Could Homebuyers Be Forced to Rent the American Dream?
Originally Published by: CBS News — March 20, 2022
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Every American is feeling the bite of inflation. Groceries cost more, gas costs more, everything seems to cost more. This past week, the Federal Reserve raised interest rates in an effort to tame the highest inflation in 40 years.
The cost of rent is really through the roof. Residential rents across the country went up an average of 15% last year – nearly twice the overall inflation rate. That's particularly painful for tenants, because according to Census Bureau data, they now often have to spend as much as half their total income on rent.
Why are rents rising so much? Well, it turns out that big Wall Street firms are playing a role, but we found the fundamental problem was years in the making…and will take years to fix.
Watch this 60 Minutes Video: Inside America's Housing Crisis
