3.8 million renters could get evicted in the next two months. Inflation is hitting the housing market. Rents keep rising, and the average American is struggling to keep up with it. And when you have to pay too much in rent, you’ll never save up for a house. So the vicious cycle will always continue.
Rents keep going up
According to Yahoo Finance, rent prices in June spiked to a new ceiling, and for the first time ever, the median rent price in the U.S. was over two thousand dollars per month. So now, we’re hearing that rent is inflation’s next main target.
Pairing these crazy rent prices and high inflation with the end of pandemic rent assistance programs and eviction moratoriums is expected to push millions of people out of their current homes. Although many have had the opportunity to put money away with stimulus checks and student loan freezes, the cost of living has steadily increased. Now we have to deal with higher living costs if these loans reactivate.
According to the Census Bureau, 3.8 million renters believe they will be evicted within the next two months, and 8.5 million people are currently behind and can’t pay rent.
How can we stop the rent crisis?
And there doesn’t seem to be a clear path out of this mess. A lot of private equity firms are buying up all of the available housing. With rent prices skyrocketing, we’re running out of affordable living situations all over the country. This rental crisis could cause younger generations to boomerang back home to their parents or be forced to move out of metropolitan areas.
But what do you think? What’s the best way out of this rental crisis? How can we take back all the property that private equity firms are buying? Let us know your thoughts in the comments below.
