Record Breaking Rental Prices Squeeze Households

Redfin's latest findings reveal that the average cost of rent in the United States has reached a staggering $2,052, a figure that is sending shockwaves through the rental market.

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Apartment leasing sign is seen on the street in Chicago, Tuesday, Feb. 7, 2022. (AP Photo/Nam Y. Huh)
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The relentless surge in rental costs across the United States is rapidly becoming a severe financial burden for American households. According to a recent report from Redfin, the escalating cost of rent is taking center stage, exacerbating the challenges faced by many amidst rising inflation and diminishing prospects of homeownership.

Redfin’s latest findings reveal that the average cost of rent in the United States has reached a staggering $2,052, a figure that is sending shockwaves through the rental market. This significant increase in rental prices has taken place over a remarkably short period. Just last month, the average rent was $2,038, highlighting the alarming pace at which prices are rising.

Everyday essentials, from groceries to fuel, are already weighing heavily on budgets due to inflation, leaving little room to absorb higher housing expenses. And don’t forget about the impact when it comes to quality of life. The dream of homeownership, which has long symbolized financial stability, is slipping further out of reach for an increasing number of individuals and families. The average cost for a home in America is now $416,000 according to the Federal Reserve Bank of St. Louis.


Click play to listen to the AURN News report from Jamie Jackson:

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