Economy

mahatmakanejeeves

(60,969 posts) Thu Jun 30, 2022, 02:16 PM Jun 2022

Housing: Priced-out homebuyers now face sky-high rents

Yahoo Money

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.

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19 replies

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Housing: Priced-out homebuyers now face sky-high rents (Original Post) mahatmakanejeeves Jun 2022 OP

What can be done? Nt XanaDUer2 Jun 2022 #1

I am keeping my eyes open for land to build on TheRealNorth Jun 2022 #2

We're looking at inexpensive condos is cheap areas XanaDUer2 Jun 2022 #3

Here's hoping your association fees aren't more than your mortgage payment. Native Jun 2022 #5

I always check XanaDUer2 Jun 2022 #6

So happy to hear that! Native Jun 2022 #7

We're on limited income nt XanaDUer2 Jun 2022 #8

Watch out for the special assessments too -- some keep their monthly (or quarterly) fees low progree Jun 2022 #18

Thanks for the info XanaDUer2 Jun 2022 #19

+1 TheRealNorth Jun 2022 #10

Limit corporate and investor ownership Auggie Jun 2022 #9

Yes nt XanaDUer2 Jun 2022 #11

Severely limit foreign ownership intrepidity Jun 2022 #13

One way or another, they're gonna get you get you get you Midnight Writer Jun 2022 #4

Shit, now I got the song in my head. TheRealNorth Jun 2022 #12

$2000 + utilites markie Jun 2022 #14

My niece just got a job as a teachers aide XanaDUer2 Jun 2022 #15

so wrong! markie Jun 2022 #16

SE Florida XanaDUer2 Jun 2022 #17

XanaDUer2

(13,881 posts)

1. What can be done? Nt

Reply to mahatmakanejeeves (Original post)

Thu Jun 30, 2022, 02:18 PM

Jun 2022

TheRealNorth

(9,629 posts)

2. I am keeping my eyes open for land to build on

Reply to XanaDUer2 (Reply #1)

Thu Jun 30, 2022, 02:20 PM

Jun 2022

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

(13,881 posts)

3. We're looking at inexpensive condos is cheap areas

Reply to TheRealNorth (Reply #2)

Thu Jun 30, 2022, 02:27 PM

Jun 2022

65k.

Native

(6,563 posts)

5. Here's hoping your association fees aren't more than your mortgage payment.

Reply to XanaDUer2 (Reply #3)

Thu Jun 30, 2022, 02:33 PM

Jun 2022

XanaDUer2

(13,881 posts)

6. I always check

Reply to Native (Reply #5)

Thu Jun 30, 2022, 02:34 PM

Jun 2022

Some are $80-$110/month. We're on it

Native

(6,563 posts)

7. So happy to hear that!

Reply to XanaDUer2 (Reply #6)

Thu Jun 30, 2022, 02:35 PM

Jun 2022

XanaDUer2

(13,881 posts)

8. We're on limited income nt

Reply to Native (Reply #7)

Thu Jun 30, 2022, 02:35 PM

Jun 2022

progree

(11,463 posts)

18. Watch out for the special assessments too -- some keep their monthly (or quarterly) fees low

Reply to XanaDUer2 (Reply #6)

Thu Jun 30, 2022, 05:29 PM

Jun 2022

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

(13,881 posts)

19. Thanks for the info

Reply to progree (Reply #18)

Thu Jun 30, 2022, 05:32 PM

Jun 2022

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

TheRealNorth

(9,629 posts)

10. +1

Reply to Native (Reply #5)

Thu Jun 30, 2022, 02:39 PM

Jun 2022

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

(31,802 posts)

9. Limit corporate and investor ownership

Reply to XanaDUer2 (Reply #1)

Thu Jun 30, 2022, 02:38 PM

Jun 2022

XanaDUer2

(13,881 posts)

11. Yes nt

Reply to Auggie (Reply #9)

Thu Jun 30, 2022, 02:40 PM

Jun 2022

intrepidity

(7,892 posts)

13. Severely limit foreign ownership

Reply to XanaDUer2 (Reply #1)

Thu Jun 30, 2022, 03:27 PM

Jun 2022

Just one of several things.

Midnight Writer

(22,974 posts)

4. One way or another, they're gonna get you get you get you

Reply to mahatmakanejeeves (Original post)

Thu Jun 30, 2022, 02:32 PM

Jun 2022

TheRealNorth

(9,629 posts)

12. Shit, now I got the song in my head.

Reply to Midnight Writer (Reply #4)

Thu Jun 30, 2022, 02:43 PM

Jun 2022

markie

(22,925 posts)

14. $2000 + utilites

Reply to mahatmakanejeeves (Original post)

Thu Jun 30, 2022, 03:32 PM

Jun 2022

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