Rising costs keeps renters away from their ideal locations. Home prices continue to rise. Gas prices edge lower.

A recent survey conducted by RENTCafe shows that 83% of renters are kept away from their ideal locations and jobs due to rising rent costs. Nationally, the average rent charged by buildings in top-rated locations is $1,655 per month, 37% more than the national average rent of $1,211 charged in lower-rated locations. The survey showed that the “ideal location” for most renters is near their job; close to friends or family; or near attractions such as entertainment, dining, shopping or a gym.
Home prices continued their winning ways in April due in part to an improving economy, low home loan rates and a low supply of homes for sale on the market. The S&P CoreLogic Case-Shiller 20-City Home Price Index rose 6.6% from April 2017 to April 2018, slightly lower than the 6.8% expected. From March to April, the 20-City Index was up 0.2% month over month. Seattle, Las Vegas and San Francisco continue to report the highest year-over-year gains among the 20 cities.
Gas prices at the pumps have edged lower in the latest week as motorists head into next week’s 4th of July celebration. The national average price for a regular gallon of gas is $2.85, five cents cheaper than a week ago, 12-cents less than a month ago and 58-cents more than a year ago. Motor Club AAA said that prices should edge a bit lower in late summer or early fall.