After the housing crash, renting rose to a nearly all-time high. As home prices rise again, these renters aren’t experiencing the wealth growth of homeowners, CNBC reports.
“Changes in wealth during this period are especially profound in high-cost metro areas that have seen robust price growth,” NAR Chief Economist Lawrence Yun told CNBC. “For instance, a typical homeowner in San Jose, Calif., enjoyed an increase of $210,671 in housing wealth, while renters were left behind and likely exposed to annual rent increases.”
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