Inflation is hitting young renters hard because the cost of rent and other expenses has increased much faster than their incomes. Millennials who took on a new rental lease in July saw their overall cost of goods and services increase 11.6% year over year, substantially higher than 8.5% for the U.S. population as a whole.
Nationwide, energy costs are taking up a smaller portion of homeowner expenses because they’re not surging nearly as quickly as housing prices. The typical U.S. household spent an estimated $2,127 on energy utility bills in 2021, equal to 14.8% of the annual mortgage payment for homebuyers. That compares with $1,986 (15.8%) a year earlier and
San Jose, Oakland and San Francisco are among the fastest-cooling housing markets in the U.S. as mortgage rates remain above 5% and the stock market falters, pricing many would-be buyers out of the market. The 10 markets cooling most are all in the western U.S. Housing markets in northern California are cooling faster than anywhere
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