More than two-thirds (67%) of digital banking Americans say the rising interest rate environment has had a significant impact on their standard of living and 59% are living paycheck to paycheck.
Perhaps in no area is the sentiment more acute than in housing costs. Monthly rent payments took an upward trend starting in Q3 2020 and have continued upward since.
By Q4 2023, the average rent payment had increased by 24.4% compared with 2019’s level to $971/month.
Download the 2024 Alkami Telemetry Report, The High Interest Rate Environment and its Impact on Consumers and Financial Institutions to read more insights about how the housing market is impacted by high interest rates.
