Inflation in the U.S. has slowed, but shelter costs remain high, with the Consumer Price Index for shelter rising 4.9% year-over-year. Increasing rent prices are driven by limited supply and high demand, worsened by the pandemic and construction challenges. The national rental vacancy rate is at its lowest since the late 1980s, leading to significant rent increases. Twelve states now have median rents over $2,000, with Hawaii at $2,909. California has the highest rents, dominating the list of expensive metropolitan areas.
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