Posted on 07/11/2023 9:01:13 AM PDT by millenial4freedom
A record number of American renters are spending at least one-third of their income on rents, according to 2023 The State of the Nation's Housing published by Harvard's Joint Center for Housing Studies. A total of 21.6 million households now spend more than 30% of pre-tax income on rent. Some households are even paying even up to 50% of earnings on apartments, per Harvard’s research. Housing experts often suggest tenants spend less than 30% of income on rent.
“Housing costs remain well above pre-pandemic levels thanks to the substantial increases over the last few years,” Daniel McCue, senior research associate at the Joint Center, said in the 2023 report.
Why? In large part due to the growth of so-called "luxury" buildings that have replaced less expensive options. In the last two decades, the share of construction for high-priced apartments - known as Class A - grew faster than more affordable ones. In fact, over half - or 51% - of 2022 rental construction projects were luxury apartments, according Moody’s Analytics data. Also: Only 34% of the market was consisted of high-cost rental units back in 2000; that number was 51% in Q1 2023, per Moody's.
(Excerpt) Read more at finance.yahoo.com ...
A: Resident Retard and his handlers.
We’ve known this economic fact for over 300 years: Printed, fiat, centrally-controlled and manipulated money ALWAYS benefits money-issuers, government and the rich, at the expense the rest of society.
It ends in vast wealth-inequality, inflation, and massively bloated/corrupt government.
The USA will not avoid the fate of Rome, France’s Ancien Régime, Ming China, etc. etc.
I think that, in the wake of the china-disruption, there’s a big shakeout going on. It’s in education, workplace, employment itself and, yes, housing.
When a big shakeout is going on, people have to scramble to find what is doable for them. In this case, housing, people have to determine what they can live without, scramble for it, then get on with life — always on the lookout to improve their lot.
Like Paul said to Timothy: “Godliness with contentment is great gain.”
There is some truth to the article. Higher end properties have been replacing older dilapidated “low income “ housing. The bigger issue the corporatization of rental ownership. I owned properties, 5 in total. I could offer below market rent for above market quality to low income folks because I was working full time and didn’t need the money. Renters paid my taxes, any loan I might have and my repairs while my net worth grew. My competition was others doing the same thing. Now, the competition is huge corporations with plenty of money. They have Walmarted the market.
The other part of the equation is the rent moritoriums put in place due to covid. Owners got F’d. Now it is payback time.
I am glad I got out of rentals prior to covid. I don’t need the headaches and don’t need the money.
pretty much all a direct result of leftist fascist bidenista policies:
1. bidenflation drove building costs through the roof, resulting in massive appreciation of new and existing housing; housing prices go up, rents go up ...
2. subsequent interest rate increases attempting to cool bidenflation cause housing costs to go up; housing prices go up, rents go up ...
2. covid lockdowns accelerated work-from-home, accelerating migration from urban areas to suburban areas, causing suburban housing costs to rise; housing prices go up, rents go up ...
4. gross deterioration of inner city living conditions due to democrat-encouraged crime and out-of-control homeless drug addicts clogging public ways accelerated migration from urban areas to suburban areas, causing suburban housing costs to rise; housing prices go up, rents go up ...
5. addictive drugs pouring over non-existent southern border accelerated the number of drug-addicted bums clogging public ways, accelerated migration from urban areas to suburban areas, causing suburban housing costs to rise; housing prices go up, rents go up ...
6. unlimited illegal aliens pouring over non-existent borders are given free housing, reducing housing stocks for working stiffs, causing housing prices to rise; housing prices go up, rents go up ...
7. uncontrolled corporate housing purchases using free trillions of dollars printed by the bidenistas caused housing prices to go up; housing prices go up, rents go up ...
8. energy prices skyrocketing due to rising prices in electricity and petroleum due to insane bidenista energy polices caused building materials to increase in price; building materials go up, housing costs go up, rents go up ...
9. supply line shortages due to lockdowns, labor shortages because of free money, and general transportation incompetence caused building materials to increase in price; building materials go up, housing costs go up, rents go up ...
More fallout from Bidenomics... financial pain for traditional Americans...
Why ???
Joe
I know... Bring in tens of millions of illegal aliens and put them on welfare with housing vouchers to take up any available rental properties.
Aside from the government screwing the economy, people need to learn to budget and use a little restraint in purchasing whatever they lay their eyes on.
Anyone who was working in the late 70’s could tell you.
The RATS have resurrected the world of Jimmy Carter.
Just pay your rent FIRST - it’s a simple equation.
Wait till those on rent modifications get their next bills.
I’m waiting to see what happens when my generation has to pay its student loans...we’re already seeing a lot of shouting and tears.
The US has overinvested in its housing stock for a couple of generations now. The mortgage tax deduction has worked like federal student loans to steer money where it otherwise wouldn’t have been sent.
This also has made the country less wealthy by syphoning funds from more productive investments.
*siphoning*
BIDENOMICS
ANSWER: Communists steal elections
Bidenomics. Done.
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