Detroit Metro Area Rent Hikes Impact Wallets

Young consumers and people of color continue to struggle with rent hikes. Housing costs is a component of measuring inflation. Last month, the shelter index rose at its fastest year-over-year pace since April 1991.  Rent increased 4.8% in April over the last 12 months. The U.S. inflation rate hit 8.5% in March over the last year. The rising costs for housing and shelter are worrisome, and rent is expected to be significantly higher in 2022.