WASHINGTON—Americans continue to pay more for rent.
According to the Labor Department, rent was 3.8% higher in August than a year ago, the fourth consecutive month that has been true, the Labor Department said.
Increasing expenses related to rent also mean for many an inability to save the money needed for a downpayment on a home of their own.
If there is good news to be found it is that while rent has risen so too has Americans’ incomes. Census data released earlier this week showed a more healthy economic picture than previously expected. Incomes rose 5.2% between 2014 and 2015 and poverty slid.