St. Louis residents are facing a brutal housing market. Data reveals the median rent in Missouri has jumped a staggering 13% in just one year, the highest increase nationwide.
While not the city with the single biggest annual increase, St. Louis takes the silver medal with rents surging over 17% year-over-year. That translates to a hefty $320 increase for renters.
The situation seems even more dire when looking at month-to-month changes. St. Louis boasts the steepest rent increase among 50 major metro areas, with a jaw-dropping 9.5% jump in a single month.
This trend aligns with information from the Department of Housing and Urban Development (HUD), which shows a 21% increase in rent prices for the St. Louis area over a similar period. HUD officials have expressed concern, citing a connection between these rent hikes and rising homelessness.
The data paints a grim picture for renters in St. Louis. With affordability rapidly declining, many residents are likely feeling the squeeze and facing tough housing choices.
The biggest financial barrier for our bakers is ‘move-in’ money'(first month’s rent plus an equal amount for the security deposit-$1,500!)
In order to make housing available for our Bakers we have raised the limits:
- The new limits are based on $750 rent
- Move in maximum is raised to $1,500
- Months 2-6 subsidy is raised to $375
- Ongoing subsidy is raised to $300
The financial impact to Bridge Bread of these increases is estimated to be an additional $13,350 per year- with 6 new hires and 4 continuing Bakers.