The US Bureau of Labor Statistics has reported that the consumer price index (CPI) rose by 7 percent– the fastest seen since the summer of 1982 – but many Americans now see on their own how far and wide this red-hot inflationary environment affects everyday life.
Fast rising energy and food prices has grabbed most headlines, but under the inflationary rubble lies another very worrying trend – rising rents. According to RedfinThe average monthly rent in the United States rose 14.1 percent year-on-year to $ 1,877 in December – the largest annual jump since at least February 2019. More popular cities like Austin saw an average rent increase of as much as 40 percent while average price for an apartment rose by up to 35 percent in places like New York City and Miami.
Mortgage payments are not immune
Meanwhile, the national monthly mortgage repayments for home buyers rose by nearly 22 percent.
“Growth in mortgage repayments has been driven by both rising prices and rising mortgage rates,” said Redfin chief economist Daryl Fairweather in a statement. announcement. “And rising mortgage costs are pushing more potential homebuyers to rent instead, pushing up demand and rental prices. Rising mortgage rates are accelerating, which will cause both mortgage and rent repayments to grow through 2022,” he continued.
In survival mode
It is against this background of high inflation that ordinary, pandemic Americans are trying to make ends meet. Therefore even the last stimulus check was approved through the U.S. rescue plan more than ten months ago, there are still passionate calls that require the White House and Congress to approve some form of stimulus quickly.
In fact, there are currently seven signature collections in circulation, which together have collected well over five million signatures. The most popular is to be orchestrated by Denver area restaurant owner Stephanie Bonin, if petition recently surpassed its ambitious goal of three million signatures.
“I urge Congress to support families with a payment of $ 2,000 for adults and a payment of $ 1,000 for children immediately, and continue regular checks during the duration of the crisis,” the petition reads. “Otherwise, laid-off workers, freelancers, the self-employed and workers with reduced working hours will struggle to pay their rent or put food on the table. Our country is still struggling deeply.”
Another petition which has received a lot of attention, it is launched by the Senior Citizens League, which requires $ 1,400 stimulus checks for social security recipients. The non-partisan senior group claims in the petition that “rising inflation has taken a toll on household finances for retired and disabled social security recipients.”
Ethen Kim Lieser is a science and technology editor in Washington state who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek and Arirang TV. Follow or contact him at LinkedIn.