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The Christmas season is now right around the corner.
However, for some in Jamestown, things aren't very festive right now. With high prices persisting for groceries, raw materials, rental prices, home prices and gas prices, the "pinch" is being felt by many area residents.
"We got our Thanksgiving meal from the local area churches," said Maria Santiago, a native of Ponce, Puerto Rico, and Jamestown resident. "I can barely afford rent and to feed my children. I'm working a full-time job and a part-time job, but I can barely keep my head above the water. I'm not sure what to do about Christmas."
According to the U.S. Department of Labor and Statistics, inflation for food items has risen 2% nationwide from last year, and the price of gasoline has dropped to roughly $3.79 a gallon - about 50 cents a gallon higher than the national average, according to the AAA Fuel Gauge.
Moreover, the largest price-point increase, not only in Jamestown, but nationwide has been the cost of rental property. According to the Federal Reserve Bank, the average price of rental units jumped from a 5.8% increase in 2022 to 8.4% in 2023.
"I was paying $650 for a two-bedroom apartment, in not such a good area of town. Now I'm playing $725 for the same apartment this year," Santiago said. "Plus, the utilities, food and gas doesn't leave me a lot of breathing room."
Some local real estate agents have an idea as to the reason for the sudden jump in cost.
"It's supply and demand," said Tom Wight, a licensed professional real estate agent. "However, some of this has to do with location of the property, the size and condition of the building all factor into the prices when you look at the full picture."
Wight, who specializes in commercial real estate, also said that in some areas of Jamestown the square footage prices are as low as $10, and he's seeing rental units going from $650 to $850, depending on a variety of circumstances. However, Wight also pointed out something that was equally as intriguing regarding the ability of some to purchase a house.
"With the current interest rates hovering around 8% for the purchase of a home, many people who bought their houses in our area at or around 3% to 5.5% are very hesitant to sell their houses and buy anything else," he said. "Why would they want to have a massive increase in their mortgage? I think this is playing a factor in the locally available houses for sale."
Moreover, with the lack of supply driving up the prices for single family homes, potential buyers are having to eat the difference in the asking price for the property and what the banks will finance.
"With some of the prices for homes coming in at $5,000 to $10,000 more than what the property appraised at, the potential buyer will have to pay out of pocket, the difference, if they want that home," Wight said. "I've seen some people who've lived in bigger cities, who've sold their homes and moved here just pay upfront for the entire home - like $30,000 to $40,000 out of pocket. The banks will simply not pay more than what a home appraises for."
"I looked at one home on the North side of town," Santiago said. "I was trying to buy it. But I would have had to pay, myself, almost $15,000 on top of the mortgage. There's no way I'd be able to afford this."
Higher rental prices are making it difficult for some to find suitable living arrangements.
"I just can't afford it right now," said Shelly Nordstrom, 31, who's currently living at an encampment near a public park. "I'm not homeless because I want to. I broke up with my boyfriend; he kicked me out. I work, but I just can't save up $600 for a security deposit, $600 for the first month's rent and then pay for the deposits for all the utilities, yet still pay my car insurance, gas in my car to go to and from work, and food. Plus, some of the places I've looked at, I'd rather take my chances in my car or the woods. It's a lot cleaner and safer than where the apartments I looked at were and the condition they're in."