Rising home prices, currently averaging around $424,900, have rendered homeownership unattainable for many Americans. As a result, renting has become the only viable option for countless individuals. Unfortunately, renting costs are also skyrocketing, with the consumer price index for rent increasing nearly 10% over two years, putting financial strain on renters. While the median rental costs account for only 20.6% of median household earnings, some cities experience much higher percentages. Consequently, many residents are finding it increasingly difficult to maintain affordable housing.
"With home prices hovering near record highs, homeownership has become prohibitively expensive for millions of Americans, forcing many to rent as their only housing option."
"The typical American home was listed on the market for $424,900 in March 2023, up over 40% from early 2020, making homeownership unreachable for many."
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