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Why you may want to think twice about buying new furniture right now

If you're hoping to buy some furniture this year, brace yourself. Just like with so many other things, prices are way up.
Credit: KHOU

With the holidays over, many people are looking to spruce up their homes for spring. And that often means some new furniture.

But watch your budget, because major furniture sellers are raising prices again this new year.

In 2021, it was all about furniture shortages. 

"We have some things coming from Asia where we are now waiting a year," store manager Nick Daniels said last September. 

In 2022 those shortages are finally starting to ease. But prices are up, sharply in some cases.

IKEA has just announced it is hiking prices an average of 9%. But The Guardian, using prices from last year's catalog, claims IKEA's Malm desk is up 50%. And it claims the popular Hemnes bed is up 30%.

RELATED: US consumer prices soared 7% in past year, most since 1982

IKEA tells The Guardian it is simply passing along supplier price hikes and says its furniture remains very affordable.

But furniture isn't the only thing getting a little out of the budget.

RELATED: Why do groceries keep getting more expensive?

Home prices are up 20% in the past year, more in hot markets.

It'll cost you 10% more for furniture for that new house, according to the government, and 9%  more for appliances.

But wages only grew 3% in 2021.

It might be worth checking some used furniture stores, where you may be able to find a used kitchen or bedroom set for much less, and as a bonus, it will be in stock.

As always don't waste your money.

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