Across the country, daily living expenses are creating very real hardships for many Americans. Compounding the issue are various job layoffs across industries as employers strive to soften the economic blows of inflation.
To weather the ongoing financial storm, people are having to pick up extra work while cutting back on certain expenses. In many cases, this looks like driving for rideshare companies or no longer putting aside money for retirement. People who are barely hanging on often have to choose whether to pay their utility bills or purchase groceries for the week.
In any event, there’s no denying folks are struggling. Though in states like Florida, Texas, and California, a lifeline has arrived.
Tangible decreases in rent costs
Many Americans are unfortunately “house poor,” with a significant majority of their earnings covering just their rent or mortgages. However, in Florida, Texas, and California, this may quickly change.
Real estate analysts are reporting downturns in apartment rental costs across the Sunshine State. Further south in Texas, the median rate for rent has seen a 12.6% decline within the past twelve months. California is also in a similar boat, with the median asking rent price falling by 11.4%.
