Posted on 05/10/2022 8:02:47 PM PDT by MarvinStinson
Major investors are buying more housing because they expect to gain from rising rents and escalating house prices, creating a growing class of renters in America.
Bloomberg reported on remarks made by Barry Sternlicht, chairman of the real estate investment firm Starwood Capital Group.
“You’re seeing a squeeze and now they’ll have to rent because they can’t afford to buy,” Sternlicht said.
Bloomberg reported:
That benefits landlords like Starwood, which Sternlicht said owns 100,000 apartments and 15,000 rental houses.
An inflationary environment also helps commercial real estate owners by increasing the costs of building new supply, increasing the value of existing properties.
Sternlicht said he’s bullish on red and purple states with pro-business governments, including Florida, Tennessee and Texas.
Statistics include:
• Homeowner vs. renter statistics reflect a decline in homeownership, with 35 percent of American households renting their home.
• 44.1 million households rent their homes.
• The median household wealth among homeowners is 3,965 percent higher than it is among renters.
• Excluding home equity, household wealth among homeowners is 1,469 percent higher than it is among renters.
• Renters are 89.9 percent more likely than homeowners to be behind on housing payments (rent vs. mortgage payments).
• The renter:owner ratio is 50.1 percent, its lowest since 2010 (49.56 percent).
• Historically, the lowest renter:owner ratio was 44.9 percent in 2004.
• The renter:owner ratio hit its 182.1 percent historic high in 2019.
• Among military veterans, the renter:owner ratio is 45.0 percent. The median household wealth among renters is $6,270 or 5.1 percent of the median wealth among all households.
• The median household wealth among homeowners is $254,900 or 109 percent higher than the median household income among all households.
(Excerpt) Read more at breitbart.com ...
Talking to a realtor the other day in my neighborhood and he seen a leveling off of the home prices. However they are still selling in days or a week with no “drop” in price. This is in Orange Country, California. I would say the average house in my neighborhood is selling for around $1 million dollar mark.
“You will own nothing.”
Barry Sternlicht AKA Captain Obvious!
I thought the left were going to help the lower class. Riiiiiiiiiight!
I forgot dims are best at giving carrots, lying, paying terrorists to destroy, and basic underhanded tactics.
“You’ll own nothing, and you’ll be happy” - Klaus
/sarc
Turning U.S. into serfs.
And you will be happy.
Agenda 21 and 30. Everyone to be holded up in rental units, no single family homes allowed.
It’s all going to crash.
Yeah, my 401k is now a 201k.
I live in somewhat rural East Texas. Houses on acreage and undeveloped land are up between 30-50% over the past year. Most of our taxes are based on property evaluations. Nice.
Not quite, but an 8% 1stQ drop.
Dung-dung is phucking Main Street AND Wall Street.
One term will be one too many.
But there aren’t any “mean tweets”.
/s
If you plan to sell your medium-price home (under $200,000), and you’re in a good neighborhood with good schools, with access to a good highway system, it’s still a seller’s market for you. Your home will sell in record time with multiple bids.
“You will own nothing.”
DUH
Rentals, car leases, OS, software, and internet “subscriptions”.
Serfdom by any other name would smell as sour.
If you toss two million new immgrants into the mix every
year, and the government pays their rent, you pretty soon
come to a saturation point.
The landlords can charge higher prices. The general public
has pay higher rents because there is a lack of openings.
Rents are what is sky high. They are astronomical in many
places that used to be havens for people fleeing the
big cities.
Two thousand, three thousand, four thousand...
Goooood luck...
Now it’s terrible everywhere.
And then off to the Mobile Home Park...
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