- Rapper and songwriter Cardi B complained about inflation, interest rates and house prices on Instagram.
- She said “life is unbearable” for people struggling with higher costs.
- Although the housing market has cooled in recent months, prices remain unaffordable and rents are on the rise.
Grammy-winning rapper Cardi B knows that inflation is making it harder and harder to move money.
She said as much on an Instagram Live over the weekend, where she explained that inflation and high interest rates are hurting many people’s ability to pay rent or buy a home.
“How do people survive? I want to know, how grateful my family and friends are to have me,” she said, after mentioning earlier on the Live that she was helping her cousin find a flat. “But what about people who don’t have me?”
Cardi B did not immediately respond to Insider’s request for comment.
She explained that, anecdotally, she has noticed the cost of rents increasing in recent months. It’s true – in July, the median apartment rent in the United States had climbed 39% compared to the same period in 2021, according to rent.com.
“I was helping my cousin find an apartment and now I’m helping someone else find one,” the rapper said. “I was looking at certain areas and the way the prices have skyrocketed – life is unbearable.”
Earlier this year, housing experts predicted that rent increases were likely to slow through 2022, Insider’s Alcynna Lloyd reported in July. But rents have yet to stabilize as a volatile economy impacts both the housing market and the cost of rents.
Although the housing market has cooled somewhat after a two-year pandemic, home prices are still soaring as buyer demand continues to outpace inventory levels, despite more homes coming onto the market. market. Even as more “for sale” signs hit lawns, things still haven’t returned to pre-pandemic levels; in March of this year, national inventory levels on Zillow were 64% lower than March 2019 levels.
On top of all this, the Fed has also raised interest rates to fight inflation, making the prospect of buying a home less affordable. Inflation itself is slowly cooling for goods like gas, but food prices still remain high, limiting Americans’ purchasing power.
Cardi B, who has long been outspoken about politics, endorsing Bernie Sanders for president in the 2020 primaries and then President Joe Biden in the general election, also outlined those issues in her stream.
“There’s no fucking inventory when it comes to homes,” she said. Even if you can afford the list price of a home, she continued, “it’s okay if the interest rate is fucking high.”
The songwriter did not offer any specific criticism of the federal government’s attempt to fight inflation, but she did allude to its global impact, which extends beyond the scope of Biden.
“Y’all come get me, ‘you tell people to vote for Joe Biden’, it’s a fucking global problem,” she said.