Renters Feel Heat from Rising Housing Costs

According to the National Association of Realtors, rising housing costs and a lack of income growth are making feel renters feel squeezed.  In cities like New York, Seattle, and San Jose, rent costs are growing faster than household incomes, and new construction can’t keep up.  Increasing the amount of housing available– through new construction– will help to offset these rising costs.  Builders, however, have been hesitant to start new construction due to rising construction costs, limited access to credit, and concerns about the future market.