The cost of housing, heating and transportation is reaching record highs, squeezing renters on all sides.
— a 17% jump from the previous year and the 10th month in a row rents had increased by double-digits. In 14 U.S. cities, the typical rent is no longer affordable, far surpassing the 30% of income that personal-finance experts recommend as a maximum.
"It's a tight pickle at the moment," said Lloyd, who started searching for a new place minutes after getting his landlord's email — only to find even higher apartment rents elsewhere. He considers himself lucky that his undergraduate degree saddled him with less than $50,000 in debt."I wasn't planning to take out any more loans, but we're here."
Queens resident Alex Rivas thought the $746 electric bill he received for January was a mistake. He reached out to a friend who had house-sat for him"to ask if he had started a Bitcoin mine or an illegal marijuana farm," Rivas"Heating oil has gone up 40% from this time last year. For a family that's living on the edge … that's a very big deal," said Will Fischer, senior director for housing policy and research at the Center on Budget and Policy Priorities.
Many families won't have much wiggle room to deal with the higher prices because housing and transportation are the two biggest components of most household budgets, according to the Urban Institute.
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