CNN host Brianna Keilar said on “News Central” on Tuesday that home prices had “a record high” of 5.4 percent, which she said was causing a “rough” market.
“The just-released housing index shows how tough the market is, especially for first-time homebuyers,” Keeler said. “The index shows home prices across the nation, with prices up 5.4 percent from June last year to June this year, a record increase for that month.”
She added, “Not only are homebuyers feeling the pinch, but renters are also feeling the pinch, especially in New York City, where residents are spending a staggering 58% of their income on rent, compared to the national average of 27%, according to Moody's.”
“When you look at New York, San Diego, Las Vegas, why are you surprised? We know inflation is subsiding. That's spilling over into home prices, home prices aren't rising as sharply, but they're still rising and I think that's impacting the political season,” CNN International host Richard Quest said.
He added, “At 58 percent, you're seeing rent becoming unaffordable in New York. People can't afford to live here. Certain members of the community are being pushed out. Only people who can afford the rent are coming in. That dynamic is very hard to change.”
“58 percent is just crazy and wild,” Keeler said.
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