"The rent is too damn high" was a sentiment way ahead of its time, as a majority of Americans have been hit by rent increases this year, according to a study from mortgage provider Freddie Mac.
Nearly 60% of renters say they were hit with a rent hike in the past year, a survey from Freddie Mac found. And while 38% of renters did say they got a raise — that raise won't cover their increased housing costs.
"The surge in rents that took place over the last 12 months has created even greater housing uncertainty for the most vulnerable renters," Kevin Palmer, head of Freddie Mac Multifamily, said in a statement. "Our survey shows that the national housing affordability crisis is worsening, and that inflation is a key driver."
Freddie Mac surveyed 2,000 Americans 18 and older between June 6 and 10. Across the board, the survey found that 96% of households have been hit hard by higher prices in the past 12 months, with the highest percentage — 66% — pointing to higher prices for groceries and household supplies as their biggest pain points, along with increased costs for transportation, eating out, and utilities.
Higher costs are why three-quarters of those surveyed have changed their plans to try to buy a home soon. Among those less likely to buy, 50% said high home prices have changed their mind, 34% said they were also deterred by the higher interest rates, and 39% said they were having a hard time coming up with a down payment.
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