Washington D.C. — Skyrocketing rent prices are making it difficult for many families to save for a home.
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This comes as inflation hits another record high with surging consumer prices for gas, groceries and rent.
A new real estate report from Redfin shows that average rent prices are up nearly 15% this year compared to last year and in some places, rent is up more than 30%!
Housing experts say there are millions of vacant homes and lots nationwide on top of a current housing shortage.
Some of these experts told federal lawmakers this week that they want Congress to find more effective ways to use those lots and build more affordable housing.
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Experts say one policy solution involves creating more land banks, which are public groups that work with neighborhoods to turn rundown lots into quality homes.
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“Land banks can maintain vacant structures tax-free until they can be restored. They can demolish those that can’t and identify end uses driven by community needs, not outside speculators,” said Dr. Akilah Watkins, president and CEO for the Center for Community Progress.
Some lawmakers are also considering proposals that would create nearly 1 million additional affordable homes nationwide.
