The price of housing is yet another expense that has been rising this year.

The price of rent on average is rising 15 percent here in Erie due to prices of supplies going up, prices of utilities increasing, and property availability.

Gasoline, electricity, food, vehicles, and countless more items and utilities are seeing an increasing in price. Now, people should expect to see housing added to that list.

Homes are still in demand, but the supply can’t seem to keep up, according to local real estate managers.

“We’re still upside down when it comes to the amount of listings on the market compared to the amount of buyers,” said Dee Caruana, Agresti real estate realtor.

Houses are often being sold for much more than even their listed price.

“I’m talking my buyers out of buying. They’re paying crazy prices. They’re not thinking,” Caruana added. “And then when this market crashes, which I’ve seen it in the past, I saw the one in 2008 and one in the early 90s, they’re going to be in big trouble.”

Caruana notes that regardless of her advice, she is still seeing consumers buy what they want, when they want, even with the price jump.

Meanwhile, renters have seen a 15 percent rise in the price of rent, according to the Apartment Association’s president. He also notes that the average income of residents has increased 30 percent. With prices of supplies and utilities increasing as well, landlords have had to raise prices.

“So the biggest thing is the supplies. Unfortunately, when our supplies and our taxes and our water bills and utilities go up, the only thing we can do to combat that is to increase rent,” said Brandon Penn, president of the Apartment Association of NWPA.

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