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US rent prices are reaching unprecedented levels: Median asking rent in the US soared to $1,481/month in Q2 2024, marking a record high. Since 2019, these prices have surged by an astounding 56%, according to US Census Bureau data. This steep increase has led to rent now consuming about 29% of the average monthly disposable income, up significantly from 24% in 2019. Clearly, rent costs are outpacing post-tax household income growth at an alarming rate. The current trend suggests that even basic housing rentals are becoming increasingly unaffordable for many Americans. Source: https://lnkd.in/g5ZVeBb6 #RentCrisis #HousingAffordability #IncomeInequality #CostOfLiving #EconomicChallenges