Renters hit harder by inflation than homeowners

COLUMBIA, S.C. (CNN)— Inflation’s impact is different depending on if you own or rent your home.

Bank of America analyzed customers’ payments to identify homeowners and renters. Analysts found a big difference between the two groups when it comes to spending money on things other than housing.

That’s because rent costs have soared, but the majority of homeowners’ monthly payments have stayed the same.

But, since mortgage rates have doubled in the last year, it’s likely the spending difference between the two groups will narrow over time.