 The news isn't much better for renters as rental prices are 26% higher than they were in 2020. Half of all renting households spending about a third of their income on housing, 12 million of those households spending more than half of their income on rent. And this all has an impact on the furniture and home improvement market. According to data from Forbes, high interest rates driven by inflation are causing consumers to delay the start of home improvement projects, which are often financed.