There are several factors behind rising home prices and the record high costs of rent. We're about to show you what they are. The reason this matters is that it contributes to inflation when overall prices go up and your money buys less. This can impact the entire U.S. economy because it's largely based on the goods and services people buy. When it comes to home prices, it's not just about lumber and labor. Practically everything is getting more expensive.

This was nothing as I expected purchasing my first home.

Allison Braun bought her first home in February after losing bidding wars and paying $75,000 over budget. She settled on a fixer-upper, expecting to save some money.

It was really surprising getting in here and fixing things up. Overwhelming is another way I'd explain it.

Rents are up a record 17 percent in the last year, with homes up nearly 20 percent and so are construction costs. Braun who works for the real estate company Redfin is redoing nearly every space in her home. The kitchen needed new counters.

And we were really surprised by the cost, especially the labor to put them in. We wanted to figure out a way of how we can do our countertops on our own and save cost and labor. So, the concrete countertops were born.

But it's not just homeowners getting stuck with higher costs. Construction materials are up 24 percent in the last year. Bill McGrath's company is installing elevators in this new residential housing complex in New Jersey. So far, they've put in two.

What are the materials in this elevator that you have seen an increase on?

Well, right here, you have the electronics, which-this is a stainless steel. You have the plastics, the electronic boards behind it. That's costing more. The ceilings, wood. You're standing on lumber. There's steel underneath.

And is all of it going up?

Yeah.

Supply chain slowdowns and demand have pushed construction costs up, forcing projects to come in over-budget and over-deadline.

How much more is this elevator going to cost than the one we just saw?

We're at - right this one here is going to cost 17 percent more material cost than the other two that we completed.

And he says his 18-person company is spending more on gas to bring materials in, up 24 percent in the last month. All of these rising costs will get passed down.

1. lumber n. 木材

2. figure out: to think about sb. / sth. until you understand them / it 弄懂；弄清楚；弄明白

1. Allison Braun bought her first home in February after winning bidding wars and paying $75,000 over budget. 

2. Allison Braun settled on a fixer-upper, expecting to make some money.

3. Homes are up a record 17% in the last year, with rents up nearly 20% and so are construction costs. 

4. Construction materials are up 24% in the last year. 

5. Supply chain slowdowns and demand have pushed construction costs up, forcing projects to come in over-budget and over-deadline.

(F) 1. Allison Braun bought her first home in February after winning bidding wars and paying $75,000 over budget.（正确表达）Allison Braun bought her first home in February after losing bidding wars and paying $75,000 over budget. 

(F) 2. Allison Braun settled on a fixer-upper, expecting to make some money.（正确表达）Allison Braun settled on a fixer-upper, expecting to save some money.

(F) 3. Homes are up a record 17% in the last year, with rents up nearly 20% and so are construction costs.（正确表达）Rents are up a record 17% in the last year, with homes up nearly 20% and so are construction costs. 

(T) 4. Construction materials are up 24% in the last year. 

(T) 5. Supply chain slowdowns and demand have pushed construction costs up, forcing projects to come in over-budget and over-deadline.