Portland Rent Rising Faster Than Almost Every City In The Country

The cost of renting a home is going up in cities throughout the U.S., and according to real estate data firm Zillow, the most significant increases can be found in Jackson, Mississippi and Portland, Maine.

The Portland Press Herald writes that a new study from Zillow shows nationwide the cost of renting a home climbed a seasonally adjusted 4.3 percent in May, compared to the same time a year ago.

Rent in Portland, ME shot up by 17.4 percent.

The only city that saw a higher increase was Jackson, MS, where rent spiked by 22.7 percent.

Zillow says rental prices have grown at roughly double the rate of wages and Americans have been forced to cut spending and even dip into their savings.