(FreedomBeacon.com)- According to recent research from the Bank of America Institute, the cost of rent is increasing pressure on Americans.
Tuesday’s Fox Business report stated that according to a new analysis from the Charlotte-based bank, Bank of America’s clients’ median rent payments increased 7.4% in July over the same month last year, up from 7.2% in June. Soaring rents are squeezing Americans of all income levels, but middle-class and younger workers are being hit hardest.
Rent increases are a worrying trend since they have a direct and noticeable impact on household budgets. According to Census Bureau data, about 34% of households rent, but the percentage for lower- and middle-income families is significantly higher. Nearly 52.6% of households with family incomes below the $31,133 national median are renter-dominated.
According to the institute’s research from August 18, a significant increase in rent costs can considerably influence household financial conditions, particularly for medium and lower-income households.
According to the institute, every income level was affected by rising rent, with those earning between $51,000 and $150,000 per year experiencing the most significant percentage year-over-year increase in median rent.
A Rasmussen Reports survey this week revealed that the two biggest concerns before the midterm elections were inflation and crime.
According to Breitbart News, there is a consensus across the board, as most Democrats, Republicans, and independents perceive inflation as a worry.
In addition, despite President Joe Biden’s White House’s claim that inflation was at zero throughout that time, Americans were smacked with rising food prices last month.
According to the Brookings Institution, inflation also strains parents taking care of youngsters as if that weren’t bad enough.
According to Breitbart News, the left-wing institution’s investigation revealed that raising a child might cost over $300,000 in the current economic climate, “which averages $18,271 each year to raise a child born after 2015.”
As Breitbart News has shown, President Joe Biden has seen a considerable rise in inflation since taking office. Due to growing costs for things like gas, food, and housing, among other things, American households now have a higher cost of living, according to the research.
