26% of South Dakota Renters Are Behind on Payments – The Most in the US
Inflation is crushing many families across the United States. The effects of rising prices are especially evident in the rental market.
CNBC is reporting that 26% of renters in South Dakota are behind on their rent. The state joins Alabama, and New Jersey at the top of the list of states with the biggest percentage of struggling renters.
Nationally, about 15% of renters are having trouble making rent every month.
"Surging home costs have increased rental prices, accounting for a significant portion of inflation since late 2021, according to a report from the Federal Reserve Bank of Dallas." - CNBC
MORE: You Need at Least $15 an Hour to Make Rent In South Dakota
According to apartmentlist.com, and reported by MyEListing.com, the cost of renting an apartment rose the cost to rent an apartment rose 17.6% in 2021.
MyEListing.com also says that in 2022 South Dakota and Minnesota saw some of the biggest increases in renters not being able to pay rent every month.
States with the most renters behind on payments, 2022
- South Dakota (26%)
- Alabama (25%)
- New Jersey (24%)
- South Carolina (22%)
- Connecticut (21%)
- Delaware (20%)
- Arkansas (20%)
- Kentucky (20%)
- Louisiana (20%)
- New York (19%)
CNBC reports that despise some cooling in the housing market in October, the price of rent is expected to continue rising well into 2023.
Rent and Housing Resources in South Dakota
If you or someone you know need help with housing, here are links to more info and assistance: