The Daily Money: Rent prices increase as do auto loan rejections
This is Amritpal Kaur Sandhu-Longoria with your Daily Money headlines. Happy middle-of-the-work-week day.
Rent prices are up overall but still not as high as last summer. The national median rent price is now $2,029, 1.8% less than in August 2022 when rents reached $2,053. Rent prices declined in the West, moderately increased in the South, while the Northeast and Midwest experienced the highest price gains.
On a monthly basis, rents grew in 57% percent of markets, and 10 states had the highest year-over-year rent growth, with more than 6% rent increase − South Dakota, Mississippi, Iowa, North Dakota, New York, Arkansas, Nebraska, New Hampshire, Wisconsin, and Indiana.
Drivers struggling to get car loans
While there are more cars available for purchase, drivers are having a harder time borrowing money to drive off the dealer's lot. Lenders are growing cautious of borrowers who have struggled with inflation. Many lenders, including Fifth Third Bancorp, Citizens Financial, U.S. Bank and Capital One Financial, have already either cut out or scaled back auto lending.
And those car payments are getting expensive for some consumers − the number of Americans paying at least $1,000 a month on new loans reached a record high of just over 17%.
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Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.