Self Evicting Because of the Costs of Living
The rising costs of living have unequally affected low income families, with the wages staying put and inflation pushing prices upward many can not even cram paying rent into their budget. Called, "basic need inflation" things such as: food, energy, transportation and health care have pushed the budget of those who are classified as severely cost burdened. Inflation has pushed a 40 year high of 8.6 percent in May of 2022 with forcing families to spend more on daily necessities rather than pay for rent or even consider saving for a down payment for a house. The current wages just are not sufficient for people to comfortably buy a house in todays market. With a shortage in housing, this allows an opportunity for landlords to push the rent prices since there is no where else to go. The Zillow Observed Rent Index (ZORI) reflects that the median rent increased nearly 15.9 percent as of May 2022. Leaving lower income families to do whatever they can to make rent to avoid being homeless, but others are not so lucky.
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