Personal Housing Expenses See Biggest Jump in 8 Years

south-baltimore-row-homes-brian-wallace


(Steve Straehley)  It continues to get more expensive to have a roof over one’s head, according to government figures.

According to a report (pdf) from the Bureau of Labor Statistics, the cost of shelter increased 0.4% last month, the biggest increase since February 2007. The cost of shelter has jumped 3.1% over a year ago, its largest year-over-year increase since January 2008. Part of the increase was due to a big jump in temporary lodging (i.e., hotels), but rent and its homeowners’ equivalent went up a solid 0.3%.

Rent already takes a huge chunk out of Americans’ paychecks, with as many as half of renters paying 30% of their take-home pay for a place to live. High rents affect poorer Americans the most. Not only do they pay more for rent now, but they’re unable to save money to buy a home of their own.

Part of the reason for increased rents is a shortage of available units. Last year’s vacancy rate of 7.6% was the lowest such figure in 20 years.

Join the conversation. Unlike most websites, we value your opinion. Leave your thoughts in the comments below.

IMPORTANT: The Independent media has become the last defense against the government and 
corporate propaganda. Unfortunately,sites like ours are losing funding, closing down 
or being blocked by Google and Facebook. Never before has Gov't Slaves been more 
endangered. If you believe in our work, please consider donating to fund our mission. 
Thanks for your support. Gov't Slaves