I wish they would also talk about corporations like Zillow buying up the houses, outbiding ordinary people who just want homes for their families, then hiking up the price to exorbitant amounts. They should also talk about hedge funds going into the landlord buildings, hiking up rents and evicting people.
This comment is so underrated. Looking through Zillow you can see in the sale history how they take a reasonable price and double it. People like me get priced out and are forced to rent. You can’t win.
@@Smoove_J the only way to is build your own but the state makes it very hard and costly and if it wasnt i am sure they would he doing the same thing with land they are doing to houses
@@Smoove_J hell even cheap things like moblie homes you have to have a speical license to move cost 30 40 grand just to move it around the city people given away the older ones to anyone who can move it off the property
You're crazy if you think I'm paying $2k for a studio. I'd rather live in a van down by the river then pay such a high percentage of my monthly income on rent.
She has to be talking about downtown Austin. I just moved out of there in May. I was paying $1425 for a nice 1bedroom 1ba apartment. Townhouse style. Updated appliance. It was very central, about 20 blocks from downtown. They wanted $1900 for the 2 bedroom.
@@paulerdosdaughter I looked into this, and I was wrong. Forbes noted that they track mortgages, but the Bureau of Labor Statistics specified that they track the cost of shelter in renter-occupied housing (rent) as part of the CPI
We also need to talk about how paying all this rent doesn't even help our credit scores or have any bearing toward getting a home loan! Society runs on scams to keep poor people struggling forever.
It's literally a money making machine, when you're too old to be milked your kids will be and so on. Most of the companies in the world are literally immortal feeding off of every generation. Fully think this through and you'll throw up and be looking forward to the day you die I know I am, I'm not going to rush it along but man that day, man that day is really going to be something special and I'm not even religious. Pure rest folks, no more slaving for the machine, even if it's like before we where born nothing-ness I'll take it with open arms because this place is a sewer and I just want to move on through. Once you fully come to terms with this and understand psychology this is just how it is, you all have been conditioned that's why you literally think everything is great. You guys are still in the matrix I am not. I purposefully have not had kids trust me I wanted to like everyone but then I realized I would just be feeding the machine and I don't want that for my kids.
I'm from Phoenix and I'm so happy to see them bring this up! Rent in Phoenix skyrocketed over the summer. My $1300/mo "luxury" apartment with giant cockroaches increased to $1700/month. Where am I supposed to magically get $400 more a month from? My friend's rent increased from $900 to $1500, both hers and mine were one bedrooms. It's insane. She moved back to Virginia with her parents and I'm living with a friend in Ohio. We legitimately got priced out of the market.
You got forced out of the market, when they allowed well over 11 million enter this country, in just the last 10 months, which sucked up all the lowest rentals to provide the "free" housing for those individuals. Besides the 10's of millions that came across during the previous Democrat reign with little to none deported, but all eligible for the free welfare that taxpayers pay for.
@@nikki5195 the government can also enforce immigration laws. As far as asylum seekers goes, it's more like people coming here for the free stuff, you know, the free housing, free utilities, free food, free money to live on and the best free medical, that's called welfare. All at the expense of the US taxpayers.
I live in my minivan at the moment. Part of the reason is because I could never afford an apartment I know I can get roommates but I need to be on my own. Everyone deserves to live on their own
You’re not alone. Unfortunately, it doesn’t make the news but, there are a lot of people living in their cars now because they can not afford rents. People with children even. Wages have not kept up with the cost of living. Businesses will squeeze as much as they from their workers for as little pay as possible in the name of profit. You’re lucky to even have a vehicle that you can live in. Food and shelter are suppose to be basic human rights. Doesn’t seem to be that way anymore.
@@missdesireindependance5194 I’m living in my minivan partly by choice. I want to travel around the country and I’m not trying to work four jobs to pay for the rent.
They need to start building more housing, there’s a housing crisis across the country, and we don’t need luxury apartments we need realistic cost housing
@@Lucas-hb1uq "they" are the tens of thousands of construction companies in America, and "they" aren't a singular entity capable of collaborating. If it was legal to build more housing in cities, they would, because that's profitable.
@@nolin132 I work construction and they are not the ones who create the market, they build for developers who are deliberately building rental home neighborhoods because they make more money off of rent than sales. A one time home sale is nothing compared to rent that goes up year over year. There is no incentive to build and sell.
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Many economists do that, I'm starting to realize, lol. Especially ones not from America and don't really have a full scope of the issues here. I still like watching their TH-cam channels but I take it all with a grain of salt.
@@BewareTheLilyOfTheValley The reason economists exist is to justify the way things are - in service of the rich people responsible for the way things are. Once you understand who employs them and why, they’re impossible to take seriously, it’s a joke of a profession.
@@pc5505 and where did you get this information? I think you should be pointing your finger at the government, but then again what do I know you probably sit on the couch listening to all the garbage the media spews instead of actually doing something in local government. Economists are more concerned about the trillions of dollars spent in the last year and what that means for our country and currency going forward.
I have taught abroad for the last 8 years in South Korea and the UAE. Most companies pay for housing and sometimes even utilities. I came home to the USA for 6 months, July -Dec of 2021 but realized there was no way to stay and live comfortably. The first opportunity I got I was on the first flight out.
It’s so upsetting to see these so called “luxury” condos going up when they’re not needed. America doesn’t need luxury condos ( they’ll call anything luxury these days). The typical family just wants an affordable place to live without all the bells and whistles. We especially don’t need a gym on the first floor or a terrace on the roof.
Yeah, they are trying to create “communities” in these buildings by having well-outfitted public areas like a gym, media room, business office, but small units. I’m with you; I don’t need all that junk, just give me a nice, spacious unit.
The irony---all you hear about is the flow of immigration northbound, yet for many people, the only way to stay afloat is to go to a place like Mexico.
@@sheriwagner1134 Yes, this is the scam, whereby Americans push Mexicans away from their lands. I tried to explain it to them, but I was dubbed a “racist” for it. Soon, the migrants will be slaving away here, while Americans buy Mexican property for cheap and turn it into their own paradise, at which point the Mexican migrants are caught in the rat race, struggling to wake up from the American Nightmare. Why would loads of people go to another country to do construction when they could be doing that same construction…..never mind. 🤯🤦🏻♀️
Bank: I’m sorry we are unable to offer you a mortgage. We feel as though buying a home out be out of your price range… Me: But I’m paying more in rent now that I would on a mortgage payment! Bank: Yeahhhhhh. Sorry nothing we can do. 🙄
You pay more with a mortgage. YOU pay the water, trash and property taxes. Plus the electric bills, repairs & maintenance. If your rent is $2500, if you buy a run down house, your monthly cost would be double.
Yup whole time in Nevada I was paying $1400 to rent an apartment, I tried to buy a nice small 3bed house many times that woulda had a $1500 payment. No No No You can't afford that. Now my rent is $1700!!! F*ers
@@rhondamcknight2596 Many renters pay everything except property taxes and large scale repairs but still pay twice what they would for a mortgage on the same property. Many would pay about the same monthly even while saving for future repairs and they’d be investing in their own property rather than someone else’s. They do this for many years with no missed payments and excellent credit yet are considered high risk if they can’t meet the 20% down payment mark. They are ultimately punished on both sides and end up stuck forking over up to 70% of their income per month on a property that they don’t own just to avoid living in a dump in a bad neighborhood. Wages are much too low to accommodate rent rates plus saving for a home for the average person these days and loan requirements offer no real flexibility for those with low risk rental histories and stable employment. PMI is a barrier and absolute racket. It’s not as simple as you’d like to make it sound.
@@rhondamcknight2596 don't know where you've been but where i live all of those expenses plus a few miscellaneous ones (except property tax) are billed to me as a renter. every month. so yeah it's incredibly frustrating to be told you can't afford something you pay literally every month.
This definitely needs to be discussed more often I have friends and family who are suffering because these price hikes how do they expect people to live. The stock market does not reflect what’s is happening to average every day American
You must move out of the USA. It has become a place for the wealthy onky. Foreign labor is piling through the southern border to become slave labor. As the middle and lower classes of other countries have not lived at the standard of those of the US, nor do they expect to do so, they will be comfortable enough in their new coumtry. For the average American (US), the only answer to staying alive is to get out. It is sad if you have not been planning this over the past 10 yrs so it will be harder for you, but keep in mind that at least you will be alive and wont starve. Eventually, you will get used to your new place and it wont be anywhere near as far down as it will be in the US. Good luck.
Also 90% percent of the stock market is owned by the wealthiest 10% of Americans. The stock market is definitely is in no way representative of an average American and the current economic state most people are in. Also the stock market is based on speculative value not real objective value.
@@grandmalovesmebest No way. Dont make it that easy for them. Make them go to greater lengths than they did with native Americans. Dont just let these middle men take the country from you.
@@grandmalovesmebest You realize it is very difficult and almost impossible for the average American to move countries. Most will not take you unless you have very specific skills.
is because permits and government regulations make building expensive. So is not profitable to make low end housing when government are like snails to grant permits
What investors think but dont have the balls to say: "By putting rent control, our profits are only 3x per year not 10x.. so we don't want to put money into maintenance"
Yep that’s right that’s the reason rent is going up maintenance cost property taxes and mortgage insurance and the landlord wants a pay raise and vacation and a new car and more money for his or her retirement savings and guess who is going to pay the renters and if somebody wants to buy the property at a inflated price the landlord is going to sell and the whole process starts again
I'm 40 but when I was 22 I lived alone paying about $525 per month for a 1 bedroom apartment in a gated community. Now, that's $1300- $1700. This is why young people can't move out nor do they have the skillet and education to get the high paying job that offers HealthCare and 401k. Let's not forget that if you do go to school more than likey you have a $70,000+ student loan around your neck. Today you need about 4 roommates just to break even with that $15.00/hr job
This isn’t a supply problem. The disconnect between prices and wages tells you everything you need to know: average Americans are finding themselves in competition with external influences, such as foreign investors or real estate speculation by private equity.
This IS a supply problem created entirely by a government imposed eviction moratorium. Another fine example of power hungry politicians who are clueless about real life. Keep voting for it.
About two months ago, I lost my job because this restaurant that I managed - told me that they couldn't afford my hourly rate. I came to learn that they had received the PPP loan twice and on top of that hired two people which would have cost more than my hourly. Just saying that there are so many factors to this messy economic situation and greed is at the top.
The government doesn't help by not wanting people to own tiny homes or small prefab homes so people can live. The prices in this country is outrageous. It's like they want people to live in poverty.
We can but have to move to a possible location witch would make it not even 1% enough for millions. Land lords get away with creepy apts with rats bugs and cheap walls flooring like your next door tenants live with you. thomping dogs load music. land lords make you Sgin a lease with out reading it and then put you on a Black list if you don't obay by the land lord law. Consentration of Communist type treatment.
So true!!! If there is one thing the Soviet Union, got right is that they built enough apartments so everyone could have a roof over their head!!! Our government is STUPID, INCOMPETENT, and only cares about POWER!!!
I'm moving my cousin, his wife, mother in law & sons to the middle of nowhere. He's paying 2000 per month & just can't work with the new rent increase. Our uncle will also be helping build a house. Its better to live with your clan then to end up homeless. Or simply just working for a apartment.
I became a male stripper and paid off my mortgage. I never thought I would do that, but I was on the verge of losing my house that I worked hard to get.
It's a supply and demand problem. Increasing supply of affordable single family homes will make it easier for some current renters to buy their first home, thereby vacating the rental that they might otherwise stay in for much longer. As they leave the supply of rentals increases, which decreases the price of them. Those struggling to afford housing now have opportunities for a decreased housing expense.
You can’t build affordable housing when local officials have tacked on ridiculous permitting fees. It costs $150k where l live in just permits to build a single family home. An an apartment complex? 7 figures and a decade of red tape.
@@DC70182 what do you mean by affordable housing? Like the government housing that normally turns into crime infested dens that are normally torn down in a few years?
Smaller single family home only solves some of the prob.. High rise/multi story affordable apt are the answer. But many counties wont allow it.. A dark side of NIMBYist..
I've been looking into tiny homes for this reason alone. Due to inflation, even everything in the dollar store isn't even a dollar anymore. It's sad but unfortunately, once the economy gets back on track, I doubt these prices will go back to what they once were.
We need more missing middle duplexes/mixed use and high quality single family homes that are built more densely. Unfortunately, our zoning laws make it almost impossible to build anything besides single family in most places. Not everyone can immediately afford a home, they need stepping stones to get there but unfortunately most people have the option to rent forever or go straight from an apartment to an expensive suburban home. We need more of the middle step. We need Strong Towns style development.
Yep! Not Just Bikes made an AMAZING video on it. th-cam.com/video/CCOdQsZa15o/w-d-xo.html Abolishing the absurd zoning laws and parking spot regulations would help tremendous amounts. I'm glad there's someone out there that agrees too!!
@@RS-ls7mm The missing middle isn’t a slum genius it’s a dense suburb that can be very quiet. We’re not talking about the projects here. We’re talking about street car suburbs. smh
When even the smallest apartment/house isn't livable enough due to rent, then it won't be a surprise if the USA will have the biggest proportion of homeless people, and not just immigrants or poor people, but also long-time american families and middle income folks...
Income inequality is only getting worse and worse. Wealth inequality is currently worse now than the gilded ages. Poverty, homelessness, and crime is only going to increase at this rate.
@@pzzz_ When the societal balance will break (we're very close to that situation), no one will be safe from the collapse of our civilizations, no matter how much money you have or not.
Seattle had 2 candidates for mayor. One promised to get rid of single-family housing zoning so that we can build more high-density housing everywhere. She didn't win. The voters are part of the issue in creating too few housing units.
This is a serious issue that needs to be discussed. I know of a few single moms who are having a hard time paying rent, buying food and the essentials. They make either too much to qualify for a lottery apartment or not enough.
They have no chance, plain and simple. It's over. If you're not rich, you're either DONE, or, you have to become a live-in slave to some rich family who will take you in as a housekeeper, lol! 😂🤣😂 🐲✨🐲✨🐲✨
It was never financially sound to be a single mom. People should start putting more thought into who they reproduce with. I do feel for those who lost a spouse, but that is generally the exception and not the rule.
The problem is the archaic US planning laws. Not supply and demand as suggested. In the late 40's the planning laws changed. You could only build detched single family homes in the Burbs, or skyscrapers in the city. If you look at some city dwellings you can see the difference, high density mid storey flats pre-1940 against skyscrapers post 1940. Just look at Europe and the city dwellings are 4 to 8 storeys, it is affordable housing...albeit until ArBnB came along...lol. But European cities are limiting how many properties are allowed to be AirBnB. The US can change their stupid planning laws and build affordable housing. In the UK, new developments have to have a percentage of social homes in the estate. Not an estate for social housing and one for luxury properties. They are mixed.
Rising rents should be a crime against the state. That's crazy to charge a tenant double for a place that in only ten years has skyrocketing prices. I moved into a rundown apartment paying only 500 a month and now ten years later that same apartment is charging 1200 to 1300 a month! Real estate brokers and landlords should be sent to jail for such cruel rent hikes it's against humanity.
People will call it communism though if the gov regulates rent. In the Soviet Union everyone had a free place to live. Housing was a government subsidy.
My thoughts exactly. I agreed. In my eyes, that's Treason against good honest hard working citizens doing their best to make ends meat living check to check every month.
Yes, debt to income ratio. The more rent you pay, the worse your application looks to the bank, regardless of your score. It’s a catch 22 that favors people whose parents support them longer and assist them with down payments.
Rent has almost doubled for a 1bd in Las Vegas. I moved almost 4 years ago and a 1bd was around $900 in a very nice neighborhood. The same unit is now renting for almost $1600. Of course my salary is the same. I was able to live pretty comfortably but now I have to budget every dollar.
I lived in Centennial and was paying $775 for a 2 bedroom in 2017. I left in 2020 because I was paying more than what I was paying in California including utilities, insurance, etc. Rent was $1450 when I left. That same complex has 2 bedrooms available for $1700 as I type this! I have since moved back to California where I found relatively cheaper rent and a better paying job that has slightly put me in a better position than I was in Vegas (ironically the opposite happened when I left California for Vegas in 2017 and it put me in a MUCH better position.) Screw this inflation bullcrap! Sorry you're going through this.
@@mida8261 Oh you definitely know exactly what I'm talking about, and I'm sorry you had to deal with it too!!! It's absolutely crazy. I actually moved from Hawaii but honestly with lower pay in Vegas, I ended up in a worse financial position once my rent started to increase. I was on the fence but I decided after writing that comment, I'm moving back to Hawaii. With as expensive as it is in Hawaii, I'm actually going to better off with a better salary, and paying a slightly higher rent. I found a 1bd for $200 more than what I'm paying now in Vegas. So it's not even worth the sacrifice to leave Hawaii and live in the desert when the cost of living isn't that much better and the pay sucks even without state income tax! This inflation is ridiculous and soon most of America is going to look like a 3rd world country due to Middle class not even being able to afford rent very soon! Do you mind if ask what area of Cali you're now living? I considered moving there but also found it to be very expensive but may have been the areas I was looking.
I moved into the Aviator on St Rose & Starr Ave in Henderson, NV in September 2020. My lease was up in December 2021. My lease agreement was $1,265/mo + $75 Water/Sewer/Trash each month, plus $100 for Cable/Internet they FORCED us to pay for. When 60 days came up before my lease expired, they wanted to charge $1,795 For the same exact unit, no changes, no upgrades. That's $500 increase in 1YR!!!
This is very frustrating. It’s a human right to have a roof over your head. How can they take that away from people? Do they want people living in the street?
No, it is not an adult human right to have a roof over the head. One needs to do something to get it. Most people work, and pay for the roof from their wages. It is not an adult human right to live either. One has to do something to keep living.
@@jesusjuice7934 I live in 15 minutes of walking from one of the most gorgeous ocean beaches in the USA. I don't consider this to be a right. One has to pay for this, or for any other roof over the head. The "human right" is an illusion of organized society. Imagine yourself being dropped in the middle of Sahara desert, without water, food, or means of communication. Would you still have the right to live, without doing anything? Or would you need to somehow earn it?
Print $10 Trillion dollars in two years when half the economy is FORCED to shut down due to MANDATES (not legislation). No one cared at the time, glad people are starting to care now.
I'm only going to say this ONE TIME in the chat room:;b*tching about socialism mean your discussing the difference between Teaching and Visa jobs ...THAT'S ALL.
I'm so thankful that my landlords are renting me a place to live in at a reasonable rate . Inflation is uncomfortable but i'm thankful that my job pays for my life.
You are lucky because rents are going up everywhere . Rent prices rose by 0.8% in june from a month earlier, according to the labor department it is the largest monthly gain since 1986
How can the typical family with average income afford a higher rate+ more expensive home? in my area multi generational home is becoming the norm . Don’t forget to add the inflation which just this week was 9.1 on the CPI , producers index 11.3, it’s going to be a rough ride for sure.
Time will tell how this period will treat people that never save, invest, lived beyond means, paycheck to paycheck, too many kids, too big of home, keeping up with the joneses with FOMO,YOLO, paying alimony, child support, etc
The generation above me says it’s us….Oye I’m so sick of feeling like I live in a mess of country that’s I’m constantly being taken advantage of. I pay twice as much for a 1bedroom as my sister pays for there 2500sqft home. It’s not just rent it’s literally every element of life as a working person in America.
To put things in perspective, I remember when housing was easily 25% of your income. For about 25% more your utilities, gas, & groceries were covered. That left a balance for car payments (never paid for more than 2 years), cheap health insurance (if employer didn't cover), and taxes. The funny thing is mortgage interest rates in my lifetime have varied between 5%-18%. I have NEVER seen interest rates so low & for so long. My parents interest rate on a new home in Texas in the early 80s was 22% w/FICA score of 750! They refinanced later @8.5% & were happy to get it. Times they are a changing ...😯
I come from India and have noticed that Americans Don't usually save as much money as we Indians do. Any possibile explanation for this specific behavioural trait?
@@Wolf-hd1hr With many Americans, unless you are in a high paying job, there is nothing left after basics are paid. We pay more than most other countries for food, medication & housing (average 50%) 😟.
@@southernlady8809 . That's only a half truth. You're old enough to have lived in a country where cost of living wasn't nearly as high as it is today relative to wages and people still spent most of their money and hardly saved. Americans love spending without any regards. Its the way its always been. The only difference is that now they don't have a choice and can't save if they wanted to.
@@MrSupernova111 Well, I was not brought up that way! Budget was set up, percentage to savings, then actually had money left for clothing, eating out 1x a week, etc. I was not a high income earner starting out in my 20s, but did ok managing a ladies boutique. I went through the Recession in FL and with income more limited now the higher prices do hurt.
@@lavalampluva55401 The first time I went to the United State as a tourist I was hoping to see a modern, prosperous country but instead when I talk with a Walmart employee she told me that she slept in her car near the Walmart she was working in. She cannot afford to even rent a studio apartment because if she do she can't spend much on anything else like food/utilities. Really sad...
They were just implementing a rise in minimum wages. It was being fought to block it from happening. Now the prices of everything has gone up, it has nullified any potential gain for the poor and young adults.
Rental demand will always exist so long as humans need a living space 🙄 My rent went from $1,400+ to $1,679.00 What annoys me the most is that I feel there should be a clause in rental agreement stating that upon renewal, your rent make increase $200-500 or an estimate. This gives the renters months to explore their options and decide if they can afford a rent increase. But instead they hit you 2 months before your lease expires and have the audacity to ask for 60 days notice. I live in Arizona and it’s getting out of hand.
Girl it's the same in GA. I currently have a roommate but she has to relocate to another state. I have to find my own place. The same apartments that were 1100 - 1200 are now 1700-1900 ..... Then they told I don't make enough to qualify for the apartment.. its bs.
I don't understand this kind of person who talks about that brother and remember that period all the time but has never bought any house even though the house price was so low at that time hmmm why you didn't buy a house then?
@@tmkim2092 I was in high school. The collapse 2008, happened when I was a junior in high school maybe making $200 a week lol. Get off your high horse there Kimmy. I make way more than that as power system, biomedical distribuitor owner and consultant, but I can still complain about how the market is. I own land, a house and don't pay property taxes due to military service. The current market is a "joke" that can't be laughed at currently.
They should talk about how we have more housing units than households in this country. And the trend of using units as investment rental opportunities is creating a class divide between the owning and the renting. instead of forming policies to give new families the opportunity to have generational housing security, the media is saying it’s a supply and demand issue-it’s not. We have the units available, but the amount of people who own is becoming less and less as the wealthy “investors” are hoarding properties, suffocating the market artificially and thus inflating the values of their rentals
The economy is doing bad, with inflation eating into investments, and Wall Street types are speculating on rental properties and other hard physical assets.
Rent control discourages developers from building new houses and apartments, as people are 20% more likely to stay in their current homes. I concur, because while rent increases at a rapid clip, an individual's salary does not. Paying someone $15.00 per hour will not cover rent for a single person or a family of four. There must be a balance between rent or mortgage payments and earnings. As I live in Arizona, the rental market is out of control, and the new apartments being built are all dubbed Luxury Apartments. There are no longer any affordable apartments. Additionally, existing apartments compete with the new luxury apartments by renovating the building and increasing the rent to keep up with the new apartments. This video discussed roommates. No adult desires a roommate. What does a 40, 50, or 60-year-old look like when they are forced to find a roommate in order to afford a roof over their heads? Organizations do not compensate their employees adequately to cover housing costs, and no one should be forced to work two or three jobs to make ends meet.
I was living in the south and moved back to seattle area. 1 bedroom apt rent is $1700 + utilities = $2k. Making $60k a year means rent is 50% of take home pay. WTF?!
our cities used to be like that until the highway system was put into place because of the advent of motor vehicles. After that, they tore down and rebuilt our cities to be more car friendly and less walkable and public transportation.
Jennifer Tarin / That is.. false. The Highway System was built around cities in the US. No cities were tore down for highways and motor transport, most cities already had roads for carriages etc. highways are typically at the edge of a city, not through. I agree the public transportation needs to be improved in the cities in the US, but spreading false narratives is kinda stupid.
It's kinda hard to change major city infrastructure when it has already been established; it will get very costly. Sentimental & historic value is another reason why cities rarely change infrastructure; at most they'll repair it. If you ever been to a city with an elaborate & effective city transit system (subway & bus), you know how necessary it is to navigate the city, especially if you live there full time. Barcelona was the first city I ever visited that had such a system (I didn't travel much before then). It's expensive to live in Barcelona too! Just like NYC, Chicago, SF and ATL.... it cost money to live in cities where you have access to a lot of things. Cities like Dallas, Charlotte and Austin are next. This is why their rental and home costs are rising as well!
It’s insane , I asked my landlord how the rent went so high and they said it’s market value. So if someone can just say raise the rent, why can’t someone say raise the pay 30-50 percent. It’s seems equal. This is going to hurt businesses. People will eat out less and go out less due to spending money on housing
When I was looking to purchase my first house back in 2021. The first offer I put on a house was 35k and over and I got outbid by 90k by a Wall Street investment firm and they turned around and rented the house out two weeks later for 2200$ a month. The government needs to regulate companies like TriCon American Homes and Blackstone. It’s very hard for the average American to compete with Wall Street and trillion dollar real estate firms
Wow and I thought this was only happening mostly in California, it’s literally insane how high rent is, And now that people can work from anywhere people that live in less densely populated areas will see there rent grow as well. It’s crazy
@@ah2522 really? I live in the Bay Area and there is just no growth at all there's a lot of remodels. it it's hot because there is no new housing. People around the world aren't saying hey let's all move to the valley. There's so many states in this country that is outgrowing California
I’ve given up on my dream career I’ve given up on moving to where I want to I’ve given up on being able to afford a vacation I’m giving up on being able to afford groceries as much as I’d like The one thing I want, I just want to be able to create opportunities for myself, and not have to move back to my family’s property in the middle of nowhere. Now rent is spiking, and any new hope of affordable housing, has the word “luxury” slapped on and the prices shoot up. I’m very frustrated
@@Lotusblume.8 Would it help you if I incessantly whined about there being no hope? Since it’s Christmas I can do that for you if it helps validate your feelings? 🤷🏻♂️
The cities with zoning, permitting, environmental impact regulations, etc. have made it impossible to build anything but "luxury" housing. Looked at adding some affordable studio ADUs to a property in CA but the permitting process would've taken 8-10 months. Gave up.
A little off topic comment but in my country there's a couple of lottery millionaires who still, or at least used to drive truck even after winning. I'm not sure if they do this anymore but remember when I read article years ago about the guy who had won in the lottery and still kept on driving truck. Then they mentioned in the article that there has been an other guy who also won in the lottery and kept driving in his own trucking company 😄. Gotta admit that that's some true love for your profession!
It's already like that in Cali. You got 3 families sharing one house and like 8 working adults pitching in to pay rent and minimum wage ain't making the cut. Who the hell is fine paying $2000 for rent anyway? Reasonable price for rent is at about $900-1100 but you can't get that in Cali unless it's subsidized low income housing.
I can attest to the price hikes in the Gilbert/Mesa area. We moved my son from an apartment on the Gilbert/Mesa border. Very nice 1 bedroom, nothing fancy. His rent was $1200. I checked the price to see what his place is going for now...it's now going for over $1600. I have no idea how these young couples, or singles can afford to live there.
I bought 1600 sq ft condo in Phoenix in 2009 for $10K Camelback and 25th ave. Deals were plentiful then. If people didn't buy at least one property during the crash they missed a lifetime opportunity. My neighbors pay $1800 a month rent, I just have my taxes, insurance ($107 a month) and HOA fee of $185. a month for the past 12 years. I'm going to stay here till I rot.
I was born and raised in San Diego. As you can imagine, the situation is extremely bad here. Most of my income just goes to rent/bills(not to mention, health insurance). I have little left over for any kind of savings. Most of the classmates/friends I have kept in touch with over the years have moved to another state. The "sad" part though is those who did move, are also struggling in those other states. The only people I know who have ended up being financially stable and enjoying their lives, were ones who picked up and left the US altogether.
I'm a fellow Californian. I moved to the coast of Morocco. Once you get passed the fear of moving to another country, you will only wonder why you didn't do it sooner. Good luck my man.
Lived in Austin for over 5 years and I'm Texas raised; I've have seen prices go so high Texas locals are leaving. I was going to buy a home prior to the pandemic around 250k, now that same home is selling for 400k then people from out of state are paying over price to beat out locals. They are paying 50-100k extra, majority of these people are coming from California and northeast. Its unavailable smh, locals are now fighting back not wanting the influx of people coming to Texas. We used to be affordable and Austin is now on the list being the most expensive city outside of Cali and NY.
Austin is very far from being one of the most expensive areas. I've been eyeing Austin for a few years in hopes of relocating to a lower cost of living area from northern Virginia. I would say comparable homes in Austin are still 30 to 40 percent cheaper than where I am currently. Austin has the tech companies that are willing to pay the big bucks so I think the cost will continue to rise.
Private equity firms purchasing massive amounts of rental properties and rental homes and uniformly raising prices so that people have no other choice. It's the easiest way to transfer wealth from the middle class to the investor class.
@@shelbinomani9096 Yes!!! Canada is ruled by these investors!! They artificially inflate costs by buying homes for absurd prices. A literally dump with mold and falling ceilings sold for 1.2 million in my neighborhood. A real estate agent bought it 🙄
Funny how the answer is always "get roommates" and not "retrofit McMasions so that they can support multiple smaller dwellings" or "no one is allowed a second home until everyone who wants one has a first."
most people dont have second homes to live in its usually for renting out to someone else. if we do that we would put a massive roadblock in the free market and it would get worse for everyone. A lot of landlords especially for houses are just simple families trying to scrape together money for a first rental property and a retirement nest egg.
IKR! The problem is the zoning laws in US. They're mostly either low residential or commercial, along with that being bad for mental health and increasing racial inequality and inequality of other sorts , it makes it so you can't build low-mid rise homes. Just endless suburbia. Don't know what I mean? Look at the homes in Amsterdam. They're not skyscrapers, but they're not low residential homes that cost alot to build. (In other words, not as tight as a studio, not as big as a low-res home) 'Not Just Bikes' has a great video covering this. th-cam.com/video/CCOdQsZa15o/w-d-xo.html Abolishing the extreme zoning laws, and parking lot regulations would help people in ways you can't even perceive yet!
Not even mcmansions. There are a lot of older neighborhood houses that can be converted to multiple units. But getting roommate should be the default. Young single people don't need a 1b/1b . That type of rental unit is for "older" renters who can afford it. Media has convinced a generation they can have an uppermiddle class lifestyle when you are not uppermiddle class. We also are ignoring that boomers are hoarding housing stock at the expense of young families. Boomers have 2nd and 3rd homes. That needs to stop.
@@beddythecorgi4269 yes you’re right. Anyone under 30 unless you make 100k!!! Get a damn roommate . People wanna work min wage and expect to afford a 2 br? And no boomers can own as much as they can . Cus owning real estate is actually keeping values up hence incentivizing developers to build and renovate more hence keeping jobs . Blocking second or third ownership doesn’t alleviate the supply because most of those housing aren’t even in high demand areas to start with.
A property owner buys a condo to rent for say, $200K, paying about $600. a month mortgage, $125. a month insurance, $125. a month taxes PLUS income tax on the rent they receive, $125. a month on HOA fees plus pays water, sewer, trash, property maintenance for parking, lawn care etc (some HOA cover that).. say those costs comes to $1200 a month which is reasonable, rents for $1600 a month that's $400. a month for 'greedy' get rich profit which the landlord will pay 20% income tax on so down to $320. a month greedy profit. it will take 52 years to just break even on the original cost of the condo if rent is never raised.
We had a one bedroom condo in Irvine (720 sq feet) that we decided to put up for rent at $2000.00. Over 30 applicants and 3 offered $200 over asking. It was sad to see so many people looking to rent (because our rate was lower compared to what they were facing ($2700)).
I applaud you for pricing it fairly and not at the market rate. I do the same with my rentals. It makes me sad seeing people take advantage of each other. It’s a never ending cycle.
How much money are ppl earning these days? Residents here, mostly disabled, seniors & Walmart workers, who do wo heat all winter to afford rent at all, have a new apt owner who has decided to add the price of more utilities (not metered but an equal share cost) like pest control (never seen a bug here), water, landscapping, snow removal, trash removal, etc, even a cost to receive a bill. And it is retroactive to when they took over, wh was 4 months ago. This isnt subsidized or low income, though it does have the same probs w crime and lack of maintenance, but as it is an old complex in PA, it was affordable to ppl living here. Meanwhile, govt subs, w 8 yr waiting lists around the country, seem to have been bought out by private owners. Meanwhile, migrants are pouring into the States by the millions. Where are they being housed (bc they ARE!) and how are they paying the enormous rental rates when even poor Americans cant? We arent talking "struggling" we are finding out in one day that our rent is now more than our income. Thanks America.
@@grandmalovesmebest those migrants are either skilled workers, or traveling an extreme distance or homeless. There really aren't that many migrants, you're talking about a couple of million in a country of hundreds of millions, their impact on the housing market is minimal.
that's good. don't price gouging, price what it really truly worth. When it is Out of Stock, it's out of stock. Keep the economy stable and not out of control. If a grocery store did the same and sell the last TP that cost $24/case to $240/case that will hurt disadvantage customers.
My parent's bought their house in the early 90's for 70k and it's now worth about 350k. They talk about how good that is but they never think about how their own children are now priced out of the market
I live in the Baltimore/DC are and my apartment is going from $1600 to $2000+. My husband and I are both professional engineers and even at our salaries we are on the edge
Wow sounds like you may be closer to DC or in Baltimore county. I live in Baltimore City and rent isn’t nearly that high most places except of course downtown and the surrounding communities
My 3 bedroom apartment WAS $895 a month in a low income area….before the pandemic. As soon as the property management could purge us out he did and now that same apartment is $1300. No additional features or perks and it’s STILL considered a low income area and I’m in a relatively small city with college students and blu collar workers
Yeah rents are going up in the low income & BAD areas too. Probably why the sales of firearms went thru the roof. PPL forced to stay in the bad areas. The blatant racism & ,favoritism in the trendy areas is driving folks to areas they normally wouldnt consider.
There are many factors that cause this. 1. When the government, illegally, imposed an eviction moratorium and some tenants did not pay their rent it introduced an additional risk to landlords that never existed before. The landlord businesses must raise the rent to factor in the additional risk. 2. The mount of existing housing stock. This is just simple supply and demand. Too many dollars chasing too few apartments. This inflation was also partly caused by government intervention when they sent out "stimulus checks" that did precisely the opposite of what the name implies. 3. The costs to operate rentals are also increasing by inflation because everything needed is rising in cost: materials, labor, services, etc.
@@michaelk969 I totally agree. When the government imposed the eviction moratorium, I knew that rent would increase because the landlord is not going to take the hit for unpaid rent. It is "common sense" it was the worse thing the government could have done. The majority of people thought they would never have to pay rent again! And they were going to scam out of paying rent. Well that backfired!
@@michaelk969 I can appreciate any business person that has to account for outside factors, however, I ALWAYS paid my rent, I had lived there with my Housing voucher for almost 3 years with no problems, and yet, I ended up caught up in an opportunity created by a loophole, that only exists because of lack of proper planning and clear concise protocol. Now myself, and my two kids are living with my parents. While I am thankful for this-I haven’t lived in my parents house since I was 17 years old and the last thing I ever thought I would be doing at 41, with a college degree and a solid work history-is trying to figure out how I am going to put a roof of our own back over my kids heads…it’s a very hard pill to swallow.
Back in the day our parents could afford a good sized, unique, sturdy home with a large yard with one median income. They had new cars. Dinner parties. When they bought something it didn’t break 2 days later. Look at us now. Good thing there are so many new millionaires and billionaires though. 😔
Exactly. The gap between the rich and the poor is now *SO* astronomical, you'd have to compare Bezos' DAILY income to the TEN YEAR GROSS (yes, gross) that a janitor makes. If you're not rich, face it: you're approaching a meeting with Death very, very soon. It's over, and there's nothing that can be done about it. You need to instantly become wealthy, right now. Otherwise, give it up! IT'S NOT GONNA HAPPEN, SON! 💪😎🤟 🐲✨🐲✨🐲✨
Everything is relative. Our parents were taught by our grandparents who survived the great depression. Today, young people think they are entitled to own a home AND be able to go out to the bars 4-5 nights a week. Not many people actually live within their means anymore.
A lot of people are blaming this thing named Supply for the problem. Supply is not a greedy person. The people who own rentals and see that they can squeeze more money out of the poor are the problem. No one is required to raise rents just because housing is scarce. There are plenty of houses to go around, especially in places like California where we LOST population. It's just that some people own more than one, and the people who own more than one are increasing their share of houses and getting richer. That results in renters getting poorer and increasing homelessness. More housing will not reduce rents, since there is no requirement to lower rents. 8.7% of California's housing stock is vacant. That comes out to about 1.2 million empty units. We only have 151,278 homeless in the state. How many empty units do we need before landlords start volunteering to charge less in rent? SUPPLY HAS NOTHING TO DO WITH RISING RENTS. And wages have been flat for decades. It's evident that as a society, we prefer to continue to reward greedy rich people than have a housed nation.
it only affects the types of homes on the market, we as a society have grown a custom to having nice things, if you go to alot of other countries, houses for rent and houses for short term rental are a class of quality apart. In the far but not to far future expect that if you are long term renting its gunna be a hole in wall in a box. Anything nice and unique and spacious is reserved for vacation rental.
@@jonathanhenbest5962 Youre right. I own 2 airbnbs in southern California and I make 3-4x renting as a vacation rental instead of renting to 1 family for a fixed price. In my defense, we are all trying to make money. Im not hurting anyone, causing any trouble for anyone, and just running my business. Ive created more job growth for my cleaner. She makes more money working for me then cleaning random peoples houses that are always a mess. Its also less work for her cleaning a vacation home since its not really that dirty and she makes more money with the constant turnovers. Also, a typical hotel room will cost the same as an airbnb. around $150-200 and with airbnb you get more for your money so im giving vacation travelers more space and bang for there buck. You cant compare the 2 really because running an airbnb is like running a mini hotel service. I turned my rental property into a hotel service and its made me more money, my cleaner more money, and ive made hundreds of families happy. I know because both my prpoerties have 5 stars LOL
@@gertrudewest4535 Well its a free market. The beauty of living here in the U.S. is you control your life. My family came here as refugees from the vietnam war. Started from the bottom and made it to the top from hard work as immigrants. All you do is complain and cry about why your life is unfair. Go take risks, invest, try to make it out from under instead of blaming the wealthy for your problems. Its the American dream. We escaped communism for this life. If you think we are "greedy middle class" then you should move to a country where your socialist/communist mindset exists and see why it never works.
Allow the landlords to build what they actually want anyway: low-rise relatively cheap units, a few of them with small retail (corner stores, cafes and such). In most areas, zoning prevents these.
@@jeffmason2691 The reason that luxury is the only new housing being built is because zoning laws only allow spread out single-family homes or massive high-rise developments. It costs a lot of money to build a high rise, so might as well make it "luxury". Same with the McMansions - if you have 40 acres to develop. and zoning allows a max of 250 homes, then your best return is to build high-end. Low rise is far, far cheaper to build than high rise and allows you to sell way more units per acre. An eight-unit apartment building takes up a similar amount of space to a large suburban home yet houses 8 times more people, which lets more people live close to their jobs.
@@jeffmason2691 Wrong. Developers build lux housing because it is ILLEGAL to build affordable housing. Minimum apartment sizes, minimum parking requirements, height limits, minimum site area requirements etc essentially tell developers that every unit has to take up a bunch of space which makes it impossible to offer it for a low price. So they just build lux apts.
@@jeffmason2691 no the reason why they are building luxury, is b/c if the are not legally allowed to build higher density more affordable units by many townships and counties who have intentionally restricting zoning to prevent that type of building. so landlords have a max density they can achieve, so in order to make the same profit they have to make them luxury and charge more ("luxury" finishes don't add substantial cost, they result in a lot more profit)
I wish everyone would stop calling this a supply and demand problem and start calling it a greed problem. (Big investment firms buying up all the single family homes, etc). There will always be demand for housing as long as humans exist. But as long as these prices remain ridiculously high, then people who are settled into a well-priced mortgage from a few years back aren’t going to be moving now.. and thus stifling the supply.. because they know they can’t afford to move now! This is not the least bit sustainable and there’s no way this is going to end well for most people.
My friend lives in a Hampton, VA & his, 1 bedroom, 1 bathroom apartment rent, went from $900/mo to $1600/mo when we went to renew his lease. The apartment complex is renovating all the apartments but mind you his hadn’t even been touched & everything was still old . Needless to say he moved back home & is trying to figure it out again.
I think there should be limits on foreign investors. Think about this: Some rich foreigner wants to get their money out of their country because of unstable currency or geo political risks. They see the US. housing industry as being pretty solid place to store their wealth, so they buy up houses & condos to park their cash. For some people, it might even be safer to just keep the house empty rather than risk damage to their asset by renters. While I believe in free markets, I do think there should be a lockout period whereby any foreign entity should be locked out of buying a property until a 60 day grace period has ensued. This waiting period would encourage sellers to entertain offers from Americans first but not bar foreign transactions for occurring.
Home and hovel should never be a target for foreign speculation. We do not owe China a tithe for the privilege of living in our own homeland. Full abolishment is required.
good luck the National Association of Realtors is one of the largest lobbying groups in the US and they love cash deals because RE brokers arent subject to adequate money laundering regulations
I understand what you’re saying . I just don’t think it’s all foreign investments . I think the filthy rich can be greedy ( not all ) . But Americans will do the same thing as foreign people , buy up as much property as they can & just hold it until they re sell it. Doesn’t really matter if we ban foreign investments . They will find loopholes easily , & the rich Americans will do the same thing they are doing . I don’t fully agree that it will change much …… the rich are going to continue to be rich while the poor are the poorest they ever been with the biggest gap between filthy rich and poor this country has EVER seen .
“There's a storm coming, Mr. Wayne. You and your friends better batten down the hatches, because when it hits, you're all gonna wonder how you ever thought you could live so large and leave so little for the rest of us.”
REMINDER THAT HOUSING IS A HUMAN RIGHT!!! Landlords should not be allowed to raise the rent more than yearly inflation each year, and there needs to be an end to no-fault evictions
They should be allowed. The more rent control and price control the more housing shortage occur. It is a geographic/ demographic problem, not a business problem
@@MrSupernova111 the rent control bubble is in Los Angeles where I live. And there is no builder dare to build "affordable" housing here. Poor residents either go homeless or move out of states. Yes rent and price control creates a bubble: homelessness, loss of residents. About your bubble, you keep living in it
@@htr1610 . Continue making up your own facts. The USA is quickly falling apart while you live in fantasy land. Soon enough reality will hit you where it hurts. Until then, enjoy it!
@@MrSupernova111 from the sound of your comment, looks like you are not living in the US. So your claims are most likely false bias. I don't wish nor dream. Those are real problems. Bye bye
Georgia should be on this list as well. In the last 10 years rent for a so called luxury apartment has doubled in Georgia with minimal wage still at 7.25 per hour.
My husband and I have been renting in different states for the last 10 years and currently reside in Georgia. Our 1 year lease is ending soon, and they increased it by $200. Never in the 10 years of renting have I ever had someone rent increase that much at once. It’s out of control.
Who is working on 7.25 an hour? I seen signs for fast food beginning people to start at 15 an hour all around Atlanta. Amazon is paying $20 an hour everything is up.
Georgia also has horrible laws that protect businesses and landlords more than tenants and consumers. Taxes are also ridiculous in GA. Definitely lives up to its name sake King George.
Yeah Georgia is insane im in Savannah and my apartment is now charging 1650 for a 600sq ft apartment. I'm paying 1060 to live in the same apartment now.
What some of these apartments are doing is charging you monthly fees for everything- in beautiful Colorado Springs we have a 500sq ft apartment and it costs us roughly $1600 just for the apartment before utilities. We pay utilities twice a month- once from the complex for “community” utilities and once from CSU. Working full time jobs and making roughly $60,000 last year combined- we netted a loss after all bills are subtracted from our monthly expenses. We cut back to buying absolute bare minimum and I try to make sure that I only go out when absolutely necessary. Eventually we’re going to end up homeless at this rate, so I couldn’t imagine the stress that someone in a similar situation must be going through. We’ve considered moving close to family in Arkansas- but, that involves spending money we don’t have to go somewhere that honestly isn’t much better. We took out a loan to help balance our budget and got a decent rate- but getting sick one time and both of us being out for roughly a week and expenses involving our dogs set us back nearly 700-800 the last few months. February is a short month and ultimately relying on this loan is genuinely the only other way to pay the rent next to working two jobs again. I hope it balances out soon- but fat cats on wall street will have made their money back long before then.
My rent costs less than 10% of my monthly income and I even hate paying it, I couldn’t imagine paying 40% of your income just to have a roof over your head.
Got news for you: it's ALWAYS a landlord's market. I have never seen a market friendly for home seekers, renters, etc. When I lived in NYC 20 years ago, rents were constantly surging and they still are. It's one of the reasons why I left there. But now the same market forces are in effect everywhere. All of the reasons in this video are valid. It has nothing to do with who's in the white house or who's the mayor of what city, etc. People today are living longer, so there is a lot less housing turnover like there used to be. Not to mention that our country's population is exploding, as people are moving here from all over the world. Have to put all these people somewhere. But yes, affordable housing is a losing proposition for building owners because construction labor & material costs are at an all-time high.
Sometimes I'm astounded how some can insinuate that policy is completely useless and practically leave the only option open as being deal with it or live in your car. Without actually providing any real proof except what sounds like statistics off the top of their head that realistically don't mean a thing. Population isn't relevant, number of households is. And what exactly is it that told you we're all gonna be homeless unless new apartments are built? Because from what I can tell there's more than enough apartments available, just not enough funds for average people to put them to use. Why are people so quick to literally just get on their knees and insist that an economy where people are both paid fairly and charged fair prices is practically impossible lol? Are the consequences really worth trying to look like you're one of a few willing to deal with the truth (if that's what you call it)??? And if you truly reasonably come to such a conclusion why in the hell would you not research a little to make damn sure you're right before giving in?
I like how the answer is just to increase the minimum wage. No discussion on how to lower the cost of living. Just pay people more money and keep raising the cost of living so it's always just out of reach.
My generation has been screwed from the beginning. My first real job was in 2007 and then the crash happened. I finally recover and can afford a home at 32 and prices go out of control. So glad I’ll never own anything to grow wealth for myself. And then boomers wonder why we vote the way we do, we’re sick of it!
You live in one of the easiest places to live in the world. If you didn't manage to accumulate any wealth it's because you are either lazy or dumb... or both
So you got screwed with Obama in 2008 and the border crossings increased by millions per year, now the second half of that group just allowed in, an excess of over 11 million in the last 10 months, and everybody wants lower rent, send several million back across, then there wouldn't be an affordable housing issue. That's what happens when the welfare and free housing is now for non citizens.
@Game Guy... yup. Luck, Fate and happenstance are pretty much all that factor into one's success in life. Everyone likes to claim 'alpha' status and 'being hard' and 'badarse'... also claiming that they are successful because of THEMSELVES. But... no, it's 90% luck. Five years too early or too late... and you're screwed. 😕 Very little can be done about it.
Avoided the root of the problem. It is either corporate owned large scale apartments or single family homes. Multi-story duplex and triplex homes are rarely seen. Remove the outdated parking constraint, allow more duplex and triplex homes to be constructed. Remove regulation and liability constraints that makes it harder for home owners and tenants alike.
The issue is zoning. Our outdated zoning method forces developers to build far from cities, which very few ppl actually want. The homes closer to job centres grow and grow in price as the demand increases. We've been doing this for decades now, and the only empty land is now so far from the cities no one wants them. We need more infill development and to turn all of these suburbs into mixed-used, job creators.
building more density into cities does not solve anything just look at all the densely built cities across the globe none of them are affordable like NYC, London, it almost seems like the most dense cities across the globe are the least affordable..
I appreciate this video. I've lived in north Texas since 1997. I have rented, and owned homes over the past 20+ years. However, I have never seen these ridiculous rent and home price increases. The Governor of Texas does nothing to help and I hope abbott is voted out of office. How long have people and government officials been talking about a livable wage? Years this has been discussed. The pandemic ravaged the world economy. It also put a big spotlight on how the haves, 1% and banks, corporations benefit while the have nots still are suffering. It's ridiculous in a country (US) that is viewed as a world leader cannot even resolve social issues in It's own backyard. COVID-19 still has a grip on our global economy. Smh
In Orlando, I had a 2/2 townhouse for $750 for 6 years until 2017. The owner never raised the rent but the management company was super greedy and raised the rent. I went out looking and was shocked on how much I had to pay just to live like a human being. Eventually I brought a home 2018. The rental market was screwing people
Supply & demand and builders prioritizing luxury apartments to maximize rent because permits to build is very complex and time-consuming to build affordable housing.
Because supply is so artificially restricted with zoning, the only housing that gets built with new upzoning is luxury. If we took away a lot of the government regulations (SFH zoning), we would see a lot more variety in housing options made available.
I recently moved to California from Utah. Things are just as expensive in Utah as they are here in California. At least the minimum wage here is about $15/h and in Utah it's $8/h. I don't know why people complain about California being unaffordable when the entire country is unaffordable.
Anywhere that is desirable to live has higher cost. If you google low cost to live states they are all Midwest and southern states. Everyone loves living out west.
Maybe I missed it, but where was the part where you addressed the overwhelming amount of scummy people getting into real estate for the soul purpose of quick flipping houses and/or coasting by on a passive income through predatory rental practices?
Greed is the only reason why we have an issue as long as demand is over supply they win... and they plan to keep winning so this will continue to be a problem... if you truly want to fix it then start taxing these companies instead of making them exempt from taxes... this just creates the issue of all the jobs being isolated in a couple of cities in each state and those areas are expensive to live in... the rest of the areas in those states aren't expensive... if you want to afford a house then the jobs have to be more spread out to create more affordable housing. I don't see this happening because politicians want jobs in their city and these companies donate to the campaigns of the guys that keep giving them tax cuts, but everyone knows that when you have too many jobs but not enough housing that leads to expensive cost of living and increase in homeless. And, now that leads to increases in pay which in turn will increase the cost of goods sold by those companies and that transfers to all areas including the rural areas in each state that don't have jobs or higher pay to handle these increases in cost so now those people live on less and less while others can't find homes to live in even though they make 100k +
They should make illegal to donate to anyone working for the government they have a budget and a check. Nobody working for the federals are allowed to receive gifts from foreign powers so why local powers are allowed 🤔 but that's a law that congress won't pass couse it affects their pockets what a hypocrite lol and clowns we have in congress
@@chadleach6009 Basically the same thing i was trying to say. If all the jobs are in a few cities then all the people are forced to live in or around that city and everything in those areas will be more expensive.. if you truly want to fix the issue then jobs can't be all focused in a few cities and need to be spread out more... its wont happen but that's the answer the large corps will just build housing for their workers to please the gov and their workers and those that don't work for these companies will be screwed. Don't forget the those in charge of these cities can force their ideology on you and if you don't except that then you are also discriminated against and will suffer..
@@allonan8856 but all the jobs are not in a few cities, especially today with remote work being as popular as it is. Sure there are some large cities having issues with this but that's not the case in other areas of the country. What is affecting us all is the currency everyone is operating in, different markets fluctuate differently but when the currency is inflated everything denominated in it is as well. Meaning not just real estate but food, water, materials, everything requires more dollars to keep up with their present value as the value of the currency diminishes.
@@a.m.doesit9347 it's not the FED's job to make it easier for people who already have money to make money. If you've got money laying around and you want to invest it properly it's on you to figure out how, not the government to create ways for you to do it.
@@nihiljoshi2199 that's correct. That being said, I believe it's more important to live in a country where everyone can afford some sort of housing than one where a select few get rich off housing. And I belive the government should attempt to make that so.
Im a landlord and I ain’t raising my rent on my tenants who are already paying on time and have given me no issues. However if they move out I do plan to increase the rent price on my property
@@didiss400 from now on, I will put some harmful additives to my food that will damage long term health to the consumers. Business shouldn't have feelings though.
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I wish they would also talk about corporations like Zillow buying up the houses, outbiding ordinary people who just want homes for their families, then hiking up the price to exorbitant amounts. They should also talk about hedge funds going into the landlord buildings, hiking up rents and evicting people.
This comment is so underrated. Looking through Zillow you can see in the sale history how they take a reasonable
price and double it. People like me get priced out and are forced to rent. You can’t win.
@@Smoove_J the only way to is build your own but the state makes it very hard and costly and if it wasnt i am sure they would he doing the same thing with land they are doing to houses
@@Smoove_J hell even cheap things like moblie homes you have to have a speical license to move cost 30 40 grand just to move it around the city people given away the older ones to anyone who can move it off the property
Yea but that’s what Americans like, and want.
Zillow exited the house-buying business
You're crazy if you think I'm paying $2k for a studio. I'd rather live in a van down by the river then pay such a high percentage of my monthly income on rent.
I did just that except I'm by the airport
Buy an RV
Van down by the river! Priceless!
Oh no, you cannot just opt out of the scam pyramid scheme! Watch the authorities criminalize van living as soon as too many people do it
She has to be talking about downtown Austin. I just moved out of there in May. I was paying $1425 for a nice 1bedroom 1ba apartment. Townhouse style. Updated appliance. It was very central, about 20 blocks from downtown. They wanted $1900 for the 2 bedroom.
42% of the average person’s expenses is rent, and yet housing is excluded from inflation calculations. The inflation rate is blatantly disingenuous.
The basket of goods includes mortgage payments
@@fiftyforty-threemma2924 Yah, but it excludes rent.
@@paulerdosdaughter I looked into this, and I was wrong. Forbes noted that they track mortgages, but the Bureau of Labor Statistics specified that they track the cost of shelter in renter-occupied housing (rent) as part of the CPI
@@fiftyforty-threemma2924 yeah but they only calculate it as ~20% of the Cpi. Fact is most people spend more than ~20% on housing.
Governments intentionally under report inflation to justify accomodative monetary policy
We also need to talk about how paying all this rent doesn't even help our credit scores or have any bearing toward getting a home loan! Society runs on scams to keep poor people struggling forever.
I just realized that
Exactly, I learned this after learning stock trading, also psychology should be taught to everyone.
It's literally a money making machine, when you're too old to be milked your kids will be and so on. Most of the companies in the world are literally immortal feeding off of every generation. Fully think this through and you'll throw up and be looking forward to the day you die I know I am, I'm not going to rush it along but man that day, man that day is really going to be something special and I'm not even religious. Pure rest folks, no more slaving for the machine, even if it's like before we where born nothing-ness I'll take it with open arms because this place is a sewer and I just want to move on through. Once you fully come to terms with this and understand psychology this is just how it is, you all have been conditioned that's why you literally think everything is great. You guys are still in the matrix I am not. I purposefully have not had kids trust me I wanted to like everyone but then I realized I would just be feeding the machine and I don't want that for my kids.
@@Umm-mg3pb This is the most rational and relatable comment I've ever read.
@@Umm-mg3pb why not have kids and teach them what you’ve learned, so we can have more rationale people like you.
I'm from Phoenix and I'm so happy to see them bring this up! Rent in Phoenix skyrocketed over the summer. My $1300/mo "luxury" apartment with giant cockroaches increased to $1700/month. Where am I supposed to magically get $400 more a month from? My friend's rent increased from $900 to $1500, both hers and mine were one bedrooms. It's insane. She moved back to Virginia with her parents and I'm living with a friend in Ohio. We legitimately got priced out of the market.
Cockroaches ewww. Can't you claim compensation from the landlord?
You got forced out of the market, when they allowed well over 11 million enter this country, in just the last 10 months, which sucked up all the lowest rentals to provide the "free" housing for those individuals. Besides the 10's of millions that came across during the previous Democrat reign with little to none deported, but all eligible for the free welfare that taxpayers pay for.
@@patzeuner8385 stop blaming immigrants. the government can enact policy to fix the rental costs that has nothing to do with helping asylum seekers
@@nikki5195 the government can also enforce immigration laws. As far as asylum seekers goes, it's more like people coming here for the free stuff, you know, the free housing, free utilities, free food, free money to live on and the best free medical, that's called welfare. All at the expense of the US taxpayers.
@@patzeuner8385 of course blame the poor while ignoring the greedy landlords and rich
I live in my minivan at the moment. Part of the reason is because I could never afford an apartment I know I can get roommates but I need to be on my own. Everyone deserves to live on their own
Look into mobile homes, RVs, condos and townhomes. The southern states and the Midwest are more affordable.
You’re not alone. Unfortunately, it doesn’t make the news but, there are a lot of people living in their cars now because they can not afford rents. People with children even. Wages have not kept up with the cost of living. Businesses will squeeze as much as they from their workers for as little pay as possible in the name of profit. You’re lucky to even have a vehicle that you can live in. Food and shelter are suppose to be basic human rights. Doesn’t seem to be that way anymore.
@@missdesireindependance5194 I’m living in my minivan partly by choice. I want to travel around the country and I’m not trying to work four jobs to pay for the rent.
As a woman, please be careful driving around and traveling alone in a van.. Don’t let people in your area know you sleep in your van. Please be safe
Highly recommend you legally purchase a gun, stay safe
They need to start building more housing, there’s a housing crisis across the country, and we don’t need luxury apartments we need realistic cost housing
The question is who is “they”? “They” can’t make a fortune by creating new homes. “They” want a nation of renters. The incentive is all wrong.
@@Lucas-hb1uq "they" are the tens of thousands of construction companies in America, and "they" aren't a singular entity capable of collaborating. If it was legal to build more housing in cities, they would, because that's profitable.
@C. They are building more. The problem is people can't afford them. There are new townhomes built in my neighborhood that costs $400k for 2BR/2BA.
@@nolin132 I work construction and they are not the ones who create the market, they build for developers who are deliberately building rental home neighborhoods because they make more money off of rent than sales. A one time home sale is nothing compared to rent that goes up year over year. There is no incentive to build and sell.
@@nolin132 construction companies aren’t the same thing as real estate companies😂
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Love how with dancing around all the “systemic” issues, the takeaway from this video was “Make more money or get a roommate”.
Many economists do that, I'm starting to realize, lol. Especially ones not from America and don't really have a full scope of the issues here. I still like watching their TH-cam channels but I take it all with a grain of salt.
@@BewareTheLilyOfTheValley The reason economists exist is to justify the way things are - in service of the rich people responsible for the way things are. Once you understand who employs them and why, they’re impossible to take seriously, it’s a joke of a profession.
@@pc5505 pure the facts
Seriously though. I listened just to find out the only thing I can do is make more money or find a roommate
@@pc5505 and where did you get this information? I think you should be pointing your finger at the government, but then again what do I know you probably sit on the couch listening to all the garbage the media spews instead of actually doing something in local government. Economists are more concerned about the trillions of dollars spent in the last year and what that means for our country and currency going forward.
I have taught abroad for the last 8 years in South Korea and the UAE. Most companies pay for housing and sometimes even utilities. I came home to the USA for 6 months, July -Dec of 2021 but realized there was no way to stay and live comfortably. The first opportunity I got I was on the first flight out.
🤣🤣Wow for my 2bedroom apartment in Johannesburg, South Africa is $450 n really upscale. I laugh wen I see ur prices.
@@morenakhaya655 it’s actually not funny at all. It’s sad that people can’t afford a basic need like housing.
👏🏿👏🏿👏🏿👏🏿
I want to move out, but my girlfriend wants to stay in the states :/
@@paxtoncargill4661 sounds like you have a decision to make lol
It’s so upsetting to see these so called “luxury” condos going up when they’re not needed. America doesn’t need luxury condos ( they’ll call anything luxury these days). The typical family just wants an affordable place to live without all the bells and whistles. We especially don’t need a gym on the first floor or a terrace on the roof.
nah, we want luxury condos. I just bought one. It's lovely! Over 1 mil but it's worth it
Yeah, they are trying to create “communities” in these buildings by having well-outfitted public areas like a gym, media room, business office, but small units. I’m with you; I don’t need all that junk, just give me a nice, spacious unit.
It's a buissness. You cannot charge someone $800 on maintenance fees for no reason.
It takes almost the same effort to make something “luxury” why would a builder sell themselves short by making an affordable home or condo?
People want luxury apartments, but it's no sufficient to satiate all demand and unnecessarily increases price in an area.
At 79, I had to leave the USA due to deadly crimes, high rents and utilities. I am happy in Queretaro, Mexico. Thank you God.
And better weather than the best US has to offer (CA & FL), congrats .
The irony---all you hear about is the flow of immigration northbound, yet for many people, the only way to stay afloat is to go to a place like Mexico.
Texas is a conservative expense sht hole
@@sheriwagner1134 Yes, this is the scam, whereby Americans push Mexicans away from their lands. I tried to explain it to them, but I was dubbed a “racist” for it. Soon, the migrants will be slaving away here, while Americans buy Mexican property for cheap and turn it into their own paradise, at which point the Mexican migrants are caught in the rat race, struggling to wake up from the American Nightmare. Why would loads of people go to another country to do construction when they could be doing that same construction…..never mind. 🤯🤦🏻♀️
Best decision of your life. America is out of control & soon going into meltdown. America is not a society it is a Loan Shark.
Bank: I’m sorry we are unable to offer you a mortgage. We feel as though buying a home out be out of your price range…
Me: But I’m paying more in rent now that I would on a mortgage payment!
Bank: Yeahhhhhh. Sorry nothing we can do.
🙄
You pay more with a mortgage. YOU pay the water, trash and property taxes. Plus the electric bills, repairs & maintenance. If your rent is $2500, if you buy a run down house, your monthly cost would be double.
He's more talking about the unreasonable things the bank does, rather than how expensive it is to run house
Yup whole time in Nevada I was paying $1400 to rent an apartment, I tried to buy a nice small 3bed house many times that woulda had a $1500 payment. No No No You can't afford that. Now my rent is $1700!!! F*ers
@@rhondamcknight2596 Many renters pay everything except property taxes and large scale repairs but still pay twice what they would for a mortgage on the same property. Many would pay about the same monthly even while saving for future repairs and they’d be investing in their own property rather than someone else’s. They do this for many years with no missed payments and excellent credit yet are considered high risk if they can’t meet the 20% down payment mark.
They are ultimately punished on both sides and end up stuck forking over up to 70% of their income per month on a property that they don’t own just to avoid living in a dump in a bad neighborhood. Wages are much too low to accommodate rent rates plus saving for a home for the average person these days and loan requirements offer no real flexibility for those with low risk rental histories and stable employment. PMI is a barrier and absolute racket.
It’s not as simple as you’d like to make it sound.
@@rhondamcknight2596 don't know where you've been but where i live all of those expenses plus a few miscellaneous ones (except property tax) are billed to me as a renter. every month. so yeah it's incredibly frustrating to be told you can't afford something you pay literally every month.
This definitely needs to be discussed more often I have friends and family who are suffering because these price hikes how do they expect people to live. The stock market does not reflect what’s is happening to average every day American
@@brenthandley5591 well damn when you say it like that smh.
You must move out of the USA. It has become a place for the wealthy onky. Foreign labor is piling through the southern border to become slave labor. As the middle and lower classes of other countries have not lived at the standard of those of the US, nor do they expect to do so, they will be comfortable enough in their new coumtry.
For the average American (US), the only answer to staying alive is to get out. It is sad if you have not been planning this over the past 10 yrs so it will be harder for you, but keep in mind that at least you will be alive and wont starve. Eventually, you will get used to your new place and it wont be anywhere near as far down as it will be in the US. Good luck.
Also 90% percent of the stock market is owned by the wealthiest 10% of Americans. The stock market is definitely is in no way representative of an average American and the current economic state most people are in. Also the stock market is based on speculative value not real objective value.
@@grandmalovesmebest No way. Dont make it that easy for them. Make them go to greater lengths than they did with native Americans. Dont just let these middle men take the country from you.
@@grandmalovesmebest You realize it is very difficult and almost impossible for the average American to move countries. Most will not take you unless you have very specific skills.
They can’t afford to build affordable housing so they build luxury housing instead, yeah that makes sense. 🙄
Yes, they are always trying to pass off distorted logic like that.
It does actually make sense.
They can't afford to make cheap houses because of land prices so they go for the higher End Market
is because permits and government regulations make building expensive. So is not profitable to make low end housing when government are like snails to grant permits
If I were a builder I'd build what I could get the most income from.
What investors think but dont have the balls to say: "By putting rent control, our profits are only 3x per year not 10x.. so we don't want to put money into maintenance"
Texas is a conservative expense sht hole
Rent control does not work that's why places where it's been implemented rent is much higher.
Yep that’s right that’s the reason rent is going up maintenance cost property taxes and mortgage insurance and the landlord wants a pay raise and vacation and a new car and more money for his or her retirement savings and guess who is going to pay the renters and if somebody wants to buy the property at a inflated price the landlord is going to sell and the whole process starts again
I'm 40 but when I was 22 I lived alone paying about $525 per month for a 1 bedroom apartment in a gated community. Now, that's $1300- $1700. This is why young people can't move out nor do they have the skillet and education to get the high paying job that offers HealthCare and 401k. Let's not forget that if you do go to school more than likey you have a $70,000+ student loan around your neck. Today you need about 4 roommates just to break even with that $15.00/hr job
America is a sinking ship.
No excuse for debt that high. Community college and state is the smart way. Coming from self sufficient teen…
Extreme corruption in the government and this is collapsing the country.
@@solarsky3691 I don’t think it’s collapsing, but if we are collapsing then every other country is.
trades
This isn’t a supply problem. The disconnect between prices and wages tells you everything you need to know: average Americans are finding themselves in competition with external influences, such as foreign investors or real estate speculation by private equity.
Not foreign investors, it's mostly companies investing or people from more expensive cities moving over.
This IS a supply problem created entirely by a government imposed eviction moratorium. Another fine example of power hungry politicians who are clueless about real life. Keep voting for it.
It is supply in the right area
@@wiseowl2020
And how do you expect the poor people to afford anything?
They can go to work like the rest of us. That's how.
About two months ago, I lost my job because this restaurant that I managed - told me that they couldn't afford my hourly rate. I came to learn that they had received the PPP loan twice and on top of that hired two people which would have cost more than my hourly. Just saying that there are so many factors to this messy economic situation and greed is at the top.
Sounds like you weren’t worth the money they were paying.
Should’ve gone to biotech. I am 26 and I make six figures. Off a bachelor’s degree from a modest state school
CEBEDH Sounds like you want a working homeless population to look down on.
@@cosmicllama6910 “Working homeless population”. An oxymoron if one ever existed.
Greed is definitely at the top
The government doesn't help by not wanting people to own tiny homes or small prefab homes so people can live. The prices in this country is outrageous. It's like they want people to live in poverty.
We can but have to move to a possible location witch would make it not even 1% enough for millions. Land lords get away with creepy apts with rats bugs and cheap walls flooring like your next door tenants live with you. thomping dogs load music. land lords make you Sgin a lease with out reading it and then put you on a Black list if you don't obay by the land lord law. Consentration of Communist type treatment.
So true!!! If there is one thing the Soviet Union, got right is that they built enough apartments so everyone could have a roof over their head!!! Our government is STUPID, INCOMPETENT, and only cares about POWER!!!
Texas is a conservative expense sht hole
They do want people to live in poverty
For years and years..........ya whole family.
The price of homes everywhere in America is disgraceful. Rent prices are rip offs. Eventually, it will all tumble down.
Can’t wait
Market crash is long overdue. They need to stop printing more & more money.
WHEN???
I'm moving my cousin, his wife, mother in law & sons to the middle of nowhere. He's paying 2000 per month & just can't work with the new rent increase. Our uncle will also be helping build a house. Its better to live with your clan then to end up homeless. Or simply just working for a apartment.
Long overdue
I became a male stripper and paid off my mortgage.
I never thought I would do that, but I was on the verge of losing my house that I worked hard to get.
No judgment
Strip it!
Good job! If I were cute I might do the same.
@@Person1865
I mean a good lookin chic can make serious money strippin
As long as a person is doing a legal job and paying taxes then there should be no judgment or criticism for how you make a living.
When people can't afford housing, saying that construction of one family homes will solve the issue sounds totally out of touch.
It's a supply and demand problem.
Increasing supply of affordable single family homes will make it easier for some current renters to buy their first home, thereby vacating the rental that they might otherwise stay in for much longer.
As they leave the supply of rentals increases, which decreases the price of them. Those struggling to afford housing now have opportunities for a decreased housing expense.
@@dohczeppelin37 no one wants to build affordable housing and even if that were the case investors would just swoop them up first
You can’t build affordable housing when local officials have tacked on ridiculous permitting fees. It costs $150k where l live in just permits to build a single family home. An an apartment complex? 7 figures and a decade of red tape.
@@DC70182 what do you mean by affordable housing? Like the government housing that normally turns into crime infested dens that are normally torn down in a few years?
Smaller single family home only solves some of the prob..
High rise/multi story affordable apt are the answer. But many counties wont allow it.. A dark side of NIMBYist..
I've been looking into tiny homes for this reason alone. Due to inflation, even everything in the dollar store isn't even a dollar anymore. It's sad but unfortunately, once the economy gets back on track, I doubt these prices will go back to what they once were.
Zoning laws and building codes make tiny homes illegal to keep poor people away. Thank white boomers for passing those NIMBY laws.
It’s $1.25
We need more missing middle duplexes/mixed use and high quality single family homes that are built more densely. Unfortunately, our zoning laws make it almost impossible to build anything besides single family in most places. Not everyone can immediately afford a home, they need stepping stones to get there but unfortunately most people have the option to rent forever or go straight from an apartment to an expensive suburban home. We need more of the middle step. We need Strong Towns style development.
Yep! Not Just Bikes made an AMAZING video on it.
th-cam.com/video/CCOdQsZa15o/w-d-xo.html
Abolishing the absurd zoning laws and parking spot regulations would help tremendous amounts. I'm glad there's someone out there that agrees too!!
Yea. Not to mention single family homes are costly to maintain for the city.
@@sm3675 Don’t forget the maintenance one has to do on their own
So who's house are you going to bulldoze so you can build your future slum? How about people live where they can afford?
@@RS-ls7mm The missing middle isn’t a slum genius it’s a dense suburb that can be very quiet. We’re not talking about the projects here. We’re talking about street car suburbs. smh
When even the smallest apartment/house isn't livable enough due to rent, then it won't be a surprise if the USA will have the biggest proportion of homeless people, and not just immigrants or poor people, but also long-time american families and middle income folks...
Do you always think every trend will continue unchanged? Really? Or did you just post that for likes?
Income inequality is only getting worse and worse. Wealth inequality is currently worse now than the gilded ages. Poverty, homelessness, and crime is only going to increase at this rate.
@@pzzz_ When the societal balance will break (we're very close to that situation), no one will be safe from the collapse of our civilizations, no matter how much money you have or not.
@@potrelviewer9536 Exactly! This is how wars begin.
@@potrelviewer9536 Occupes toi de valerie pecress et de Eric Zemmour , les Etats Unis savent ce qu'ils font.
Seattle had 2 candidates for mayor. One promised to get rid of single-family housing zoning so that we can build more high-density housing everywhere. She didn't win. The voters are part of the issue in creating too few housing units.
The voters aren't part of the issue we are the issue.
The voters are the NIMBY (Not In My Backyard) crowd.
That was not the biggest issue on the ballot in Seattle.
slums
Campaign donors
This is a serious issue that needs to be discussed. I know of a few single moms who are having a hard time paying rent, buying food and the essentials. They make either too much to qualify for a lottery apartment or not enough.
They have no chance, plain and simple. It's over.
If you're not rich, you're either DONE, or, you have to become a live-in slave to some rich family who will take you in as a housekeeper, lol! 😂🤣😂
🐲✨🐲✨🐲✨
It was never financially sound to be a single mom. People should start putting more thought into who they reproduce with. I do feel for those who lost a spouse, but that is generally the exception and not the rule.
The problem is the archaic US planning laws. Not supply and demand as suggested.
In the late 40's the planning laws changed. You could only build detched single family homes in the Burbs, or skyscrapers in the city.
If you look at some city dwellings you can see the difference, high density mid storey flats pre-1940 against skyscrapers post 1940.
Just look at Europe and the city dwellings are 4 to 8 storeys, it is affordable housing...albeit until ArBnB came along...lol. But European cities are limiting how many properties are allowed to be AirBnB.
The US can change their stupid planning laws and build affordable housing.
In the UK, new developments have to have a percentage of social homes in the estate. Not an estate for social housing and one for luxury properties. They are mixed.
@@adem-Savs thank you for the info. Sounds like I should move to Europe.
Many of us retirees are also in the same boat. At age 72 I have no intentions of returning to the workforce.
Rising rents should be a crime against the state. That's crazy to charge a tenant double for a place that in only ten years has skyrocketing prices. I moved into a rundown apartment paying only 500 a month and now ten years later that same apartment is charging 1200 to 1300 a month! Real estate brokers and landlords should be sent to jail for such cruel rent hikes it's against humanity.
Should be ordinance against rent yikes
LOL
Your so ignorant
People will call it communism though if the gov regulates rent. In the Soviet Union everyone had a free place to live. Housing was a government subsidy.
My thoughts exactly. I agreed.
In my eyes, that's Treason against good honest hard working citizens doing their best to make ends meat living check to check every month.
Agreed they are milking us
The banks tells me I can't afford $1,500 of mortgage a month. But they tell me I need to pay $3,000 in rent a month. Absurd
Texas is a conservative expense sht hole
Yes, debt to income ratio. The more rent you pay, the worse your application looks to the bank, regardless of your score. It’s a catch 22 that favors people whose parents support them longer and assist them with down payments.
Rent has almost doubled for a 1bd in Las Vegas. I moved almost 4 years ago and a 1bd was around $900 in a very nice neighborhood. The same unit is now renting for almost $1600. Of course my salary is the same. I was able to live pretty comfortably but now I have to budget every dollar.
I lived in Centennial and was paying $775 for a 2 bedroom in 2017. I left in 2020 because I was paying more than what I was paying in California including utilities, insurance, etc. Rent was $1450 when I left. That same complex has 2 bedrooms available for $1700 as I type this! I have since moved back to California where I found relatively cheaper rent and a better paying job that has slightly put me in a better position than I was in Vegas (ironically the opposite happened when I left California for Vegas in 2017 and it put me in a MUCH better position.) Screw this inflation bullcrap! Sorry you're going through this.
@@mida8261 Oh you definitely know exactly what I'm talking about, and I'm sorry you had to deal with it too!!! It's absolutely crazy. I actually moved from Hawaii but honestly with lower pay in Vegas, I ended up in a worse financial position once my rent started to increase. I was on the fence but I decided after writing that comment, I'm moving back to Hawaii. With as expensive as it is in Hawaii, I'm actually going to better off with a better salary, and paying a slightly higher rent. I found a 1bd for $200 more than what I'm paying now in Vegas. So it's not even worth the sacrifice to leave Hawaii and live in the desert when the cost of living isn't that much better and the pay sucks even without state income tax! This inflation is ridiculous and soon most of America is going to look like a 3rd world country due to Middle class not even being able to afford rent very soon! Do you mind if ask what area of Cali you're now living? I considered moving there but also found it to be very expensive but may have been the areas I was looking.
I moved into the Aviator on St Rose & Starr Ave in Henderson, NV in September 2020. My lease was up in December 2021. My lease agreement was $1,265/mo + $75 Water/Sewer/Trash each month, plus $100 for Cable/Internet they FORCED us to pay for. When 60 days came up before my lease expired, they wanted to charge $1,795 For the same exact unit, no changes, no upgrades. That's $500 increase in 1YR!!!
@@zachchadwick3613 I know exactly which complex that is. I'm around the corner in Southern Highlands. That is an insane increase in just a year!
@@zachchadwick3613 wth
I’m a single woman and sometimes I can not sleep at night fearing whether I’m able to pay next month rent or I will end up in the street. 😣
I'm a single woman, too and people don't talk enough about carrying on all these costs and being single. There's no one to split with!
Well the criminals in our government have been intentionally breaking law-abiding
citizens...Trump 20024
This is insane 😮
This is very frustrating. It’s a human right to have a roof over your head. How can they take that away from people? Do they want people living in the street?
Thank you!!! 👍👍👍👏👏👏
No, it is not an adult human right to have a roof over the head. One needs to do something to get it. Most people work, and pay for the roof from their wages. It is not an adult human right to live either. One has to do something to keep living.
@@gratefulliving1760 whatever!!!
@@gratefulliving1760 you’re living under a rock
@@jesusjuice7934 I live in 15 minutes of walking from one of the most gorgeous ocean beaches in the USA. I don't consider this to be a right. One has to pay for this, or for any other roof over the head.
The "human right" is an illusion of organized society. Imagine yourself being dropped in the middle of Sahara desert, without water, food, or means of communication. Would you still have the right to live, without doing anything? Or would you need to somehow earn it?
I am beyond frustrated with this economy and insane inflation.
Use it to your advantage and find higher paying employment.
Than move in and most have rat 🐀 problems
Print $10 Trillion dollars in two years when half the economy is FORCED to shut down due to MANDATES (not legislation). No one cared at the time, glad people are starting to care now.
lets go brandon
You can blame all the sheep for electing Brandon...
society is becoming extremely unsustainable, we need rent laws updated to make a rent cap for lower income wage earners!
Creating money for the Federal Reserve is always the Economists way out of that.
Lies again? Serie A Leader
No. That’s socialism.
@@dcg590 " If your into that kinda thing, yes. BUT it's viewed as Aggregate Expenditures Models in Economics.
I'm only going to say this ONE TIME in the chat room:;b*tching about socialism mean your discussing the difference between Teaching and Visa jobs ...THAT'S ALL.
I'm so thankful that my landlords are renting me a place to live in at a reasonable rate . Inflation is uncomfortable but i'm thankful that my job pays for my life.
You are lucky because rents are going up everywhere . Rent prices rose by 0.8% in june from a month earlier, according to the labor department it is the largest monthly gain since 1986
How can the typical family with average income afford a higher rate+ more expensive home? in my area multi generational home is becoming the norm . Don’t forget to add the inflation which just this week was 9.1 on the CPI , producers index 11.3, it’s going to be a rough ride for sure.
Time will tell how this period will treat people that never save, invest, lived beyond means, paycheck to paycheck, too many kids, too big of home, keeping up with the joneses with FOMO,YOLO, paying alimony, child support, etc
I raised all my rents at least 30% in the past year. You better hope your landlord doesn't catch on to reality.
The generation above me says it’s us….Oye I’m so sick of feeling like I live in a mess of country that’s I’m constantly being taken advantage of. I pay twice as much for a 1bedroom as my sister pays for there 2500sqft home. It’s not just rent it’s literally every element of life as a working person in America.
Texas is a conservative expense sht hole
To put things in perspective, I remember when housing was easily 25% of your income. For about 25% more your utilities, gas, & groceries were covered. That left a balance for car payments (never paid for more than 2 years), cheap health insurance (if employer didn't cover), and taxes.
The funny thing is mortgage interest rates in my lifetime have varied between 5%-18%. I have NEVER seen interest rates so low & for so long.
My parents interest rate on a new home in Texas in the early 80s was 22% w/FICA score of 750! They refinanced later @8.5% & were happy to get it.
Times they are a changing ...😯
I come from India and have noticed that Americans Don't usually save as much money as we Indians do. Any possibile explanation for this specific behavioural trait?
@@Wolf-hd1hr With many Americans, unless you are in a high paying job, there is nothing left after basics are paid. We pay more than most other countries for food, medication & housing (average 50%) 😟.
@@southernlady8809 . That's only a half truth. You're old enough to have lived in a country where cost of living wasn't nearly as high as it is today relative to wages and people still spent most of their money and hardly saved. Americans love spending without any regards. Its the way its always been. The only difference is that now they don't have a choice and can't save if they wanted to.
@@MrSupernova111 Well, I was not brought up that way! Budget was set up, percentage to savings, then actually had money left for clothing, eating out 1x a week, etc. I was not a high income earner starting out in my 20s, but did ok managing a ladies boutique. I went through the Recession in FL and with income more limited now the higher prices do hurt.
@@southernlady8809 Yes I can understand. That is why most Americans live paycheck to paycheck, as I've heard from various sources
How economy should work : prices should catch up to wages not the oposite
Interesting how much the cost of things went up, but wages stagnated.
@@lavalampluva55401 The first time I went to the United State as a tourist I was hoping to see a modern, prosperous country but instead when I talk with a Walmart employee she told me that she slept in her car near the Walmart she was working in. She cannot afford to even rent a studio apartment because if she do she can't spend much on anything else like food/utilities. Really sad...
Its US
We dont do that here
@Zaydan Naufal
US population is aging, meaning more healthcare is needed
So its just the worse
@@suntzu1409 well no because presumably those old people paid healthcare their entire life + taxes so its not a concern
They were just implementing a rise in minimum wages. It was being fought to block it from happening. Now the prices of everything has gone up, it has nullified any potential gain for the poor and young adults.
Rental demand will always exist so long as humans need a living space 🙄
My rent went from $1,400+ to $1,679.00
What annoys me the most is that I feel there should be a clause in rental agreement stating that upon renewal, your rent make increase $200-500 or an estimate. This gives the renters months to explore their options and decide if they can afford a rent increase.
But instead they hit you 2 months before your lease expires and have the audacity to ask for 60 days notice.
I live in Arizona and it’s getting out of hand.
My cousin in Meza now has to pay 2000 per month due to rent increase. I hope he helps me build a house in the middle of nowhere.
That is awful! There should be a law in place to prevent such increases!
They don't send any kind letter saying it's going to increase? My complex does but I think that's because it's the law.
Girl it's the same in GA. I currently have a roommate but she has to relocate to another state. I have to find my own place. The same apartments that were 1100 - 1200 are now 1700-1900 ..... Then they told I don't make enough to qualify for the apartment.. its bs.
It is in there at least it was in mine. When I rented my rent would go up like a 100 ever time I renewed my lease. It was crazy to me.
Remember when everyone laughed at that brother, with his “The rent is too high!” Party? Yeah… same folks who laughed are getting crushed.
I don't understand this kind of person who talks about that brother and remember that period all the time but has never bought any house even though the house price was so low at that time hmmm why you didn't buy a house then?
@@tmkim2092 you honestly don’t know how most people live do you?
@@tmkim2092 I was in high school. The collapse 2008, happened when I was a junior in high school maybe making $200 a week lol. Get off your high horse there Kimmy. I make way more than that as power system, biomedical distribuitor owner and consultant, but I can still complain about how the market is. I own land, a house and don't pay property taxes due to military service. The current market is a "joke" that can't be laughed at currently.
They should talk about how we have more housing units than households in this country. And the trend of using units as investment rental opportunities is creating a class divide between the owning and the renting. instead of forming policies to give new families the opportunity to have generational housing security, the media is saying it’s a supply and demand issue-it’s not. We have the units available, but the amount of people who own is becoming less and less as the wealthy “investors” are hoarding properties, suffocating the market artificially and thus inflating the values of their rentals
I couldn’t love this comment more.
The economy is doing bad, with inflation eating into investments, and Wall Street types are speculating on rental properties and other hard physical assets.
Living in car soon. I'm not killing myself to keep up with theses bills
Sad reality. Stay safe 🙏🙏
Get a camper trailer dude, you can still live nice and live off the land
Rent control discourages developers from building new houses and apartments, as people are 20% more likely to stay in their current homes. I concur, because while rent increases at a rapid clip, an individual's salary does not. Paying someone $15.00 per hour will not cover rent for a single person or a family of four. There must be a balance between rent or mortgage payments and earnings. As I live in Arizona, the rental market is out of control, and the new apartments being built are all dubbed Luxury Apartments. There are no longer any affordable apartments. Additionally, existing apartments compete with the new luxury apartments by renovating the building and increasing the rent to keep up with the new apartments. This video discussed roommates. No adult desires a roommate. What does a 40, 50, or 60-year-old look like when they are forced to find a roommate in order to afford a roof over their heads? Organizations do not compensate their employees adequately to cover housing costs, and no one should be forced to work two or three jobs to make ends meet.
The New American Dream is to afford rent and food.
Well said I agree 100% who wants a roommate their whole life and work 2 or 3 jobs
I was living in the south and moved back to seattle area. 1 bedroom apt rent is $1700 + utilities = $2k. Making $60k a year means rent is 50% of take home pay. WTF?!
@@RealLifeFinance lucky you can make 60k
@@Cometalktome same i make 38k and im really struggling
They need to start planning cities around public transportation initiatives, make things more walkable
Yes, this is key. I died a little heading “we need more single family homes” no, we don’t. We need transit and walkable cities
our cities used to be like that until the highway system was put into place because of the advent of motor vehicles. After that, they tore down and rebuilt our cities to be more car friendly and less walkable and public transportation.
Jennifer Tarin / That is.. false. The Highway System was built around cities in the US. No cities were tore down for highways and motor transport, most cities already had roads for carriages etc. highways are typically at the edge of a city, not through. I agree the public transportation needs to be improved in the cities in the US, but spreading false narratives is kinda stupid.
It's kinda hard to change major city infrastructure when it has already been established; it will get very costly. Sentimental & historic value is another reason why cities rarely change infrastructure; at most they'll repair it.
If you ever been to a city with an elaborate & effective city transit system (subway & bus), you know how necessary it is to navigate the city, especially if you live there full time. Barcelona was the first city I ever visited that had such a system (I didn't travel much before then). It's expensive to live in Barcelona too!
Just like NYC, Chicago, SF and ATL.... it cost money to live in cities where you have access to a lot of things. Cities like Dallas, Charlotte and Austin are next. This is why their rental and home costs are rising as well!
@@ajgerbi CEO’s of motor vehicle companies lobbied for highway expansion so they could sell more cars to people
$15-00 won't cut it. Employers need to come up with more than this amount. At least double, even for unskilled labour.
It’s insane , I asked my landlord how the rent went so high and they said it’s market value. So if someone can just say raise the rent, why can’t someone say raise the pay 30-50 percent. It’s seems equal. This is going to hurt businesses. People will eat out less and go out less due to spending money on housing
When I was looking to purchase my first house back in 2021. The first offer I put on a house was 35k and over and I got outbid by 90k by a Wall Street investment firm and they turned around and rented the house out two weeks later for 2200$ a month. The government needs to regulate companies like TriCon American Homes and Blackstone. It’s very hard for the average American to compete with Wall Street and trillion dollar real estate firms
"THE RENT IS TOO DAMN HIGH!" -Jimmy McMillan
Legend
Wow and I thought this was only happening mostly in California, it’s literally insane how high rent is, And now that people can work from anywhere people that live in less densely populated areas will see there rent grow as well. It’s crazy
Supply and demand. That's just the way it is. Renting is getting more difficult, even more so with a previous eviction.
Pack your things California is going to get worse from here on then.
@@omarmoran3097 given that CA housing is the hottest in the world right now, it directly contradicts your statement. People want to move to CA
Real estate agents are artificially inflating the market
@@ah2522 really? I live in the Bay Area and there is just no growth at all there's a lot of remodels. it it's hot because there is no new housing. People around the world aren't saying hey let's all move to the valley. There's so many states in this country that is outgrowing California
I’ve given up on my dream career
I’ve given up on moving to where I want to
I’ve given up on being able to afford a vacation
I’m giving up on being able to afford groceries as much as I’d like
The one thing I want, I just want to be able to create opportunities for myself, and not have to move back to my family’s property in the middle of nowhere. Now rent is spiking, and any new hope of affordable housing, has the word “luxury” slapped on and the prices shoot up. I’m very frustrated
Same
Sounds like your problem isn’t the economy or the housing market. Your problem is that you’ve given up on life.
@@edhcb9359 quit it with the lame comments, troll!
@@Lotusblume.8 Would it help you if I incessantly whined about there being no hope? Since it’s Christmas I can do that for you if it helps validate your feelings? 🤷🏻♂️
Ditto
The cities with zoning, permitting, environmental impact regulations, etc. have made it impossible to build anything but "luxury" housing. Looked at adding some affordable studio ADUs to a property in CA but the permitting process would've taken 8-10 months. Gave up.
The way things are going right now, I might as well become a truck driver and live in a truck full time, and start investing in myself and my future.
Take me with you 😭🤧
Great idea 👍
The low wages of truckers and the constant sitting and truck stop food mean you wouldn't have much of a future.
A little off topic comment but in my country there's a couple of lottery millionaires who still, or at least used to drive truck even after winning.
I'm not sure if they do this anymore but remember when I read article years ago about the guy who had won in the lottery and still kept on driving truck. Then they mentioned in the article that there has been an other guy who also won in the lottery and kept driving in his own trucking company 😄.
Gotta admit that that's some true love for your profession!
and get replaced by self driving trucks in 5 years...
If it keeps up like this we’ll live like the rest of the world. Roommates and family members sharing rooms will become the norm.
It's already like that in Cali. You got 3 families sharing one house and like 8 working adults pitching in to pay rent and minimum wage ain't making
the cut. Who the hell is fine paying $2000 for rent anyway? Reasonable price for rent is at about $900-1100 but you can't get that in Cali unless it's subsidized low income housing.
@@tubby_1278 I pay 2k a month for a 1 bed room in LA. At this point I’m considering living ima van and save my money tbh
Or go to another country that puts value of life ahead of business evaluations
NYC has been like this for a while
100% and this is how it will be now
I can attest to the price hikes in the Gilbert/Mesa area. We moved my son from an apartment on the Gilbert/Mesa border. Very nice 1 bedroom, nothing fancy. His rent was $1200. I checked the price to see what his place is going for now...it's now going for over $1600. I have no idea how these young couples, or singles can afford to live there.
That an year rent for two bedroom for me
Singles would most likely have roommates and couples split the cost.
They Can't..
It's the GREEDY FAKE-ESTATE BANDITS!
When did a New Coat of Paint on a 10yr old building cause a $300 monthly increase in rent?
I bought 1600 sq ft condo in Phoenix in 2009 for $10K Camelback and 25th ave. Deals were plentiful then. If people didn't buy at least one property during the crash they missed a lifetime opportunity. My neighbors pay $1800 a month rent, I just have my taxes, insurance ($107 a month) and HOA fee of $185. a month for the past 12 years. I'm going to stay here till I rot.
There's a reason 53%+ of people aged 18-29 live with their parents. That's 15% higher than during the Great Depression
I was born and raised in San Diego. As you can imagine, the situation is extremely bad here. Most of my income just goes to rent/bills(not to mention, health insurance). I have little left over for any kind of savings. Most of the classmates/friends I have kept in touch with over the years have moved to another state. The "sad" part though is those who did move, are also struggling in those other states. The only people I know who have ended up being financially stable and enjoying their lives, were ones who picked up and left the US altogether.
I agree with you on that one. Mexico is way more affordable than California.
I'm a fellow Californian. I moved to the coast of Morocco. Once you get passed the fear of moving to another country, you will only wonder why you didn't do it sooner. Good luck my man.
Lived in Austin for over 5 years and I'm Texas raised; I've have seen prices go so high Texas locals are leaving. I was going to buy a home prior to the pandemic around 250k, now that same home is selling for 400k then people from out of state are paying over price to beat out locals. They are paying 50-100k extra, majority of these people are coming from California and northeast. Its unavailable smh, locals are now fighting back not wanting the influx of people coming to Texas. We used to be affordable and Austin is now on the list being the most expensive city outside of Cali and NY.
People from California and New York will make Texas as expensive as both coast.
Same in Miami. My building garage is now full of Northeast and CA plates, my rent renewal was up 33% YoY.
Austin is very far from being one of the most expensive areas. I've been eyeing Austin for a few years in hopes of relocating to a lower cost of living area from northern Virginia. I would say comparable homes in Austin are still 30 to 40 percent cheaper than where I am currently. Austin has the tech companies that are willing to pay the big bucks so I think the cost will continue to rise.
Move to mexico
@@rahzelwashington6847 Not a bad idea. Work in the states and live in México.
Private equity firms purchasing massive amounts of rental properties and rental homes and uniformly raising prices so that people have no other choice. It's the easiest way to transfer wealth from the middle class to the investor class.
They know just don’t care
Blackrock
Our government needs to put a buying freeze on these corporarions.
That's the underlying reason that won't be disclosed to the general public.
@@shelbinomani9096 Yes!!! Canada is ruled by these investors!! They artificially inflate costs by buying homes for absurd prices.
A literally dump with mold and falling ceilings sold for 1.2 million in my neighborhood. A real estate agent bought it 🙄
Funny how the answer is always "get roommates" and not "retrofit McMasions so that they can support multiple smaller dwellings" or "no one is allowed a second home until everyone who wants one has a first."
most people dont have second homes to live in its usually for renting out to someone else. if we do that we would put a massive roadblock in the free market and it would get worse for everyone. A lot of landlords especially for houses are just simple families trying to scrape together money for a first rental property and a retirement nest egg.
IKR! The problem is the zoning laws in US. They're mostly either low residential or commercial, along with that being bad for mental health and increasing racial inequality and inequality of other sorts , it makes it so you can't build low-mid rise homes. Just endless suburbia. Don't know what I mean? Look at the homes in Amsterdam. They're not skyscrapers, but they're not low residential homes that cost alot to build. (In other words, not as tight as a studio, not as big as a low-res home) 'Not Just Bikes' has a great video covering this.
th-cam.com/video/CCOdQsZa15o/w-d-xo.html
Abolishing the extreme zoning laws, and parking lot regulations would help people in ways you can't even perceive yet!
Not even mcmansions. There are a lot of older neighborhood houses that can be converted to multiple units. But getting roommate should be the default. Young single people don't need a 1b/1b . That type of rental unit is for "older" renters who can afford it. Media has convinced a generation they can have an uppermiddle class lifestyle when you are not uppermiddle class. We also are ignoring that boomers are hoarding housing stock at the expense of young families. Boomers have 2nd and 3rd homes. That needs to stop.
Yes! Old people are hogging all the homes!
@@beddythecorgi4269 yes you’re right.
Anyone under 30 unless you make 100k!!! Get a damn roommate . People wanna work min wage and expect to afford a 2 br?
And no boomers can own as much as they can . Cus owning real estate is actually keeping values up hence incentivizing developers to build and renovate more hence keeping jobs .
Blocking second or third ownership doesn’t alleviate the supply because most of those housing aren’t even in high demand areas to start with.
A property owner buys a condo to rent for say, $200K, paying about $600. a month mortgage, $125. a month insurance, $125. a month taxes PLUS income tax on the rent they receive, $125. a month on HOA fees plus pays water, sewer, trash, property maintenance for parking, lawn care etc (some HOA cover that).. say those costs comes to $1200 a month which is reasonable, rents for $1600 a month that's $400. a month for 'greedy' get rich profit which the landlord will pay 20% income tax on so down to $320. a month greedy profit. it will take 52 years to just break even on the original cost of the condo if rent is never raised.
We had a one bedroom condo in Irvine (720 sq feet) that we decided to put up for rent at $2000.00. Over 30 applicants and 3 offered $200 over asking. It was sad to see so many people looking to rent (because our rate was lower compared to what they were facing ($2700)).
I applaud you for pricing it fairly and not at the market rate. I do the same with my rentals. It makes me sad seeing people take advantage of each other. It’s a never ending cycle.
How much money are ppl earning these days? Residents here, mostly disabled, seniors & Walmart workers, who do wo heat all winter to afford rent at all, have a new apt owner who has decided to add the price of more utilities (not metered but an equal share cost) like pest control (never seen a bug here), water, landscapping, snow removal, trash removal, etc, even a cost to receive a bill. And it is retroactive to when they took over, wh was 4 months ago.
This isnt subsidized or low income, though it does have the same probs w crime and lack of maintenance, but as it is an old complex in PA, it was affordable to ppl living here. Meanwhile, govt subs, w 8 yr waiting lists around the country, seem to have been bought out by private owners.
Meanwhile, migrants are pouring into the States by the millions. Where are they being housed (bc they ARE!) and how are they paying the enormous rental rates when even poor Americans cant? We arent talking "struggling" we are finding out in one day that our rent is now more than our income.
Thanks America.
I’m from OC, Santa Ana, living on the East Coast the past 7 years. I’m in New York currently and crazy to think prices have gone up so much
@@grandmalovesmebest those migrants are either skilled workers, or traveling an extreme distance or homeless. There really aren't that many migrants, you're talking about a couple of million in a country of hundreds of millions, their impact on the housing market is minimal.
that's good. don't price gouging, price what it really truly worth. When it is Out of Stock, it's out of stock. Keep the economy stable and not out of control. If a grocery store did the same and sell the last TP that cost $24/case to $240/case that will hurt disadvantage customers.
The more I listen to this video more I realise that this problem has been constructed for the benefit of those that own property.
Exactly. That is what I have suspected all along.
I love how apartments increase prices to “remain competitive” .... how does this even make sense lmao.
It’s code for “I want what they have even if my property hasn’t been upgraded since 1972.”
@@headlesswonder my apartment walls are so thin I can hear my neighbor upstairs using the bathroom and they want $300 extra lol
Property taxes are growing too. So are costs of maintaining the property. Inflation hits the landlords too, sometimes even harder than their tenants.
Sounds better than "I'm greedy."
My mom's house when purchased in 1988: $240k
My mom's same house valued in 2022: $1.4 million
My parent's bought their house in the early 90's for 70k and it's now worth about 350k. They talk about how good that is but they never think about how their own children are now priced out of the market
I live in the Baltimore/DC are and my apartment is going from $1600 to $2000+. My husband and I are both professional engineers and even at our salaries we are on the edge
Same prices in Florida
@@asiam1528 Florida has gone boinkers
Wow sounds like you may be closer to DC or in Baltimore county. I live in Baltimore City and rent isn’t nearly that high most places except of course downtown and the surrounding communities
Same prices in CT. Smh
If you and your husband are both professional engineers in Baltimore then $2k/month does not put you on the edge.
My 3 bedroom apartment WAS $895 a month in a low income area….before the pandemic. As soon as the property management could purge us out he did and now that same apartment is $1300. No additional features or perks and it’s STILL considered a low income area and I’m in a relatively small city with college students and blu collar workers
Yeah rents are going up in the low income & BAD areas too. Probably why the sales of firearms went thru the roof. PPL forced to stay in the bad areas. The blatant racism & ,favoritism in the trendy areas is driving folks to areas they normally wouldnt consider.
A $15 minimum wage unfortunately can’t pay support such high rent. $15 is the new $7.25/hr adjusted for inflation! Sad 😢
There are many factors that cause this. 1. When the government, illegally, imposed an eviction moratorium and some tenants did not pay their rent it introduced an additional risk to landlords that never existed before. The landlord businesses must raise the rent to factor in the additional risk. 2. The mount of existing housing stock. This is just simple supply and demand. Too many dollars chasing too few apartments. This inflation was also partly caused by government intervention when they sent out "stimulus checks" that did precisely the opposite of what the name implies. 3. The costs to operate rentals are also increasing by inflation because everything needed is rising in cost: materials, labor, services, etc.
@@michaelk969 I totally agree. When the government imposed the eviction moratorium, I knew that rent would increase because the landlord is not going to take the hit for unpaid rent. It is "common sense" it was the worse thing the government could have done. The majority of people thought they would never have to pay rent again! And they were going to scam out of paying rent. Well that backfired!
@@michaelk969 I can appreciate any business person that has to account for outside factors, however, I ALWAYS paid my rent, I had lived there with my Housing voucher for almost 3 years with no problems, and yet, I ended up caught up in an opportunity created by a loophole, that only exists because of lack of proper planning and clear concise protocol. Now myself, and my two kids are living with my parents. While I am thankful for this-I haven’t lived in my parents house since I was 17 years old and the last thing I ever thought I would be doing at 41, with a college degree and a solid work history-is trying to figure out how I am going to put a roof of our own back over my kids heads…it’s a very hard pill to swallow.
Back in the day our parents could afford a good sized, unique, sturdy home with a large yard with one median income. They had new cars. Dinner parties. When they bought something it didn’t break 2 days later. Look at us now. Good thing there are so many new millionaires and billionaires though. 😔
Exactly. The gap between the rich and the poor is now *SO* astronomical, you'd have to compare Bezos' DAILY income to the TEN YEAR GROSS (yes, gross) that a janitor makes.
If you're not rich, face it: you're approaching a meeting with Death very, very soon. It's over, and there's nothing that can be done about it. You need to instantly become wealthy, right now. Otherwise, give it up! IT'S NOT GONNA HAPPEN, SON! 💪😎🤟
🐲✨🐲✨🐲✨
Millionaires doubled during the pandemic and a hundred more billionaires. It was their investments that made them rich
Everything is relative. Our parents were taught by our grandparents who survived the great depression. Today, young people think they are entitled to own a home AND be able to go out to the bars 4-5 nights a week. Not many people actually live within their means anymore.
@@francismarion6400 My dad and grandpa went out to bars almost every night. Thankfully, I can't afford to drink.
@@worldserpent731 Mine didn't. That lifestyle wasn't acceptable before the 60's.
A lot of people are blaming this thing named Supply for the problem. Supply is not a greedy person. The people who own rentals and see that they can squeeze more money out of the poor are the problem. No one is required to raise rents just because housing is scarce. There are plenty of houses to go around, especially in places like California where we LOST population. It's just that some people own more than one, and the people who own more than one are increasing their share of houses and getting richer. That results in renters getting poorer and increasing homelessness. More housing will not reduce rents, since there is no requirement to lower rents. 8.7% of California's housing stock is vacant. That comes out to about 1.2 million empty units. We only have 151,278 homeless in the state. How many empty units do we need before landlords start volunteering to charge less in rent? SUPPLY HAS NOTHING TO DO WITH RISING RENTS. And wages have been flat for decades. It's evident that as a society, we prefer to continue to reward greedy rich people than have a housed nation.
One thing that hasn't been mentioned is Air bnbs eating up rental supply. May be a fraction of the overall issue, but in some places it's a problem
Seriously. The available long term rentals on Maui have gone to near. I thing because people can make 3-4x as much renting as a vacation rental.
it only affects the types of homes on the market, we as a society have grown a custom to having nice things, if you go to alot of other countries, houses for rent and houses for short term rental are a class of quality apart. In the far but not to far future expect that if you are long term renting its gunna be a hole in wall in a box. Anything nice and unique and spacious is reserved for vacation rental.
@@jonathanhenbest5962 Youre right. I own 2 airbnbs in southern California and I make 3-4x renting as a vacation rental instead of renting to 1 family for a fixed price.
In my defense, we are all trying to make money. Im not hurting anyone, causing any trouble for anyone, and just running my business.
Ive created more job growth for my cleaner. She makes more money working for me then cleaning random peoples houses that are always a mess. Its also less work for her cleaning a vacation home since its not really that dirty and she makes more money with the constant turnovers. Also, a typical hotel room will cost the same as an airbnb. around $150-200 and with airbnb you get more for your money so im giving vacation travelers more space and bang for there buck. You cant compare the 2 really because running an airbnb is like running a mini hotel service. I turned my rental property into a hotel service and its made me more money, my cleaner more money, and ive made hundreds of families happy. I know because both my prpoerties have 5 stars LOL
No, the greedy middle class multiple property owners renting vacation homes are a HUGE issue.
@@gertrudewest4535 Well its a free market. The beauty of living here in the U.S. is you control your life. My family came here as refugees from the vietnam war. Started from the bottom and made it to the top from hard work as immigrants. All you do is complain and cry about why your life is unfair. Go take risks, invest, try to make it out from under instead of blaming the wealthy for your problems.
Its the American dream. We escaped communism for this life. If you think we are "greedy middle class" then you should move to a country where your socialist/communist mindset exists and see why it never works.
"You'll get your rent when you fix this damn door!"
- Peter Parker, 2007
Allow the landlords to build what they actually want anyway: low-rise relatively cheap units, a few of them with small retail (corner stores, cafes and such). In most areas, zoning prevents these.
The landlords do not want to build low cost housing when they can build luxury and charge luxury prices, this is American capitalism.
@@jeffmason2691 The reason that luxury is the only new housing being built is because zoning laws only allow spread out single-family homes or massive high-rise developments. It costs a lot of money to build a high rise, so might as well make it "luxury". Same with the McMansions - if you have 40 acres to develop. and zoning allows a max of 250 homes, then your best return is to build high-end.
Low rise is far, far cheaper to build than high rise and allows you to sell way more units per acre. An eight-unit apartment building takes up a similar amount of space to a large suburban home yet houses 8 times more people, which lets more people live close to their jobs.
@@jeffmason2691 Wrong. Developers build lux housing because it is ILLEGAL to build affordable housing. Minimum apartment sizes, minimum parking requirements, height limits, minimum site area requirements etc essentially tell developers that every unit has to take up a bunch of space which makes it impossible to offer it for a low price. So they just build lux apts.
@@jeffmason2691 they want to build low cost cheap housing and charge luxury prices
@@jeffmason2691 no the reason why they are building luxury, is b/c if the are not legally allowed to build higher density more affordable units by many townships and counties who have intentionally restricting zoning to prevent that type of building. so landlords have a max density they can achieve, so in order to make the same profit they have to make them luxury and charge more ("luxury" finishes don't add substantial cost, they result in a lot more profit)
I wish everyone would stop calling this a supply and demand problem and start calling it a greed problem. (Big investment firms buying up all the single family homes, etc). There will always be demand for housing as long as humans exist. But as long as these prices remain ridiculously high, then people who are settled into a well-priced mortgage from a few years back aren’t going to be moving now.. and thus stifling the supply.. because they know they can’t afford to move now!
This is not the least bit sustainable and there’s no way this is going to end well for most people.
As the Chinese authorities said “ houses are for living, not for profit”. Maybe we should adopt a similar policy over here.
They should practice what they preach! Rent in China’s cities is some of the highest on the globe.
They have millions of empty apartments because people don’t have money to buy… give us a break…
Meanwhile, China scoops up US real estate... for profit.
Commie
@@raza3058 that’s intelligent.
My friend lives in a Hampton, VA & his, 1 bedroom, 1 bathroom apartment rent, went from $900/mo to $1600/mo when we went to renew his lease. The apartment complex is renovating all the apartments but mind you his hadn’t even been touched & everything was still old . Needless to say he moved back home & is trying to figure it out again.
I think there should be limits on foreign investors. Think about this: Some rich foreigner wants to get their money out of their country because of unstable currency or geo political risks. They see the US. housing industry as being pretty solid place to store their wealth, so they buy up houses & condos to park their cash. For some people, it might even be safer to just keep the house empty rather than risk damage to their asset by renters. While I believe in free markets, I do think there should be a lockout period whereby any foreign entity should be locked out of buying a property until a 60 day grace period has ensued. This waiting period would encourage sellers to entertain offers from Americans first but not bar foreign transactions for occurring.
i agree. I thought trump was going to stop chinese investors from investing in the US but i guess not. No way i see democrats doing that
Home and hovel should never be a target for foreign speculation. We do not owe China a tithe for the privilege of living in our own homeland. Full abolishment is required.
good luck the National Association of Realtors is one of the largest lobbying groups in the US and they love cash deals because RE brokers arent subject to adequate money laundering regulations
New Zealand banned foreign investors from purchasing homes for this exact reason.
I understand what you’re saying . I just don’t think it’s all foreign investments . I think the filthy rich can be greedy ( not all ) . But Americans will do the same thing as foreign people , buy up as much property as they can & just hold it until they re sell it. Doesn’t really matter if we ban foreign investments . They will find loopholes easily , & the rich Americans will do the same thing they are doing . I don’t fully agree that it will change much …… the rich are going to continue to be rich while the poor are the poorest they ever been with the biggest gap between filthy rich and poor this country has EVER seen .
“There's a storm coming, Mr. Wayne. You and your friends better batten down the hatches, because when it hits, you're all gonna wonder how you ever thought you could live so large and leave so little for the rest of us.”
REMINDER THAT HOUSING IS A HUMAN RIGHT!!!
Landlords should not be allowed to raise the rent more than yearly inflation each year, and there needs to be an end to no-fault evictions
They should be allowed. The more rent control and price control the more housing shortage occur. It is a geographic/ demographic problem, not a business problem
@@htr1610 . Keep living in a bubble.
@@MrSupernova111 the rent control bubble is in Los Angeles where I live. And there is no builder dare to build "affordable" housing here. Poor residents either go homeless or move out of states. Yes rent and price control creates a bubble: homelessness, loss of residents.
About your bubble, you keep living in it
@@htr1610 . Continue making up your own facts. The USA is quickly falling apart while you live in fantasy land. Soon enough reality will hit you where it hurts. Until then, enjoy it!
@@MrSupernova111 from the sound of your comment, looks like you are not living in the US. So your claims are most likely false bias. I don't wish nor dream. Those are real problems. Bye bye
Can't believe they didn't even mention zoning, and instead praised the increase in single-family homes. smh.
Family of the future lol
and theyre also so ugly. reminds me of when squidward moved to a gated community
He did, at 4:30.
Georgia should be on this list as well. In the last 10 years rent for a so called luxury apartment has doubled in Georgia with minimal wage still at 7.25 per hour.
And the amount multipled by the rent in monthly income to qualify.
My husband and I have been renting in different states for the last 10 years and currently reside in Georgia. Our 1 year lease is ending soon, and they increased it by $200. Never in the 10 years of renting have I ever had someone rent increase that much at once. It’s out of control.
Who is working on 7.25 an hour? I seen signs for fast food beginning people to start at 15 an hour all around Atlanta. Amazon is paying $20 an hour everything is up.
Georgia also has horrible laws that protect businesses and landlords more than tenants and consumers. Taxes are also ridiculous in GA. Definitely lives up to its name sake King George.
Yeah Georgia is insane im in Savannah and my apartment is now charging 1650 for a 600sq ft apartment. I'm paying 1060 to live in the same apartment now.
What some of these apartments are doing is charging you monthly fees for everything- in beautiful Colorado Springs we have a 500sq ft apartment and it costs us roughly $1600 just for the apartment before utilities. We pay utilities twice a month- once from the complex for “community” utilities and once from CSU.
Working full time jobs and making roughly $60,000 last year combined- we netted a loss after all bills are subtracted from our monthly expenses.
We cut back to buying absolute bare minimum and I try to make sure that I only go out when absolutely necessary.
Eventually we’re going to end up homeless at this rate, so I couldn’t imagine the stress that someone in a similar situation must be going through. We’ve considered moving close to family in Arkansas- but, that involves spending money we don’t have to go somewhere that honestly isn’t much better.
We took out a loan to help balance our budget and got a decent rate- but getting sick one time and both of us being out for roughly a week and expenses involving our dogs set us back nearly 700-800 the last few months. February is a short month and ultimately relying on this loan is genuinely the only other way to pay the rent next to working two jobs again.
I hope it balances out soon- but fat cats on wall street will have made their money back long before then.
My rent costs less than 10% of my monthly income and I even hate paying it, I couldn’t imagine paying 40% of your income just to have a roof over your head.
And this is why van life and RV living has been on the raise over the past decade
go OTR you don't need a car or a house, you just live in the truck and the truck is your form of transportation.
Yes and that’s also reflected in the rising prices for buying RVs and vans today. They’re up over 50% more than what they were a year ago
@Damu1x3K that's a real but sad thought
Got news for you: it's ALWAYS a landlord's market. I have never seen a market friendly for home seekers, renters, etc. When I lived in NYC 20 years ago, rents were constantly surging and they still are. It's one of the reasons why I left there. But now the same market forces are in effect everywhere. All of the reasons in this video are valid. It has nothing to do with who's in the white house or who's the mayor of what city, etc. People today are living longer, so there is a lot less housing turnover like there used to be. Not to mention that our country's population is exploding, as people are moving here from all over the world. Have to put all these people somewhere. But yes, affordable housing is a losing proposition for building owners because construction labor & material costs are at an all-time high.
Sometimes I'm astounded how some can insinuate that policy is completely useless and practically leave the only option open as being deal with it or live in your car. Without actually providing any real proof except what sounds like statistics off the top of their head that realistically don't mean a thing. Population isn't relevant, number of households is. And what exactly is it that told you we're all gonna be homeless unless new apartments are built? Because from what I can tell there's more than enough apartments available, just not enough funds for average people to put them to use.
Why are people so quick to literally just get on their knees and insist that an economy where people are both paid fairly and charged fair prices is practically impossible lol? Are the consequences really worth trying to look like you're one of a few willing to deal with the truth (if that's what you call it)??? And if you truly reasonably come to such a conclusion why in the hell would you not research a little to make damn sure you're right before giving in?
I like how the answer is just to increase the minimum wage. No discussion on how to lower the cost of living. Just pay people more money and keep raising the cost of living so it's always just out of reach.
Great feedback ????
leave a direct msg, Let's communicate there about a more profitabIe aIternative for you.
My generation has been screwed from the beginning. My first real job was in 2007 and then the crash happened. I finally recover and can afford a home at 32 and prices go out of control. So glad I’ll never own anything to grow wealth for myself. And then boomers wonder why we vote the way we do, we’re sick of it!
It's not like you're doing any better with biden, is it?
Cali is 100% liberal, but then how is it the most expensive state in the union?
Even ugly small towns in the central valley go for ludicrous numbers.
You live in one of the easiest places to live in the world. If you didn't manage to accumulate any wealth it's because you are either lazy or dumb... or both
So you got screwed with Obama in 2008 and the border crossings increased by millions per year, now the second half of that group just allowed in, an excess of over 11 million in the last 10 months, and everybody wants lower rent, send several million back across, then there wouldn't be an affordable housing issue. That's what happens when the welfare and free housing is now for non citizens.
@Game Guy... yup. Luck, Fate and happenstance are pretty much all that factor into one's success in life.
Everyone likes to claim 'alpha' status and 'being hard' and 'badarse'... also claiming that they are successful because of THEMSELVES. But... no, it's 90% luck.
Five years too early or too late... and you're screwed. 😕 Very little can be done about it.
Avoided the root of the problem. It is either corporate owned large scale apartments or single family homes. Multi-story duplex and triplex homes are rarely seen.
Remove the outdated parking constraint, allow more duplex and triplex homes to be constructed. Remove regulation and liability constraints that makes it harder for home owners and tenants alike.
Exactly! They need to stop talking about single family homes, those are the big part of the problem!
The issue is zoning. Our outdated zoning method forces developers to build far from cities, which very few ppl actually want. The homes closer to job centres grow and grow in price as the demand increases. We've been doing this for decades now, and the only empty land is now so far from the cities no one wants them. We need more infill development and to turn all of these suburbs into mixed-used, job creators.
Why must current cities get bigger, instead of building new cities?
@@clairet5636 because I cant find a job in your new city.
It’s a tricky issue, most people who own homes are trying to stay away from the density of city dwelling. We can’t have it both ways….
@Beyond Tribalism it's almost like the demand is outpacing the supply.
building more density into cities does not solve anything just look at all the densely built cities across the globe none of them are affordable like NYC, London, it almost seems like the most dense cities across the globe are the least affordable..
I appreciate this video. I've lived in north Texas since 1997. I have rented, and owned homes over the past 20+ years. However, I have never seen these ridiculous rent and home price increases. The Governor of Texas does nothing to help and I hope abbott is voted out of office. How long have people and government officials been talking about a livable wage? Years this has been discussed. The pandemic ravaged the world economy. It also put a big spotlight on how the haves, 1% and banks, corporations benefit while the have nots still are suffering. It's ridiculous in a country (US) that is viewed as a world leader cannot even resolve social issues in It's own backyard. COVID-19 still has a grip on our global economy. Smh
Excellent video. Rent is such an important aspect of life for both renters and mom-pop landlords. Please more videos like these!
In Orlando, I had a 2/2 townhouse for $750 for 6 years until 2017. The owner never raised the rent but the management company was super greedy and raised the rent. I went out looking and was shocked on how much I had to pay just to live like a human being.
Eventually I brought a home 2018.
The rental market was screwing people
Good for you. 👍
Supply & demand and builders prioritizing luxury apartments to maximize rent because permits to build is very complex and time-consuming to build affordable housing.
There’s only profit in servicing the highest possible income brackets anymore, no incentive to respond to poor people demand.
Because supply is so artificially restricted with zoning, the only housing that gets built with new upzoning is luxury. If we took away a lot of the government regulations (SFH zoning), we would see a lot more variety in housing options made available.
My rent was just increased by 400 dollars a month!
I recently moved to California from Utah. Things are just as expensive in Utah as they are here in California. At least the minimum wage here is about $15/h and in Utah it's $8/h. I don't know why people complain about California being unaffordable when the entire country is unaffordable.
Anywhere that is desirable to live has higher cost. If you google low cost to live states they are all Midwest and southern states. Everyone loves living out west.
That’s where the majority of the jobs are also you dunce. “Just move to Arkansas, a lot of economic opportunities in fly over country “ 🤡
California is beautiful but corrupt period lol
At least in Utah, you wouldn’t see streets infested with homes less people with human feces and drug needles lying in the middle of the street.
@@raajroi908 you will see all of that and more in Utah. You clearly have never been to Utah have you!?
If they would stop constantly building luxury apartments and built regular apartments like they used to that would also help
Maybe I missed it, but where was the part where you addressed the overwhelming amount of scummy people getting into real estate for the soul purpose of quick flipping houses and/or coasting by on a passive income through predatory rental practices?
I don't think they mentioned it
They don't want to talk about it because they want money not people to live
Corporations MUST BE STOPPED!
Greed is the only reason why we have an issue as long as demand is over supply they win... and they plan to keep winning so this will continue to be a problem... if you truly want to fix it then start taxing these companies instead of making them exempt from taxes... this just creates the issue of all the jobs being isolated in a couple of cities in each state and those areas are expensive to live in... the rest of the areas in those states aren't expensive... if you want to afford a house then the jobs have to be more spread out to create more affordable housing. I don't see this happening because politicians want jobs in their city and these companies donate to the campaigns of the guys that keep giving them tax cuts, but everyone knows that when you have too many jobs but not enough housing that leads to expensive cost of living and increase in homeless. And, now that leads to increases in pay which in turn will increase the cost of goods sold by those companies and that transfers to all areas including the rural areas in each state that don't have jobs or higher pay to handle these increases in cost so now those people live on less and less while others can't find homes to live in even though they make 100k +
They should make illegal to donate to anyone working for the government they have a budget and a check. Nobody working for the federals are allowed to receive gifts from foreign powers so why local powers are allowed 🤔 but that's a law that congress won't pass couse it affects their pockets what a hypocrite lol and clowns we have in congress
They are taxed, and of course the renters have to pay those taxes. You're just wanting to pay more it seems.
It's more just a simple matter of economics. Make your money worth less then it takes more to buy the same stuff.
@@chadleach6009 Basically the same thing i was trying to say. If all the jobs are in a few cities then all the people are forced to live in or around that city and everything in those areas will be more expensive.. if you truly want to fix the issue then jobs can't be all focused in a few cities and need to be spread out more... its wont happen but that's the answer the large corps will just build housing for their workers to please the gov and their workers and those that don't work for these companies will be screwed. Don't forget the those in charge of these cities can force their ideology on you and if you don't except that then you are also discriminated against and will suffer..
@@allonan8856 but all the jobs are not in a few cities, especially today with remote work being as popular as it is. Sure there are some large cities having issues with this but that's not the case in other areas of the country.
What is affecting us all is the currency everyone is operating in, different markets fluctuate differently but when the currency is inflated everything denominated in it is as well.
Meaning not just real estate but food, water, materials, everything requires more dollars to keep up with their present value as the value of the currency diminishes.
There are more empty units than homeless people in the US. We treat houses as investments, not homes. That's the problem.
yup but you can thank the FED for that because you have very few options where you can put your cash so that it wont lose value yoy
@@a.m.doesit9347 it's not the FED's job to make it easier for people who already have money to make money. If you've got money laying around and you want to invest it properly it's on you to figure out how, not the government to create ways for you to do it.
@@jimbo1637 And they are doing that by buying more and more homes and collecting Rents + Gaining from rise in Home prices
@@nihiljoshi2199 that's correct. That being said, I believe it's more important to live in a country where everyone can afford some sort of housing than one where a select few get rich off housing. And I belive the government should attempt to make that so.
Im a landlord and I ain’t raising my rent on my tenants who are already paying on time and have given me no issues. However if they move out I do plan to increase the rent price on my property
business shouldn't have feelings. Get your money.
Smart move my parents did that they had renters who stayed for over 20 years
Lucky woman!
@@didiss400 from now on, I will put some harmful additives to my food that will damage long term health to the consumers. Business shouldn't have feelings though.
@@greenleafyman1028 If the additives are illegal , that's called a crime. Totally non sense compared to what I said.
Rent in America is Corporate owned. Why is rent so high? Because Corporations run America.