It looks to me like the increase in rents from 2019 to 2026 roughly tracks the inflation rate during that period, maybe a slight bump higher. So, if that is the case, then the problem appears to be that wages/incomes have simply not kept pace with inflation, causing distress among renters. The federal minimum wage has not been raised since 2009 when it was set at $7.25/hr. If it had kept pace with inflation it would be around $11.50/hr today. Still inadequate but better than the raw deal workers get today.
Rent outpaced inflation by about 50% from 2019-24 (and outpaced median income by 55% during the same stretch). No argument from me on the wage problem though.
It looks to me like the increase in rents from 2019 to 2026 roughly tracks the inflation rate during that period, maybe a slight bump higher. So, if that is the case, then the problem appears to be that wages/incomes have simply not kept pace with inflation, causing distress among renters. The federal minimum wage has not been raised since 2009 when it was set at $7.25/hr. If it had kept pace with inflation it would be around $11.50/hr today. Still inadequate but better than the raw deal workers get today.
Rent outpaced inflation by about 50% from 2019-24 (and outpaced median income by 55% during the same stretch). No argument from me on the wage problem though.
Thanks as always for reading.