January 31, 2023

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Housing Costs May be Affecting Employment Numbers

Individuals give up work opportunities if they increase discontented, and soaring rental expenditures may possibly be leading to some discontent: 51.2% of employees say they strategy to look for a new position this year.

NEW YORK – The common selling price of rent rose sharply for the duration of the pandemic. The charge of a 1-bed room apartment’s rent climbed 8.3% nationwide in between July 2020 and July 2021, and the average value of a two-bedroom condominium increased by 8% all through that similar interval, according to a survey from Lease.com of about 1,250 shoppers.

Renters have adopted distinctive strategies to support offset the better rates. Some have made a decision to break up bills between a larger group of folks: Just about a single-third of renters say they’ve combined households all through the pandemic and 11% prepare to in the long term. Some renters have moved in with loved ones or welcomed loved ones into their home to assistance with larger prices.

However, lots of renters are now seeking at the income side of the equation, searching for ways to boost their earnings in buy to find the money for the charge of soaring rent. Marginally far more than fifty percent of the survey respondents – 51.2% – approach to look for a new task this calendar year or future yr, according to the Lease.com survey.

They cited the charge of housing as a key conclusion for seeking to change positions.

More than 50 percent (54.7%) of renters in homes with a residence income of $49,999 or a lot less stated they planned to locate a new career to help address housing expenses. An supplemental 47% of workers in homes that generate between $50,000 to $99,000 every year, and 52.1% of renters in households with earnings involving $100,000 and $149,999 a yr also said they approach to get a new occupation to support shell out for housing fees.

Numerous renters also say they are discovering element-time employment or gig get the job done to assistance pay the costs.

Resource: “More Than Fifty percent of Renters Are Wanting for a New Job (And Housing Costs Are a Large Explanation),” Rent.com (Sept. 17, 2021)

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