Study: Half of Renters Paid Unaffordable Rates in 2022, a Record High
Since 2001, median rents have risen by 21 percent — while renters’ incomes have only increased by 2 percent.
I'd say for the individual this is the core issue people face today. That they after needed fixed/utility costs have very little left over and that amount is actually decreasing and has been decreasing for decades now. "The economy" matters not to John Hancock and Jane Doe, all that matters is how much is left in the bank account once the bills they can't remove or reduce are paid. And this is true also for the people that own, of course. Because while equity is great down the line it does little to alleviate the day-to-day / month-to-month finances.
Far to little economic policy in the US aims to actually make meaningfull progress on this problem, it's all lofty high level goals but no decisive plans with a clear stated goal of improving the situation for all that truly struggle with making ends meet.
I'd actually rank this higher than healthcare, certainly higher than legalization and much more important than any identity politics or even international politics like the war on Gaza. To the voters that will win the election for either candidate this autumn it's this question that will decide it, I'm certain. But if they'll vote on "feeling" (i.e. which candidate they feel address their problem regardless of what they actually propose) or on proposed policy is entirely up to the candidates and so far none of them have done anything to address this in a clear and direct manner.
What does it mean that they 'paid unaffordable rates'? Are they paying with borrowed money?
It means they had rents that were more than 30% of their income, by this study's definition.
I paid my rent with real money. I bought my groceries with borrowed money.
People are maxing out their credit cards, so probably.
Wtf? The answer is literally in the first couple of paragraphs. All you had to do was open the article and read for less than 5 seconds.
Renting is the biggest scam this generation has convinced itself to fall for.
My buddy just ended up mortgaging an "Unaffordable house" and rented out the rooms.
Stop renting. You're just putting yourself in a hole you'll never dig yourself out of.
Ah yes I'll just cough up the down payment for a
Checks market
2 million dollar 2br apartment
Hint: Stop living in places like that.
I.E. Stop living in the red:
Having a $300k/yr job means nothing if Rent is 250k/yr...there are PLENTY of jobs out there. Most places are minimum $15 any more. And with a median home price in the 250k-400k in the green areas, you can make it work. First time home buyers programs exist which will cough up the down payment for you in some instances.
Paying the mortgage usually isn’t the big problem people have. It’s getting hundreds of thousands for a down.