If you’re renting your home, chances are you’re paying more than you’re used to. “It’s just unfortunate because there are people who are going to walk away effectively poorer,' one economist said.
Damon Blanchard, a 46-year-old living in Columbus, Ohio, is unemployed but gets a biweekly workers’ compensation check worth about $686 after getting hurt on the job in a scrapyard three years ago, he said.
— Damon Blanchard, a 46-year-old living in Columbus, Ohio The company did not immediately respond to MarketWatch’s request for comment, but has previously told local media outlets that it is investing in much-needed safety and building improvements and that any rent increases were in line with comparable rental properties in the area.
Housing costs — which, for a middle-income household, might take up a third of a family’s take-home pay — have jumped by 5.1% in the past year, the fastest annual pace since 1991, while rents are up 4.8% from a year ago, according to the Labor Department. Still, that kind of swing is nothing to sneeze at, and can have particularly dire consequences for low-income households without a lot of breathing room in their budgets. Rent increases are also likely to disproportionately burden Black and Latino families, who were more likely to spend 30% of their income on housing even before the pandemic.
Biden vows to fight inflation On Wednesday, President Joe Biden said his administration will step up efforts to fight inflation.
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