(UnitedReader.com) – Housing is one of the most important basic necessities, but some people currently face a lot of stress trying to keep roofs over their heads. With the rapidly rising costs of rentals, many Americans are at risk of housing instability. A March Rent.com market analysis report showed rental prices increased by 7.8% since 2021, which is a historical high.
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The report noted 97.7% of markets showed price hikes for one-bedroom units, while 100% had risen for two-bedroom rentals. The price increase for one-bedrooms was 24.4%, bringing the average cost to $1,684. Two-bedroom units rose 21.8%, which equals an average rent of $1,997.
With the housing market seeing increasing prices as well, many people end up stuck in already expensive rentals. Redfin reported a 14% increase over 2021 in sales prices, which has pushed many potential buyers out of the market.
REJournals reported that there is a looming housing cost crisis in the United States. The gap between the rising housing costs and the increase in wages is hurting Americans. With rent growing at fast rates, many families can’t afford the new asking prices.
Could the current market equal a wave of homelessness in the country, or will conditions turn around before that happens? Let us know what you think!
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