Renters face high prices as competition increases due to fewer people buying homes

A wave of young Americans, who originally sought out first-time home buying, are now being forced to continue to rent due to market pressures. NBC’s Steve Patterson explains how these economic burdens are leaving renters without many options in addition to ratcheting up tensions with landlords.
» Subscribe to NBC News: nbcnews.to/Subs...
» Watch more NBC video: bit.ly/MoreNBCNews
NBC News Digital is a collection of innovative and powerful news brands that deliver compelling, diverse and engaging news stories. NBC News Digital features NBCNews.com, MSNBC.com, TODAY.com, Nightly News, Meet the Press, Dateline, and the existing apps and digital extensions of these respective properties. We deliver the best in breaking news, live video coverage, original journalism and segments from your favorite NBC News Shows.
Connect with NBC News Online!
NBC News App: smart.link/5d0...
Breaking News Alerts: link.nbcnews.c...
Visit NBCNews.Com: nbcnews.to/ReadNBC
Find NBC News on Facebook: nbcnews.to/LikeNBC
Follow NBC News on Twitter: nbcnews.to/Foll...
Get more of NBC News delivered to your inbox: nbcnews.com/newsletters
#NBCNews #Rent #Homebuying

[@darnellcapriccioso]

To keep up with rising cost we are beginning to see the equity of our home for what it truly is, Its becoming hard for us seniors not to ask the obvious question: Should we cash in, invest the money, and rent?

[@hoosier-daddy-wv5gi]

Have you thought about keeping up with the whims of a Landlord? I am invested fully in the markets under a custodian who is a fiduciary to me and my beneficiaries. You shouldn't sell your home with a good plan. might only work if you are looking at investing under 5yrs

[@maiadazz]

@@hoosier-daddy-wv5gi I know times are uncertain. I and my spouse are working on a ballpark estimate of $5M for retirement, and I have a good 6-figures each loaded up for this, you mean we can't do it in 5 years at most? I'm nearly 55.

[@tatianastarcic]

Sincerely it's best to seek a fiduciary right now, people downplay planners role, until burnt by their mistakes. I remember just after my layoff early 2020 amidst covid outbreak, I needed to stay afloat, hence researched for license-fiduciary advsors.

[@darnellcapriccioso]

@@tatianastarcic Mind if I ask you to recommend how to reach this particular coach you using their service? Seems you've figured it all out unlike the rest of us.

[@tatianastarcic]

@@darnellcapriccioso "Laurel Dell Sroufe, is the coach that guides, you probably might've come across her before I found her through a Newsweek report, she's quite known in her field, look-her up.

[@Richardcarlett]

I predict a housing crash due to people buying homes over asking price, lacking equity if prices decline further. Foreclosure becomes likely if they can't afford the house, and selling won't yield profits. With anticipated layoffs and rising living costs, many individuals may face this situation.

[@EllenAbrex]

I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too

[@jeffery_Automotive]

You are right! I’ve diversified my portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.

[@theresahv]

@@jeffery_Automotive Do you mind sharing info on the adviser who assisted you?

[@jeffery_Automotive]

it's best you do your due diligence, I have my portfolio overseen by “JULIE ANNE HOOVER” and her qualifications speak for itself. Most likely, the internet is where to find basic info, she has a noticeable page for consulting.

[@theresahv]

@@jeffery_Automotive I just copied and pasted her full name on my browser, super impressed with what I've seen so far. thanks for sharing!

[@GK-ku3zv]

Homelessness is at an all time high and the situation is not slowing down. Everything is expensive not just housing.

[@Jay-jb2vr]

Say it ain't so

[@GK-ku3zv]

They need to stop asking for credit check fees. A person should be able to pay a small fee, good for a year, from a legal location and carry it with them when a potential landlord ask to see it. Some rentals are asking 75 dollars for every person over a certain age to pay that amount per family.

[@scansme1]

Fact. I reside in the Central Valley of California & homelessness is worse than I’ve ever seen it before. Tent after tent along the freeway. Sad scenario

[@ranb8]

Biden 🤮

[@Navy35]

The United States is also bringing in millions of more immigrants who will compete for rentals and jobs.

[@fionaodowney6116]

True story to follow: I live in Utica NY in a bungalow court. In January 23 it was sold to an LLC from India, we have 32 persons living here in 14 townhouses. In January my rent went up $1,000. Yup! You got that : ONE THOUSAND dollars in Rust Belt Utica. We were given a 90 days pay or quit notice, I was personally evicted with a 90 day notice because I am section 8. I have been here 10 years and never had a problem. I am in my 70's. Perhaps this is TMI, but who cares now. This is a repulsive situation and if I didn't have Sec 8 I would be homeless and my budget for a 1 bedroom is $700.00. Like everyone else I worked hard all my life, in Social Services helping others. This is a filthy travesty and the govt needs to get involved and stop this unabashed greed and LLC's from other countries buying up properties as speculators.

[@wwlee5]

Travesty means misrepresents or mockery. The correct word is tragedy.

[@vetgirl71]

@@wwlee5 🙄

[@wwlee5]

@@vetgirl71 yeah I know...but someone at least has to mention it before the meaning becomes permanent in 100 years. Even movie stars misuse the words during their interviews.

[@helena3631]

The USA let’s anyone buy real estate other countries if your not citizen of that country you can’t own

[@laraantipova389]

So $700 is probably not enough to have a 1br. I bought a 3BR home and it costs $100 a month just to pay someone to maintain the yard. Now you are probably thinking why don’t I do it myself. The buy in to buy all the lawn tools would cost more than $600 per year. So that’s already $600, plummets where I live charge $200 to just come to your house (they take their fee from that) so that’s a $200 minimum. So it probably costs $500 just to maintain a home and that’s without paying any of the cost to build the home/mortgage. So it probably needs to be at least $1000 to break even and get a little profit to make anyone want to take the risk.

[@williamwilson6499]

Application fees should be banned…or refunded if you don’t get the rental.

[@capitalismisdivisionofevil8322]

There should be NO application fees! That is theft! Extortion!

[@debrh.b]

Yeah , I had a guy that I knew tell me that they charged 50 for rental applications and if they get 12 , that's 600 and they kept 1 apartment empty that they never intended to rent just to show all the time and they made money for nothing .

[@xNialx]

Never paid for an application fee, never will. If you want the background check, pay outta yer own pocket... its the cost of business.. and not my problem.

[@Aethereality]

Gotta be careful too, because there’s some apartments that’ll have “for rent” or “now leasing” signs up, knowing full well they have no vacancies, so they’re just collecting the application fees for free!

[@jameslocklear5298]

@@xNialx if you don't wanna pay for an application fee, get lost. You will enjoy living on the street 🤣😂 not my problem either

[@Aaron14LifeZZZ]

Average rent in my city is currently $1500. That is insane !

[@residentevilfreakk55]

That’s normal in my city (Milwaukee)

[@britniemonet_3693]

For what amount of space?? Could hardly get a studio for that here in California only in a really mehhh neighborhood

[@johnnyjayzeboomboomroom9163]

@@britniemonet_3693 there’s no place in Cali where I live

[@thatonekid71]

In Los Angeles, that will get you a tent next to the freeway

[@guillermogouldburn763]

@@residentevilfreakk55 In NYC that will get you a basement studio.

[@krobson17]

The problem is a lot of the new apartments and houses being built aren’t being built with affordability in mind. They’re catering to people moving from high wage states instead of catering to people that have lived there all their lives. Move further out and you’ll find cheaper housing but there’s not much to do out in the sticks

[@shannonhacker30]

How about looking at the vacancy rate? Second and third homes that sit empty. No one ever talks about that in America, but in parts of Europe, you cannot leave a house empty. You either occupy it, sell ot or rent it out. We need a vacancy tax or legislation like this.

[@lorascelsi8102]

100 percent agree

[@FinGeek4now]

A vacancy tax of 25% above the average local rent costs would work wonders.

[@lorascelsi8102]

@@FinGeek4now great idea

[@stencil_ized]

Vacancy rates are at record lows in most high cost metropolitan areas

[@shannonhacker30]

@@stencil_ized really? check vacancy rates in CA, places like Santa Barbara, Montecito, high cost areas where there are a lot of second homes. It is upwards of 55 percent...

[@conniebaker1958]

It’s crazy!!!!! People can’t afford this. There are alot of homeless people and they aren’t all drug addicts. It’s working people as well and elderly

[@jacobnapkins1155]

We need rent control Oregon is much cheaper than Washington State because of rent control

[@tesslake6787]

@@jacobnapkins1155 lol not in oregon. Haha! Mine increased three times a yr

[@jacobnapkins1155]

@@tesslake6787 still capped and much cheaper than Washington where it's illegal

[@The_Savage_Wombat]

@@jacobnapkins1155 Rent control just restricts the supply of housing. No one wants to build rentals where there's rent control.

[@jacobnapkins1155]

@@The_Savage_Wombat not true rent control cities are constantly issuing new construction permits

[@dancook4993]

And the rich don’t care we keep bailing out the rich but forget about the working class

[@The_Savage_Wombat]

Hush, we don't want to compare the billionaire depositors getting instant bailouts from the SVB failure with people drowning in student loan debt who have to fight for every penny.

[@thegreenroom5820]

Voters angrily vote to repeat the pattern.

[@mackenziegray2090]

The rich keeps the economy afloat

[@justing6594]

It's about free money they know if masses of people can't afford it. The government will step in and subsidie it.

[@skyrobin4008]

The apartment complex I’m living in wants to increase my rent by 300 dollars at renewal, it will total 2180. And it’s a crappy apartment not even luxury.

[@jenniferantoine3666]

It's so sad and a shame. How do they expect for people to live with these high prices .

[@omarayyash3275]

People have a God-given right to have a home.

[@forgottenman8629]

convince family and friends to never never never vote democrat...

[@jennywinter3025]

@@forgottenman8629 I will convince them to never vote both republican or democrat they are both crazy

[@joshuasmith9587]

They don’t care. Its all about money sadly

[@willieverusethis]

@@forgottenman8629 I don't see any Republicans out there advocating rent control.

[@susansantana4454]

Most renters pay their own electricity so it's all about greed!

[@jorgemarin7303]

And water and trash collection as well. That is greed.

[@The_Savage_Wombat]

Maybe the 51 million immigrants in the US need housing so they drove up demand for rentals.

[@Irishluck97]

Most landlords around here include heat and hot water in the rent.. That is a big deal. We own a modest size home and pay $350 a month for heat and $70 for hot water. That being said, I do believe some landlords are being greedy, but many of them are telling the truth about price increases. My heating bill used to be $200 a couple of years ago. Now it’s almost double.

[@grahamstefaan]

Insurance znd taxes way up.

[@dsan5825]

Investors have destroyed housing.

[@kellynorvell5714]

YES...the corporate and international investors have destroyed the USA housing market.

[@mackenziegray2090]

Covid destroyed the economy

[@dorothyowens1940]

This needs to be addressed by legislators

[@standing0]

All they do is fight with each other and pretend Trump is the answer/problem.

[@krnpowr]

Yeah right. Like the GOP ever did anything or ever will do anything to help people.

[@carribgirl007]

​@@krnpowr well they did something for the people. They continue to keep them brainwashed while robbing them. That counts.

[@VoteForBukele]

Lololololol. You people never learn. You live in a representative democracy- meaning your legislators come from the same talent pool you belong to. And that pool is shallow. Legislators are just like you. Opinionated, emotional, motivated by selfishness. You’re on your own.

[@johnnymcblaze]

Four comments, and three are hidden. Censorship for the poor

[@dorothyowens1940]

Shame ! People are hurting!

[@Make_Me_A_Sandwhich]

Who cares

[@Dave-gk6si]

@@Make_Me_A_Sandwhich You care otherwise you wouldn’t be commenting here.

[@andrewgeissinger5242]

That's right. That's why governments should repeal laws and regulations that make housing more expensive or that make it more difficult to build more housing to supply the demand. Unfortunately a lot of voters like laws that prevent housing construction and make housing less affordable. So they elect people who will implement those policies.

[@gregkareem9824]

​@@Make_Me_A_SandwhichI care u care u clearly commented

[@marvelousmarvin4th]

The big banks and corporations eventually want to eliminate the distinction between buying and renting. Watch out for legislation to speed up the foreclosure time frame to the same rate as evictions.

[@-_Somebody_]

So depressing to think about

[@brianwaller7383]

I keep trying to tell people the world economic forum has already said you’ll own nothing and be happy

[@marvelousmarvin4th]

@@brianwaller7383 Definition of a slave

[@coachNB1761]

Apartment complexes management is also awful they lock you in something then if you need to get out of your lease to move for a job they have no mercy. The government needs to get involved with this it's a problem

[@conormcqregor4393]

Yeah breaking a lease is so ridiculous we should be allowed to leave without penalty

[@albeit1]

Make it work both ways and allow landlords to end their leases anytime they want. The reality is if you want a month-to-month relationship, that’s the lease you need. My lease is month to month.

[@conormcqregor4393]

@@albeit1 still BS high rent trash

[@citrustaco]

Still much easier to deal with the lease and have it expire, than to have to be stuck selling a home to move.

[@jillclarke7264]

There needs to be a cap on application fees equal to the cost of the background and credit information. No profit allowed, just a pass through. You should not make a profit off someone who never becomes a tenant just for asking. It's plain old wrong.

[@foxywhitetip7387]

So many things are “plain wrong “ but everyone is infatuated with trump theater

[@Azel247]

Renters seem to be losing no matter what the situation is...

[@jenniferantoine3666]

That is sad and a shame !!!

[@laurab9518]

I’m thinking of living in my car and saving for a few years to buy a small home. Renting risks my great credit score, etc

[@HOPE.TheresNoPlaceLikeHomeClub]

In the Atlanta area builders are putting up units like crazy. BUT they are not for sale, they are for lease. People are concerned about interest rates going up. What's the alternative? Rent where those costs are going up too? There are down payment assistance programs. Lease to own programs, and other options that make more sense than paying the landlord's mortgage.

[@joyful]

lease to own housing can also be predatory

[@jake5993]

Corporate investors are to blame, buying up 25% of some towns

[@dougcollins8232]

They own like 90% of the housing around the country .

[@Nicole-kx9vg]

Yep 😔

[@jeffreycheng5984]

Blackrock, Vanguard, and State Street.

[@KrisstySchooler]

This news bit is based in Spokane where I currently have lived for five years and what the journalist failed to mention is most of the apartments they showcased start at over $900- $1000 for studio or barely 1br 1bth. Also the outside of the apartment buildings look nice but inside they are poorly maintained and definitely not worth the more than $900 monthly. What makes the market worse is that people that get low income or HUD assistance get first pick of apartments so those people that work full-time with no assistance are pushed out of the rental market.

[@whyme8580]

Same here in Houston TX... low income people are living well... upper class are living very well... us in the middle is stuck with the old outdated places to rent 🤬

[@-_Somebody_]

It sounds like there’s a U-shaped curve going on right there

[@johnnyjayzeboomboomroom9163]

There is no such thing as the American dream 💭

[@scrat8177]

yea there is, you just have to be asleep to believe it.

[@johnnyjayzeboomboomroom9163]

@@James-to7pi it’s a cost thing

[@LEARNING-67]

American *FArT* dream! 🤣🤣

[@thepearlswirl]

Never was 💯

[@susansantana4454]

@@James-to7pi 🤣🤣🤣you keep telling yourself that darling

[@mylatinescape]

I pay only around $230.00 in rent a month because I live overseas. Even 10 years ago, when I moved after graduating, life was becoming unaffordable. I'm so glad I made this choice!!!

[@Navy35]

I’m right behind you bro . Not only that but there’s usually less devide and the dating situation is usually better

[@lynn7392]

Keep in mind, not everyone has the option/luxury to just move overseas.

[@mylatinescape]

@@lynn7392 Yes, you are correct!

[@mylatinescape]

​@@lynn7392 It is a good option for some but not for all.

[@mackenziegray2090]

Where do you live to get 230 a month?

[@deidrajames4258]

My neighbors adult son and family moved into their upstairs. They turned their office and study into their master bedroom. Their son job had cutbacks and cut his hours but still demanded strenuous work environment but his parents love having him and his family because they fortunately had a multi family home. It’s ridiculous.

[@eelnoops5200]

Unless a landlord's mortgage magically increases, the only reason to raise rent is GREED. So sad how people value money more than they value each other. Rates of inflation are around 6% to 8%, yet rents are increasing by 20%. Hmmmm.

[@pegs1659]

There's also the rise in groceries, power bills etc. If the landlord makes money by renting then as his bills go higher so does the rent.

[@ttak83]

Property taxes though do increase and in some states it can be a massive percentage

[@ambermyers7463]

There will always be home maintenance which is skyrocketing in California

[@xxxxMonkeyGirlxxxx]

@@pegs1659 then the landlord should get a job like everyone else and stop trying to live off of rent payments

[@johng1738]

The entire system works off greed my guy.

[@eriq54321]

More tenants will start to secretly sublease their basements or unused bedrooms.

[@vetgirl71]

This is currently happening, more homeowners in middle class areas are renting rooms & their basements to assist with covering their mortgages & taxes. I live in Long Island , New York and my neighborhood and blocks around me have multiple cars parked on the block & in their driveways. The garbage cans outside their homes are increasing, more students in our schools ect overburdening our school system and taxes. A lot of illegal immigrants are filling up their homes with illegal tenants and children, it’s disgusting. My son can barely find a parking spot in the evening when he gets off from work! My sister in her 50’s moved from SC to New York is an Accountant, who is renting a room and works a second part-time job to supplement her income. The rents , down payment along with utilities is too high to rent an apartment. Her room rental of $800 includes utilities. Smh 🤦🏽‍♀️

[@Chinaglo24]

I live i 3 bedroom house I know I can help someone by renting a room out but I'm scared I just don't trust people the way I use too.

[@willieverusethis]

@@vetgirl71 Same here. Count the cars and the trash cans. It's insane.

[@knikkisunshine]

Mine was just increased $415 in a suburb of Dallas Texas

[@KabbaModern03]

You need a partner or roommate just to survive nowadays to avoid crazy debt or living paycheck to paycheck.

[@MrBlaze256]

Or just move to a cheap area. Got you a 2 story house for 70k with huge shop down the road from me.

[@KabbaModern03]

@@MrBlaze256 I wish I could do that but my job market (web designer/UX designer/designer/etc.) is super saturated. Remote roles are hard to get with so many laid off 🙂 Plus my employer doesn’t allow remote work so I’m unlucky there.

[@ZeusAVI]

That’s how its always been. You had to be doing above average to afford to live on your own. One factor creating high demand is there are way more single people than ever before.

[@JamesSmith-ij8nj]

I lived with 6 other people in the 70s. Big house, great parties...

[@cbeautifulworld11]

A lot of mom and pop landlords are elderly and now have rental property due to inheritance or years of work and sacrifice. No, they should not be expected to try to find a job at that age (as someone commented here). Health issues are common and jobs do not come easily for elderly people, even if they do want or need to work. These are also the people who understand hardship and often rent at least slightly lower than market rate if they have a good tenants. My property tax went up 87% in 2022. Insurance is much higher, as are utilities. Homes need maintenance. New roofs. New electrical. Heater/air conditioner repair, foundation repairs, county-required tree trimming and other expenses just to maintain safety. Anyone willing to stereotype all landlords and label the need for rent increases as greed has absolutely zero idea of the reality of owning a home.

[@albeit1]

My landlord is somewhere around 80 years old and I hadn’t seen him since 2003 until recently. He had to come by to post a notice about the water being turned off for plumbing work. He did NOT want to come here! I paid every penny of rent throughout the pandemic and I’m sure he’s glad about that. This freedom from paying rent is incredibly unfair to people who saved their entire lives.

[@J3unG]

Forgot to take the psychotropics today, I see...I have no idea what you posted. It's batty and makes no sense. Try again and perhaps have your nurse maid write it for you, luv.

[@cbeautifulworld11]

El Mission You commented on the wrong post buddy.

[@arkzyFn8]

Landlords have a choice: sell! Renters are not there to make sure you can pay your bills.

[@cbeautifulworld11]

@@arkzyFn8 Quileon Great. Small mom and pop landlords who have wisely put their money into property rather than risk throughout their lifetime of work so they'd not end up elderly and homeless ought to sell their homes. Why hasn't anyone thought of such a remarkable idea? They have. Huge corporations continuously offer small landlords cash to buy their homes as is, all expenses paid. If they succeed, they either tear the house down to build giant, super expensive homes or make a few cosmetic repairs on the existing home and triple the rent. You must be a genius 🤡

[@fleabag2mr.151]

You can thank politicians for the 2 year moritorium on rent and now landlords will recoup that loss. Where was the moritorium on property taxes or insurance when forced to provide free housing?

[@robertafierro5592]

600 dollar increase! HOW is that LEGAL!?!?

[@willieverusethis]

Our entire government and legal system was built for the protection of property. Capitalists are simply cashing in on the opportunities.

[@caleb0388]

As a non-American, I've seen this problem before. When Americans with more money came to Caribbean countries like mine and bought real estate to rent or have a vacation home, it drove the price of real estate up. Locals struggled to afford it. Now that other countries are getting richer, it's happening to the US. The truth is, people who monopolize the housing market don't care about the living situation of residents. It doesn't matter what country they're from, most rich people just care about their bottom line. Despite what the news anchor said at the end of this story, this is going to be a long-term situation and homelessness will continue to increase. Of course, thereafter comes a rise in crime

[@kevinmach730]

You make a very good point, but your government needs to do the same thing we need to do here- stop allowing foreign investment unless that person plans to live in that home fulltime.

[@aaronlimitless]

Oh shut up everyone else is already reporting rent prices are starting to flatten or drop in most areas it’s called a recession happens every decade or so

[@Jay12Dizzle]

back in 2020 my 1 bedroom apt in glendale az was 930 dollars. when the lease was up they quoted me 1300 ..... for the same EXACT place.. no upgrade nothing. i had to leave

[@quitaulla1569]

American dream the freedom?? That is not such a thing in USA.

[@JohnnyPeacenic]

Over population, land shortages, over priced land. Its a housing shortage that is going to get much worse

[@The_Savage_Wombat]

51 million immigrants might have driven up the price of rentals.

[@-_Somebody_]

There’s plenty of land on the great planes of the Midwest. Won’t nothin be out there tho.

[@ZeusAVI]

Additional factors are everyone flocking to live in the same areas and a larger amount of single people than we’ve ever seen. I don’t think rents in West Virginia are going up too much.

[@xwrtk]

I’m a partial landlord with my parents and we have not once raised rent. We have tenants that let a few people live for free and we are okay with that. Utilities have gone up but the tenants pay for that. Free maintenance too but only if they call us directly. I understand horrible landlords that raise rent high.

[@justing6594]

My mother owns 2 properties she rents them for less than what apartments are going for in the area. The one row house. Someone she worked with rented it for over 20 years. She passed away now her granddaughter rents it. The second one a guy I went to high-school with has been renting it for over 10 years.

[@karimah8687]

I’m glad I brought my land and my manufactured home just in the nick of time in 2019! Total payments are almost 50% cheaper than the rent I was paying.

[@justing6594]

Now start praying they don't raise your property taxes..

[@tegrity]

They want 70,000 minimum income requirements for one bedroom apartment

[@shawnamckinney4381]

the government needs to do something drastic when it comes to rent control. its so ridiculous

[@mika-wq8qo]

as soon as people got pay raises rent went up! every one started putting out their hands to take the pay raises. raising pay did no good. still in the same spot.

[@willieverusethis]

You got a pay raise? Lucky you!

[@mika-wq8qo]

@@willieverusethis not me lol, but I have seen the fallout Thur my adult children's struggles.

[@freespeech6670]

What happens if everyone decides to live in a car or RV? No one wants to rent or buy a house, so you gonna charge more fees on the car and increase costs on cars come on, man

[@RipMinner]

That's basically what's happening too. More and more people living in car's ect. Because that's all they can afford and it's better then the street. Then everyone wonders why no one is having kids anymore.

[@vancedthobehill8048]

There is literally no reason why rent is raising at such a rate. It's claimed due to mortgage rates going up but that increase is already covered since most tenants are already paying 2x the mortgage as rent or more. As a former homeowner the bs about maintenance costs rising again bs. I went years without any housing cost for maintenance above $300 maybe in 2 years. Things don't just break enough to justify a 4k increase in rent. My pay goes up 3-5% and rent goes up 40%? Wtf.. no one is doing anything because there will always be people that can afford those insane rent costs even if it's 5 people to a home. While others who maybe single parents can't risk having a bunch of randoms move In with their kids and split the bills.

[@rack9458]

So if rent is 2x that of a mortgage payment and your experience shows maintenance cost are $300 yr, why in the world are you renting? Holy crap, do you read what you write?

[@vancedthobehill8048]

@Rack let's say a person makes $2300 net a month. The rent is $1600. They must pay that or be homeless. That leaves $700 to eat food and pay bills. Let's say this person now has $300 left over to save. It will take them 3 years of saving to afford a down payment on a house. Once they have that 10k saved, they have to hope they aren't outbid on a cheap starter home by an LLC paying cash and 20% over asking. The mortgage might be $600 a month, but that means nothing if they can never actually find a home to buy. People pay rent because they need somewhere to live while they save. Everyone doesn't have the luxury of staying home and saving. Everyone doesn't have the luxury of having an inherited home from parents/grandparents.

[@rack9458]

@@vancedthobehill8048 You totally avoided the question. Go figure!

[@rack9458]

@@vancedthobehill8048 No person should be over a 50% debt ratio for housing. Your example is not practical. Someone on this position should be living with a room mate. Period!

[@vancedthobehill8048]

@Rack I personally pay $350 in rent to live with a friend. I lost my house in a fire and due to housing prices raising so drastically, the old crack houses are on the market 150k , cheaper "starter homes" are near 200k. I could easily afford one of those homes but I refuse to pay 150k for a home that use to be 60k 2 years ago with no updates done. A person making $2300 net can afford up to $750 mortgages in the eyes of a bank but the inventory isn't there. If they signed the lease alone not all landlords will allow a roommate after the fact to be added on. Not everyone has a person in their life they can ask to move in with them to split the rent. True no one should be having such a high cost of living to debt but people don't always have other options. While I am financially well off I am stubborn and refuse to pay a just because tax imposed on homebuyers that raises the cost of homes just...because. A home I was thinking of purchasing I changed my mind after seeing it was just resold 11 months ago for 30% less.

[@capitalismisdivisionofevil8322]

Ameruca should also ONLY be building tiny homes under $2,000 SQ FT per adult in America for under $50,000 just like back in the 1950s! That is all humans NEED!!!!!!

[@dubreil07]

Humss as me think their too good to live in under 2,000 sq ft

[@willieverusethis]

2,000 sqft is huge. Most suburban houses around here are way under that- maybe 1200-1300 sqft. Big enough to raise a family.

[@screenarts]

15 dollar min wage is 600 a week before taxes. There has to be a roof someone on this income can rent or why work?

[@davesmith3892]

I have been seen reports that elderly people are losing their homes because they can't afford the skyrocketing homeowners insurance

[@Pcarnevaaa]

good boomers gonna boom

[@davesmith3892]

@@Pcarnevaaa and brainwashed little idiots continue to act stupid

[@cypherlock01]

Mine went up $900/month ! It’s intentional

[@joyful]

i live in indiana and pay almost $2k a month for rent. this is not a luxury apartment - not even close. during the pandemic i was renting a house but had to move due to the owner deciding to sell. before that, i was in a much nicer apartment with similar sqft to where i am now for about $1.3k a month. these companies charge whatever they want because they can. that's it. they can charge a disgusting price and there is literally no where else to go. on top of the application fees to get on a waitlist for an apartment, there are also background and administrative fees tacked on. this easily turns into $300 to just be considered as a leasee. the entire situation, system, and market is ridiculous. edit: i forgot the deposit! one property charges $150 deposit, another charges $300, and another charges a whole month's rent. it's not even based on your credit any longer.

[@kbeats2001]

A lot of what they are saying is true. But on the other hand, you have greedy landlords and investors. If you rented a house out for $1000 three years ago and that home is paid off, why is the rent now $1800? Many are raising the price of rent because they are capitalizing off the market and know people can't find homes or afford them. So they jack up the price of rent because it's more money in their pocket.

[@The_Savage_Wombat]

Maybe that's why they bought the rental to begin with. It's like some kind of investment or something that loses money for awhile then pays off later.

[@zanzbeats8496]

People didn't elect representation that would target these situations, instead; they elected the same ole corruption.

[@keithjackson2035]

What about those high property taxes?

[@marquesbrown4326]

They gotta bring the home sale prices down 🤦🏾‍♂️🤷🏾‍♂️. Interest rates are increasing while home prices remain. I honestly believe that it's just greed.

[@irwinzapata3390]

Housing should be a right, being able to buy an afforable home should be at the reach of anyone. But until people understand that rent is moraly wrong, then this will continue to happen. Nobody should be allowed to own more then a couple of houses. Why do you need so many?

[@ZeusAVI]

Hard to do that when wealth is tied to home ownership for the most part. Real estate is about making money rather than housing people.

[@decentrifytech]

People love their capitalism until they can't afford it anymore.

[@jessicaj2017]

It’s criminal

[@thestayathomeworkingmama1982]

Spokane resident here! We have a dual income and make over six figures and it's almost impossible to find a home that's affordable. I have no idea how lower income families do it.

[@conormcqregor4393]

I agree finding a home has been a nightmare.

[@tesslake6787]

I made choices , making a lot sacfrices..

[@The_Savage_Wombat]

I used to live in San Francisco. When I could no longer afford to live there. I moved somewhere cheaper and bought a house. It's not as nice as SF but the money makes decisions for you sometimes.

[@conormcqregor4393]

@@The_Savage_Wombat yea where I’m gonna move ?

[@esterbster]

But we don't need to raise minimum wage....

[@xNialx]

While I would support a raise, it would accomplish nothing. (Mainly because all that would happen is the price of everything else goes up and puts us in the same situation) What needs to happen is a change from minimum wage to a localized 'living wage' so that people who work in an area can afford to live in that area, regardless of position.

[@Luci-pz8xx]

My states minimum wage increased $2 this year. The average rent also increased by $200 a month in the area.

[@number420pencil]

People need to a place to live. Shelter is a basic human need. The landlady didn't build the unit, she doesn't live in it, she doesn't produce anything. She just siphons profit and lives an easy life off of families who need a place to stay. What a dumb system.

[@HouseJunk1e]

"They call it the american dream, because you have to be asleep to have it" -George Carlin

[@AllAmericanDreamChaser]

I'm building my next house myself. 🏠

[@jaycee9153]

Don't forget to change the potato.

[@cmritchie04]

How many of these houses were under the federal bank note T.A.R.P.? If that is the case then AIG should have been left to fail and no banks should have been bailed out! Since there was 1 million people died due to the covid-19 pandemic that should free up some houses....

[@integrated46]

What will landlords do if they cannot fill the rentals. ? Think about that. I'm meaning long term vacancies that can't be flled.

[@zcorpalpha2462]

LoL Landlord is an LLC, that would rather keep it empty

[@trevor19qhshe]

We got a whole $100 increase after 12 months. Even $100 extra is rediculous because we know our apartment is corporate ran.

[@cristinacruz6493]

Americans need to stop fighting one another and start uniting on problems that affect everyone. This is abuse all around.

[@yeamore6324]

Won’t happen we have one group that still hates others because of skin color

[@gregkareem9824]

I agree

[@jjn6914]

We need legislation to ban financial and PE firms from owning SFHs, and limit the # of homes individuals can own as well. Majority of small mom & pop landlords who own >3 homes cry crocodile tears while taking 2-3 luxury vacations every year in Europe and tropical islands, and hardly ever invest in updating in their rental units with their 30 year old appliances and vinyl countertops.

[@dc2guy2]

Exactly so sick and tired of landlords acting like they are in just as much if not at more risk than their tenants of becoming homeless. Why don't they just get a real job? Or how bout this one.. If they can't afford to be landlords, then they should pick a different career! In other words f#$% em!!! #landlordsareparisites

[@andrewgeissinger5242]

So I guess you're saying that if people have the ability to take 2 or 3 luxury vacations there should be laws to limit their incomes.

[@GoodGuyDream]

@@andrewgeissinger5242 We are in the doom of capitalism. Maybe limiting their income from SFH makes sense. These days, one rental unit is more valuable than the value of human labour, but eventually, it will destroy our society. Home prices are going up, the birth rate is going down. Rent is going up, then purchasing power is going down and it will cause a labour shortage since working-class people are not able to live near the city for the rent. Also, high rent means lower investment in the stock market since real estate is more profitable, then it will slow down innovation in our society. Also, homelessness goes up and the crime rate goes up too. Therefore, it is the end of capitalism....

[@GoodGuyDream]

@@andrewgeissinger5242 just look at what is going on in San Fransisco.

[@coinbowl]

Home hoarding!

[@Needglory23]

Blame the government for raising property taxes 👹

[@djm2189]

This is ridiculous. I'm 28, single, earn $112k+, no debt, 790 credit. I should be able to get a small home here in SoCal. Nope. Now hearing it's up everywhere even in way less desirable cities. I'm obviously ok and make enough but how the heck are the vast majority doing it with way less income? This is a problem that will leave to much unrest. I should be able to buy a home and give up this apt to someone.

[@lennyash1505]

i pay $1600 in a ok part of san diego and its only a 1 bedroom

[@SlickRick135]

Well at least it's beachy San Diego, imagine pay that for a dump in Spokane??

[@conormcqregor4393]

I pay 2400$ for a 1 bedroom “luxury” apartment. Trash

[@Anthony-bo8ry]

During the pandemic many individual landlords sold out to small, mid-sized, and large corporations. This is a portion of the problem. I think politicians passed the eviction moratorium with good will in mind, but they did not think about the long term effects.

[@leonchambers7611]

There is not a housing shortage. The problem is bankers. Don’t want to loan people money, which makes it impossible to buy houses and then the same high price you’d pay for mortgage is what landlords want you to pay for rent if I’m paying the same cost like mortgage I should sign a contract that says you can’t increase my rent for the time I’m there

[@joycebarnett6035]

Tell contractors to stop raising their prices if you want low rent and all the industrial businesses that make home maintenance products. Stop governments from raising property taxes and don’t forget homeowners insurance companies.

[@miguelsaucedo8789]

The government needs to start an anti trust case against real estate companies and realtors. They exceedingly lack transparency. They are also running a monopoly. They also disallow for any qualified buyer to buy from an independent seller. This also artificially inflates property values.

[@mm7846]

Outlaw investment properties 🙅‍♀️🤷‍♀️

[@phobedavis7014]

Black women please pay attention this is a single white woman whose rent went up $400. If she can barely afford her rent, what does that say? We have a tendency to make less money and carry massive amounts of debt.

[@missdesireindependance5194]

This is why I brought a mobile home before the pandemic. I saw this happening before it happened. The prices of homes will go up.

[@BasedTruth]

Yea but black women don't need no man they can do it all on their own while we are the least paid 😂 bet yall need men now!😅

[@missdesireindependance5194]

@@BasedTruth Most men in our communities are struggling too! It’s not just the single mothers.

[@BasedTruth]

@@missdesireindependance5194 they're doing better than us when you look at the numbers. They also make more than us and alot of them are opting out of dating and relationships with black women. Not talking about pookie and ray ray. Black women are out here NAKED. Uncovered and the world is getting worse. I'm so glad I don't have kids. Buckle up. Its about to get wild and its open season on UNCOVERED women and children. Good luck out here.

[@BasedTruth]

@@missdesireindependance5194 and even if they are struggling they do better than us so it would do black women good to put their pride aside and get with a working class black man cause most of yall are working class AND average AND overweight. You'd do good to have some help and its weird yall turn yall noses up at the men in your community. Thats why yall are being left behind as a group of women while other women cling to their husband's in dire times such as today.

[@jmoneymillionaire6705]

Seeing the opposite in tampa. Many home owners are renting their homes instead of selling and its tanking the rental rates. 🎉

[@CGarrett]

Lol rent us still $1,700 here for a decent place

[@jmoneymillionaire6705]

@@CGarrett thats not bad. Ive seen lower recently with all the free months rent

[@cypherlock01]

I pay $900 more per month in escrow due to flood and home owner’s insurance issues here so it’s a thought

[@smith7388]

What are people to do? It’s too expensive to buy and rent. That’s crazy…greed

[@marietaylor5174]

This is horrible for renters; I am thankful that I don't have to pay rent/mortgage anymore.

[@Slayer-33]

What f'ing frustrating times these are, this insanity won't end it seems..

[@tegrity]

How about you talk about banks and investment companies buying up all the properties all the single family homes

[@alexlopez5800]

Landlords need to realize that the renters are going to leave. People will find cheaper and better renting locations. 🤦🏻

[@vikasd.7139]

With higher interest rates and high house prices, good luck with that.

[@vgdubrovin8439]

😄😄nice jokke

[@duckling4393]

LOL...GOOD LUCK, UNLESS YOU WANT TO LIVE IN A UNDESIRABLE NEIGHBORHOOD.

[@elreytriton]

@@duckling4393that’s the problem. Ppl left sold their homes and left and a bunch of rentals brought in a constant rotation of strangers. What’s best is for the average person to move into the “hood” and change it.

[@Make_Me_A_Sandwhich]

Hahaha where? If there were cheaper places, people wouldn’t complain. We owners got the leverage haha

[@AnthonyRadke-u5w]

The average home costs 400k experts say you need to make 125k salary to afford a house like that , zoning laws needs to be changed,and pack man aka blackrock and other hedge funds pension funds needs be capped on the singe family residential housing or the first time buyer will not be able to compete at the bidding process with all cash buyers willing to pay above market rates,greed on steroids

[@Justicewarrior908]

Thank God that rent is more than a mortgage but most people will never find out because they can't save up for a down payment. Instead, the rent "kingdom" owner has 50 properties the tenants pay for. The American new business model is renting, just buying everything so much that others can't afford it and rent it. Make sure apps like Airbnb inflate the prices, make sure Chinese investors have the opportunity to buy anything they need, and make sure every "entrepreneur" can own 100 houses to rent.

[@The_Savage_Wombat]

This problem can easily be solved by millions of immigrant workers. Just look where they come from. The rents there are very affordable.

[@CarlosG2288]

What??? Not a chance that rent is higher than a mortgage+property tax+insurance+maintenance at these prices and these high interest rates

[@missdesireindependance5194]

They don’t want people to own. This is why people need to look into alternative housing options like mobile homes, tiny homes, RVs, or affordable single family homes. There are downpayment assistance programs and usda loans that will give a down payment or don’t require one.

[@jessicabixler1658]

Rent used to be higher than owning but now in the last year or two!. That is pre pandemic facts...and even then there were cities trending away

[@Sonofawildanimal4241]

We can't afford a mortgage and now our rent keeps rising. Interest rates need to keep rising. Bringing them down will only drive the real estate market even more!

[@brianrenollet9663]

GREED GREED GREED. Average rents in Miami are now $2796 monthly. In order to afford a myriad of other NEEDS, one should realistically make 3 TIMES the amount of their rent. Comfortably, FOUR TIMES. The average American is NOT MAKING $12,000 a month or even $9,000.

[@nikkibankhead6759]

Rent has gone down $20-30 that’s not a good.

[@fixedit8689]

There are still small time landlords. Seen the cost of utilities and repairs lately?

[@willieverusethis]

Yeah, I've done the math. Being a landlord is exceptionally lucrative. Having someone else pay the mortgage while you accumulate equity is nice!

[@InsertAUserNameHere]

600,000 new units won't help if demand is higher than that, they will just come on the market at the going rate. You need an excess of supply to force prices lower.

[@PhantomCookie87]

I'm 36 in July and graduated HS in 2006. I barely had enough time to get my feet off the ground and then the 2008-2009 recession hit. I was laid off and my credit was destroyed. Since then with the wages I make, I've never been able to buy, let alone rent a place that I could truly call my own(without partners or roommates). When things started looking up, the scamdemic hit and whatever Hope's I had left were shattered. In no way could I ever afford rent prices these days and most renters require that someone makes 3x the rent cost just to qualify. I am currently living with my family and there's so end in sight. I have been screwed since almost day 1.

[@purpleviolet9046]

In the same boat. Want to move out so bad just for some privacy and peace, and I can’t even get it because everywhere around me you need to make 3x the rent. This place is becoming out of control and nobody cares I hope that my situation gets better

[@PhantomCookie87]

@@purpleviolet9046 yup, I've never been able to truly live alone. It's always been with some unreliable roommate or a past partner. The going price for a 1 bedroom rental unit around where I'm at (Tacoma/Lakewood WA) costs more than I make in a month and I need to make triple the monthly rent. Time and time again I've received the sh*t end of the stick.

[@josephl6727]

@@PhantomCookie87 Yeah, just when you think you get a leg up, they find a way knock us all down.

[@PhantomCookie87]

@@josephl6727 it's been happening since I graduated HS almost 18 years ago. One thing after another after another after another. Now, I have less hope than ever. It's humbling to say the least.

[@mph5896]

2009-2013 houses were an absolute bargain. 2014-19 also very affordable.

[@jijiji9520]

I was able to double my income by switching jobs. STILL paying about 30% in rent, crazy

[@spatty2589]

The govt should limit other countries and LLC from buying up property in USA.

[@daydreamerz]

First 5 minutes...RENT IS SKYROCKETING! Last 1 minute...rent is actually going down. Wtf?

[@mgmassey174]

Greed kills

[@thatonekid71]

Greed makes the green

[@teenytinytoons]

STOP USING AIRBNB!!

[@Jamesdlc117]

I gave up my rent kept going up and now me and my kids live in a shed now this sucks I hate living in California

[@dougpage2730]

Don't worry. The Fed's interest rate increases will eventually put enough people out of work so that everything will be cheaper. Probably housing costs won't ever come down, but if enough people lose their jobs everything will be better says the Fed.

[@RomanticPopPunk]

People who are out of work are middle class. The middle class will lose their houses. The investors will scoop them up.

[@The_Savage_Wombat]

Millions of immigrant workers will fix this problem. Just look where they came from. The rents are very affordable in their home countries.

[@cattigereyes1]

If I could tear my house down and replace it with a tiny home I would!

[@3DLasers]

So all the pot dealers moved to Oregon huh ?… 🤣🤣🤣