US rents surge 1.5 times faster than incomes, millions struggle to afford housing

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US rents have surged 1.5 times faster than household incomes in the past four years, with nationwide rents soaring by around 30% while average salaries only rose by 20%. This trend of rental cost increases outpacing wage growth is evident in all but six of the top 50 metropolitan areas, with cities like Tampa and Miami experiencing rents skyrocketing over three times faster than salaries.

This is an absolute crisis. How can everyday Americans afford to keep a roof over their heads when rents are skyrocketing at such an alarming rate? The fact that rental costs are outpacing wage growth across the nation paints a bleak picture of housing affordability in the US. Families are being squeezed to the brink, forced to make impossible choices between paying rent and putting food on the table. This isn’t just a statistic; it’s a human tragedy unfolding before our eyes. We urgently need bold action to address this housing affordability crisis and ensure that every American has access to safe and affordable housing.

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fred.stlouisfed.org/series/CUSR0000SEHA

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