The cost of renting a home in the U.S. has soared over the past 20 years, especially in the immediate aftermath of the pandemic, as inventory tightened despite an increase in total housing.

According to a recent report by the Census Bureau , the country added more than 22 million homes between 2005 and 2024, but the effective number of vacant homes during this same time frame rose by only about 570,000. This shortage of both for-sale homes and rental units have sent prices up for both buyers and renters.

How Have Costs Changed for US Renters?

In 2005, renters paid a median $728 dollars a month for rent and utilities, the equivalent of about $1,176 in 2024, adjusted for inflation. The Census Bureau's 2024 American Community Survey (ACS) found that the median renter cost, since then,

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