Economy
Related: About this forumHousing: Priced-out homebuyers now face sky-high rents
Housing: Priced-out homebuyers now face sky-high rents
Gabriella Cruz-Martinez · Personal finance writer
Thu, June 30, 2022, 2:06 PM
Price-strapped homebuyers sidelined by bidding wars, surging mortgage rates, and mounting inflation are facing yet another housing hurdle: sky-high rent.
According to real estate brokerage Redfin, the median monthly rent in the U.S. surpassed $2,000 for the first time in May, rising 15.2% from a year earlier to a record high of $2,002.
{snip}
XanaDUer2
(13,609 posts)TheRealNorth
(9,629 posts)With the hopes that construction costs go down (right now wood costs are high due to the pandemic ).
But yeah, since 2010 the investment bank fuckers bought up all the foreclosed houses on the cheap and rent them back to us for a profit.
In hindsight, I think we fucked up 2008 by not coming up with a plan to bail out the home owners who had shitty loans or couldn't pay off their mortgages because they lost their job. Because in the end, the banks got bailed out for giving those shitty loans AND got the house too. Great deal for the the banks.
XanaDUer2
(13,609 posts)65k.
Native
(6,351 posts)XanaDUer2
(13,609 posts)Some are $80-$110/month. We're on it
Native
(6,351 posts)XanaDUer2
(13,609 posts)progree
(11,463 posts)but their expenses aren't low, so its one special assessment after another after another.
My regular HOA dues is $310/mo, and we're financially tightly managed by a volunteer board. But every 2 years is a special assessment to do certain maintenance projects -- and the every 2 years is planned. Then something really big comes along and its a really big special assessment.
Hopefully its the law that they have to give prospective buyers a history of their special assessments, and reveal anything like this every 2 years crap, which to me should be part of the quarterly dues. So as to not mislead buyers.
XanaDUer2
(13,609 posts)Didn't know that. We sublet, and I was talking to the HOA guy today. 250k to re pave the lot. They're passing due to cost
I looked at condos and townhouses, but I was seeing $200-$300/month association fees on top of the $300k-400k they wanted for the condo itself.
Honestly, I am still young enough that I would rather mow the lawn and plow/shovel the snow myself.
Auggie
(31,772 posts)intrepidity
(7,854 posts)Just one of several things.
Midnight Writer
(22,939 posts)TheRealNorth
(9,629 posts)markie
(22,891 posts)upwards of $30,000/year (IF you can even find a rental)... that is about the median income in the United States... Unsustainable
I am so grateful that I own my house... although my daughter just got a job and can't find rental under $2500+ utilities... government job but it doesn't pay enough to justify that
XanaDUer2
(13,609 posts)Florida. Apts are $2500/month. She needs a roommate, but earns $12/hr. My sister had to give her money to live
markie
(22,891 posts)what in hell???
XanaDUer2
(13,609 posts)She just got her BS