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Rents are rising faster than wages across the country
The median U.S. rent now hovers around $2,000 a month, consuming a growing chunk of people's paychecks.
Federal Reserve leaves interest rates unchanged as inflation persists09:17 Rents jumped 30.4% nationwide between 2019 and 2023, while wages during that same period rose 20.2%, according to a recent analysis from online real estate brokers Zillow and StreetEasy. Some metros including Austin, Texas, and Portland, Oregon, have seen rent decreases in the past year, according to the analysis, a stark contrast to more populated cities like New York, which "is heading in the opposite direction," said StreetEasy Senior Economist Kenny Lee. A troubling trend in the cost of buying a home02:15 Rising rent, which has helped fuel homelessness across the nation, has forced millions of Americans into spending more than the recommended 30% of their monthly income on housing.
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