Increasing housing costs are one of the most pressing issues facing many Alabama residents today. But to make matters worse, rental increases are soaring much faster than income, leaving many Alabama renters wondering what to do.
According to a recent study, Alabama rent prices increased four times faster than average incomes last year. This news is a shock to many residents struggling to keep up with the rising cost of living.
The problem is particularly acute in urban areas where the cost of living is already high. For example, rent prices in Birmingham rose over 172 percent in the past 12 months, where the average rent for a two-bedroom apartment has increased by more than $200 per month.
Some financial analysts have commented that it's "actually cheaper to buy a home now" than to rent in some areas of Alabama.
Across the state, rents are up an average of 13 percent. Unfortunately, this trend is not unique to Alabama. Throughout the country, rents are increasing at a faster rate than incomes.
In some cases, soaring rent prices are due to a shortage of available housing. In others, it's simply because landlords are taking advantage of the fact that there are more renters than affordable units.
Whatever the reason, it is clear that rent prices are becoming increasingly unaffordable for many Americans. This news is especially problematic for those who are already struggling to make ends meet.
With no relief in sight, it is hard to imagine how renters will be able to keep up with the ever-growing cost of housing.
What is your take on this?
Let us know in the comments.