- Rapper/songwriter Cardi B complained about inflation, interest rates, and house prices on Instagram.
- He said “living is unbearable” for people facing higher costs.
- Although the housing market has cooled in recent months, prices remain unaffordable and rents have risen.
Grammy-winning rapper Cardi B knows that due to inflation, making money moves is getting harder and harder.
She said both in an Instagram Live this weekend, where he explained that inflation and high interest rates are affecting many people’s ability to pay rent or buy a home.
“How are people coping? I want to know, my family and friends are so thankful to have me,” she said, after previously mentioning on Live that she was helping her cousin get an apartment. “But what about people who don’t have a self?”
Cardi B did not immediately respond to Insider’s request for comment.
He explained that, as an anecdote, he noticed that the cost of rent increased in recent months. It’s true: in July, the median rent for apartments in the US had risen 39% since the same time in 2021, according to rent.com.
“I was helping my cousin get an apartment and now I’m helping someone else get one,” the rapper said. “I was looking at some areas and the way prices skyrocketed – life is unbearable.”
Earlier this year, housing experts predicted that rent increases were likely to slow throughout 2022, Alcynna Lloyd of Insider reported in July. But rents have yet to stabilize as a volatile economy affects both the housing market and the cost of rent.
Although the real estate market has been cooling down a bit after two years, warm white pandemic run, home prices continue to rise, because buyer demand continues to exceed inventory levelsAlthough More homes entering the market. Even as more “for sale” signs hit the lawn, things still haven’t recovered to pre-pandemic levels; In March of this year, inventory levels nationwide on Zillow were 64% below March 2019 levels.
On top of all that, the Fed has also been rising interest rates to combat inflation, which makes the prospect of buying a home less affordable. Inflation itself is slowly cooling for goods like gasoline, but food prices remain high, reducing Americans’ purchasing power.
Cardi B, who has long been outspoken about politics, endorsing bernie sanders for president during the 2020 primaries then President Joe Biden in the general election, he also outlined those problems in his stream.
“There’s no fucking inventory when it comes to houses,” he said. Even if you can afford the sticker price of a house, she continued, “it doesn’t matter if the interest rate is fucking high.”
The composer did not make any specific criticism of the federal government’s attempt to combat inflation, but did allude to its overall impactone that extends beyond Biden’s reach.
“Everyone will come for me, ‘tell people to vote for Joe Biden,’ this is a fucking world problem,” he said.