{"id":45044,"date":"2022-06-10T15:32:29","date_gmt":"2022-06-10T15:32:29","guid":{"rendered":"https:\/\/harchi90.com\/rent-prices-surge-nationwide-in-may-texas-city-hit-hardest\/"},"modified":"2022-06-10T15:32:29","modified_gmt":"2022-06-10T15:32:29","slug":"rent-prices-surge-nationwide-in-may-texas-city-hit-hardest","status":"publish","type":"post","link":"https:\/\/harchi90.com\/rent-prices-surge-nationwide-in-may-texas-city-hit-hardest\/","title":{"rendered":"Rent prices surge nationwide in May, Texas city hit hardest"},"content":{"rendered":"
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Check out what’s clicking on FoxBusiness.com.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
The median monthly asking rent nationwide exceeded $ 2,000 for the first time in May, according to recent Redfin data. <\/p>\n
Last month, median asking rent rose 15% from a year ago, reaching a record $ 2,002, the technology-powered real estate brokerage reported. <\/p>\n
Consumers are being pushed into the rental market due to rising mortgage-interest rates, and higher home prices. However, it’s keeping rents sky-high, according to Redfin deputy chief economist Taylor Marr. <\/p>\n
Even with rent prices increases, it’s still more affordable for many Americans then buying a home “as mortgage payments have surpassed rents on many homes,” Marr said. <\/p>\n
This week the 30-year fixed mortgage rate jumped to 5.23%, an increase from 5.09% a week ago, according to Freddie Mac. The average 30-year fixed mortgage rate was 2.96% this time last year.<\/p>\n