A recently published economic report by Moody’s Analytics reveals that skyrocketing rents in the United States are significantly outpacing income growth, further exacerbating the affordability crisis for working- and lower-middle-class Americans seeking housing.
According to the report, U.S. rents have surged by nearly 135 percent since 1999, while incomes have only experienced a modest increase of about 77 percent, Breitbart News reported.
The findings highlight how the rising demand for housing has created immense pressure on rental rates, making it increasingly challenging for renters to find affordable accommodations.
A study conducted by the New American Economy group, funded by Bloomberg, also sheds light on the impact of decades of significant immigration on housing prices.
The study reveals that the influx of tens of millions of immigrants has contributed to a staggering $3.7 trillion increase in housing prices for the next generation of homebuyers.
However, the study’s interpretation of this figure as the creation of “housing wealth” may present a particular perspective on the issue.
Written by staff