Rent prices in the United States have been steadily climbing, making it increasingly challenging for tenants to find affordable housing. 

What Happened: According to Billy Markus, popularly known as Shibetoshi Nakamoto, co-creator of Dogecoin (CRYPTO: DOGE), the average rent has surged by 298% over the past 20 years, since 2003.

If this trend continues, Nakamoto predicts that the median rent will skyrocket to a staggering $6,034 per month in another two decades. In comparison, median wages have only increased by 172% during the same period.

According to a recent Rent.com report, rental prices in the United States have been consistently rising for the past four months after reaching a low point in February. The national median rent now stands at $2,029, marking a 1.8% decrease from August 2022 but a notable 5% increase since February 2023. This surge in rental costs is the highest level recorded since August 2022, placing added financial strain on tenants nationwide.

Over the span of two years, rental prices have increased by more than 15% on average across the country, equating to a monthly rise of $275. Among the 50 most populous metropolitan areas in the U.S., California cities dominate the list for the largest increases in rental prices during June. In this regional trend, San Jose experienced the most significant surge, with rent prices increasing by nearly 9.5%. Los Angeles and San Diego also saw substantial growth, each with rental prices climbing over 5%.

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Why It Matters: To put the impact of rising rents into perspective, let’s consider an example. If an individual had invested their entire rent payment for a year in 2013, which amounted to $904 per month, into Dogecoin, they could have seen significant profits. At the time, Dogecoin was trading at an average price of $0.00044. Considering the investment of $10,084, the individual would currently be sitting on a profit of $1.39 million, reflecting an outstanding gain of 13,801.54%.

At the time of writing, DOGE was trading above $0.061.

With the profits made from investing in Dogecoin, one could consider purchasing a luxurious property like 1703 Plaza Del Sur in Newport Beach, California. This house offers four bedrooms, and five bathrooms, and spans across 3,117 square feet. Currently listed on the Aaronson Group for $925,000, this property promises an exceptional living experience in one of California’s most desirable locations.

Dogecoin itself was created in 2013 as a parody cryptocurrency by Jackson Palmer, an Adobe Product Marketing Manager, and Billy Markus, a software engineer. The goal of the project was to create a digital currency that was intentionally ludicrous and centered around the popular internet meme of a Shiba Inu dog known as “doge” that often used phrases like “much wow” and “such tired.”

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