South Charlotte Today

Gary Burgess, a Charlotte resident and member of the St. Matthew parish, said with the rise of inflation in the country, owning a house does not provide the level of financial stability it used to. 

"You have to beat inflation to really make a living, and it just can't be done in this economy," Burgess said. “The financial salability of homes does not have the value it once had. The return has been less and less as the price has gone up due to inflation.”

Housing prices have risen 47.1% since January 2020 affecting Americans across the country.

Not only have homes become more expensive, but the supply of housing has also dropped 34.3% since before the pandemic. 

Higher mortgages and elevated interest rates also make homeowners less likely to sell their houses, further creating a deficit in the market.  

As mortgages increased, so has rent for many Americans who cannot afford a house yet. Rent has increased 22.25% since March of 2020. 

While the cost of living has greatly increased for Americans, wages have stayed stagnant. People can no longer afford to live within the means that they are used to because incomes have not expanded at the same rate as the cost of living.