Due to inflation eating away at earnings and less supply of affordable housing, the majority of Americans today cannot afford median rent prices, according to a new report by the real estate company Redfin.
The analysis comes as other reports indicate that both homeowners and renters are struggling with high housing costs due to inflationary pressures, an inflated housing market, low supply and demand for affordable housing.
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A major real estate company released a survey on Friday which found that renters and homeowners are significantly reducing their quality of life to afford housing under President Joe Biden.
Nearly one in five homeowners and renters reported skipping meals to afford housing in Biden’s economy, according to a new survey conducted by Redfin. The median asking rental price increased from less than $1,700 when Biden took office in January 2021 to nearly $2,000 as of February, according to Redfin’s data.
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The cost of living is skyrocketing in certain “migration destination” cities where those fleeing mostly blue states are landing, according to a newly released report.
Redfin released the analysis, which shows that cities like Atlanta, Phoenix and Tampa have seen higher rates of inflation than the country overall. According to the report, those increases are “double the inflation rates in San Francisco and New York, places people are moving away from.”
“Migration into those places is one reason for rapidly rising prices of consumer goods and services,” Redfin said. “Because of high inflation, including rising home prices, the financial advantage of living in what are now relatively affordable places is likely to diminish.”
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