Rising prices for gas and food have grabbed most of the headlines these days, but another important sector is also being hurt by current red-hot inflationary pressures.

According to Fortune, quickly climbing prices are now again becoming the norm in the housing sector.

“Among the seven forecast models reviewed by Fortune heading into 2022, every single one predicted home price growth would slow significantly this year,” the site writes.

“But over the past few weeks, that consensus is no longer so unified. Now, more industry insiders are throwing out their previous forecasts and replacing them with more bullish short-term outlooks. Indeed, some experts say the 2022 spring housing market might go down as one of the most competitive on record.”

For example, Zillow predicted in December that U.S. home values would rise 11 percent this year. But now, the company’s economists believe that estimate was too conservative. Zillow’s latest forecast finds prices are set to surge 16.4 percent between December 2021 and December 2022—further slashing the dwindling buying power of home shoppers.

Adding to the misery is the fact that the average monthly listed rents in the United States climbed 14.1 percent year-over-year to $1,877 in December, according to Redfin. That’s the largest annual jump witnessed since at least February 2019. In addition, more popular cities like Austin, Texas, saw average rent spike by as much as 40 percent. The average cost of an apartment rose by up to 35 percent in locations like New York City and Miami.

Since housing is something that all Americans need, this is terrible news considering that the nearly two-year-long coronavirus pandemic continues to wreak havoc in many areas of the country.

Stimulus Demands Via Petitions

That’s why ordinary, pandemic-weary Americans continue to speak out via petitions that demand that the White House and Congress approve some form of stimulus quickly. In fact, there are seven such petitions currently in circulation, and they have collectively amassed well over five million signatures.

The most popular one is being orchestrated by Denver-area restaurant owner Stephanie Bonin, whose Change.org petition recently eclipsed its goal of three million signatures.

“I’m calling on Congress to support families with a $2,000 payment for adults and a $1,000 payment for kids immediately, and continuing regular checks for the duration of the crisis,” the petition reads.

States Take Action

Several states have already stepped in to disburse their own direct stimulus payments to respective residents, albeit on a smaller scale. Some of those states include Indiana, Maine, California, Maryland, Florida, Georgia, Michigan, and Tennessee.

More recently, Minnesota Gov. Tim Walz announced a plan to provide $700 million in direct payments to state residents. This means that 2.7 million households are in line to get their hands on a $175 or $350 check.

“We know that the inflationary costs with some of our supply chain issues and post-pandemic costs are up,” he told KSTP in Minneapolis. “Costs are up at the grocery store. Costs are up at the gas pump. Now we’ve got a cold snap. People are going to have bills that go up a little bit on their heating. And I think putting money directly in their pockets eases that.”

Ethen Kim Lieser is a Washington state-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.

Image: Reuters.