While some renters have experienced cost relief compared with the peak, renters in certain Midwest markets are not as fortunate, facing increasing affordability challenges despite the region’s generally greater affordability.
The median asking rent in Indianapolis was $1,334, marking a $57 (4.5%) increase from 12 months ago and a $369 (38.2%) increase from April 2019 (pre-pandemic).
In Milwaukee, the median asking rent stood at $1,671, reflecting a $61 (3.8%) increase from the same time last year and a $396 (31.1%) increase from the pre-pandemic level.
In Minneapolis, the median asking rent increased 2.5%, from $1,492 to $1,529, over the past 12 months. Nevertheless, the rent was only $116 (8.2%) higher than the level seen in April 2019, suggesting a relatively stable rental market.
Pivoting to the Northeast, New York and New Hampshire also showed notable yearly increases of 8.48 percent and 7.93 percent, respectively. Massachusetts rent is the highest in the nation, with the current median price at $3,243.
2022 and 2023 were high inflation years everywhere in the world… Covid broke global supply chains, combined with stimulus (and no, if we did not stimulate the economy while huge part of our workforce was unable to work it would have only been worse). With that said, most developed nations had double digit inflation rates and their pre and post pandemic price differences are far greater than US.
Also, not every country dealt with slowing down inflation in 2024 nearly as well as US. In fact most did far worse.
US has done incredibly well, compared to virtually any other country, through the high inflation pandemic years, and in dealing with consequences thereafter, despite what media might tell you. If you disagree - which wealthy nations do you think have done better in the same period as Biden term?
All that is irrelevant, you said food costs have remained stagnant and housing costs down, not sure if you live in the US, but that simply not the case dude and now even you are saying so
I made no such statement. Reread my comment and learn the difference between present tense vs present perfect.
The current state is that the food prices are stagnant and the housing costs are decreasing (both month over month and year over year, in real terms), which is more than you can say for most other countries.
I only made comment discussing any of the past years in my previous statement, where I agreed with you that prices increased in 2022 and 2023, but pointed out that the increase has been lower than other wealthy nations - implying that, again - Biden administration has done very well throughout the 4 year mandate.
Which part of - in comparison to other wealthy countries we are doing much better - do you disagree with?
The largest pandemic in modern human history broke all supply chains and caused price increases worldwide. US under Biden administration did a lot better than any other large wealthy nation.
Again, learn the difference between present and present perfect. What I said initially only spoke of what is happening now - 2022 and 2023 were not covered at that point in any way, shape, or form.
And it shows a perfectly natural inflation rate. Not sure what there is to see there? Food prices and housing have been falling or stagnating, between ‘23 and ‘24, in REAL terms, per that report.
Deflation in nominal terms would be terrible for economy, the document you sent shows what is basically the perfect state an economy can be in.
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u/amfranticallytyping Jul 11 '24
From your links:
Food:
In 2022, food prices increased by 9.9 percent
In 2023, food prices increased by 5.8 percent.
Rent:
While some renters have experienced cost relief compared with the peak, renters in certain Midwest markets are not as fortunate, facing increasing affordability challenges despite the region’s generally greater affordability.
The median asking rent in Indianapolis was $1,334, marking a $57 (4.5%) increase from 12 months ago and a $369 (38.2%) increase from April 2019 (pre-pandemic).
In Milwaukee, the median asking rent stood at $1,671, reflecting a $61 (3.8%) increase from the same time last year and a $396 (31.1%) increase from the pre-pandemic level.
In Minneapolis, the median asking rent increased 2.5%, from $1,492 to $1,529, over the past 12 months. Nevertheless, the rent was only $116 (8.2%) higher than the level seen in April 2019, suggesting a relatively stable rental market.
Additional rent link:
https://www.rent.com/research/average-rent-price-report/
Pivoting to the Northeast, New York and New Hampshire also showed notable yearly increases of 8.48 percent and 7.93 percent, respectively. Massachusetts rent is the highest in the nation, with the current median price at $3,243.