America's housing nightmare: Skyrocketing
home costs mean renting is now cheaper
than buying a starter house in THREE QUARTERS
of the US - but both are at record highs
Daily Mail (UK),
by
Keith Griffith
Original Article
Posted By: Ribicon,
7/22/2022 4:35:14 PM
With both rent and homebuyer costs soaring to record highs, the eternal question of whether to rent or buy has never been tougher.
According to a report from Realtor.com on Thursday, renting is now cheaper than buying a starter home in three-quarters of the top 50 US cities—a stark change from a few months ago, when buying typically cost less. Median rent hit a record high of $1,876 in June, up 14 percent from a year ago—but that still represented a monthly savings of $561 from the monthly cost of buying a first home, which jumped to $2,437, the report found. As recently as January, buying a starter home
Reply 1 - Posted by:
DVC 7/22/2022 4:53:41 PM (No. 1225119)
And Blackrock is getting ready to buy up $50 billion in homes as the market sours. And they will RENT them.
WEF and globalists say, in their dystopic future "You will own nothing...."
And they MEAN it.
:
7 people like this.
Reply 2 - Posted by:
WV.Hillbilly 7/22/2022 5:24:17 PM (No. 1225141)
Used to be, renting was always cheaper than buying.
4 people like this.
Reply 3 - Posted by:
EJKrausJr 7/22/2022 5:40:24 PM (No. 1225146)
Who has bought most of the houses in America - 1 in 7 homes are owned by Wall Street. They set the prices for renting the homes. Home ownership is no longer an option by individuals, they are being priced out of the market. Houses are being acquired by investor corporations as assets.
4 people like this.
Reply 4 - Posted by:
Lazyman 7/22/2022 5:56:37 PM (No. 1225155)
As you go through the old Census you see that many less people owned their homes. The American dream was working into our times and now we are in reversal. Blackrock is the new owner of the dream.
5 people like this.
Reply 5 - Posted by:
Starboard_side 7/22/2022 6:06:49 PM (No. 1225174)
#1, and they will want you to like it too.
The founder of WEF has been working on this since 1971, and with the top 1000 business and political elites involved, and realizing their elevated place within the ultimate structure that will result, there is little resistance at the top levels.
Now, you can see why it was such an onslaught to "get Trump" and why some consider him "dangerous".
5 people like this.
Reply 6 - Posted by:
GoodDeal 7/22/2022 6:08:54 PM (No. 1225180)
Renting only buys you time and you will never see the money again. Buying a home builds equity and that money you will see again someday.
4 people like this.
Reply 7 - Posted by:
JackBurton 7/22/2022 6:12:19 PM (No. 1225184)
I'm paying about 4 times in property taxes what I paid for the mortgage on my first home. I'm in my second, a house that was built a bit of 100 years ago. Nice house but just shelled out $2500 for a new water heater. Paid about 5k to have a new drain put in to the city sewer 18 months ago. $800 for a new dishwasher 2 months ago. Can't wait to find out what will poop out next.
Criminy.
5 people like this.
Reply 8 - Posted by:
jimboscott 7/22/2022 8:03:17 PM (No. 1225261)
Just a little more than 6 months ago, after a separation and divorce, I was renting an 800 square foot one bedroom apartment for 1463.00/month. At the very end of 2021 I closed on a 2300 square foot, brand new three bedroom ranch home with nice finishes and my principle and interest is 100.00 month more than the rent was.
Now, the house has gone up about 70,000 in 6 months and my property taxes are about 500.00/month, but I consider ownership as a no-brainer. Consider too that the principle (minimum of ~560.00 month) is really money that I am paying my estate as my equity grows.
BTW, look at a log chart of median home values since about 1960. The rate of doubling has actually slowed DOWN in the last 15 years, even with the recent bump in appreciation. Doubling took about 8 years in the 1960's, then about 10 years in the 70's... then about 13... And there was a period of 10 years from 2005 - 2015 in which home values moved up only 24%, by far the least productive period of time in the last 60 years.
Ie., what we are seeing is NOT an anomaly. It is a return to the norm.
2 people like this.
Reply 9 - Posted by:
nwcudagal 7/22/2022 8:21:00 PM (No. 1225280)
I've been a homeowner for almost 40 years, but I'm having second thoughts. Maintenance costs and property taxes are out of this world.
2 people like this.
Reply 10 - Posted by:
Birddog 7/22/2022 9:48:05 PM (No. 1225354)
Actually...it is the Govt buying up all of the homes, apts, office spaces. They loan Jumbo "Investors" like Blackrock/Stone/Hedgefunds super jumbo amounts in the 10's-100s of Millions at near zero%, who then market that as shares in REITS, which are traded back and forth at ever increasing rates until the inflated "Values" of those real estate properties drops back to something approaching normal, and big $$$ goes Poof!...this all happened before and when the bottom fell out not only did some homeowners end up upside down, but investment houses, many many banks and LOTS of Govt/private sector Union/retirement funds went totally upside down as well. I own my home fee simple...bought at a tax sale for 1/4 of assessed value, it has more than doubled since then. I was tempted last year to take out 50% of equity at 2.35%, put it into improvements at the farm, field work, fences, cattle handling hardware...some registered Highlands...today it would cost nearly 8%,but that equity/market valuation may well plummet. I didn't need to actually "Make Money" on the cattle, govt programs would have refunded nearly 75% of "Improvement" monies spent, and the tax deduction/reduction for converting 300acres to AG land would have been substantial. I could have then bought equity back in the house...or bought more land, or another property to improve. BUT Cattle costs/prices/markets went totally nuts, housing market even crazier here. NOTHING is rationally valued and thus "safe"(Surrounding the Farm a canadian bank exec is buying up the surrounding places for some carbon offset scheme...inflating prices dramatically...He will soon be the largest land owner in the county, which all might collapse if the offset scam fails)
0 people like this.
Reply 11 - Posted by:
Birddog 7/22/2022 9:53:04 PM (No. 1225356)
Oh....worlds largest Property management company? Handling properties for these mega realestate investors?
TIAA-Cref...the Teachers Union Retirement Fund "non-Profit" company , a $Trillion Dollar corp. ranked between Caterpillar and Oracle on the top 100 list.
2 people like this.
Reply 12 - Posted by:
mifla 7/23/2022 5:11:38 AM (No. 1225538)
Houses are expensive and rents are skyrocketing. Even if you want to live in a car, good luck affording one.
What a mess.
3 people like this.
Reply 13 - Posted by:
coldoc 7/23/2022 6:26:29 AM (No. 1225580)
Still waiting for the crash (what goes up must come down) so we can get these strident overbearing house flipper commercials off of tv.
3 people like this.
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The New American Dream: unless you're a 1%er, you will own nothing, and you will like it. You will also become accustomed to the unique taste and crunch of roasted crickets and room-temperature roach milk (no unnecessary use of electricity, please).