A Win Against Inflation: Housing Costs Ease in November
- Author: Jeff Christiansen
- Posted: 2024-12-12
Good news for Americans feeling the pinch of rising living costs: housing inflation, a major driver of overall inflation, has started to slow.
While challenges remain, this shift offers some relief to families navigating tight budgets. Here’s what’s happening and where you can turn for support.
How Housing Costs Are Changing
The Consumer Price Index (CPI) from the Bureau of Labor Statistics reported a slowdown in housing costs:
- Shelter costs increased by just 0.3% in November, down from October’s 0.4%.
- Rent prices saw their lowest monthly rise since mid-2021, with a modest 0.2% increase.
- Homeowner costs, captured as Owners’ Equivalent Rent (OER), also showed a slowdown, rising only 0.2%, the slowest gain since April 2021.
This easing in housing costs is welcome news, as housing accounts for a significant portion of household spending and has a major influence on overall inflation.
Why This Shift Matters
For families, slowing increases in housing costs can provide a break on monthly expenses, freeing up resources for other essentials like groceries, healthcare, and savings.
While this is a positive step, experts note that housing markets can shift quickly.
Reduced construction of multifamily apartments could limit rental supply in the future, potentially reigniting price pressures.
Resources to Help You Navigate Housing Costs
If inflation or high housing costs impact your family, government programs and tools are available to provide assistance. Here’s where to start:
-
Federal Rental Assistance
- Visit the HUD Rental Assistance Page for programs that help with rent payments.
- Use the Rental Housing Locator to find affordable rental options in your area.
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Affordable Housing Programs
- Explore USA.gov Housing Resources to find affordable housing initiatives near you.
- Check for eligibility with local housing authorities or through the HUD Affordable Housing Program.
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Housing Counseling and Financial Planning
- Connect with HUD-approved Housing Counseling Agencies for personalized advice on budgeting and housing options.
- Learn about foreclosure prevention and rental assistance services if you’re at risk of losing your home.
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State-Specific Resources
- Each state has unique programs tailored to local needs. Visit the State Child Care and Development Fund Contacts for additional support.
How You Can Stay Informed
Housing inflation trends can shift due to market and policy changes.
Keeping informed about government programs and local resources can make a big difference.
Visit Consumer Financial Protection Bureau’s Housing Resources for updates and tools to manage housing expenses.
Moving Forward Together
Slowing housing inflation is a step in the right direction, but support for families remains critical.
By taking advantage of available resources, you can better manage costs while policymakers continue working to stabilize prices.
With the right tools, every family can find the relief they need during these challenging times.
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