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Submission: On September 12 via api from BE — Scanned from US
Submission: On September 12 via api from BE — Scanned from US
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Accessibility statementSkip to main content Democracy Dies in Darkness SubscribeSign in Democracy Dies in Darkness businessEconomyEconomic PolicyPersonal FinanceWorkTechnologyBusiness of Climate businessEconomyEconomic PolicyPersonal FinanceWorkTechnologyBusiness of Climate RENT, UTILITIES ROSE FASTER THAN HOME VALUES FOR FIRST TIME IN A DECADE New data from the 2023 American Community Survey also showed that nearly half of renters’ households spent more than 30 percent of their income on housing. 3 min 1442 A “for rent” sign in Las Vegas on April 10. (Bridget Bennett for The Washington Post) By Rachel Siegel September 12, 2024 at 12:01 a.m. EDT The cost of rent and utilities in 2023 rose faster than home values for the first time in a decade, the latest sign that a distorted housing market has pushed more people into renting. That’s one takeaway from the 2023 American Community Survey, released Thursday by the Census Bureau, which also underscored how different peoples’ experience in the housing market can be depending on income and race. From 2011 to 2019, real rent costs rose less than 3 percent every year, the data show. In 2022, after peaking during the coronavirus pandemic, rent grew 1 percent. But last year, rent rose 3.8 percent, compared with a 1.8 percent rise in inflation-adjusted median home values. The findings are yet another example of how a supercharged rental market is squeezing people who also can’t afford to buy. Share 1442 Comments NewsletterWednesdays The Color of Money Advice on how to save, spend and talk about your money for the short and long term from Michelle Singletary. Sign up PAID PROMOTED STORIES Subscribe to comment and get the full experience. Choose your plan → Advertisement Skip Ads by Advertisement Advertisement Company About The Post Newsroom Policies & Standards Diversity & Inclusion Careers Media & Community Relations WP Creative Group Accessibility Statement Sitemap Get The Post Become a Subscriber Gift Subscriptions Mobile & Apps Newsletters & Alerts Washington Post Live Reprints & Permissions Post Store Books & E-Books Today’s Paper Public Notices Contact Us Contact the Newsroom Contact Customer Care Contact the Opinions Team Advertise Licensing & Syndication Request a Correction Send a News Tip Report a Vulnerability Terms of Use Digital Products Terms of Sale Print Products Terms of Sale Terms of Service Privacy Policy Cookie Settings Submissions & Discussion Policy RSS Terms of Service Ad Choices Your Privacy Choices washingtonpost.com © 1996-2024 The Washington Post * washingtonpost.com * © 1996-2024 The Washington Post * About The Post * Contact the Newsroom * Contact Customer Care * Request a Correction * Send a News Tip * Report a Vulnerability * Download the Washington Post App * Policies & Standards * Terms of Service * Privacy Policy * Cookie Settings * Print Products Terms of Sale * Digital Products Terms of Sale * Submissions & Discussion Policy * Sitemap * RSS Terms of Service * Ad Choices * Your Privacy Choices 5.25.3 Already a subscriber? Sign in GET UNLIMITED ACCESS TO THE WASHINGTON POST You can cancel anytime. MONTHLY $1 every week for the first year billed as $4 every 4 weeks YEARLY $120 $40 for the first year * Unlimited access on the web and in our apps * 24/7 live news updates Add your email address By creating your account, you agree to The Washington Post's Terms of Service and Privacy Policy. Card View more offers