: Rising consumer prices took a massive toll on renters, analysis shows

by | Apr 17, 2023 | Stock Market

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. Yet almost all renter households — 93% — had seen higher prices for goods or services in their region in the two-month period before they were polled, researchers Whitney Airgood-Obrycki and Peyton Whitney wrote in a blog post on their findings Monday.

“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. The good news: U.S. inflation appears to be cooling off somewhat, with the consumer price index up 5% in March compared to a year earlier. That was the lowest annual level seen since May 2021, and far below the pandemic peak of 9.1% from last June. Rent growth, a big driver of that inflation, has also softened from the sky-high hikes of early 2022. In fact, a recent Redfin
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 …

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