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NY Fed Consumer Survey - Rents Clearly Outstrip House Price Growth Expectations

US DATA
  • Average 1y-ahead home price growth expectations fell sharply to 2.6% from 7.0% a year ago. Lowest reading since the series' inception in 2014.
  • While rent change expectations moderated, they remain high by historical standards and in comparison to home price growth expectations. On average, households expect the cost of rent to increase 8.2% over the next 12 months vs 11.5% in Feb'22.
  • Fielded in Feb so before any regional banking fallout

Link: https://www.newyorkfed.org/newsevents/news/research/2023/20230328

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