Is it time to buy a home? In 2022, rent costs are hitting a record high in markets nationwide...
After seeing relatively small increases during the pandemic, many renters are now seeing big spikes in their monthly rent.
Rent prices have jumped to an all-time high in the U.S., according to Zumper, the third-largest real estate platform in the U.S. For example, the rent for a median one-bedroom apartment climbed by 12% in 2021, and rent for a median two-bedroom apartment grew by more than 14%.
To add some perspective, overall rent costs in the U.S. in both 2019 and 2020 grew by less than 1%, according to Zumper.
“For many Americans, 2021 was the year their rent went up,” Zumper officials wrote in their annual rent report. “Residents in big cities who benefited from falling rent in 2020 had a rude awakening (in 2021) when rent snapped back to where it was prior to the beginning of the pandemic…There are very few parts of the country where rent isn’t significantly higher than what it was heading into 2021.”
If you’re an essential professional, the good news is that Landed can help you take control of your housing costs by buying a home instead of renting. Landed’s down payment program can help eligible buyers reach the 20% down payment that is often so critical in this competitive housing market.
“Unlike renting, buying a home gives you a stable monthly payment and protects your future income against inflated rental increases.” says Angie Kearns, Landed’s Principal Broker. “This allows you to enjoy more of your salary in the future.”
Overall, New York – perhaps not surprisingly – is the most costly place to rent, with San Francisco coming in second. Both of those cities, along with Boston, Miami, San Diego, Scottsdale, Fort Lauderdale, Seattle, Orlando, and Tampa all saw rent for two-bedroom units grow by more than 20% this year.
Landed was founded in 2015 to help essential professionals buy homes so they can stop paying rent and still live in the neighborhoods they love. Since starting, Landed has expanded its reach to Seattle, Portland, Denver, Los Angeles, San Diego, New York, Hawaiʻi, Washington DC, Sacramento, Salt Lake City, Charlotte, Atlanta, and beyond.
“We exist to help workers in education, healthcare, and government buy homes and build wealth near where they work,” Angie added. “The jump in rental costs in so many cities makes our mission even more critical, and we look forward to helping more people nationwide.”