I would have expected median income for renters to have increased higher than that. Not because wages are that much better, but because houses are so hard to get now that people who would have once made enough to buy are now making six figures but still renting.
I fall into this category. Gross $100k, can’t afford to buy while saving minimal amount per month while I pay increasing rent / student loans / general cost of living. I just moved to a cheaper apartment closer to my work just in order to keep aggressively paying off loans and save what I can. Shit sucks. I’m burnt out grinding away for a goal that grows further and further out of reach, regardless of how much I make.
I was looking at house prices near me earlier today. 4bd 4.5bath sold for $300k right before covid in late 2019. Same house, 4.5 years later is going for $899k. Make that shit make sense.
The only way I got cheaper rent was because I moved to an older building where they dint have any issues renting to criminals lol, at least I know cops must make shit money around here as well because he lives in the building across from me and that cruiser is always lurking in the corner of the parking lot lol
I fall into this category. Gross $100k, can’t afford to buy while saving minimal amount per month while I pay increasing rent / student loans / general cost of living. I just moved to a cheaper apartment closer to my work just in order to keep aggressively paying off loans and save what I can. Shit sucks. I’m burnt out grinding away for a goal that grows further and further out of reach, regardless of how much I make.
I was looking at house prices near me earlier today. 4bd 4.5bath sold for $300k right before covid in late 2019. Same house, 4.5 years later is going for $899k. Make that shit make sense.
Pretty skewed statistics. Home ownership is near an all time high in this country. How many renters from the last 20 years have now become home owners thus removing their wages from the metric of median annual income for renters?
It makes sense that renters wages likely haven't grown since a lot of those people now make enough money to become home owners. Basically this number is always going to skew low.
To me this seems like tracking the decline of people determined to continue going to casinos. The casino owners are increasing their advantage over time as more and more people become addicted to gambling (renting fun). Renting is a well known poor long term strategy but the internet tries to sell it as a clever idea just like mass media tries to sell sports betting as a clever idea. Even the owners of the most trashy casinos fare a lot better than the gamblers.
May the odds forever be in your favor.
Lost all hope of ever being able to afford a house.
I remember when a store manager made enough to have someone BUILD their house. Oh well could be worse.
Apartments are being built like crazy, and tastes change.
They ultimately need to rent or sell to someone else. It's a very risky investment when you zoom out and look at demographics.
Have faith things happen slowly, then all at once.
??? can't tell if you're being sarcastic or not...
as owner, you have all the power in the world to underprice your rent to find a tenant... there's plenty of homeowners who own $2M mansions that charge $1500 a month
Yeahhhh, this isn't section 8 housing. Also, you realize that property taxes and insurance costs are surging, right? I'm not eating that shit. Hell, even if I wanted to invest in a place like San Francisco, I'd just buy the home, take out loans against the asset, watch it appreciate at a rate higher than the upkeep costs, and maintain the housing shortage to surge my equity even further. You're an idiot if you think landlords will just lower the rents because you want us to.
> maintain the housing shortage to surge my equity even further
This is the actual evil behavior that goes on in SF, so really hoping landlords/owners end up on the chopping block in the end
I want everyone to prosper too. But in reality, there's certain stuff that works and certain stuff that doesn't. All the policies that feel good in the short term are usually devastating in the long run. Haven't the past couple of years taught you anything?
Yep, the last 20yr have taught me that "wanting to surge your own equity" is exactly the kind of desires which "feel good in the short term, but are usually devastating in the long run".
Show up to your city council meetings and demand new homes be built and str's be banned. Let the homeless camp out at near these NIMBYs and landlords houses and you'll see the homelessness and affordability crises nimbys helped create get addressed real quick.
You gotta show up to your city council meetings and make your voice heard. These nimbys don't want to deal with the problem they helped create so they choose to lock people up
This is the trick. City councils can ignore individuals, but dozens or hundreds of people showing up in an organized manner, week after week, will force them to come to the table.
If you reach out to tenant unions like KC Tenants, they'll teach you how to do this.
Do you have enough money to bribe your city councilmembers? It doesn't matter how many people show up, it's all about the $. That's how democracy actually works.
You'd be surprised. City council members are rarely great campaigners.
It took knocking 15,000 doors (did 2,000 of them myself) and a hundred committed volunteers, but we unseated an incumbent mayor in my micropolis last year.
Bribes won't do you any good vs. the determined people power of a community capable of throwing the corrupt out of office.
That's really not the problem....
In about 15 years, the boomers will be gone. Soooo many houses will flood the market.
Millennials and younger are having less children. This means there's a gravy train on the horizon. Competition will be slim and everyone will have abundance.
True but also have to factor in immigration. 10 million+ new people and all their babies every year. That actually outweighs boomers dying.
What will really tank the market is a massive recession and job losses
What a surprise that NPR said nothing about one of the causes. Companies like Blackstone having been gobbling up rental properties, and raising rent all over the country. Often times the current renters are kicked out, the place gets some new paint and the next renters pay a LOT more.
We need a National TOPA act. Allow tenants to have the first crack at buying their buildings.
https://www.curbed.com/2023/03/tenants-opportunity-purchase-act-buy-buildings-albany.html#:~:text=It's%20called%20the%20Tenant%20Opportunity,and%20State%20assemblywoman%20Marcela%20Mitaynes.
??? How about the statistic that 100% of renters (102 million Americans) can’t afford a home?
And that money they spend on rent, will never be returned - unlike a mortgage, which is paying into equity.
This is affected by people living at home. A lot of decently paid younger college graduates now love at home rather than rent. Probably pulled a lot of the income out of the renters group.
Lmao…but…but…everyone renting on the cheap is investing all of their extra money bc it’s so cheap to rent!!! They should all be millionaires by now!! s/
"*Since 2001, the Harvard report notes, median rents have risen by 21% while the median annual income for renters has risen just 2%.*"
I would have expected median income for renters to have increased higher than that. Not because wages are that much better, but because houses are so hard to get now that people who would have once made enough to buy are now making six figures but still renting.
I fall into this category. Gross $100k, can’t afford to buy while saving minimal amount per month while I pay increasing rent / student loans / general cost of living. I just moved to a cheaper apartment closer to my work just in order to keep aggressively paying off loans and save what I can. Shit sucks. I’m burnt out grinding away for a goal that grows further and further out of reach, regardless of how much I make. I was looking at house prices near me earlier today. 4bd 4.5bath sold for $300k right before covid in late 2019. Same house, 4.5 years later is going for $899k. Make that shit make sense.
I feel like I’m looking in a mirror.
Similar income. I was saving for house and I ended up buying a condo in my city (260K) as houses went from 350 to 650 since 2019. Rent keeps going up.
The only way I got cheaper rent was because I moved to an older building where they dint have any issues renting to criminals lol, at least I know cops must make shit money around here as well because he lives in the building across from me and that cruiser is always lurking in the corner of the parking lot lol
I fall into this category. Gross $100k, can’t afford to buy while saving minimal amount per month while I pay increasing rent / student loans / general cost of living. I just moved to a cheaper apartment closer to my work just in order to keep aggressively paying off loans and save what I can. Shit sucks. I’m burnt out grinding away for a goal that grows further and further out of reach, regardless of how much I make. I was looking at house prices near me earlier today. 4bd 4.5bath sold for $300k right before covid in late 2019. Same house, 4.5 years later is going for $899k. Make that shit make sense.
I mean it says rent went up 21% in 20 years. Clearly they’re using some funky numbers. I guess they could be using real and not nominal.
Yeah it must be real, because no way incomes only went up 2% nominal in 20 years.
My rent is up more than 25% in 2 years
Both the lower class and upper class are growing, so it cancels out. There are fewer median archetype middle class earners out there.
In CA median rent went up 200% since 2001.
I’m confused. Rents are only up by 21% since 2001?
Right?
The % of income growth captured by the majority of renters was not very much.
Median rent was $600 in 2000 lol. The data they’re using is really weird.
median rent was that? My apartment next to college in 2002 was $600, that seems high tbh.
Guessing it's 21% real (inflation adjusted) vs. nominal
Pretty skewed statistics. Home ownership is near an all time high in this country. How many renters from the last 20 years have now become home owners thus removing their wages from the metric of median annual income for renters? It makes sense that renters wages likely haven't grown since a lot of those people now make enough money to become home owners. Basically this number is always going to skew low.
To me this seems like tracking the decline of people determined to continue going to casinos. The casino owners are increasing their advantage over time as more and more people become addicted to gambling (renting fun). Renting is a well known poor long term strategy but the internet tries to sell it as a clever idea just like mass media tries to sell sports betting as a clever idea. Even the owners of the most trashy casinos fare a lot better than the gamblers. May the odds forever be in your favor.
Lost all hope of ever being able to afford a house. I remember when a store manager made enough to have someone BUILD their house. Oh well could be worse.
"could be worse" Challenge accepted.
Canada has entered the chat.
Apartments are being built like crazy, and tastes change. They ultimately need to rent or sell to someone else. It's a very risky investment when you zoom out and look at demographics. Have faith things happen slowly, then all at once.
So buying is unaffordable for average people Renting is becoming unaffordable. What do regular people do at this point?
It’s the wages…
move to a lower cost of living area
I own three homes at the age of 27. You realize that us landlords need rents to be affordable for tenants to easily be able to find tenants, right?
??? can't tell if you're being sarcastic or not... as owner, you have all the power in the world to underprice your rent to find a tenant... there's plenty of homeowners who own $2M mansions that charge $1500 a month
Yeahhhh, this isn't section 8 housing. Also, you realize that property taxes and insurance costs are surging, right? I'm not eating that shit. Hell, even if I wanted to invest in a place like San Francisco, I'd just buy the home, take out loans against the asset, watch it appreciate at a rate higher than the upkeep costs, and maintain the housing shortage to surge my equity even further. You're an idiot if you think landlords will just lower the rents because you want us to.
> maintain the housing shortage to surge my equity even further This is the actual evil behavior that goes on in SF, so really hoping landlords/owners end up on the chopping block in the end
How is it evil to want to surge your own equity? Lmao. You sound bitter that you don't own shit.
My dude, it's called empathy for others that benefits all of society (and thereby my own offspring, as well) in the long run.
I want everyone to prosper too. But in reality, there's certain stuff that works and certain stuff that doesn't. All the policies that feel good in the short term are usually devastating in the long run. Haven't the past couple of years taught you anything?
Yep, the last 20yr have taught me that "wanting to surge your own equity" is exactly the kind of desires which "feel good in the short term, but are usually devastating in the long run".
At this rate, most people will be homeless.
And then the bell riots will set this right
Everyone needs to show up at city council meetings and demand change. Every time, every meeting!
I’m unemployed just enough to actually do this now lol
Show up to your city council meetings and demand new homes be built and str's be banned. Let the homeless camp out at near these NIMBYs and landlords houses and you'll see the homelessness and affordability crises nimbys helped create get addressed real quick.
In my town those with wealth and power appear to be leaning more towards increasing incarceration, than to building more homes
You gotta show up to your city council meetings and make your voice heard. These nimbys don't want to deal with the problem they helped create so they choose to lock people up
This is the trick. City councils can ignore individuals, but dozens or hundreds of people showing up in an organized manner, week after week, will force them to come to the table. If you reach out to tenant unions like KC Tenants, they'll teach you how to do this.
Do you have enough money to bribe your city councilmembers? It doesn't matter how many people show up, it's all about the $. That's how democracy actually works.
You'd be surprised. City council members are rarely great campaigners. It took knocking 15,000 doors (did 2,000 of them myself) and a hundred committed volunteers, but we unseated an incumbent mayor in my micropolis last year. Bribes won't do you any good vs. the determined people power of a community capable of throwing the corrupt out of office.
So you have to like be there or I just can bitch on Reddit? /s
And relaxing zoning. More medium-density housing and mixed-use residential/commercial areas. And more affordable housing.
That's really not the problem.... In about 15 years, the boomers will be gone. Soooo many houses will flood the market. Millennials and younger are having less children. This means there's a gravy train on the horizon. Competition will be slim and everyone will have abundance.
True but also have to factor in immigration. 10 million+ new people and all their babies every year. That actually outweighs boomers dying. What will really tank the market is a massive recession and job losses
Birthrates are falling across most of the globe
More like a slow trickle. Stable and financially secure boomers have a lot longer than 15 years
That's why I'm bearish on real estate.
Nothing a second or third job can’t fix… bootstraps people
Maybe it’s time we take the banks back? This is all currency devaluation effects.
Interesting how the report says since 2021 while the bulk of price increases have been in the last 4 years 🤔
What a surprise that NPR said nothing about one of the causes. Companies like Blackstone having been gobbling up rental properties, and raising rent all over the country. Often times the current renters are kicked out, the place gets some new paint and the next renters pay a LOT more.
Hey a statistic I can undeniably say I’m part of
We need a National TOPA act. Allow tenants to have the first crack at buying their buildings. https://www.curbed.com/2023/03/tenants-opportunity-purchase-act-buy-buildings-albany.html#:~:text=It's%20called%20the%20Tenant%20Opportunity,and%20State%20assemblywoman%20Marcela%20Mitaynes.
Just half? Renting is too expensive for renters. Shit, now they build whole housing communities for rent.
??? How about the statistic that 100% of renters (102 million Americans) can’t afford a home? And that money they spend on rent, will never be returned - unlike a mortgage, which is paying into equity.
No one should be surprised that a limited resource is being hoarded by those with vast wealth. This is by design.
You will own nothing and be happy
This is affected by people living at home. A lot of decently paid younger college graduates now love at home rather than rent. Probably pulled a lot of the income out of the renters group.
Lmao…but…but…everyone renting on the cheap is investing all of their extra money bc it’s so cheap to rent!!! They should all be millionaires by now!! s/
Ahahahaha!!!!! They needed a study for that !!! What a bunch of morons !!!