A 45% drop over the last year means more people are renting. But there's an affordability crisis in that market too.
A recent survey by housing lender Freddie Mac found nearly 60% of renters saw an increase during the past year, while just 38% say they saw their income go up.
"Rents going up for the same reasons that everything is getting more expensive," said Redfin chief economist Daryl Fairweather. "There's just more money flowing around in the economy from the lax monetary policy of the last two years”
Fairweather points to a government report that shows new home sales fell by 12.6% in July from the previous month. But that's not slowing down rising housing prices and mortgage rates. All of that translates into a lack of affordable housing.
"We don't have enough homes in this country. So people are scrambling to find open apartments, apartment rents are going up and it's just really difficult for anybody who's trying to make ends meet," said Fairweather.
Earlean Braggs knows all about that.
"There's times when I get nervous too because I have to prioritize, you know," she said.
Rent is surging coast to coast, forcing tenants to make tough decisions when it comes to their bills.