A Housing Market Hangover
The nation hasn’t built sufficient housing for more than a decade, keeping inventory low and prices high. Renters felt the crunch of the housing shortage in higher monthly costs, as the national asking price exceeded $2,000 for the first time in May 2022 and median rent nationally hit $1,356. However, rents have been cooling as construction has ramped up, with more than 900,000 units currently being built—the most since December 1973.
