I should add that the entities buying up homes right now (like Blackrock and Vanguard) are paying cash. They also don’t need to insure these homes because if one is lost in a fire or hurricane they can just write them off. They don’t pay high interest rates or high insurance rates. Some of the highest property tax rates are in Florida, NY, and CA. In Florida you can expect to pay up to $10K a year just in property taxes. That’s just crazy in my opinion. No wonder there’s now an exodus from FL.
The rent from these homes pay the property tax and make a huge profit for these filthy rich entities buying homes. They are definitely playing the long game.
Thing is, also rich people from around the globe want US Real Estate, and will bid up the prices, and reduce the supply available to Americans.