{"id":483384,"date":"2022-08-11T12:27:00","date_gmt":"2022-08-11T09:27:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/people-are-getting-squeezed-by-soaring-rents-especially-gen-z-according-to-bank-of-america-data\/"},"modified":"2022-08-11T12:27:00","modified_gmt":"2022-08-11T09:27:00","slug":"people-are-getting-squeezed-by-soaring-rents-especially-gen-z-according-to-bank-of-america-data","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/people-are-getting-squeezed-by-soaring-rents-especially-gen-z-according-to-bank-of-america-data\/","title":{"rendered":"#: People are getting \u2018squeezed\u2019 by soaring rents, especially Gen Z, according to Bank of America data"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2189f9d9e1f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2189f9d9e1f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/people-are-getting-squeezed-by-soaring-rents-especially-gen-z-according-to-bank-of-america-data\/#%E2%80%9C_People_are_getting_%E2%80%98squeezed_by_soaring_rents_especially_Gen_Z_according_to_Bank_of_America_data%E2%80%9D\" >&#8220;: People are getting \u2018squeezed\u2019 by soaring rents, especially Gen Z, according to Bank of America data&#8221;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/people-are-getting-squeezed-by-soaring-rents-especially-gen-z-according-to-bank-of-america-data\/#Bank_of_Americas_analysis_of_credit_and_debit_card_spend_in_July_found_that_rent_payments_increased_by_74_in_July_as_compared_to_last_year_squeezing_consumer_wallets\" >Bank of America\u2019s analysis of credit and debit card spend in July found that rent payments increased by 7.4% in July, as compared to last year, squeezing consumer wallets.<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/people-are-getting-squeezed-by-soaring-rents-especially-gen-z-according-to-bank-of-america-data\/#Median_rent_payments_are_ticking_up_sharply_according_to_Bank_of_America_Institutes_analysis_of_credit_and_debit_card_spend\" >Median rent payments are ticking up sharply, according to Bank of America Institute\u2019s analysis of credit and debit card spend.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/people-are-getting-squeezed-by-soaring-rents-especially-gen-z-according-to-bank-of-america-data\/#Gen_Z_is_the_group_dealing_with_the_biggest_increase_in_median_rent_payments\" >Gen Z is the group dealing with the biggest increase in median rent payments.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/people-are-getting-squeezed-by-soaring-rents-especially-gen-z-according-to-bank-of-america-data\/#Aarthi_Swaminathan\" >Aarthi Swaminathan<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9C_People_are_getting_%E2%80%98squeezed_by_soaring_rents_especially_Gen_Z_according_to_Bank_of_America_data%E2%80%9D\"><\/span>&#8220;: People are getting \u2018squeezed\u2019 by soaring rents, especially Gen Z, according to Bank of America data&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Bank_of_Americas_analysis_of_credit_and_debit_card_spend_in_July_found_that_rent_payments_increased_by_74_in_July_as_compared_to_last_year_squeezing_consumer_wallets\"><\/span>\n  Bank of America\u2019s analysis of credit and debit card spend in July found that rent payments increased by 7.4% in July, as compared to last year, squeezing consumer wallets.<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0001094393\" role=\"document\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0001094393\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       As rents continue to rise, consumers are beginning to feel the squeeze, a report notes.<\/p>\n<p> Analysis of dollars spent on Bank of America credit and debit cards in July by the Bank of America Institute found that <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>n rent payments paid increased by 7.4%, as compared to the previous year.<\/p>\n<div class=\"paywall\">\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:81.85714285714286%;\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-600413?width=540&amp;size=1.2213740458015268 540w, https:\/\/images.mktw.net\/im-600413?width=620&amp;size=1.2213740458015268 620w, https:\/\/images.mktw.net\/im-600413?width=639&amp;size=1.2213740458015268 639w, https:\/\/images.mktw.net\/im-600413?width=700&amp;size=1.2213740458015268 700w, https:\/\/images.mktw.net\/im-600413?width=700&amp;size=1.2213740458015268&amp;pixel_ratio=1.5 1050w, https:\/\/images.mktw.net\/im-600413?width=700&amp;size=1.2213740458015268&amp;pixel_ratio=2 1400w, https:\/\/images.mktw.net\/im-600413?width=700&amp;size=1.2213740458015268&amp;pixel_ratio=3 2100w\" sizes=\"(max-width: 639px) 100vw, (max-width: 979px) 620px, (max-width: 1299px) 540px, 700px\" src=\"https:\/\/images.mktw.net\/im-600413?width=700&amp;height=573\" alt=\"\" title=\"\">\n      <\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\">\n<h4 class=\"wsj-article-caption-content\"><span class=\"ez-toc-section\" id=\"Median_rent_payments_are_ticking_up_sharply_according_to_Bank_of_America_Institutes_analysis_of_credit_and_debit_card_spend\"><\/span>Median rent payments are ticking up sharply, according to Bank of America Institute\u2019s analysis of credit and debit card spend.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>      <span class=\"wsj-article-credit article__inset__image__caption__credit\" itemprop=\"creator\"><br \/>\n            (PHOTO: Bank of America Institute)<br \/>\n          <\/span><br \/>\n  <\/figcaption><\/figure>\n<\/p><\/div>\n<p>       Roughly a third of U.S. households overall are renters, the report said, and for this group, a \u201csizeable increase in rental prices have squeezed consumer wallets.\u201d  <\/p>\n<p>The groups most affected by rising rents include middle-income households, and younger generations.<\/p>\n<p>Overall, total payments on Bank of America cards increased by 7% in July as compared to last year, roughly the same amount in June. <\/p>\n<p>But the increase in dollars spent on rent was notable. As seen in the chart below, median rent payments ticked up in June by 7.2% as compared to the previous year, and even further in July by 7.4%.<\/p>\n<p>Rents feed into the overall inflation number, which has hit a 40-year high as prices across a range of consumer goods, from groceries to clothes to gas to rent, have soared.<\/p>\n<p>\u201cHousing represents about a third of the value of the market basket of goods and services that the Bureau of Labor Statistics (BLS) uses to track inflation in the Consumer Price Index,\u201d Brookings Institution said in a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.brookings.edu\/blog\/up-front\/2022\/05\/18\/how-does-the-consumer-price-index-account-for-the-cost-of-housing\/\" class=\"icon none\">report<\/a>. \u201cA rise in the price of shelter, the BLS label for housing, contributed to the increase in inflation in early 2022.\u201d<\/p>\n<p>Rents in June surged, according to the last <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\" class=\"icon none\">CPI report<\/a>. The rent index posted the largest monthly increase since 1986. (July CPI data was scheduled to be released on Wednesday morning.) The Bank of America report estimated that 47% of lower-income families are renters, and noted that they are likely to see a bigger impact on their household finances from rising rents.<\/p>\n<p>Based on the spend data, rents have been pretty universal in burdening households.  According to Bank of America, all income groups, from those earning $50,000 a year to above $251,000 a year, saw rent payments tick up.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>But the biggest increases were felt by households with an annual income between $51,000 to $150,000, the report added.<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:81%;\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-600414?width=540&amp;size=1.2343297974927676 540w, https:\/\/images.mktw.net\/im-600414?width=620&amp;size=1.2343297974927676 620w, https:\/\/images.mktw.net\/im-600414?width=639&amp;size=1.2343297974927676 639w, https:\/\/images.mktw.net\/im-600414?width=700&amp;size=1.2343297974927676 700w, https:\/\/images.mktw.net\/im-600414?width=700&amp;size=1.2343297974927676&amp;pixel_ratio=1.5 1050w, https:\/\/images.mktw.net\/im-600414?width=700&amp;size=1.2343297974927676&amp;pixel_ratio=2 1400w, https:\/\/images.mktw.net\/im-600414?width=700&amp;size=1.2343297974927676&amp;pixel_ratio=3 2100w\" sizes=\"(max-width: 639px) 100vw, (max-width: 979px) 620px, (max-width: 1299px) 540px, 700px\" src=\"https:\/\/images.mktw.net\/im-600414?width=700&amp;height=567\" alt=\"\" title=\"\">\n      <\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\">\n<h4 class=\"wsj-article-caption-content\"><span class=\"ez-toc-section\" id=\"Gen_Z_is_the_group_dealing_with_the_biggest_increase_in_median_rent_payments\"><\/span>Gen Z is the group dealing with the biggest increase in median rent payments.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>      <span class=\"wsj-article-credit article__inset__image__caption__credit\" itemprop=\"creator\"><br \/>\n            (PHOTO: Bank of America Institute)<br \/>\n          <\/span><br \/>\n  <\/figcaption><\/figure>\n<\/p><\/div>\n<p>       Younger consumers are also \u201cgetting squeezed the most by higher rent inflation,\u201d the report added, with the median rent payment for Gen Z up by 16% in July this year as compared to the previous year. Gen Z refers to those born after 1996. In stark contrast, median rent payments only went up by 3% for Baby Boomers.<\/p>\n<p><strong><em>Got thoughts on the housing market? Write to MarketWatch reporter Aarthi Swaminathan at aarthi@marketwatch.com<\/em><\/strong><\/p>\n<p><strong><em>Learn how to shake up your financial routine at the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/moneyfestival.marketwatch.com\/\" class=\"icon none\">Best New Ideas in Money Festival<\/a> on Sept. 21 and Sept. 22 in New York. Join Carrie Schwab, president of the Charles Schwab Foundation.\u00a0<\/em><\/strong><\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Aarthi Swaminathan\",\"subhead\":\"The Wall Street Journal\",\"list\":[{\"type\":\"link\",\"icon\":\"bio\",\"url\":\"https:\/\/www.marketwatch.com\/topics\/journalists\/aarthi-swaminathan\",\"text\":\"Biography\"},{\"type\":\"link\",\"icon\":\"twitter\",\"url\":\"https:\/\/twitter.com\/aarthiswami\",\"text\":\"@aarthiswami\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Aarthi_Swaminathan\"><\/span>Aarthi Swaminathan<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><ufc-follow-author-widget product=\"marketwatch\" author-id=\"270_MW\" author-name=\"Aarthi Swaminathan\" signin-url=\"https:\/\/accounts.marketwatch.com\/login?target=https%3A%2F%2Fwww.marketwatch.com%2Fstory%2Fpeople-are-getting-squeezed-by-soaring-rents-especially-gen-z-according-to-bank-of-america-data-11660064990%3Frss%3D1%26siteid%3Drss\" panda-api=\"https:\/\/follow-api.marketwatch.com\"><\/ufc-follow-author-widget><\/p><\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C06575-04D4-B545-710B-2F96C95AE3BA%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;: People are getting \u2018squeezed\u2019 by soaring rents, especially Gen Z, according to Bank of America data&#8221; Bank of America\u2019s analysis of credit and debit card spend in July found that rent payments increased by 7.4% in July, as compared to last year, squeezing consumer wallets. As rents continue to rise, consumers are beginning to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":483385,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.mktw.net\/im-600517\/social","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-483384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/483384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=483384"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/483384\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/483385"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=483384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=483384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=483384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}