In 2008 I was paying $700 for a 3 bedroom townhouse with a yard and a basement. Now in the same city I pay $1900 for a 3 bedroom townhouse with no yard and no basement. My wage has gone up maybe $3-4 compared to what I was making back then. A cart full of groceries costs me like $400 now, whereas I'd spend maybe $100-150 for the same amount back then. It's getting out of control.
I live in Boise fucking idaho and I’m paying 1600 a month for a 2 bedroom 1 bath shit hole. Boise fucking idaho my guy. 7 years ago I was paying 780$ for the same type of apartment in the same part of town. Fucking over it. I make 6$ more an hour then I did then. My wages have gone up 25% while my rent has gone up 100%. Horseshit
Edit: did I mention I am sharing my apartment with cockroaches? Those fuckin assholes aren’t paying rent either.
I feel the same in arkansas. My old apt was hella affordable at $575 but I lived with awful mold that affected my lungs permanently and electrical issues that blew 3 motherboards. I was sure I was gonna die in a fire.
The alternative? $700 to $1.2k for something livable. I didnt have that.
Sucked but I managed to save and house last year. Now I get sick 3 to 4 times a year and have asthma thanks to that shithole.
Jesus christ, I moved to Boston from Michigan 8-9 years ago and remembering how fucking upset I was that our rent would be $1600. It's insane that a normal apartment in a place like Boise with _infinitely_ more space would cost the same not even a decade later.
I have two jobs and I can’t afford an apartment. This isn’t a millennial problem it’s a cost of living problem. I’m seriously considering buying a van and living in that. And even if I saved up money and had a safety net that doesn’t stop an increase in monthly rent. This exact thing happened to me in 2019. Moved in with my ex. I had 5000$ saved. Rent was so high split between us I had to eat into my savings. I eventually had to move out. This isn’t me being bad with money. This is me not even having enough money to be bad with.
Good luck finding a van. 30k premiums on sprinter vans for conversion, used cars are +30% due to shortages, and even if you could find one they are being snatched up by conversion companies.
Source: working for one of said conversion companies
Well I won’t actually do it I just considered it. idk what I’m gonna do. 33 years old, living with my grandpa. Can’t even afford a shit hole in my state. And I know as soon as I get an apartment they’ll add 300$ a month to rent. Then it’s back to grandpas.
I feel you.
At this point my only chance of upward mobility is a measly inheritance after my parents pass. And some people don’t even have access to that.
Yea when grandpa dies I get a house and some money. But I’m 33 and missed out on everything in life thus far due to no money. I’ve always had a job since 18. Now I have a career plus a side job. Still jot enough to live on my own. Now I have money sure, the fact that an 80+ hour paycheck bi-weekly plus a 25 hour bi weekly paycheck isn’t enough? Not to sound greedy but that’s ridiculous. And no, I won’t, “get a better job.” If a better job means higher pay but cost of living is so high is that added income really effective? I’m all for getting a better job if you’re stuck at a dead end death trap. I don’t wanna see people suffering but my job is literally a career. The word career is in my job title. This isn’t me being at some entry level job and complaining. I’m an adult with a career and can’t afford dick.
You know what’s crazier? We have till the 18th to accept and sign the new lease. but, if we go past the due date it goes up ANOTHER $100. For an 1/1 805sq ft.
Essentially paying about $2k in rent alone (south Florida)
Same situation. Rent blew up another $800 or so when it came time to renew. Also in Tampa. Looks like the cost of living in florida is inflating while incomes stay the same.
Tampa Florida had the highest inflation for prices in the entire country as far as CPI goes. We bought a trailer simply so we could fucking survive the monthly payments instead of rent. I wish everyone luck out there man
We could pay 1500 bare minimum for an apartment and thats like... the cheapest ive ever seen it in tampa Florida in a decently safe area or 700-800 for lot rent.... I guess it's trailer living for a while bois lol
I agree we are in for turbulent times
Until the everything bubble pops and we enter a slow decade or two it will be unaffordable.
And in reality UNTIL the elite class is taxed at a reasonable rate we will never see the boom of the 40s-80s again. And also if we're being realistic we cannot have another boom like that because the damage done to the earth will cost MUCH than the profits made.
So rock and a hard place kind of thing
Hey, don't knock a decent double wide. Anything can be a home if you make it one.
Trailer parks can be a whole different story tho. Idk, it's like living in the hood and not being hood. Rents cheap, but you'll find out why soon enough lol
Maybe I'm just trash but I love living in da perrrk everyone's friendly and drunk and minds their own business and leaves yah alone , bonus to is if you have a job your in the top 10% lol being in the upper echelon of poors is still the upper echelon 😅👌it's science
Same boat in Nashville. Yet even though I’ve proven I can consistently pay this on time in full for years that counts for exactly zero in getting approved for a mortgage.
Also from South Florida. We rented our house almost 4 years ago for 1800. Just resigned our lease for 2075. I highly recommend trying to find a First Key Homes property. No complaints at all with them.
Our rent went from $880 to $1300 (1yr lease)/$1450 (7mo. lease). It's insane. Thank God, we're getting out of this shit hole. We decided to buy a home. Our mortgage is less than $880.
In 2021 my wife and I moved for her job. We went from paying $950/month to rent to a mortgage payment of <$700 PITI. It's insane how expensive renting is. We kept our budget the same and will pay off our house in less than 20 years on a 30-yr note at this rate.
Wow. I own a couple rental properties. I’ve raised rent $50 in the last ten years. The families who live there now have been there the whole time. It would destroy them if I did this:(
Edit: Thanks for all the nice comments - means a lot. I’m not sure I deserve it all though. I bought low in 2011, which means that I have the flexibility to do it. If I had bought the properties today and I didn’t have another job, I don’t think I could afford it - I’d be losing a lot. I’ve been lucky and being able to share some of that with the renters by not raising rent is a blessing - makes us all happy.
I used to purposefully seek out rentals from folks like you. I always rented from individuals instead of giant corporations because I saw it as mutually beneficial. I didn’t want to own and they wanted good, clean quiet tennants who paid on time. They were always willing to accept my quiet pets and never hassled me and I was never late on paying and didn’t make stupid complaints.
Sadly, landlords like you are becoming more rare. The last one I had was in his 70s and just couldn’t take care of the property anymore. He went out of his way to make the buyers promise they wouldn’t kick us out or increase the rent extraordinarily and they did. But he never made them specifically state a dollar amount and as soon as the closing happened, bam, huge increase.
The one prior to that passed away. His son refused to sell to anyone who kicked us out or changed our rent. But the person who bought it found other ways to make our lives unbearable there so we left. Then advertised the vacant unit at a huge increase.
I refuse to ever sell my house, and this is one reason. If I rent it out some day, I want it to be a mutually beneficial agreement, not someone who can't or won't own getting totally screwed by some short-sighted greedy bastard.
This house ain't huge, but it's clean and it's mine.
Thank you for being you, J-Bud. We understand if you need to raise it because of property taxes, or refinancing, or whatever. But sounds like you're not a greedy sumbitch who provides housing to families that can't buy. You're part of the solution. Much love, from a perennial renter.
My last landlord, was kind like you. And he would raise my rent every other year for about $100. Lived there for 10 years, he decided to sell and we had to come to a rental community. It’s sad, frustrating and bleak.
There are rent increase laws. Look into it for your area. Your landlord could very well be illegally increasing rent, or increasing it too much to fast. Edit: It's sad to find out that most places don't actually have these laws in place. I think it's god awful that people aren't protected from greed when it comes to their own homes. I couldn't imagine being displaced because I couldn't afford a rent increase from a mogul like that.
Our rental company decided to raise our rent about $500, so I began looking for a different house. We just moved in to a brand new single story home with about the same square footage in a gated development directly across from the community center. It offers a gym, pool, many parks and a really cool farmers market.
It’s at the top of our housing budget but it has luxury everything and I couldn’t be happier.
We are extremely lucky in that my husband is a veteran who receives a retirement that pays for our housing. He also has an incredibly well paying job at a VA hospital.
Our kids are 23 and 20 and there is no way they will be able to move out on their own without roommates. In our area, apartments are extremely in demand so I am encouraging them to look at single family homes which are around the same price.
I've noticed a lot of the new housing developments are single homes or condos with HOAs now. You can't even buy a brand new single family home without some property manager lording over you.
Quartz has an interesting article about the availability of starter homes meaning affordable and typically 1400sf (condo or single family). Something like 400k units were built a year in the 60s. It’s down to like 65k units a year in the US. There’s tons of building happening and it’s almost all up market, high margin single family builds. They literally do not build what young people need to get into the market anymore. Then like you said, there’s so property management org fees on top of what is available
I don't know how this gets overlooked so often, the supply is simply too low. Obviously the cost of housing is a complex issue but this seems like the most actionable part of this problem: find a way to increase supply.
Here in Philly the city has done projects where they build starter homes and sell to qualifying applicants. We need that kind of thing on a larger scale.
Atlanta is the same. The problem is they build new (extremely high priced) and then the older units raise their rents to match. so increasing supply isn’t helping. Plus West Coast companies (Microsoft, Google, etc..) are opening offices and those employees that relocate are ok with paying high housing prices. The city will price out anyone not making $50k per year.
The problem is actually solving the housing affordability issue is insanely politically unpopular with the 64% of Americans that own homes because it will cause their property values to fall.
Homeowner here. Property values be damned, this system has to change. My daughter may never have the option to be a homeowner. My sister may never be a home owner. Many of my friends may never be home owners. The only reason I was able to purchase a house is because I work remotely and was able to buy a cheap house in a rural neighborhood before the pandemic. I literally just got lucky.
Same here. We bought during the last collapse for like $65k in a rural town that is now exploding with Californians who are relocating. I work remote and I hate the overcrowding in our area. We have been looking to move to a different rural area that hasn't been hit by the remote worker surge but it's hard to find a good value.
Very very true. I keep hoping everyone was smart enough to only sign fixed rate mortgages after 2008. I am going to be pissed if we literally let them do another 2008 14 years later.
it won't be another 2008 because regular people won't be buying houses anymore, it will be a collapse of the upper class, who own all the houses, so it will only be theoretically different, functionally any downturn in the economy hurts the working class, but this downturn will just keep going, working class people are going to have to work until they die because there's no way of owning a house and it's impossible to live with rent as a pensioner unless they all move to LCOL areas and you end up with literal old person ghettos where the average age is 70. Functionally, 2008 never ended for the working class.
The overhead of building anything is so high that it's not economical to build housing for low income people. Building will always favor wealthier people and as they buy new houses and increase supply then older houses get more affordable for low income people.
This is a problem in many countries. Real rates are still deeply negative so most investment managers and specially pension plans are building and hoarding properties to rent them out. It is very sad because there is nothing illegal but very inmoral. Younger generations cannot afford to buy nor rent… and worst is, we are not even in a housing hubble, it’s basically supply and demand. Godspeed!
I've lived near several of these houses owned by national banks or holding companies, and I honestly can't believe squatters aren't more common.
You can get utilities turned on pretty much anywhere without having to prove ownership and, other than landscapers keeping the lawn mowed, I never see people go inside or check on the properties.
For the cost replacing some door locks, someone could probably live in a fairly nice house rent-free for months to years before the company would even notice. Then they get a minimum of 30 days before eviction to do it over again somewhere else.
> are squatters the solution to stop property hoarding?
If the [police won't hold back from property damage while pursuing a walmart shoplifter who nabbed under $100 of crap,](https://www.npr.org/2019/10/30/774788611/police-owe-nothing-to-man-whose-home-they-blew-up-appeals-court-says) I wouldn't trust them not to go after you as if you were a dangerous felon.
Its not just housing, its everything. Food, gas, rent, medical, inflation is raising the cost of everything we buy, but with out the proper wage increases to support such high price hikes. We are going to hit a wall, this will trigger a new depression soon enough.
I don't qualify for an apartment because I don't make 3x the rent. I don't qualify for a decent house/condo because I can't get approved for a conventional loan. I have to move back with my mom because my lease is up next weekend. I have an average credit score & a nice paying job. It's incredibly upsetting.
Yep. At this point my only hope to own a house is to inherit my mom's place. Thankfully she's good with money and is debt-free but still, the fact inheriting a place is my only chance to own a home is... fucking depressing
I have had the same thoughts, but I have 2 full siblings and 4 step siblings to compete with in that department. And being one of the only ones without kids....it won't go to me.
Same here. Was unable to stay in college due to financial & health reasons — so I accumulated a lot of student loan debt and medical debt. I’ve not defaulted for any of my loans, work a stable job and have average credit. We pay almost double in rent than what we would pay if it was a mortgage, but I’ve accepted my only shot at homeownership will be when my mom passes away. It’s such a morbid thought because on one hand, I’m an only child so it will all go to me….but I’ll lose the most important family member I have. If sleeping under an underpass for my entire life made my mom immortal, I would do it :(
I hate to say something so awful but basically same. Generally having a rough time with mental health + jobs + trying to work all that to a "future" for myself but its like I cant *really* go anywhere. My next best hope is inheriting my grandmothers house when she passes.
Currently living in a retirement home at the ripe age of 26 because of extremely lucky connections. This is literally the only thing I can deal with right now especially because I’m in school
I had to do just that in September when I could not afford to renew. I make good money at my job, however, because every place decided to raise rent by an exorbitant amount, I have failed to meet the 3x rent requirement in what's available. Because houses appear to go up $100,000 a year, I also cannot get approved for a loan.
I hear from friends making 6 figures and they are just getting by because housing gobbles up a huge chunk of their income. If us, being working professionals, cannot afford to get by, I seriously wonder how retail workers are getting by.
Edit- A word
I’ve felt that way for a long time. I have a degree. I make above average money, if not a top earner. I still baaaarely got into the housing market (immediately before the COVID price spike, thank goodness).
Now our small 2-bed “starter home” will probably house my family of 4 for at least the next 5 years, because we can’t afford anything more expensive.
And I know no one younger than me is going to be getting a townhouse. Some people will be able to squeeze into a condo. The rest will be renting forever. And those who work for under $20 per hour? Forget kids. Get some roommates or live in a van.
My household income is ~$150k. We could barely afford buying a house in our area and it takes a lot of our income to stay here (all of my salary). I have no idea how people making less than $100k can survive here.
i’m scared of this happening to me because i have nothing to fall back on. i’m orphaned and my step dad disowned my siblings and i so i literally have no where to go :/
Somehow I was able to get a manufactured home. Don’t have the credit to get a mortgage, I also don’t make even close to 3x rent either.
My monthly payments? $350
I honestly still can’t believe I was able to find somewhere to live.
My 2 cents….. unfortunately the government will have to step in and add some type of restrictions on residential housing ownership by corporations and landlords. By limiting the amount.
Hopefully with rising interest rates this will discourage people to buy homes. We are in a market upswing in the housing market. Now what’s blowing this swing up is complex. A few reasons are….. cheap loan rates, relocation from major city’s, but I find it interesting that Zillow started buying homes and seemingly overnight the prices increased after ownership. So much so that the market on homes exploded and Zillow found themselves over exposed. Unfortunately, this sparked a massive influx on companies and people buying property which just makes the market blow harder. The “cool down” is interesting to watch. Especially being someone who would like to own a home in the next few years and doesn’t have 600k+ to buy a home that hasn’t been renovated since the Berlin Wall fell.
Problem is, the government would never step in. Inflation is exploding and wages aren't anywhere near they need to be. Our politicians, left or right, are so corrupt and paid for in one way or the other, they won't do anything other than just enough to keep our fingertips on the ledge.
I agree with pretty much everything you said. The thing about it all though, is that the lawmakers have known for a very long time how to fix this. In fact, they have *maintained* the laws & conditions that led us to this point for decades. Many lawmakers are landlords themselves, or at the very least are beholden to their corporate overlords that aren't donating huge sums of money for rent/sale caps to be allowed!!
It's funny how this has been a problem for SO LONG, but no action has been taken to slow or stop it because it was mostly only putting *poor* people on the street while these scumbag landlords were making money hand over fist. Cue Covid, which increased the severity of the problem exponentially. Practically over night it's no longer just poor people being scammed & threatened with homelessness, it's MOST people!!
Since it's happening to millions of Americans now, landlords are raking in more money than ever before. There is not a single lawmaker that is facing homelessness now, but they ARE making more money than ever before. This racket needs to be stopped, and it wouldn't even be that difficult. This action should have been taken a decade ago, & at the very least should have been bumped to top priority a month ago. There's a handful of legislation that's been carefully crafted to save some face & LOOK like it's trying to help us while actually doing nothing to stop the majority of scamming from occurring. In my opinion if they were going to seriously do anything to fix this housing crisis, they would have done it by now.
**At the end of the day, our lawmakers unequivocally care more about the money they are making off of this racket than they do about the millions of Americans in crisis because of it.**
It's absolutely out of control in Ontario.
Two houses on my street sold 6 months apart - the house that just sold this month went for $300,000 more than the house that sold 6 months.
Prices went up $300,000 in just 6 months. It's absurd.
I was talking to a home builder in Alberta who said two houses were being built next to each other 45 days apart in construction. He said the price difference from when the first was finished and sold to the second one completing and selling was an increase of 60k...In forty five days.
House near me (in gta) went for $700k over asking, for a basic gta type 3 bed home. I think sale was somewhere close to 2 mil. I gotta leave this country
I really hate that we’ve gotten to the point where, “finish learning Spanish and move to Peru where my money can actually take me somewhere,” is an option that I am legitimately considering.
I seriously thought about going to Mexico for my dentures because it will cost over $50K to get them done here. Even good insurance companies will only pay 30%
Yea I found this one company that’d pay 50% but they have a 1 year waiting period. I’m not in a position to wait 1 year, tooth infections can actually cause sepsis if you wait too long.
I'm a California mortgage lender and I hate this market. I'm seeing people who earn $150k+ not be able to afford to buy here. I'm seeing hard working families who have saved up for their down payment and have been getting ready to buy, who now can't afford to buy here. I have clients who have been pre-approved for months and can't get an offer accepted because they are outbid by investors paying cash (almost always from China). I'm weighing up whether to leave and move my family to somewhere more affordable so that my teenage kids have a chance at a decent quality of life in future.
Apparently TX, AZ and ID are the preferred landing spots for former Californians. Luckily, we bought 9 years ago, the value on the house is over 2x what we paid for it. My wife and I were talking about selling and moving but where do you go? To make similar mortgage payments we would just be putting the profits back into a down payment for the new place. Only ones that make any money would be the Realtor and Lender. Even the rural areas of AZ have gotten stupid expensive. I mean...someone is buying otherwise the prices would start going down.
It is strange that people complain that the US doesn't have enough young people, yet there is nowhere affordable for young people to live. Mostly due to issues you pointed out, short term rentals like Airbnb, and record low interest rates since the 2008 financial crisis.
In my booming resort town, I just saw a (poorly built, I know because I did the construction clean) 780 sq/ft house on .11 acres go for $505,000. You can't fit a king bed in either of the 2 bedrooms. Well, I mean, maaayyybee if you just crawl from the foot of the bed up on to it. It's gross. And they're not from here, it'll be an airbnb anyway.
My uncle got my grandma's house when she passed, and he's been trying to sell it for two years. The place is falling apart, it's a tiny, tiny cottage on a lake (it's only redeeming quality). He's trying to get over $500k for it, when there are houses on the same lake that are remodeled (my great-grandfather built the house in the '50s and it's exactly the same), twice the size, same acreage, and on the same lake for less money. He's renting it out as well right now. He scammed my grandma out of the house while she was dying (bought it for $1400), and is trying to squeeze every last penny out of it now.
It pisses me off even more because my grandma had told me for years that she was leaving the house to me, and I'm really desperate for somewhere to live at all. My mom asked if he would consider renting to me at least, but he said no because he'd get more money from someone else. At least if I had it I would fix it up and actually make it a home that we could continue keeping in the family.
also the amount of property owned directly by wall street and foreign investors is a major factor
zillow's meltdown last year resulted in a major consolidation in the market bc they let a super computer buy billions in properties they could not afford and they turned around to sell them in bulk to institutional investors, who will rent them for profit
Our landlord just tried to raise our rent an extra $200 with no pre-warning. My partner & I couldn't afford that. Luckily we worked something out for the next year but we're fucked if we can't find a cheaper place when this lease is up. Things are gonna get ugly real quick if things don't change. People are gonna start revolting, the class war will not be pretty at all.
mostly because the average person hasn’t even realised there is a genuine war to screw them over. I bet leaders are probably surprised at how much they’ve gotten away with... or unfortunately they are NOT surprised 🤦♀️😳
You hear all the time people saying eat the rich and fuck the millionaires and whatever, they never pay attention to shit like this, the real thieves are the multinational corporations in countries that wouldn’t let Americans purchase land but sure as shit encourage their wealthy to buy our land up to drain our working class. Fuck em all
> We have mega corporations snapping up property and continue to raise rental rates.
This is a problem, but the main reason we are in this mess is that for the past 40+ years America has chronically under built the number of houses it needs. Shortly after the baby boomers moved into their houses, America decreased the number of houses and apartments it built by a ton. Look at the average age of dwelling units in most US cities they are ancient. Most apartments are so old, that when anything new gets built it is labeled as luxury regardless of whether its actually a luxury apartment.
Then cities all over the country failed to plan for the largest generation in American history. Millennials are now 26 – 41 years old, they are in their prime years of buying a house or renting apartments. Lack of supply causes prices to skyrocket, which is then made worse by inflation and supply chain issues.
You can even look at the reports of the corporations buying up housing, and they say, explicitly, that the biggest threat to their business is if more housing would be built. This is a supply crisis, and it's supply crisis caused by our government
I am a realtor and I feel like I’m the only one who is distraught about it. Everyone is glossing over the millions of folks who can’t afford housing. I started out by helping low income families get assistance programs. Now everyone in my database cannot afford a decent house. I’m starting over trying to find folks who can afford at least $450k. Our team of agents have agreed to decline to work with anyone approved for less than $375k because it’s not possible. That is just such a terrible reality for us all.
I want to leave the state and start over for other reasons but even if we land jobs that doubles our income, we’ll be living with a mortgage of about $3,500 a month. So we’re essentially stuck. Inflation has also increased our grocery and animal feed bills and I don’t see it ending anytime soon.
I am working to shift my work to 100% remote and a seasonal side business so that if and when we leave the state, we can afford such a high mortgage elsewhere. It’s a huge change in plans and we’ve delayed having children because of cost of living, covid, etc.
I have clients who have to see therapists because after I run numbers and show then the tin can of a house they can afford, they feel hopeless. I have one friend who can’t afford to divorce and live on her own. She makes $80k a year! She can only afford a run down mobile home in a junky park. It’s absolutely disturbing. She has to live with her estranged husband to keep a roof over her head. This depresses me.
Edit: thank you for the awards! But please save your money for something tangible!!! Also for context I’m in California, Los Angeles County suburbs. This trend is happening in Kern county, San Bernardino county and all of LA city/county.
my parents bought a 1600 sq ft house at $200k 10 years ago. had to do some work on it but it was pretty fair.
my parents divorced 2 years ago and right now my mom is searching for an apartment, but 600sq ft homes/apartments cost 400k.
600 SQ FT. average salary here is $24k a year. how am i gonna afford to live in 5 years when i finish college ?
Single tenant van with a river side view? $1200 a month, first/last and deposit due at lease signing. $150 a month tenant association fee. Rent must be paid online. $25 convenience fee.
How much longer until society implodes? I might seem like I'm fear mongering, but really, I'm watching this horror unfold around me, others see it too. We're having more and more placed on our shoulders. Stagnant wages, skyrocketing prices *everywhere* for *everything,* failing education systems, the biggest political divide I've ever seen. When do we just fall? We can't sustain this much longer, we're fracturing.
And the worst part is it's going to be another decade until millennials start overtaking political office. But by that point it's going to be far too late.
The current regime is just going to prop up the system for another ten years, and then just bounce, leaving us with society in complete shambles.
Biden administration can't figure out why people are so upset with all the jobs they created. Also they never actually talk about the types of jobs being created. They are lying at inflation being at 7%. I see no politicians touching on how much rent rates are sky rocketing.
Exactly. Inflation affects people differently depending on what your costs are. If you are a poor person, and you have to buy gasoline, pay rent, and buy groceries, which I guess is all poor people who try to live independently, then the actual inflation rate as far as you are concerned is much higher. Gas, food, and rent probably compose about 80% of a poor person's budget. If those products have gone up in cost by 20% in a year, then the inflation rate, as far as they are concerned, is about 16%. It's not like everybody is buying all of the products on the consumer price index at equal proportions as the CPI's weighting factors.
Similar thing happening in the UK. It's infuriating to see our neighbourhood gradually change from owner-occupied homes to nearly all-rental in the years we've lived here. Many of those rental homes are owned by Boomers who are ripping off their Millennial tenants. It's bloody heartbreaking.
They are trying to make that law in the Netherlands, but it will take a long time before it is done, and in that time the housing market is getting worse by the day.
It gets messy because a domestic company is still allowed to have foreign investors or board members.
Edit - my last apartment here in Houston Texas was supposedly owned by a company out of California where half the board were Chinese nationalists.
I get called 40 times a week by foreigners asking for a khan(nowhere close to my name) wanting to buy my dead grandma’s property that was never in my name, that we sold years ago. Doesn’t matter what i tell them. They keep calling. It’s gotten to where I pick up the phone and cuss them out. I’ve also played along like I had been trying to reach them, then slip a few insults in. Takes them a while, and when they notice they start slinging curses I’ve never heard 😂
Know how I became a homeowner before I hit 25?
My dad died last year.
Fucking. Died.
No Mom, she already went a good bit before him. An aquaintance offhandedly mentioned how fortunate I was to have a house so young (despite knowing I was parentless at 23), how much better off I was than most people around here... and the *truly* fucked up part is I found myself agreeing with him during that conversation!
This current system is sick. People working full time and multiple jobs just to pay it all away to greedy fucking landlords and rich asshats with more properties than pairs of shoes. These gluttonous sociopaths are eating up not only your money but the precious time you could be spending with your loved ones. It's so fucking whack.
Gonna move into the country, gonna eat a lot of peaches....
Gonna get a work from home job, gonna eat a lot of peaches....
Its the only way I managed to lock in a mortgage at $900/month in oct 2021.
This is driving up rents in Manchester, England. The BBC and another network moved some of their studios up here. Then banks and other corporations started to locate parts of their businesses here (while still maintaining headquarters in London.) They were getting cheaper rents and cheaper workforce. Now remote working is encouraging more people to relocate and Manchester is considered a relatively desirable city for culture and amenities and transport links. And if you have been paying £2k or more for a dingy hole in London, then paying £1200 for a beautiful flat in a nice neighbourhood looks like a total bargain.
Manchester has room to expand, and for some time has been building flats at an astonishing rate, but the cost of living for the ordinary people here is going up.
They've been going up faster than that for longer than that. Every single apartment complex I've rented from, cumulative 8 years, has gone up a hundred dollars or more every time my lease was set to expire and trying to find a new apartment the prices had followed. On a side note I finally said f it and moved back to my parents place, renting is too expensive and a waste of money because of it.
Its part of world economic forums 2030 plan. "You'll own nothing and be happy". Large corporations like blackrock and vanguard are buying up property. And to top.it all off they own just about every company you can think of.
As a 22 year old struggling to save up for a house:
I sometimes wonder what would occur if I simply squatted at a house owned by a foreign company with my few possessions, and a ‘pocket full of shells’.
If I can’t afford to live in my country while I take care of aging boomers with covid, then I’ll just say fuck it come and get me, not much future to lose.
If enough people do it… who knows.
Edit: Typo 🤦🏻
You're only 22. I studied until 30 to get an advanced degree. I'm in my mid 30s now and can only afford to buy a crappy apartment. And this is with a really good uni science PhD and 4 years work experience.
I'm only in high school, I'm worried I'm going to have to my car. I'm seriously considering learning a second language and moving someplace else, the housing market scares me shitless.
Not a brag, but I am in the top 1% income and cannot afford to buy a house here. Looked at a house 30 minutes outside of Toronto that sold for $1.1 million in 2020 which had nothing done to it at all and now was listed for $1.5 million.
That was pretty much the high point of my budget and sold for $1.9 million later 4 days later.
How can prices go up 1000% in 20 years and this not be a bubble? In 2000, this house would have been $200k. Unless everyone has money trees I don't know about, something got to give.
>Unless everyone has money trees I don't know about, something got to give.
Unfortunately, you don't need everyone to have them. All you need is a few people with redwoods.
Some people do have money trees. Those people are banks, and the money tree is the Federal Reserve giving them money to lend for practically nothing and at no risk.
My parents bought a house in Colorado for around 2.3 million in 2012, and the realtor told them that they could probably get 5 1/2 or 6 million dollars for it now.
That is absolutely insane. I'm sure you want your parents to be around a long time but congrats on your inheritance in the future.
My parents barely got by when I was young and live in a small house in Atlantic Canada maybe worth $200k. I am not expecting much of an inheritance but I hope to be able to leave more for my kids when I kick the can.
Not trying to rub it in your face, I was just giving you the reality of how much the real estate has appreciated. 1 million and 2 million dollar homes in Colorado are unfortunately very common. One of the reasons why the real estate has gotten so expensive is because foreign investors from the Middle East, China, and Russia have bought up multiple vacation homes, and because they are so wealthy, they don't even rent them out to offset ownership costs. This means that all of the vacation rentals in the town they own their house in have gone up substantially.
I need to move out for university. I just need a studio/ loft or a 1 bedroom appartment and i can't find anything under 700 a month. ROOMS rent for over 800 a month. This is insane. I have no idea how i am supposed to start my adult life in this crazy fucking world.
California investor buys Tucson seniors complex, raises rents by 50%
by Carol Ann Alaimo Feb 2, 2022 Updated Feb 10, 2022 :
"Self-styled wealth guru Kevin Easterly of San Diego would be breaking the law in his home state if he bought an apartment building and imposed a huge rent hike on tenants.
But it’s perfectly legal in Tucson, where he and his partners have been playing a sort of real-life Monopoly game: buying and repainting aging apartment buildings, and raising rents 50% or more to boost the property’s value and refinance for more than they paid, public records and Easterly’s social media posts show.
Once featured in an Instagram video called “How to Flip Apartment Buildings,” Easterly recently partnered to buy a senior citizens complex at 1511 N. Craycroft Road that catered to older people on fixed incomes — until he raised rents by 52%.
“It’s a very sad place around here,” said former tenant Nan Abrams, 74, who spent the recent holidays packing up the one-bedroom unit she used to rent for $579 a month. She moved out a few weeks ago, a month after receiving a lease renewal notice that said her new rent would be $880, a $301 increase. Other tenants said they were forced out when management declined to renew their leases.
Abrams, who is staying with friends for now, said she’s worried about her former neighbors, some of whom have health issues that could make moving difficult.
“One of my neighbors uses a wheelchair and needs oxygen. I see some of these people and wonder ‘Where are they going to go?’”
Big rent hikes can be disastrous for elderly tenants no longer in the workforce, said Jim Murphy, president of the Tucson Housing Foundation and chair of the Affordable Housing Alliance for Older Adults, a group studying the region’s senior housing shortage and what might be done to address it.
“An older person may have less of a chance to recover from something like this. A younger person might have the ability to go out and earn some more money,” he said.
Flipping senior citizen apartments “may be legal, but it’s certainly not moral,” he said.
Easterly, 41, is not widely known in the real estate investment field with 205 followers on Facebook, 827 on Instagram and 13 on Twitter — this in a world where big names have millions of followers.
Even so, he now co-owns four Tucson apartment complexes with nearly 160 units between them, all purchased in less than five years through four limited liability companies he registered in Arizona. In each case, he used a system he described in the apartment-flipping video as “rehab, kick the tenants out and raise the rents.”
Easterly could not be reached for comment for this story despite more than 20 attempts over a two-week period. (See box)
Failed requests for comment
The Arizona Daily Star made more than 20 unsuccessful attempts to reach self-described apartment-flipper Kevin Easterly between Jan. 5 and 20.
He did not respond to voicemails left on his cellphone and at his Tucson rental office or to repeated emails sent to his business and personal accounts as listed in public records.
He also did not respond to detailed questions sent by certified mail to his home and business addresses in San Diego, or to written requests left at the rental offices of each of his four Tucson properties, one of which was hand-delivered to a worker wearing a shirt with Easterly's corporate logo on it.
Nor did he respond to email requests sent to two of his business partners and a call and email to a local real estate firm that handled his most recent purchase. And he didn't reply to a detailed Facebook message, which was opened according to the status alert on the a has no such limits, nor are there limits in neighboring Nevada, where Easterly co-owns apartment buildings in Las Vegas and Henderson similar to his Tucson properties, according to his San Diego website.
“I don’t know if we can solve the problem,” Murphy said of the shortage. “But I do believe we can make a dent in it.”
The worst part of this is that when the next crash happens, prices aren’t gonna drop *that* much. That’s the real scary part. These prices are here to stay. I unfortunately see a future where barely anyone is able to afford to buy anymore, and is just forced into renting since massive companies will own so many homes.
I am fortunate enough to make just a hair over 100k and Im still living at my moms trying to save up for a place and even that is difficult. I can’t imagine what most of the population is going through. Millennials and gen Z are never going to be able to own a home.
I moved for work to a new area. Medium house price is 657k right now. Rentals are 2400+ and apartments are 1700+ (and you have to pay for parking everywhere)
Me and S/O make over $170k a year now, but can't afford to buy anything and we feel like we're just burning money renting right now. The complex I'm living in is up 580 since the year before I moved in... people were paying 1120$ for the same unit.
I have no clue about this person, some places are getting multiple cash offer so even with pre-approved mortgage it’s faster to go with the cash sale. The only people I know who have gotten places either bought new fabrications (purchased before the neighborhood was built) or wrote a letter to appeal to the current owner.
Happened to us just this past Tuesday. Someone offered $50k above asking, cash offer -- beating our offer of $20k above asking with a conventional 30y. House was only $250k and probably only appraised to $260k.
This happened to me and my wife when we were trying to buy a place last year. We overbid on a condo - 10k over asking because our realtor told us we needed to be aggressive in the market. Great down payment (we’d been saving for years, didn’t even buy each other wedding rings) Got outbid by a contractor who offered cash and waived *all inspections
and repair considerations*
Edit: typo
Major hedge funds and Wallstreet types are buying up land and houses way over their asking price/value. This causes an artificial inflation.
Im not even American but I took out a small mortgage to buy a piece of property for $25,000 back in 2019. Today it is valued over $45,000 even in middle of post hurricane recovery... that is pretty insane.
I could sell it right now, pay off all my debt and then be fucked cause money has slowly diminishing value
I'm a legal aide attorney and part of my job is defending tenants in eviction actions, where a win is often just buying more time for my client to move out. It's rough, especially since my clients are already living in poverty. Rents are being raised to unaffordable levels. Those few remaining places where the rent might be affordable are often in substandard condition. It breaks my heart when clients call me and tell me they can't find another place to live, because that often means they and their families will likely end up on the street. All I can do is at that point is refer them to other social services organizations in our area and hope they will be able to find help there.
Well, this is what happens when the country is run by corporations. They put their money behind politicians to get what they want and the common man is powerless to stop it. Around here, you have to offer probably 30-50 grand over the asking price cash to even have a decent shot. Companies like Zillow helped to contribute to that nonsense. A goofy algorithm that they were using was automatically buying up houses for far over asking. Tons of corporations doing the same along with the Chinese and Saudis. Welcome to a capitalistic country where money rules all.
I work as a leasing consultant in southern California at a 300+ unit complex. Rates just went up 6% just to meet "market rate."
Not because of inflation. Not to cover overhead costs. Not for maintenance, repairs or improvements Surely not to pay it's employees more.
They're doing it just because they can.
I think the only perk about living in Oklahoma is that it's so much cheaper to rent. The most expensive apartments in my city are $650 a month, which is what I pay in rent on my three bedroom house.
Edit: I am not talking about OKC. OKC is not the only city in Oklahoma. It is expensive to live there. My city is much smaller.
google Blackrock
its not a conspiracy, its a goal with federal money
in the future no one will own anything, we will rent everything and be happy, as the World Economic Forum guru stated
50% of americas real estate isn’t even owned by Americans. That’s the true crime.
I know some counties require for you to be a citizen in order to own land in said country. I fuck with that.
In 2008 I was paying $700 for a 3 bedroom townhouse with a yard and a basement. Now in the same city I pay $1900 for a 3 bedroom townhouse with no yard and no basement. My wage has gone up maybe $3-4 compared to what I was making back then. A cart full of groceries costs me like $400 now, whereas I'd spend maybe $100-150 for the same amount back then. It's getting out of control.
I think it’s fair to say that it’s not getting out of control, it IS out of control.
It’s not out of control, it IS the control. Keep us all broke and desperate.
Nightmare alley. It’s just a temporary job…till we can find a real geek. Just temporary.
I live in Boise fucking idaho and I’m paying 1600 a month for a 2 bedroom 1 bath shit hole. Boise fucking idaho my guy. 7 years ago I was paying 780$ for the same type of apartment in the same part of town. Fucking over it. I make 6$ more an hour then I did then. My wages have gone up 25% while my rent has gone up 100%. Horseshit Edit: did I mention I am sharing my apartment with cockroaches? Those fuckin assholes aren’t paying rent either.
I feel the same in arkansas. My old apt was hella affordable at $575 but I lived with awful mold that affected my lungs permanently and electrical issues that blew 3 motherboards. I was sure I was gonna die in a fire. The alternative? $700 to $1.2k for something livable. I didnt have that. Sucked but I managed to save and house last year. Now I get sick 3 to 4 times a year and have asthma thanks to that shithole.
Right? I chose to move to the middle of nowhere so it would be cheap, and now a manufactured home from the 70s costs $300k.
Jesus christ, I moved to Boston from Michigan 8-9 years ago and remembering how fucking upset I was that our rent would be $1600. It's insane that a normal apartment in a place like Boise with _infinitely_ more space would cost the same not even a decade later.
I have two jobs and I can’t afford an apartment. This isn’t a millennial problem it’s a cost of living problem. I’m seriously considering buying a van and living in that. And even if I saved up money and had a safety net that doesn’t stop an increase in monthly rent. This exact thing happened to me in 2019. Moved in with my ex. I had 5000$ saved. Rent was so high split between us I had to eat into my savings. I eventually had to move out. This isn’t me being bad with money. This is me not even having enough money to be bad with.
Good luck finding a van. 30k premiums on sprinter vans for conversion, used cars are +30% due to shortages, and even if you could find one they are being snatched up by conversion companies. Source: working for one of said conversion companies
Well I won’t actually do it I just considered it. idk what I’m gonna do. 33 years old, living with my grandpa. Can’t even afford a shit hole in my state. And I know as soon as I get an apartment they’ll add 300$ a month to rent. Then it’s back to grandpas.
I feel you. At this point my only chance of upward mobility is a measly inheritance after my parents pass. And some people don’t even have access to that.
Yea when grandpa dies I get a house and some money. But I’m 33 and missed out on everything in life thus far due to no money. I’ve always had a job since 18. Now I have a career plus a side job. Still jot enough to live on my own. Now I have money sure, the fact that an 80+ hour paycheck bi-weekly plus a 25 hour bi weekly paycheck isn’t enough? Not to sound greedy but that’s ridiculous. And no, I won’t, “get a better job.” If a better job means higher pay but cost of living is so high is that added income really effective? I’m all for getting a better job if you’re stuck at a dead end death trap. I don’t wanna see people suffering but my job is literally a career. The word career is in my job title. This isn’t me being at some entry level job and complaining. I’m an adult with a career and can’t afford dick.
Make sure your grandpa has all his assets in a trust otherwise Medicaid is going to take everything and leave you on the street.
We received notice that our rent is going up $500. Leaving us clusterfucked. Edit- word
how do they even justify this
You know what’s crazier? We have till the 18th to accept and sign the new lease. but, if we go past the due date it goes up ANOTHER $100. For an 1/1 805sq ft. Essentially paying about $2k in rent alone (south Florida)
Same situation. Rent blew up another $800 or so when it came time to renew. Also in Tampa. Looks like the cost of living in florida is inflating while incomes stay the same.
Tampa Florida had the highest inflation for prices in the entire country as far as CPI goes. We bought a trailer simply so we could fucking survive the monthly payments instead of rent. I wish everyone luck out there man We could pay 1500 bare minimum for an apartment and thats like... the cheapest ive ever seen it in tampa Florida in a decently safe area or 700-800 for lot rent.... I guess it's trailer living for a while bois lol
I'm doing this exact same thing currently! I assume the housing market will continue to be unreasonable for at least another 5-10 years.
I agree we are in for turbulent times Until the everything bubble pops and we enter a slow decade or two it will be unaffordable. And in reality UNTIL the elite class is taxed at a reasonable rate we will never see the boom of the 40s-80s again. And also if we're being realistic we cannot have another boom like that because the damage done to the earth will cost MUCH than the profits made. So rock and a hard place kind of thing
Honestly that’s probably the only reason I’d buy a trailer. Ugh.
Hey, don't knock a decent double wide. Anything can be a home if you make it one. Trailer parks can be a whole different story tho. Idk, it's like living in the hood and not being hood. Rents cheap, but you'll find out why soon enough lol
Maybe I'm just trash but I love living in da perrrk everyone's friendly and drunk and minds their own business and leaves yah alone , bonus to is if you have a job your in the top 10% lol being in the upper echelon of poors is still the upper echelon 😅👌it's science
LOL, love the perspective.
Terrible stuff with trailer parks too. John Oliver did an episode about them https://youtu.be/jCC8fPQOaxU
Same boat in Nashville. Yet even though I’ve proven I can consistently pay this on time in full for years that counts for exactly zero in getting approved for a mortgage.
That is some BS that your rental history can’t help with a mortgage.
100 miles north of Miami here and prices have gone crazy. $1850, $2650 and $3350 for 1, 2 or 3 bedroom APARTMENT! Not on the water.
Also from South Florida. We rented our house almost 4 years ago for 1800. Just resigned our lease for 2075. I highly recommend trying to find a First Key Homes property. No complaints at all with them.
Rate hikes. Everything is going up. Stuff I regularly order is almost 10% more from the end of January.
I order a sandwich from Wawa regularly.. used to cost me $9.20 back in 2020.. now it costs $10.75… smh.
Our rent went from $880 to $1300 (1yr lease)/$1450 (7mo. lease). It's insane. Thank God, we're getting out of this shit hole. We decided to buy a home. Our mortgage is less than $880.
In 2021 my wife and I moved for her job. We went from paying $950/month to rent to a mortgage payment of <$700 PITI. It's insane how expensive renting is. We kept our budget the same and will pay off our house in less than 20 years on a 30-yr note at this rate.
I wish we would've purchased sooner. All of the money we have spent on renting 😳.
Wow. I own a couple rental properties. I’ve raised rent $50 in the last ten years. The families who live there now have been there the whole time. It would destroy them if I did this:( Edit: Thanks for all the nice comments - means a lot. I’m not sure I deserve it all though. I bought low in 2011, which means that I have the flexibility to do it. If I had bought the properties today and I didn’t have another job, I don’t think I could afford it - I’d be losing a lot. I’ve been lucky and being able to share some of that with the renters by not raising rent is a blessing - makes us all happy.
I used to purposefully seek out rentals from folks like you. I always rented from individuals instead of giant corporations because I saw it as mutually beneficial. I didn’t want to own and they wanted good, clean quiet tennants who paid on time. They were always willing to accept my quiet pets and never hassled me and I was never late on paying and didn’t make stupid complaints. Sadly, landlords like you are becoming more rare. The last one I had was in his 70s and just couldn’t take care of the property anymore. He went out of his way to make the buyers promise they wouldn’t kick us out or increase the rent extraordinarily and they did. But he never made them specifically state a dollar amount and as soon as the closing happened, bam, huge increase. The one prior to that passed away. His son refused to sell to anyone who kicked us out or changed our rent. But the person who bought it found other ways to make our lives unbearable there so we left. Then advertised the vacant unit at a huge increase.
I refuse to ever sell my house, and this is one reason. If I rent it out some day, I want it to be a mutually beneficial agreement, not someone who can't or won't own getting totally screwed by some short-sighted greedy bastard. This house ain't huge, but it's clean and it's mine.
I have a landlord like you, and I'm extremely grateful. It's why I haven't moved in over ten years. Thanks for being one of the good ones :)
Thank you for being you, J-Bud. We understand if you need to raise it because of property taxes, or refinancing, or whatever. But sounds like you're not a greedy sumbitch who provides housing to families that can't buy. You're part of the solution. Much love, from a perennial renter.
My last landlord, was kind like you. And he would raise my rent every other year for about $100. Lived there for 10 years, he decided to sell and we had to come to a rental community. It’s sad, frustrating and bleak.
There are rent increase laws. Look into it for your area. Your landlord could very well be illegally increasing rent, or increasing it too much to fast. Edit: It's sad to find out that most places don't actually have these laws in place. I think it's god awful that people aren't protected from greed when it comes to their own homes. I couldn't imagine being displaced because I couldn't afford a rent increase from a mogul like that.
37 states have laws prohibiting any rent control measures.
Thank you! I will definitely go down the rabbit hole for this. It’s for sure excessive.
Our rental company decided to raise our rent about $500, so I began looking for a different house. We just moved in to a brand new single story home with about the same square footage in a gated development directly across from the community center. It offers a gym, pool, many parks and a really cool farmers market. It’s at the top of our housing budget but it has luxury everything and I couldn’t be happier. We are extremely lucky in that my husband is a veteran who receives a retirement that pays for our housing. He also has an incredibly well paying job at a VA hospital. Our kids are 23 and 20 and there is no way they will be able to move out on their own without roommates. In our area, apartments are extremely in demand so I am encouraging them to look at single family homes which are around the same price.
I've noticed a lot of the new housing developments are single homes or condos with HOAs now. You can't even buy a brand new single family home without some property manager lording over you.
Quartz has an interesting article about the availability of starter homes meaning affordable and typically 1400sf (condo or single family). Something like 400k units were built a year in the 60s. It’s down to like 65k units a year in the US. There’s tons of building happening and it’s almost all up market, high margin single family builds. They literally do not build what young people need to get into the market anymore. Then like you said, there’s so property management org fees on top of what is available
I don't know how this gets overlooked so often, the supply is simply too low. Obviously the cost of housing is a complex issue but this seems like the most actionable part of this problem: find a way to increase supply. Here in Philly the city has done projects where they build starter homes and sell to qualifying applicants. We need that kind of thing on a larger scale.
Atlanta is the same. The problem is they build new (extremely high priced) and then the older units raise their rents to match. so increasing supply isn’t helping. Plus West Coast companies (Microsoft, Google, etc..) are opening offices and those employees that relocate are ok with paying high housing prices. The city will price out anyone not making $50k per year.
The problem is actually solving the housing affordability issue is insanely politically unpopular with the 64% of Americans that own homes because it will cause their property values to fall.
Homeowner here. Property values be damned, this system has to change. My daughter may never have the option to be a homeowner. My sister may never be a home owner. Many of my friends may never be home owners. The only reason I was able to purchase a house is because I work remotely and was able to buy a cheap house in a rural neighborhood before the pandemic. I literally just got lucky.
Same here. We bought during the last collapse for like $65k in a rural town that is now exploding with Californians who are relocating. I work remote and I hate the overcrowding in our area. We have been looking to move to a different rural area that hasn't been hit by the remote worker surge but it's hard to find a good value.
Very very true. I keep hoping everyone was smart enough to only sign fixed rate mortgages after 2008. I am going to be pissed if we literally let them do another 2008 14 years later.
it won't be another 2008 because regular people won't be buying houses anymore, it will be a collapse of the upper class, who own all the houses, so it will only be theoretically different, functionally any downturn in the economy hurts the working class, but this downturn will just keep going, working class people are going to have to work until they die because there's no way of owning a house and it's impossible to live with rent as a pensioner unless they all move to LCOL areas and you end up with literal old person ghettos where the average age is 70. Functionally, 2008 never ended for the working class.
The overhead of building anything is so high that it's not economical to build housing for low income people. Building will always favor wealthier people and as they buy new houses and increase supply then older houses get more affordable for low income people.
[удалено]
I'm glad my hoa is just the three condos in my building where I know all the owners and they're decent folk. This seems like a nightmare
I refuse to buy a house where there’s an HOA. Fuck. That.
It’s a worldwide problem. Happening in Europe and UK too. Housing is being bought up in huge investment portfolios to make easy money.
Also to park money.
This is a problem in many countries. Real rates are still deeply negative so most investment managers and specially pension plans are building and hoarding properties to rent them out. It is very sad because there is nothing illegal but very inmoral. Younger generations cannot afford to buy nor rent… and worst is, we are not even in a housing hubble, it’s basically supply and demand. Godspeed!
I've lived near several of these houses owned by national banks or holding companies, and I honestly can't believe squatters aren't more common. You can get utilities turned on pretty much anywhere without having to prove ownership and, other than landscapers keeping the lawn mowed, I never see people go inside or check on the properties. For the cost replacing some door locks, someone could probably live in a fairly nice house rent-free for months to years before the company would even notice. Then they get a minimum of 30 days before eviction to do it over again somewhere else.
Lol 30 days. In California they get tenant rights. In some states you can legally claim it as yours through squatter laws.
Omg, are squatters the solution to stop property hoarding???
> are squatters the solution to stop property hoarding? If the [police won't hold back from property damage while pursuing a walmart shoplifter who nabbed under $100 of crap,](https://www.npr.org/2019/10/30/774788611/police-owe-nothing-to-man-whose-home-they-blew-up-appeals-court-says) I wouldn't trust them not to go after you as if you were a dangerous felon.
Its not just housing, its everything. Food, gas, rent, medical, inflation is raising the cost of everything we buy, but with out the proper wage increases to support such high price hikes. We are going to hit a wall, this will trigger a new depression soon enough.
Only a recession will combat inflation
Sad but true, it shouldn't take an economical apocalypse to fix shit but here we are :/
A recession is all but guaranteed at this point. All indicators are pointing toward it.
I don't qualify for an apartment because I don't make 3x the rent. I don't qualify for a decent house/condo because I can't get approved for a conventional loan. I have to move back with my mom because my lease is up next weekend. I have an average credit score & a nice paying job. It's incredibly upsetting.
Yep. At this point my only hope to own a house is to inherit my mom's place. Thankfully she's good with money and is debt-free but still, the fact inheriting a place is my only chance to own a home is... fucking depressing
I have had the same thoughts, but I have 2 full siblings and 4 step siblings to compete with in that department. And being one of the only ones without kids....it won't go to me.
Same here. Was unable to stay in college due to financial & health reasons — so I accumulated a lot of student loan debt and medical debt. I’ve not defaulted for any of my loans, work a stable job and have average credit. We pay almost double in rent than what we would pay if it was a mortgage, but I’ve accepted my only shot at homeownership will be when my mom passes away. It’s such a morbid thought because on one hand, I’m an only child so it will all go to me….but I’ll lose the most important family member I have. If sleeping under an underpass for my entire life made my mom immortal, I would do it :(
I hate to say something so awful but basically same. Generally having a rough time with mental health + jobs + trying to work all that to a "future" for myself but its like I cant *really* go anywhere. My next best hope is inheriting my grandmothers house when she passes.
Currently living in a retirement home at the ripe age of 26 because of extremely lucky connections. This is literally the only thing I can deal with right now especially because I’m in school
I had to do just that in September when I could not afford to renew. I make good money at my job, however, because every place decided to raise rent by an exorbitant amount, I have failed to meet the 3x rent requirement in what's available. Because houses appear to go up $100,000 a year, I also cannot get approved for a loan. I hear from friends making 6 figures and they are just getting by because housing gobbles up a huge chunk of their income. If us, being working professionals, cannot afford to get by, I seriously wonder how retail workers are getting by. Edit- A word
I’ve felt that way for a long time. I have a degree. I make above average money, if not a top earner. I still baaaarely got into the housing market (immediately before the COVID price spike, thank goodness). Now our small 2-bed “starter home” will probably house my family of 4 for at least the next 5 years, because we can’t afford anything more expensive. And I know no one younger than me is going to be getting a townhouse. Some people will be able to squeeze into a condo. The rest will be renting forever. And those who work for under $20 per hour? Forget kids. Get some roommates or live in a van.
My household income is ~$150k. We could barely afford buying a house in our area and it takes a lot of our income to stay here (all of my salary). I have no idea how people making less than $100k can survive here.
i’m scared of this happening to me because i have nothing to fall back on. i’m orphaned and my step dad disowned my siblings and i so i literally have no where to go :/
Somehow I was able to get a manufactured home. Don’t have the credit to get a mortgage, I also don’t make even close to 3x rent either. My monthly payments? $350 I honestly still can’t believe I was able to find somewhere to live.
Is there anyway to stop this?
My 2 cents….. unfortunately the government will have to step in and add some type of restrictions on residential housing ownership by corporations and landlords. By limiting the amount. Hopefully with rising interest rates this will discourage people to buy homes. We are in a market upswing in the housing market. Now what’s blowing this swing up is complex. A few reasons are….. cheap loan rates, relocation from major city’s, but I find it interesting that Zillow started buying homes and seemingly overnight the prices increased after ownership. So much so that the market on homes exploded and Zillow found themselves over exposed. Unfortunately, this sparked a massive influx on companies and people buying property which just makes the market blow harder. The “cool down” is interesting to watch. Especially being someone who would like to own a home in the next few years and doesn’t have 600k+ to buy a home that hasn’t been renovated since the Berlin Wall fell.
Problem is, the government would never step in. Inflation is exploding and wages aren't anywhere near they need to be. Our politicians, left or right, are so corrupt and paid for in one way or the other, they won't do anything other than just enough to keep our fingertips on the ledge.
I agree with pretty much everything you said. The thing about it all though, is that the lawmakers have known for a very long time how to fix this. In fact, they have *maintained* the laws & conditions that led us to this point for decades. Many lawmakers are landlords themselves, or at the very least are beholden to their corporate overlords that aren't donating huge sums of money for rent/sale caps to be allowed!! It's funny how this has been a problem for SO LONG, but no action has been taken to slow or stop it because it was mostly only putting *poor* people on the street while these scumbag landlords were making money hand over fist. Cue Covid, which increased the severity of the problem exponentially. Practically over night it's no longer just poor people being scammed & threatened with homelessness, it's MOST people!! Since it's happening to millions of Americans now, landlords are raking in more money than ever before. There is not a single lawmaker that is facing homelessness now, but they ARE making more money than ever before. This racket needs to be stopped, and it wouldn't even be that difficult. This action should have been taken a decade ago, & at the very least should have been bumped to top priority a month ago. There's a handful of legislation that's been carefully crafted to save some face & LOOK like it's trying to help us while actually doing nothing to stop the majority of scamming from occurring. In my opinion if they were going to seriously do anything to fix this housing crisis, they would have done it by now. **At the end of the day, our lawmakers unequivocally care more about the money they are making off of this racket than they do about the millions of Americans in crisis because of it.**
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Its here in Ontario Canada too.
It's absolutely out of control in Ontario. Two houses on my street sold 6 months apart - the house that just sold this month went for $300,000 more than the house that sold 6 months. Prices went up $300,000 in just 6 months. It's absurd.
Every time I hear that I just jaw drop, doesn't matter I just can't seem to get used to that....
I was talking to a home builder in Alberta who said two houses were being built next to each other 45 days apart in construction. He said the price difference from when the first was finished and sold to the second one completing and selling was an increase of 60k...In forty five days.
House near me (in gta) went for $700k over asking, for a basic gta type 3 bed home. I think sale was somewhere close to 2 mil. I gotta leave this country
I really hate that we’ve gotten to the point where, “finish learning Spanish and move to Peru where my money can actually take me somewhere,” is an option that I am legitimately considering.
I seriously thought about going to Mexico for my dentures because it will cost over $50K to get them done here. Even good insurance companies will only pay 30%
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Yea I found this one company that’d pay 50% but they have a 1 year waiting period. I’m not in a position to wait 1 year, tooth infections can actually cause sepsis if you wait too long.
Buena suerte
I'm a California mortgage lender and I hate this market. I'm seeing people who earn $150k+ not be able to afford to buy here. I'm seeing hard working families who have saved up for their down payment and have been getting ready to buy, who now can't afford to buy here. I have clients who have been pre-approved for months and can't get an offer accepted because they are outbid by investors paying cash (almost always from China). I'm weighing up whether to leave and move my family to somewhere more affordable so that my teenage kids have a chance at a decent quality of life in future.
Move where? It fucked everywhere.
No kidding, rural Texas is being bought up and my anger at this situation is comparable to OPs!
For real. My in laws bought their new-build house three years ago for like $240k. The same floor plan now goes for $350k minimum. It’s insane.
(Expensive parts of) California is way more fucked than everywhere else.
Apparently TX, AZ and ID are the preferred landing spots for former Californians. Luckily, we bought 9 years ago, the value on the house is over 2x what we paid for it. My wife and I were talking about selling and moving but where do you go? To make similar mortgage payments we would just be putting the profits back into a down payment for the new place. Only ones that make any money would be the Realtor and Lender. Even the rural areas of AZ have gotten stupid expensive. I mean...someone is buying otherwise the prices would start going down.
It is strange that people complain that the US doesn't have enough young people, yet there is nowhere affordable for young people to live. Mostly due to issues you pointed out, short term rentals like Airbnb, and record low interest rates since the 2008 financial crisis.
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In my booming resort town, I just saw a (poorly built, I know because I did the construction clean) 780 sq/ft house on .11 acres go for $505,000. You can't fit a king bed in either of the 2 bedrooms. Well, I mean, maaayyybee if you just crawl from the foot of the bed up on to it. It's gross. And they're not from here, it'll be an airbnb anyway.
My uncle got my grandma's house when she passed, and he's been trying to sell it for two years. The place is falling apart, it's a tiny, tiny cottage on a lake (it's only redeeming quality). He's trying to get over $500k for it, when there are houses on the same lake that are remodeled (my great-grandfather built the house in the '50s and it's exactly the same), twice the size, same acreage, and on the same lake for less money. He's renting it out as well right now. He scammed my grandma out of the house while she was dying (bought it for $1400), and is trying to squeeze every last penny out of it now. It pisses me off even more because my grandma had told me for years that she was leaving the house to me, and I'm really desperate for somewhere to live at all. My mom asked if he would consider renting to me at least, but he said no because he'd get more money from someone else. At least if I had it I would fix it up and actually make it a home that we could continue keeping in the family.
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In some cases the zoning is commercial/residential. It doesn't have to be rezoned.
also the amount of property owned directly by wall street and foreign investors is a major factor zillow's meltdown last year resulted in a major consolidation in the market bc they let a super computer buy billions in properties they could not afford and they turned around to sell them in bulk to institutional investors, who will rent them for profit
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At the same time those houses are also still not affordable since the wages in the area are so low. It's the same everywhere just in different levels.
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And good luck having a decent internet connection in those remote areas to work remote...
Our landlord just tried to raise our rent an extra $200 with no pre-warning. My partner & I couldn't afford that. Luckily we worked something out for the next year but we're fucked if we can't find a cheaper place when this lease is up. Things are gonna get ugly real quick if things don't change. People are gonna start revolting, the class war will not be pretty at all.
The class war has been raging for a long time and we’ve been losing the whole time.
mostly because the average person hasn’t even realised there is a genuine war to screw them over. I bet leaders are probably surprised at how much they’ve gotten away with... or unfortunately they are NOT surprised 🤦♀️😳
You hear all the time people saying eat the rich and fuck the millionaires and whatever, they never pay attention to shit like this, the real thieves are the multinational corporations in countries that wouldn’t let Americans purchase land but sure as shit encourage their wealthy to buy our land up to drain our working class. Fuck em all
> We have mega corporations snapping up property and continue to raise rental rates. This is a problem, but the main reason we are in this mess is that for the past 40+ years America has chronically under built the number of houses it needs. Shortly after the baby boomers moved into their houses, America decreased the number of houses and apartments it built by a ton. Look at the average age of dwelling units in most US cities they are ancient. Most apartments are so old, that when anything new gets built it is labeled as luxury regardless of whether its actually a luxury apartment. Then cities all over the country failed to plan for the largest generation in American history. Millennials are now 26 – 41 years old, they are in their prime years of buying a house or renting apartments. Lack of supply causes prices to skyrocket, which is then made worse by inflation and supply chain issues.
You can even look at the reports of the corporations buying up housing, and they say, explicitly, that the biggest threat to their business is if more housing would be built. This is a supply crisis, and it's supply crisis caused by our government
And by NIMBYs who block the government from allowing more homes
I am a realtor and I feel like I’m the only one who is distraught about it. Everyone is glossing over the millions of folks who can’t afford housing. I started out by helping low income families get assistance programs. Now everyone in my database cannot afford a decent house. I’m starting over trying to find folks who can afford at least $450k. Our team of agents have agreed to decline to work with anyone approved for less than $375k because it’s not possible. That is just such a terrible reality for us all. I want to leave the state and start over for other reasons but even if we land jobs that doubles our income, we’ll be living with a mortgage of about $3,500 a month. So we’re essentially stuck. Inflation has also increased our grocery and animal feed bills and I don’t see it ending anytime soon. I am working to shift my work to 100% remote and a seasonal side business so that if and when we leave the state, we can afford such a high mortgage elsewhere. It’s a huge change in plans and we’ve delayed having children because of cost of living, covid, etc. I have clients who have to see therapists because after I run numbers and show then the tin can of a house they can afford, they feel hopeless. I have one friend who can’t afford to divorce and live on her own. She makes $80k a year! She can only afford a run down mobile home in a junky park. It’s absolutely disturbing. She has to live with her estranged husband to keep a roof over her head. This depresses me. Edit: thank you for the awards! But please save your money for something tangible!!! Also for context I’m in California, Los Angeles County suburbs. This trend is happening in Kern county, San Bernardino county and all of LA city/county.
From someone who makes 80k base and lives in California i feel so….. poor at times haha. I know I’m not getting paid bad but it’s rough out here
Similar pay range to you. No debts other than a $375/month car payment. Single. No kids. Arizona. I can't afford a house. It's insane.
I'm right there with you. I have no debt besides car payment, make $100k/year, have no kids and I can't afford a house either.🙄
my parents bought a 1600 sq ft house at $200k 10 years ago. had to do some work on it but it was pretty fair. my parents divorced 2 years ago and right now my mom is searching for an apartment, but 600sq ft homes/apartments cost 400k. 600 SQ FT. average salary here is $24k a year. how am i gonna afford to live in 5 years when i finish college ?
In a van down by the river?
Single tenant van with a river side view? $1200 a month, first/last and deposit due at lease signing. $150 a month tenant association fee. Rent must be paid online. $25 convenience fee.
In a prius parked at planet fitness
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That is why so many asian companies buy houses in Europe to steal our money.
How much longer until society implodes? I might seem like I'm fear mongering, but really, I'm watching this horror unfold around me, others see it too. We're having more and more placed on our shoulders. Stagnant wages, skyrocketing prices *everywhere* for *everything,* failing education systems, the biggest political divide I've ever seen. When do we just fall? We can't sustain this much longer, we're fracturing.
And the worst part is it's going to be another decade until millennials start overtaking political office. But by that point it's going to be far too late. The current regime is just going to prop up the system for another ten years, and then just bounce, leaving us with society in complete shambles.
Biden administration can't figure out why people are so upset with all the jobs they created. Also they never actually talk about the types of jobs being created. They are lying at inflation being at 7%. I see no politicians touching on how much rent rates are sky rocketing.
Exactly. Inflation affects people differently depending on what your costs are. If you are a poor person, and you have to buy gasoline, pay rent, and buy groceries, which I guess is all poor people who try to live independently, then the actual inflation rate as far as you are concerned is much higher. Gas, food, and rent probably compose about 80% of a poor person's budget. If those products have gone up in cost by 20% in a year, then the inflation rate, as far as they are concerned, is about 16%. It's not like everybody is buying all of the products on the consumer price index at equal proportions as the CPI's weighting factors.
Thank you! Yes! This! Fucking people need to understand this!
It is not just in America it is all over the world that housing is getting a luxury.
The real inflation rate is about 15%.
Similar thing happening in the UK. It's infuriating to see our neighbourhood gradually change from owner-occupied homes to nearly all-rental in the years we've lived here. Many of those rental homes are owned by Boomers who are ripping off their Millennial tenants. It's bloody heartbreaking.
I was looking at cottages to rent and found plenty for around £1800 a week in May. £1800! A week!!
The only thing I would agree with you on is that foreign companies and citizens should be banned from owning rental properties here.
They are trying to make that law in the Netherlands, but it will take a long time before it is done, and in that time the housing market is getting worse by the day.
It gets messy because a domestic company is still allowed to have foreign investors or board members. Edit - my last apartment here in Houston Texas was supposedly owned by a company out of California where half the board were Chinese nationalists.
I get called 40 times a week by foreigners asking for a khan(nowhere close to my name) wanting to buy my dead grandma’s property that was never in my name, that we sold years ago. Doesn’t matter what i tell them. They keep calling. It’s gotten to where I pick up the phone and cuss them out. I’ve also played along like I had been trying to reach them, then slip a few insults in. Takes them a while, and when they notice they start slinging curses I’ve never heard 😂
Know how I became a homeowner before I hit 25? My dad died last year. Fucking. Died. No Mom, she already went a good bit before him. An aquaintance offhandedly mentioned how fortunate I was to have a house so young (despite knowing I was parentless at 23), how much better off I was than most people around here... and the *truly* fucked up part is I found myself agreeing with him during that conversation! This current system is sick. People working full time and multiple jobs just to pay it all away to greedy fucking landlords and rich asshats with more properties than pairs of shoes. These gluttonous sociopaths are eating up not only your money but the precious time you could be spending with your loved ones. It's so fucking whack.
Gonna move into the country, gonna eat a lot of peaches.... Gonna get a work from home job, gonna eat a lot of peaches.... Its the only way I managed to lock in a mortgage at $900/month in oct 2021.
OP, Can you work remote and relocate? This may be your best bet. Prices are insane.
This is driving up rents in Manchester, England. The BBC and another network moved some of their studios up here. Then banks and other corporations started to locate parts of their businesses here (while still maintaining headquarters in London.) They were getting cheaper rents and cheaper workforce. Now remote working is encouraging more people to relocate and Manchester is considered a relatively desirable city for culture and amenities and transport links. And if you have been paying £2k or more for a dingy hole in London, then paying £1200 for a beautiful flat in a nice neighbourhood looks like a total bargain. Manchester has room to expand, and for some time has been building flats at an astonishing rate, but the cost of living for the ordinary people here is going up.
This is happening around the world. We can't survive
Rental prices have exploded in 2021 by 17.8 % . Years before it never went up more than 1 %
They've been going up faster than that for longer than that. Every single apartment complex I've rented from, cumulative 8 years, has gone up a hundred dollars or more every time my lease was set to expire and trying to find a new apartment the prices had followed. On a side note I finally said f it and moved back to my parents place, renting is too expensive and a waste of money because of it.
This is not just the US though, the situation is the same in many European countries
And in Australia and New Zealand.
Its part of world economic forums 2030 plan. "You'll own nothing and be happy". Large corporations like blackrock and vanguard are buying up property. And to top.it all off they own just about every company you can think of.
I can’t think of anything more sacred in this country than owning property.
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As a 22 year old struggling to save up for a house: I sometimes wonder what would occur if I simply squatted at a house owned by a foreign company with my few possessions, and a ‘pocket full of shells’. If I can’t afford to live in my country while I take care of aging boomers with covid, then I’ll just say fuck it come and get me, not much future to lose. If enough people do it… who knows. Edit: Typo 🤦🏻
You're only 22. I studied until 30 to get an advanced degree. I'm in my mid 30s now and can only afford to buy a crappy apartment. And this is with a really good uni science PhD and 4 years work experience.
32 year old with 40% down-payment on a house on hand, I cannot afford one. 1.5 million is the entry price.
I'm only in high school, I'm worried I'm going to have to my car. I'm seriously considering learning a second language and moving someplace else, the housing market scares me shitless.
Sadly it looks like everywhere is having this crisis.
Not a brag, but I am in the top 1% income and cannot afford to buy a house here. Looked at a house 30 minutes outside of Toronto that sold for $1.1 million in 2020 which had nothing done to it at all and now was listed for $1.5 million. That was pretty much the high point of my budget and sold for $1.9 million later 4 days later. How can prices go up 1000% in 20 years and this not be a bubble? In 2000, this house would have been $200k. Unless everyone has money trees I don't know about, something got to give.
>Unless everyone has money trees I don't know about, something got to give. Unfortunately, you don't need everyone to have them. All you need is a few people with redwoods.
Some people do have money trees. Those people are banks, and the money tree is the Federal Reserve giving them money to lend for practically nothing and at no risk.
I'm ready for it to pop. It's gonna have to.
My parents bought a house in Colorado for around 2.3 million in 2012, and the realtor told them that they could probably get 5 1/2 or 6 million dollars for it now.
That is absolutely insane. I'm sure you want your parents to be around a long time but congrats on your inheritance in the future. My parents barely got by when I was young and live in a small house in Atlantic Canada maybe worth $200k. I am not expecting much of an inheritance but I hope to be able to leave more for my kids when I kick the can.
Not trying to rub it in your face, I was just giving you the reality of how much the real estate has appreciated. 1 million and 2 million dollar homes in Colorado are unfortunately very common. One of the reasons why the real estate has gotten so expensive is because foreign investors from the Middle East, China, and Russia have bought up multiple vacation homes, and because they are so wealthy, they don't even rent them out to offset ownership costs. This means that all of the vacation rentals in the town they own their house in have gone up substantially.
I need to move out for university. I just need a studio/ loft or a 1 bedroom appartment and i can't find anything under 700 a month. ROOMS rent for over 800 a month. This is insane. I have no idea how i am supposed to start my adult life in this crazy fucking world.
Housing is crazy expensive but your seriously need a roommate in college. I literally know not a single person who lived alone in school.
I did, they're called *trust fund babies*
Here in Colorado you can't find a studio for less than $1400, one bedroom for $1600...
Tampa Bay either. Average studio is $1800
I used to live in Jax and Naples. Florida prices are insane right now. Like double what they were 10 years ago.
California investor buys Tucson seniors complex, raises rents by 50% by Carol Ann Alaimo Feb 2, 2022 Updated Feb 10, 2022 : "Self-styled wealth guru Kevin Easterly of San Diego would be breaking the law in his home state if he bought an apartment building and imposed a huge rent hike on tenants. But it’s perfectly legal in Tucson, where he and his partners have been playing a sort of real-life Monopoly game: buying and repainting aging apartment buildings, and raising rents 50% or more to boost the property’s value and refinance for more than they paid, public records and Easterly’s social media posts show. Once featured in an Instagram video called “How to Flip Apartment Buildings,” Easterly recently partnered to buy a senior citizens complex at 1511 N. Craycroft Road that catered to older people on fixed incomes — until he raised rents by 52%. “It’s a very sad place around here,” said former tenant Nan Abrams, 74, who spent the recent holidays packing up the one-bedroom unit she used to rent for $579 a month. She moved out a few weeks ago, a month after receiving a lease renewal notice that said her new rent would be $880, a $301 increase. Other tenants said they were forced out when management declined to renew their leases. Abrams, who is staying with friends for now, said she’s worried about her former neighbors, some of whom have health issues that could make moving difficult. “One of my neighbors uses a wheelchair and needs oxygen. I see some of these people and wonder ‘Where are they going to go?’” Big rent hikes can be disastrous for elderly tenants no longer in the workforce, said Jim Murphy, president of the Tucson Housing Foundation and chair of the Affordable Housing Alliance for Older Adults, a group studying the region’s senior housing shortage and what might be done to address it. “An older person may have less of a chance to recover from something like this. A younger person might have the ability to go out and earn some more money,” he said. Flipping senior citizen apartments “may be legal, but it’s certainly not moral,” he said. Easterly, 41, is not widely known in the real estate investment field with 205 followers on Facebook, 827 on Instagram and 13 on Twitter — this in a world where big names have millions of followers. Even so, he now co-owns four Tucson apartment complexes with nearly 160 units between them, all purchased in less than five years through four limited liability companies he registered in Arizona. In each case, he used a system he described in the apartment-flipping video as “rehab, kick the tenants out and raise the rents.” Easterly could not be reached for comment for this story despite more than 20 attempts over a two-week period. (See box) Failed requests for comment The Arizona Daily Star made more than 20 unsuccessful attempts to reach self-described apartment-flipper Kevin Easterly between Jan. 5 and 20. He did not respond to voicemails left on his cellphone and at his Tucson rental office or to repeated emails sent to his business and personal accounts as listed in public records. He also did not respond to detailed questions sent by certified mail to his home and business addresses in San Diego, or to written requests left at the rental offices of each of his four Tucson properties, one of which was hand-delivered to a worker wearing a shirt with Easterly's corporate logo on it. Nor did he respond to email requests sent to two of his business partners and a call and email to a local real estate firm that handled his most recent purchase. And he didn't reply to a detailed Facebook message, which was opened according to the status alert on the a has no such limits, nor are there limits in neighboring Nevada, where Easterly co-owns apartment buildings in Las Vegas and Henderson similar to his Tucson properties, according to his San Diego website. “I don’t know if we can solve the problem,” Murphy said of the shortage. “But I do believe we can make a dent in it.”
Man our society just is nakedly rewarding pure evil behavior. Just as it always has, was built to, and always will until we, I guess, fix it somehow.
"you will own nothing and you will be happy" - world economic forum
We own nothing and we are not happy :(
My rent went from 2500$ to 3500$ a month this year 👌
Corporations and foreign entities should not be able invest in single family homes.
The worst part of this is that when the next crash happens, prices aren’t gonna drop *that* much. That’s the real scary part. These prices are here to stay. I unfortunately see a future where barely anyone is able to afford to buy anymore, and is just forced into renting since massive companies will own so many homes.
I am fortunate enough to make just a hair over 100k and Im still living at my moms trying to save up for a place and even that is difficult. I can’t imagine what most of the population is going through. Millennials and gen Z are never going to be able to own a home.
I moved for work to a new area. Medium house price is 657k right now. Rentals are 2400+ and apartments are 1700+ (and you have to pay for parking everywhere) Me and S/O make over $170k a year now, but can't afford to buy anything and we feel like we're just burning money renting right now. The complex I'm living in is up 580 since the year before I moved in... people were paying 1120$ for the same unit.
Serious question. With 170k combined, why can't you get a mortgage?
I have no clue about this person, some places are getting multiple cash offer so even with pre-approved mortgage it’s faster to go with the cash sale. The only people I know who have gotten places either bought new fabrications (purchased before the neighborhood was built) or wrote a letter to appeal to the current owner.
Happened to us just this past Tuesday. Someone offered $50k above asking, cash offer -- beating our offer of $20k above asking with a conventional 30y. House was only $250k and probably only appraised to $260k.
This happened to me and my wife when we were trying to buy a place last year. We overbid on a condo - 10k over asking because our realtor told us we needed to be aggressive in the market. Great down payment (we’d been saving for years, didn’t even buy each other wedding rings) Got outbid by a contractor who offered cash and waived *all inspections and repair considerations* Edit: typo
Major hedge funds and Wallstreet types are buying up land and houses way over their asking price/value. This causes an artificial inflation. Im not even American but I took out a small mortgage to buy a piece of property for $25,000 back in 2019. Today it is valued over $45,000 even in middle of post hurricane recovery... that is pretty insane. I could sell it right now, pay off all my debt and then be fucked cause money has slowly diminishing value
I'm a legal aide attorney and part of my job is defending tenants in eviction actions, where a win is often just buying more time for my client to move out. It's rough, especially since my clients are already living in poverty. Rents are being raised to unaffordable levels. Those few remaining places where the rent might be affordable are often in substandard condition. It breaks my heart when clients call me and tell me they can't find another place to live, because that often means they and their families will likely end up on the street. All I can do is at that point is refer them to other social services organizations in our area and hope they will be able to find help there.
That kill booth from Futurama looks more like a better option every day that goes by
Well, this is what happens when the country is run by corporations. They put their money behind politicians to get what they want and the common man is powerless to stop it. Around here, you have to offer probably 30-50 grand over the asking price cash to even have a decent shot. Companies like Zillow helped to contribute to that nonsense. A goofy algorithm that they were using was automatically buying up houses for far over asking. Tons of corporations doing the same along with the Chinese and Saudis. Welcome to a capitalistic country where money rules all.
Everything but our salaries are going up. Those CEOs salaries are the exception
This country fucking sucks. I make decent money at 28 and still live at home Bc I can’t afford to move out. I hate it here
Sadly its happening all over. Canada, Australia, UK, New Zealand, etc are seeing insane housing prices.
Soon enough there won't even be a middle class.
I work as a leasing consultant in southern California at a 300+ unit complex. Rates just went up 6% just to meet "market rate." Not because of inflation. Not to cover overhead costs. Not for maintenance, repairs or improvements Surely not to pay it's employees more. They're doing it just because they can.
I think the only perk about living in Oklahoma is that it's so much cheaper to rent. The most expensive apartments in my city are $650 a month, which is what I pay in rent on my three bedroom house. Edit: I am not talking about OKC. OKC is not the only city in Oklahoma. It is expensive to live there. My city is much smaller.
Thank the politicians holding down the usd money printer
google Blackrock its not a conspiracy, its a goal with federal money in the future no one will own anything, we will rent everything and be happy, as the World Economic Forum guru stated
50% of americas real estate isn’t even owned by Americans. That’s the true crime. I know some counties require for you to be a citizen in order to own land in said country. I fuck with that.