The United States continues to crumble under Joe Biden’s failed presidency, as rent in big cities nationwide skyrockets in tandem with crushing inflation.
Rent in 18 of America’s 50 largest metropolitan areas rose during the past year, according to data compiled by Realtor.com.
The biggest spikes occurred in the Northeast and the Midwest, with the liberal havens of Chicago and New York experiencing the largest year-over-year surge.
- Chicago: 4.3 percent increase in median rent.
- New York City: 3.8 percent increase.
- Kansas City, Missouri: 3.4 percent increase.
- Boston: 3.3 percent increase.
- Indianapolis: 3.3 percent increase.
Tellingly, all of the top five cities suffering the biggest rent increases are run by Democrats — a troubling trend for liberals as the November election approaches.
Soaring rents are a major obstacle to getting the runaway inflation emblematic of the Biden presidency under control, experts say.
“Rising shelter costs have been a major driver of the overall rate of inflation,” according to Realtor.com.
“Stabilizing market rents could make it difficult to see further improvement in the overall rate of inflation, complicating the Fed’s policy decision and underscoring the need for additional housing construction to alleviate the supply shortage that is contributing to higher costs,” the report added.
Economist Austan Goolsbee, the president of the Federal Reserve Bank of Chicago, said increasing rents are the biggest stumbling blocks to taming inflation.
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“Housing is the biggest stumbling block,” Goolsbee told Bloomberg. “We thought we basically understood the mechanical, short-run model of how much housing inflation should be coming down. And it hasn’t come down as fast as we thought it was going to have come down at this point.”
Rental inflation continues in the Midwest and in the blue states of the Northeast, while it’s calming down in the red states of the South and the West.
“In the Northeast and Midwest, rental inflation is not even a quarter of the way back down from the peak to pre-pandemic levels,” Bloomberg reported. “In the South and the West it’s more than half-way and almost four-fifths of the way there, respectively.”
The median rent in 10 cities across the nation is above $2,000 a month, according to Realtor.com.
It’s more than $3,000 a month in Boston, Massachusetts, and San Jose, California, both of which are blue states.
Of the 10 cities where median rents are above $2,000 a month, only one city — Miami, Florida — is located in a Republican-run state.
MarketWatch calculated the gross income over 12 months required to rent in the most expensive cities in the US: pic.twitter.com/Ivimmj5Kph
— unusual_whales (@unusual_whales) April 30, 2024
Punishing rent combined with exorbitant food prices could spell big trouble for President Joe Biden come November.
Experts warn that the United States is barreling toward stagflation — a chilling scenario that could be worse than a recession. Stagflation is characterized by sluggish economic growth coupled with rising inflation.
Wall Street analysts are sounding the alarm, saying there’s trouble ahead for the U.S. economy following disappointing first-quarter GDP data, Fox Business reported.
David Donabedian, the chief investment officer of CIBC Private Wealth US, said, “This was a worst of both worlds report: slower than expected growth, higher than expected inflation. The biggest setback is the acceleration in core inflation, and in particular, the services sector rising above a 5 percent annual rate.”
🚨CRASH ALERT 🚨
1973 VS 2024
1973/74 the market witnessed a 50% give back .
We find ourselves in the same situation ONLY this time it much worse .⚠️
The threat of stagflation is real today as it was in the 70s .⚠️
Scary ?
We await .
God bless and Godspeed. pic.twitter.com/nisP7oTcPS
— The Great Martis (@great_martis) May 1, 2024
JPMorgan Chase CEO Jamie Dimon believes the stagflation scenario of the 1970s could return.
“I think there’s a chance that can happen again,” Dimon said last week, according to Fox Business. “I worry it looks more like the ’70s than we’ve seen before.”
Google searches for “stagflation” have spiked to their highest levels since the first half of 2022. Not something incumbents want to see during an election year! pic.twitter.com/haD4mo33aK
— Bespoke (@bespokeinvest) April 30, 2024
Americans are buckling under severe economic pressures right now, which makes you wonder why Biden allows unfettered illegal immigration and continues to send tens of billions of U.S. tax dollars to Ukraine and other nations.
Hopefully, voters will remember Biden’s destructive “leadership” come November.
