Join ThinkCivics+ premium Substack subscription to support independent news. Purchase today to get 25% off your membership! Our independence and ability to speak truth to power depend on all the resources we can get. Help us and become part of the fight!
Housing costs now account for a third of the average American’s budget as inflation continues to impact the economy, according to a MarketWatch article published on Feb. 17.
“Over two years, rents have increased by $302 monthly, or 18.41%,” said Rent.com economic researcher Jon Leckie. “We should’ve seen about a $100 increase in rents over the past two years. Instead, we saw a $300 increase.”
According to the U.S. Bureau of Labor Statistics, both the rent index and the owners’ equivalent rent index rose 0.7% since December, and the index for lodging away from home increased by 1.2% in January. A 0.7 increase in shelter inflation brings housing and rent costs up by 7.9% over a 12-month timeframe.
ThinkCivics researches, examines, and reports on issues that matter most. We deliver explanative, fearless, and insightful analysis for public consumption.
