Moody’s Survey Reveals Bad News For New Jersey Home Rent Prices
Moody’s has compiled data that has yielded disturbing results that will continue to negatively impact New Jersey and the nation relative to the present high monthly rent prices, which have now hit an all-time record high.
The Moody's Analytics tells the whole troubling story.
The Moody’s data illustrates that for the first time ever, the national average rent-to-income has reached more than 30%.
This means that the average American currently pays more than 30 percent of their earned income on only home rental payments.
This is a very big bite from the American wallet.
Moody’s has been tracking this data for the past 20 years. Things are the worst that they’ve ever been in this already expensive metric.
“The average American household continues to be squeezed. And it’s having ramifications on quality of life, said Thomas LaSalvia, who is the director of economic research for Moody’s.
LaSalvia shared these remarks in a recent interview with Axios.
As the Federal Reserve Board has moved full speed ahead to try and battle high inflation, coupled with a shortage of available inventory … it’s created a perfect storm that has kept home rental prices at an all-time high.
The rising mortgage interest rates have also made it harder to purchase a home, which is driving potential buyers of the past to have to rent at the present time.
SOURCES: Moody’s & Axios.
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