Americans feeling pain of housing crisis as millions fear eviction under Bidenomics

Americans are finding it increasingly difficult to afford rent or mortgage payments as housing costs continue to soar, spotlighting a broader trend of inflation making the most basic and fundamental costs of living exceedingly high for working people.

Shelter costs, which include rents and various other housing-related expenses, rose 0.7% in August from the prior month — the biggest monthly increase since 1991 — and skyrocketed by 6.2% compared to this time last year, according to data released this week by the Bureau of Labor Statistics.

Meanwhile, mortgage rates on Thursday surged above 6% for the first time since the housing crash of 2008. The 30-year fixed rate stood at 2.86% a year ago and at 2.65% in January 2021, when President Biden entered office and former President Trump was leaving the White House.