Two-thirds of renters making less than $25,000 said inflation made them "very stressed."
About half of the nation’s renters said rising consumer prices were “very stressful” for them, according to a new analysis from researchers at the Joint Center for Housing Studies of Harvard University.The analysis, based on data from U.S. Census Bureau’s household pulse surveys from July to December of last year, found inflation’s strain was particularly acute among low-income renters, as well as Black and Hispanic tenants.
“A full 52% of all renters reported that recent price increases in consumer goods were very stressful while an additional 24% found them to be moderately stressful,” Airgood-Obrycki and Whitney said. Rent growth, a big driver of that inflation, has also softened from the sky-high hikes of early 2022. In fact, a recent Redfin RDFN analysis stated the country’s median asking rent had just experienced its first annual decline in three years after falling 0.4% between March 2022 and March 2023 to reach $1,937. Otherwise, there hasn’t been an annual drop in rents since March 2020, according to Redfin.
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