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Wednesday, December 07, 2022

Record monthly rental prices for homes in the United States

Record monthly rental prices for homes in the United States

In the United States, a new record was set in housing rental prices. According to data released by Zillow, an online real estate technology company, the cap reached an average of $2,031.

Through a survey it was estimated that 2 out of 5 recent renters were concerned about cost and communication. Similarly, competition in the real estate market kept more than one interviewee up at night.

People are under constant stress and uneasiness over the current high prices. This is no less if we take into account that the monthly cost is up 0.6% from last June and 13.7% higher than in 2021.

That qualifies as a major factor, which is repeated among those surveyed, the fact of not getting a cheap income. This is how 38% of tenants commented. Such an element coincides with a 24% increase in rents during the last two years.

paying rent in excess of half of monthly income

The United States Census reveals a very interesting fact on the subject. The typical rental family generates approximately $3,800.00 USD per month. If we do the math, we find that they have to spend more than half of their income to pay rent.

Meanwhile, going back to the Zillow survey, 26% of renters said they were concerned about following a landlord’s email. Meanwhile, 22% said the same thing about competing with other tenants.

On the other hand, 77% of those surveyed promised to pay their most recent rent, even if it didn’t have ideal living conditions.

In the end, about 30% decided to rent a house smaller than they thought, due to the high prices.

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