Young adults in the U.S. are pressed to move back home and live with their parents amid the skyrocketing rent increase across major cities.
Connor, a New York resident, told Fox News that his apartment lease is almost $5,000 a year and that he's looking to pack up and live with his mother and father some 20 minutes away from his work in the city.
Darnita, from Washington D.C., already moved back home to save money while she's raising her daughter. She said that living with her parents again has provided her daughter with "a good place to stay."
Kimberly Marie also decided to move back home to her parents in Florida when her landlord raised her rent by $900. The 27-year-old said that while she knows that she has to be financially responsible, she can no longer afford the rent increase.
@kimberly_mariec I’m just in shock bc FL doesn’t seem like they’re doing anything about it lol why is this allowed?! #housingcrisis #Totinos425 #onlyinmycalvins ♬ original sound - Kimberly Marie
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Average Rent Price in the U.S. in April 2022
CNN reported that the median rent in the U.S. has climbed by 16.7 percent in April 2022 compared to the previous year. The median rent price is currently at $1,827 a month but if the trend continues, young adults could find the cost of rent going up as much as $2,000 a month.
Industry experts said that, apart from inflation, the mismatch between supply versus demand has been driving the surge, and renters are left with fewer options because the landlord's asking price is too steep. Miami had the fastest increase in April with a 52 percent rent increase. Detroit, Minneapolis and Pittsburgh have the smallest rent increase at less than 5.5 percent.
Studio apartments' rent increases have been up by 22 to 29 percent in cities like New York, Los Angeles and Chicago. Studios were quickly without renters in the early months of the pandemic. Today, demand has been increasing even with the price adjustment as people are returning to their in-person work.
The competition between renters has also driven a new kind of bidding war. One renter in New York expressed via Curbed that the whole process can be akin to "The Hunger Games" when the choices of affordable homes are so few.
Single Parents Struggling Even More
As prices continue to rise up, single parents are struggling even more post-pandemic. Surveys have shown that some low-income parents often skipped eating so their share of the food goes to their children. Meanwhile, they continue to rack up more debt to pay for the basics like rent, utilities, groceries and gas.
Families are hoping the federal government pursues another enhanced child tax credit rollout after the expiration of the last package from the 2021 American Rescue Plan. Pres. Joe Biden's Build Back Better plan had provisions for an enhanced child tax credit but the debate seems to have been stalled in Congress after some of the senators refused to support the measure.
The White House said, however, that there are still plans to push for the package among low-income families in coordination with the Code for America, the Department of Interior and the Department of Housing and Urban Development.
