The economic situation in the United States is precarious to say the least. Mike Maharrey of SchiffGold revealed that 3.8 million Americans could potentially be facing eviction in the next few months.
Maharrey called attention to how the median rent in the US topped $2,000 in June — a first time feat. It’s another sign of the growing cost of living crisis engulfing the US.
Maharrey observed that “While the CPI cooled slightly in July, shelter costs rose another 0.5% month-on-month.”
On an annual basis, housing costs have surged by 5.7%, per government figures. One frightening aspect of cost of living indices that Maharrey called attention to is how the “CPI drastically understates the cost of housing.” Per data that Zillow was able to assemble, rents have actually grown by over 15% in the past 12 months. Read more…