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Tuesday, October 4, 2022

US housing crisis continues

The housing crisis continues in the United States as rents continue to rise across the country. New York has just broken several records and is even surpassing cities like San Francisco.

While inflation and rising commodity prices have a significant impact on the purchasing power of Europeans and Americans, the amount that must be paid to pay rent is only increasing. New York City was particularly affected by this staggering increase in rents, which topped all-time records.

Read also: Average Salary in the United States (USA) in 2022

New York: The High Rent Capital of the US

New York is becoming an increasingly popular city. It must be said that it brings together important business districts such as Wall Street. This popular metropolis attracts both tourists and food, art, culture and even technology professionals! Large companies have large offices in New York, like Google or Meta.

Today, the median rent in New York in July 2022 was $4,150, up 29% from last year, CNN explains. Worse, the median rent in New York City has topped the $5,000 mark. From now on, if you want to rent an apartment in a metropolis, you will have to pay an average of $5,113 per month. Experts are not very optimistic and believe that this growth should continue in August.

Read also: Yellowstone, the series causing the US housing crisis.

Consequences of the US housing crisis

At the moment, it seems that the rent is not going to fall. Jonathan Miller, CEO of Miller Samuel, a real estate consulting firm, notes that rents may rise much more slowly or stabilize. If he believes that the summer period corresponds to a peak in real estate, which causes rent prices to rise, he thinks it is unlikely that they will fall at the beginning of the school year. “ The only way to achieve this is if the Fed makes decisions that will cause huge damage to the economy and could lead to layoff plans. »

This housing crisis is affecting rents as well as those who wish to purchase property. Interest rates on 30-year bonds rose from 3.22% in January to 5.81% in June. However, in early August, these rates fell to 4.99%. Thus, more and more buyers decide to put their project on hold and continue to rent apartments, preventing the turnover of rental housing needed to maintain rental prices.

Read also: Rules to follow to better manage your budget

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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