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The side hustle shuffle

The days of working one stable, lifelong career seem to be fading fast. A record number of Americans now hold multiple jobs just to make ends meet. The Bureau of Labor Statistics reports over 8 million people juggled two or more jobs in March 2022. That’s up from 7.5 million people the previous year.

What’s driving this trend? Stagnant wages coupled with soaring costs of living. As inflation sends prices skyrocketing, salaries simply haven’t kept pace. Just landing one full-time job no longer guarantees financial security. Enter the side hustle – a necessary supplement to pay the bills.

Side jobs

From ride-share driving to food delivery apps, service industry side gigs have become a lifeline. They provide flexible income to cover basic necessities like rent, utilities and groceries. Of course, spreading yourself thin across multiple jobs means little time for rest and leisure. Say goodbye to work-life balance.

The real estate industry now faces its own reckoning with the recent commission cuts at major brands like Re/Max and Anywhere. While spun as a benefit to home buyers, individual agents will undoubtedly feel the hit. Brokerages frame it as a legal necessity, but what’s really in an agent’s best interest? Falling home sales will likely force more realtors to pick up side work unrelated to housing.

Stretched thin

Rising mortgage rates also price many buyers out of the market entirely. Home prices remain detached from local wages in 99% of U.S. counties, per ATTOM data. This mismatch looks eerily similar to Canada’s housing bubble in the 2010s. There, the Bank of Canada’s rate hikes popped the bubble, causing prices to plummet. The U.S. seems to be following the same trajectory.

In short, today’s labor market leaves workers stretched thin across multiple jobs for basic financial survival. Wages fail to match the cost of living, a recipe for economic instability. Something has to give for the sake of the American middle class. Here’s hoping policies change course soon, before we’re all working side hustles well into retirement.