As Veterans Day nears, new data shows Georgia’s service members are facing escalating financial hardships, echoing a trend seen across the U.S. in military households. A recent analysis by Upgraded Points, using data from the U.S. Census Bureau’s Household Pulse Survey, highlights the growing number of military families struggling with everyday expenses like food, housing, and transportation.
Over 40% of service members nationwide report financial difficulties, with those in Georgia reflecting even higher rates of stress about rising prices.
Just the Facts
• Financial Hardships: 40.8% of Georgia’s service members report difficulties in covering household expenses, just above the national average of 40.2%.
• Price Increase Concerns: 86.7% of military personnel in Georgia are stressed about recent price hikes, exceeding the 79.8% national figure.
• Future Price Worries: 84.4% of Georgia service members are worried about future inflation, higher than the U.S. average of 81.8%.
• Home Price Growth: Housing costs in Georgia have risen 63% from 2019 to 2024, significantly outpacing the 48.4% national average.
• Military Spouse Unemployment: Nationally, the military spouse unemployment rate was 21% in 2023, contributing to financial strain, especially in areas with limited job opportunities.
The Details: The report reveals that military families in Georgia face mounting challenges, driven in part by soaring housing costs and high living expenses. Unlike many civilian households, military families often rely on the Basic Allowance for Housing to cover living costs. Yet, as the real estate market escalates, this allowance has struggled to keep pace, placing a strain on budgets, especially for young service members with dependents.
In addition to housing challenges, frequent relocations make it hard for military spouses to establish consistent careers, further limiting household income. In Georgia, where the 2023 unemployment rate was 4.4%, military families, especially those in rural areas, face limited job opportunities, exacerbating financial stress.
Why It Matters: Military families often contend with unique financial strains that civilian households may not face. In Georgia, with its significant military presence, these economic pressures have real-world implications for the communities that support and depend on the military. Rising costs and concerns about future inflation impact not just individual families but also the morale and stability of service members stationed in the state. This financial stress can affect their focus and overall well-being, ultimately influencing the strength of the armed forces and the support structures around them.
Thom Chandler
The Georgia Sun is a news and infotainment website devoted to all things Georgia.