Only transportation services, electricity, and food prices have increased at a higher rate over the same 12-month period, well over the 5% increase in the all items CPI — a list that includes a 17% decrease in gasoline prices, an 11% decline in used car and truck prices, a 3% increase in apparel prices, and a nearly 4% rise in the prices of medical commodities, such as over-the-counter and prescription drugs and medical equipment and supplies. (These are the prices that spiked the most compared to this time last year.)
The Wall Street Journal reported in April that local home prices and rental costs are heavily influenced by migration patterns, and as Americans relocate from high-cost metropolitan areas like Los Angeles and New York to lower-cost destinations like Tampa and Dallas, they bring up housing inflation.
According to CPI data, the cost of housing in the Miami-Fort Lauderdale-West Palm Beach metro area in Florida is up 17.2% compared to last year, the largest increase of the 23 metro areas included in the BLS analysis.
As of 2021, the most recent year of available data from the U.S. Census Bureau’s American Community Survey, the median home value in the metro area was $362,500, and the median gross monthly rent was $1,519, the 60th and 25th highest, respectively, of all 386 U.S. metro areas.
Rank | Metro area | Housing cost increase, YoY (%) | Median gross rent, 2021 ($) | Median home value, 2021 ($) |
---|---|---|---|---|
1 | Miami-Fort Lauderdale-West Palm Beach, FL | 17.2 | 1,519 | 362,500 |
2 | Phoenix-Mesa-Scottsdale, AZ | 16.1 | 1,384 | 374,100 |
3 | Tampa-St. Petersburg-Clearwater, FL | 15.1 | 1,286 | 279,600 |
4 | Atlanta-Sandy Springs-Roswell, GA | 12.1 | 1,370 | 300,000 |
5 | Seattle-Tacoma-Bellevue, WA | 11 | 1,730 | 638,400 |
6 | San Diego-Carlsbad, CA | 10.6 | 1,908 | 722,200 |
6 | Dallas-Fort Worth-Arlington, TX | 10.6 | 1,304 | 294,900 |
8 | Houston-The Woodlands-Sugar Land, TX | 9.6 | 1,190 | 252,300 |
9 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 9.2 | 1,258 | 300,300 |
10 | Riverside-San Bernardino-Ontario, CA | 8.7 | 1,552 | 453,000 |
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