Soaring rent prices make it even more difficult to save for a house

This is an excerpt from the CNBC Make It newsletter. Subscribe here.

If you’ve been paying attention to headlines (or your own lease renewal) then you’ve likely seen that rent is higher than it was a year ago. A lot higher.

Putting a larger share of your income toward rent is, obviously, bad for your finances in the short term. But it also creates rippling financial effects through your lifetime. One of the biggest consequences of higher rent now is that it will take longer to save to buy a home.

If you were a renter in a big city during 2020, chances are you could land a pretty sweet apartment deal, assuming, of course, that you kept your job through the onset of the Covid-19 pandemic….