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

[mahatmakanejeeves]

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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[XanaDUer2]

1. What can be done? Nt

[TheRealNorth]

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

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]

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

65k.

[Native]

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

[XanaDUer2]

6. I always check

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

[Native]

7. So happy to hear that!

[XanaDUer2]

8. We're on limited income nt

[progree]

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

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]

19. Thanks for the info

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]

10. +1

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]

9. Limit corporate and investor ownership

[XanaDUer2]

11. Yes nt

[intrepidity]

13. Severely limit foreign ownership

Just one of several things.

[Midnight Writer]

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

[TheRealNorth]

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

[markie]

14. $2000 + utilites

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]

15. My niece just got a job as a teachers aide

Florida. Apts are $2500/month. She needs a roommate, but earns $12/hr. My sister had to give her money to live

[markie]

16. so wrong!

what in hell???

[XanaDUer2]

17. SE Florida

She just got her BS