One of the world’s largest crowdfunding sites reported this week that it saw a dramatic increase in campaigns asking for “essential spending” over the past year, as Americans continue to struggle with inflation and housing costs.
GoFundMe released its annual giving report on Tuesday, noting that people seeking help with basic needs like housing have turned to the website in droves. The platform said such campaigns have quadrupled since 2023.
GoFundMe CEO Tim Cardogan said in a statement that the crowdfunding model shows how “help is at the heart of our humanity.”
“The desire to help each other transcends borders, languages and cultures,” Cardogan said.
An example from the annual report was a crowdfunding campaign by the Martinez family in Los Angeles, who said they were unexpectedly told to leave their apartment of 37 years. The family said they had “difficulty finding affordable housing” given the high housing market in the area.
In an interview with local news station KTTV, they said their landlord decided to evict them so the landlord’s son could move into the unit. The unidentified landlord did not respond to a request for comment from the channel.
The Martinez campaign has raised $75,359, according to the GoFundMe, more than double the original asking amount.
Experts over the years have pointed out how the rise of platforms like GoFundMe is spotlighting social problems, especially when it comes to medical debt. This year seems to draw attention to the high cost of living that many Americans complain about.
The International Monetary Fund in its annual report last year cited a number of factors that have led to a global cost of living crisis, including the pandemic and climate change that are disrupting food and supply chains, as well as geopolitical conflicts that are exacerbating the problems.
According to the IMF, while inflation has fallen from its 2022 peak, most countries still face high headline and core inflation.
Inflation slowed over the year, but price growth actually spiked again in November, signaling that efforts to combat rising daily spending by US households have stalled. In October, NBC News reported that American prices are on average more than 21% higher than at the beginning of 2020.
For example, according to the 12-month consumer price index, the cost of housing has increased by 4.7% compared to last year. Other necessities, such as electricity and grocery prices, also remain high.
Voters in this year’s election also reported that the economy was high on their list of concerns at the polls, although economists have warned that newly elected President Donald Trump’s policies could push prices up again if he implements his proposed tariffs.
Trump himself told NBC News earlier this month that while he does not believe Americans will face higher prices under his plans, he “cannot guarantee anything.”
This article was originally published on NBCNews.com
