November 20, 2024

A row of terraced houses with a blue sky background.

Photo: Nathan Howard/Bloomberg via Getty Images (Getty Images)

Inflation is finally cooled down. Energy prices are lower. Food prices are softening. But the cost of having a place to live continues to rise much faster than just about every other necessity.

Core inflation was 3.1% higher than a year ago, and so-called “core” inflation, which excludes volatile food and energy prices, rose 4%. But the cost of shelter, that is the largest component of the basket of goods the BLS uses to measure the cost of living was 6.5% higher.

“The shelter index was the largest factor in the monthly increase in the index for all items less food and energy,” read the Bureau of Labor Statistics report accompanied by the latest data on consumer prices. “The shelter index has increased by 6.5 percent over the past year, accounting for nearly 70 percent of the total increase.”

When the covid-19 pandemic hit, the cost of housing has risen as those who could afford it larger homes were sought and many city dwellers moved to the suburbs. That and a wealth of savings unhindered by low interest rates combined to create what a long-simmering housing crisis the USA

But now that baked-in price increases and rising mortgage rates spurred by tighter monetary policy from the Federal Reserve have put a bit of a damper on things, the housing market is also start to cool down. Home prices tend to be “stickier” than most costs, meaning that when they rise, we feel them more—and for longer.

Does this mean that pre-covid levels of relative housing affordability are returning? No. But at least American wages, that is still rising faster than before the pandemic thanks to increased workforce, will have a chance to make up lost ground.

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