Scripps News
The shelter category of the Consumer Price Index (CPI) is made up of four components: rent, the rent equivalent for homeowners, lodging away from home, and homeowner’s insurance. While reports show that rent across the country has dipped recently, the housing market is still tough and expensive. One takeaway is that inflation has largely improved from a year ago. National Association of Realtors® deputy chief economist Jessica Lautz says there’s clear hope on the horizon, but it can be an uphill battle. As rent prices have gone up and stayed pretty far up, it’s been pretty hard for a renter to save for a down payment on a home, or pay down debt to even think about a down payment on a home,” said Lautz. She predicts inflation will continue slowing this year. “What’s important for consumers to know, when they look at the housing market, when they look at the rental market, we do expect optimism as we go into the year, we do expect things will get better,” she said.
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