dissatisfied” with how the federal government is managing inflation and the rising costs of goods and services (77%).
Many Floridians are putting off purchasing a home due to the current housing market. With home values increasing by almost 70% in Florida over the past five years, it’s no surprise that 36% of Floridians who don’t own a home say that they are putting off buying due to the hot market as well as increased expenses, such as skyrocketing insurance premiums.
A majority of Floridians support the Biden administration’s recent decision to extend student loan payments. Over two-thirds (64.2%) of Floridians support an extension of the student loan repayment pause beyond May 1. A majority would also “strongly” or “somewhat support” the federal government forgiving loan debt for all borrowers, with two-thirds supporting $10,000 in loan forgiveness (68%), and a small majority supporting $50,000 in loan forgiveness (55%).
The survey included a representative sample of 600 Floridians, fielded March 31 to April 12, 2022. Results are reported with a confidence level of 95% and a margin of error +/-4 %.
The complete survey results can be found here.
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About the University of South Florida
The University of South Florida, a high-impact global research university dedicated to student success, generates an annual economic impact of more than $6 billion. Over the past 10 years, no other public university in the country has risen faster in U.S. News and World Report’s national university rankings than USF. Serving more than 50,000 students on campuses in Tampa, St. Petersburg and Sarasota-Manatee, USF is designated as a Preeminent State Research University by the Florida Board of Governors, placing it in the most elite category among the state’s 12 public universities. USF has earned widespread national recognition for its success graduating under-represented minority and limited-income students at rates equal to or higher than white and higher income students. USF is a member of the American Athletic Conference. Learn more at www.usf.edu.