GREEN BAY, Wis. (WBAY) — As home prices and rents hit a new high, many people are struggling to make ends meet.
As Action 2 News previously reported, the national median rent was $1,792 two months ago.
That’s a 17% increase from a year ago, according to a report from Realtor.com.
Kaitlyn Rome and her husband recently purchased a home in the Green Bay area.
“It’s a very daunting market right now, renting and owning. It’s a bit crazy. We bought our first house in 2017, the market was very different than it is today and we kind of saw that when we sold our house in September and took advantage of it. But now we’re on the opposite end of the spectrum and it’s awful,” Rome said.
Rome and her husband have found the cost of owning a first home to be more affordable than renting a similarly sized apartment, but rising property prices are still putting a tight budget on them.
“Looking around and looking at all these houses that you would probably spend a different amount of money on, but now you’re going to spend over $20,000, another $30,000, it’s so overwhelming. Because it’s something something I could afford if the market wasn’t there right now,” Rome said.
According to the same report, rents for bachelor, one-bedroom and two-bedroom units have all seen double-digit increases over the past year.
A local real estate broker says the recent demand is outrageous compared to years past.
“In Brown County right now, just for active homes, all price ranges, whatever is currently available, we have a total of 134 homes available for purchase. So we really should have over 600 homes available for people right now,” said Brittney Kleifgen, real estate broker and owner, Main Street Management.
Kleifgen says the shortage of real estate to buy is causing prices to rise, but there is also a shortage of properties for renters as demand continues.
“We had no problem filling our units. We are at 99% occupancy and if you talk to most management companies in the area, everyone is going through the same thing,” Kleifgen said.
“Everyone is starting to be able to have this common struggle that we can all agree is just too much,” Rome said.
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