Cardi B is furious about how expensive everything has gotten: 'How are people surviving? I want to know.'
- Rapper and songwriter Cardi B complained about inflation, interest rates, and housing prices on Instagram.
- She said that "living is unbearable" for people dealing with higher costs.
Grammy-winning rapper Cardi B knows that because of inflation, making money moves is getting harder.
She said as much on an Instagram Live this weekend, where she explained that inflation and high interest rates are hurting many people's ability to pay their rent or buy a home.
"How are people surviving? I want to know, like my family and my friends are so grateful to have me," she said, after mentioning earlier in the Live that she was helping her cousin get an apartment. "But what about people that don't have a me?"
Cardi B did not immediately respond to Insider's request for comment.
She explained that anecdotally, she's noticed the cost of rent surging in recent months. It's true — in July, the median apartment rent in the US had climbed 39% from the same time in 2021, according to rent.com.
"I was helping my cousin get an apartment and now I'm helping someone else get one," the rapper said. "I was looking at some areas and the way prices soared up — living is unbearable."
Earlier this year, housing experts predicted that rent increases were likely to slow throughout 2022, Insider's Alcynna Lloyd reported in July. But rents have yet to stabilize as a volatile economy impacts both the real estate market and the cost of rent.
Although the housing market has been cooling a bit after a two-year, white-hot pandemic run, home prices are still soaring, because buyer demand continues to surpass inventory levels, despite more homes entering the market. Even as more "for sale" signs hit lawns, things still haven't recovered to pre-pandemic levels; by March of this year, nationwide inventory levels on Zillow were 64% below March 2019 levels.
In addition to all that, the Fed has also been hiking interest rates to combat inflation, which is making the prospect of buying a home less affordable. Inflation itself is slowly cooling for goods such as gas, but food prices still remain expensive, curbing Americans' spending power.
Cardi B, who has long been outspoken about politics, endorsing Bernie Sanders for president during the 2020 primaries then President Joe Biden in the general election, outlined those problems in her stream as well.
"There's no motherfucking inventory when it comes to homes," she said. Even if you can afford a home's sticker price, she continued, "it doesn't matter if the interest rate is fucking high as fuck."
The songwriter didn't levy any specific criticisms toward the federal government's attempt to combat inflation, but she did allude to its global impact, one that stretches beyond Biden's reach.
"Y'all be coming for me, 'you tell people to vote for Joe Biden,' this is a worldwide motherfucking problem," she said.