As long as the supply continues to be low and the globalists keep our borders wide open, increasing our population by millions annually, even raising mortgage rates to as high as 10% won’t bring down home prices to pre-covid levels. Both buyers and renters are screwed for the foreseeable future. The only people who are in (relatively) decent shape are owners with fixed low rates or whose property is all paid for.
All those illegals don’t have the money to buy houses.
It’s definitely cheaper for most younger families to rent out here. They rent from people who bought the houses maybe just a few years or a decade ago. Those landlords have much lower costs and demand for housing makes for premium rental costs.
Like I said above, if someone bought a house 10 years ago the property taxes are 1 month rent. This of course assuming they can afford to move out. Many can, or bought several homes over the years, or are moving out of state or downsizing their empty nests.
With 6% mortgages and 1.5% property taxes, I can’t figure how anyone can afford to live in these areas. I must be spending too much time on the internet.