>>>My daughter lives near DC and her rent is $1350 a month for a 1 bedroom, 600 sq ft apartment. So....no.<<<
It’s a shame the powers that be don’t view this as a problem. At least not a problem that is the fault of excessive permit fees and restrictive zoning laws. Zone more area to have higher density. Slash the cost to builders for fees on new construction. As we’ve seen with the dramatic drop in oil prices, it only takes a relatively small increase/decrease in supply to have a huge impact on prices.
But I fear that will never happen because at any moment in time, 90% of homeowners like high prices. They think it’s a good thing for them. It’s only new buyers or homeowners looking to relocate that care about affordable housing.
Ask John Q. Public and they think their house is this great asset. Some crap asset if you ask me. A home sucks money for maintenance, utilities, insurance and sky high taxes. And that’s not including the bank note.
That's actually a good deal for DC. Is it in a "good" neighborhood?
The high cost of homes/renting in the major renters are caused by fed easy money policy.
The way it works is that the cheap money has to have somewhere to go. One of those places is investment in real estate by hedge funds.
They focus their investments on “hot” markets like NYC, DC, LA, SF, SEA creating a buying frenzy.
They ignore Des Moines, Iowa or Columbus, OH.
Normal people need to stay away from markets where the hedge funds go to feed.