Posted on 01/25/2024 1:22:25 PM PST by ChicagoConservative27
Researchers say that in 2022, a record half of people in the United States renting a place to live used a massive chunk of their income for rent and utilities.
In its article, published Thursday, NPR cited a recent report from the Joint Center for Housing Studies of Harvard University regarding the desperate situation that is hurting people across the nation.
The center’s report found that in 2022, “as rents spiked during the COVID-19 pandemic, a record half of U.S. renters paid more than 30% of their income for rent and utilities. Nearly half of those people were severely cost-burdened, paying more than 50% of their income,” the NPR article continued:
“We actually saw increases across every single income category that we look at, which sort of surprised us,” says Whitney Airgood-Obrycki, a senior research associate with the center and the report’s lead author.
Since 2019, the biggest jump in unaffordability was for households making $30,000 to $74,999 a year. Even among those working full time, a third of all renters were still cost-burdened.
In July, a report found the flood of legal and illegal migrants is inflating costs Americans must pay to have a roof over their heads.
(Excerpt) Read more at breitbart.com ...
Commie success.
All part of the Destruction Phase of “Build Back Better”.
Joe is good at destroying things.
Same here in California they are popping up like dandelions at spring time.
House values are tanking that are near them they can’t unload them for a low price.
Murder city grows
Same here in California they are popping up like dandelions at spring time.
House values are tanking that are near them they can’t unload them for a low price.
Murder city grows
Anyone who wants a home should vote Trump. All democrats offer is lies and socialism... and promises that never come true.
Get the middle class out of the wealth accumulation business through their owned homes and finish off the American Middle Class. That’s the plan.
People keep voting democrat, keep believing the democrat lies, keep supporting the Deep State politicians
who give illegals a free ride while ignoring citizens who can’t afford food or housing.
Yet these same people will vote for the same politicians in November.
In Texas and I guess its the same everywhere, once rents reach a certain level they NEVER go down.
Barry and biden got the control seat. Not legally.. Not by our vote.. They stole it, and there was no opposition.
I do not know how the members of the republican party can sleep in peace.. They let this happen.. Everything b and b have done is destruction.. Fundamentally change means to tear down.. Destroy... All emwe had, and replace it with invasion of all kinds of trouble. Just open the border and put out the welcome sign.. They in Washington, safe and well fed, let the homeowners in the path of millions of invaders, with all kinds of evil with them.
This is an asinine thing to do to the country.. Done by uncivilized Greed by 2 men.
The Supreme Court won’t save us. The justice system is taking it out on those they don’t like. The courts are manned by dem appointed judges so they will get favorable outcome. They jail anyone who disagrees with them.. They are monitoring all.
They have taken all the protection the founding fathers put in. And the republicans are playing along hi oping fir some of the spoils.
One day there will be a reckoning. Either when Trump is back in the seat.. Or when Jesus comes back. They think they have the power.. They don’t.
They think they can save their sorry self.. They can’t.
Illegals are part of the problem, but the real culprit is that we had 10 years of QE. That artificially lowered interest rates, which increased the value of apartment complexes. Most sell every 3-5 years, and each time they sold they came close to being worth double what they were bought for because of a low cost of money. The illegals allowed them to stay at high occupancy rates. Now, interest rates are higher than can be supported by complexes, and a record number are becoming insolvent. If you think we have a housing crisis now, wait a year and see what happens when mass numbers of apartments file bankruptcy. That will take a huge number of units out of the market.
MOST rents were frozen during COVID.
Shoe me the last time any area had the property taxes GO DOWN.
The American Dream was stolen from you.
The longer folks like that rule, the worse off we become in terms of wealth and our security.
Ironically, not even their social justice agenda is served as race relations tend to deteriorate under these guys. Double standards, government coercion, throwing law enforcement under the bus to promote their agenda, or using them as their stooge as with J6, does not help.
The beacon of liberty is being extinguished. There is no more place to run to. The US today is essentially a Euro style social democracy, a place that is safe because we have a de facto police state without any semblance of privacy, with an all powerful federal government to whom the states are subservient, and with a highly censored and message controlled media which in many cases toes the party line.
In America today a bureaucrat can give the order to close churches, and it will be done. Folks over here do not realize that not even the atheist communists in the former Cold War era East Block dared do something like that out of fear of backlash.
I grew up overseas on the local economy as a military brat. I left friends and family because I could not stand the straitjacket in was living my life in. Sadly, today this place is (((EXACTLY))) the same.
If the Obama agenda gets 4 more years, I fear this nation will be toast. So deep will we be mired in socialist redistribution both corporate and for the private citizen from wealthy to poor (even the wealthy get welfare, i.e. subsidies for $80K EV cars, home loans for 650K underwritten by the government, federal student loans...) that we can't dig ourselves out anymore. When these social programs get created, people become dependent on them and trying to roll things back is near impossible as it creates a huge ugly mess NO-ONE wants to be associated with.
Between our debt, our mismanagement of our true #1 threat the PRC, idiotic immigration policies which actually favor folks with no skills and from third world nations which do not share our ethnic and religious historical cultural values... IMHO, the US economy is already beginning to show the strain. We are huge, but even we have our limits.
This is a big problem with no near term solutions in sight. Yes, you have migrants competing for shelter driving up the cost. You also had massive appreciation in home values and very low interest rates that people are locked into multiple homes earning rental income. You have big investors who buy up entire neighborhoods for the rental income. You have people who own several properties with the goal of renting them on AirBnB. You have high cost of new construction which includes lengthy and expensive permitting and inspections.
Now, we also have much higher interest rates; and the re-assessment of property taxes at these much higher housing valuations. All this and more are huge problems for renters and would be home buyers. The owning class are sitting good and unless they absolutely have to, have little incentive to sell, less incentive to move, and naturally no incentive to be any more competitive for rental prices than they need to be. There is no solution in sight without major reforms. It may take some action by the citizens using public initiatives to put caps on permitting costs and delays, property tax protections, and even letting renters take a property tax deduction like homeowners do. Government would be loathe to see anything like that.
It seems like a conundrum for us conservatives.
We conservatives believe in free markets, and the housing market has evolved to where both rents and housing prices have escalated beyond the reach of many people. Yet if this is the free market in action , what can we conservatives say about that if it’s truly a free market phenomenon?
Yes, it is quite a bit of a conundrum. That is why I don’t see any easy fix especially right now because the market has been distorted further by interest rates, appreciation, and property taxes. If you are in a home you’ve held for more than a few years you have a low interest rate and, at least here in CA, your property tax assessment valuation is set at your purchase price. With home prices up 30-40% just in the last few years, that’s a lot of extra property tax for new home buyers.
If you want to change houses, you take on a higher rate and a higher tax assessment - so you aren’t likely to move. If you don’t move, that means fewer homes on the market for would be buyers. And of course would be buyers will end up paying $1000s more a month in interest expenses and, depending on the area, maybe $18,000-$40,000 a year just in property taxes (much more for the mansions of course, these are just your typical city homes). The lack of supply of homes is a distortion of the market caused at least in part by property taxes, interest rates and costs to build - plus the rush into properties between 2009-2019 when housing prices crashed and interest rates were low.
There is no easy fix without major reform or some kind of major economic disaster. If we want to hold our belief in the free market then the only place to get reform is relief from government intrusion. Lower or eliminate property taxes for single entity owners and force a max cost and time limit for permitting and inspections to speed up construction. There are more draconian solutions, such as penalizing ownership of multiple dwellings with escalating property taxes for each additional property held by an entity (to be defined by ownership interest in the entity) - but going that route we get ever less free market oriented and more intrusive government. But disincentivizing “property magnates” could have the effect of creating more supply which in theory would result in lower prices.
It’s not free market. It’s being manipulated with demand from South America. Somebody’s getting rich for sure. Gotta keep those prices high.
And a recent poll that came out said 50% of Gen Z are proud liberals, so who cares.
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