Bank of America's analysis of credit and debit card spend in July found that rent payments increased by 7.4% in July, as compared to last year.
Analysis of dollars spent on Bank of America credit and debit cards in July by the Bank of America Institute found that median rent payments paid increased by 7.4%, as compared to the previous year.
Roughly a third of U.S. households overall are renters, the report said, and for this group, a “sizeable increase in rental prices have squeezed consumer wallets.”Overall, total payments on Bank of America cards increased by 7% in July as compared to last year, roughly the same amount in June. “Housing represents about a third of the value of the market basket of goods and services that the Bureau of Labor Statistics uses to track inflation in the Consumer Price Index,” Brookings Institution said in a report. “A rise in the price of shelter, the BLS label for housing, contributed to the increase in inflation in early 2022.”
But the biggest increases were felt by households with an annual income between $51,000 to $150,000, the report added.
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