- According to apartment search engine Rent.com, the median monthly asking rent in the US last month was $2,011. In October 2020, it was $1,667.
- Monthly mortgage payments also surged, according to American Community Survey data. which found that the average monthly mortgage payment in 2020 was $1,621.
- The National Association of Realtors later reported that the average monthly mortgage payment on a single-family American home was $2,317 by the end of 2022, which marks a $696, or stunning 42.9%, increase.
Prices for almost everything in your life are on the rise, and it’s not just your imagination.
President Joe Biden recently presented the latest inflation numbers as good news for his economic policies, highlighting a slightly lower-than-expected 3.2% increase in October’s Consumer Price Index compared to last year.
However, this provides little solace to consumers who continue to face exorbitant prices for groceries, rent, vehicles, and fuel.
In fact, prices have skyrocketed by a staggering 18.2% compared to October 2020, when the US was grappling with a COVID-induced lockdown.
Data from the US Inflation Calculator reveals that the cost of a dozen grade-A eggs has surged by an astonishing 47% over the past three years, now priced at $2.07, up from $1.41.
Similarly, the price of a pound of ground coffee has jumped to an average of $6.18, compared to $4.52 in October 2020.
