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Oh, don't worry, rents will go up and close that gap. Problem solved!
Then we will end up with more people living on the streets as homeless as the cost far exceeds the income margin unless you are lucky enough to have a 6 figure income, which a lot of people don’t have.
who cares about the peasants? As long as the billionaires and shareholders can afford their second yatch... having to shuttle from the Barbados to Martha's Vineyard frequently to visit their various summer homes is tiring, don't you know?
Right, the problem is The rich egomaniacs don’t care that they’re cutting their noses of to spite their faces. Personally I hope they all crash and burn so they can feel the pain they have inflicted over the years
What country?
There's only one country on the internet, don't ya know?
US
In Australia it seems like the opposite.
$2000 a month in rent? They're basically asking for bank statements, payslips, work reference, ID and a whole bunch of fuckery. Way more information than what they should need.
But can they afford $1600 a month on a mortgage? Nah bank will deny them seemily because they can't afford it twice over.
Nonsense. Landlords will always push the costs of ownership on to their renters.
If you read it till the end, it compares the median cost of ownership (of a home… so maybe that means a 3/2, maybe it’s a 4/3, maybe it’s bigger), to renting (which is going to be smaller than a single family home). It also completely fails to mention the concept of equity.
What’s really happening is that the capitalists want less competition as they continue buying up real estate inventory, and if they can convince a few idiots that read marketwatch to continue renting indefinitely, it’s good for their numbers. Even with the insane insurance costs here in FL, the mortgage on my 1500sq ft house is less than my friend who rents a 2/2, 900sq ft apartment and lives in the same city as me.
I’m on board with the mindset that right now is one of the best times to buy. Prices in some areas have come down as a result of the interest rates being higher than they have been. There is less competition among buyers as a result. That brings prices down. Deal with a slightly higher interest rate for 2-3 years and save 15-20% on what the same house might cost in 3 years time. Also, you can refinance the house at a better rate when the rates do come back down.