I’d say for the individual this is the core issue people face today. That they after needed fixed/utility costs have very little left over and that amount is actually decreasing and has been decreasing for decades now. “The economy” matters not to John Hancock and Jane Doe, all that matters is how much is left in the bank account once the bills they can’t remove or reduce are paid. And this is true also for the people that own, of course. Because while equity is great down the line it does little to alleviate the day-to-day / month-to-month finances.
Far to little economic policy in the US aims to actually make meaningfull progress on this problem, it’s all lofty high level goals but no decisive plans with a clear stated goal of improving the situation for all that truly struggle with making ends meet.
I’d actually rank this higher than healthcare, certainly higher than legalization and much more important than any identity politics or even international politics like the war on Gaza. To the voters that will win the election for either candidate this autumn it’s this question that will decide it, I’m certain. But if they’ll vote on “feeling” (i.e. which candidate they feel address their problem regardless of what they actually propose) or on proposed policy is entirely up to the candidates and so far none of them have done anything to address this in a clear and direct manner.
What does it mean that they ‘paid unaffordable rates’? Are they paying with borrowed money?
I paid my rent with real money. I bought my groceries with borrowed money.
Wtf? The answer is literally in the first couple of paragraphs. All you had to do was open the article and read for less than 5 seconds.
It means they had rents that were more than 30% of their income, by this study’s definition.
Shit, I consider myself in a good position if I’m under 50%
I’m not saying that rent isn’t high but I don’t like this definition. 30% is not crazy high. I would say 20% is low, 30% is medium, 50% would be high.
It’s a fairly typical “rule” in personal finance not to spend more than 30% of your income on housing or rent, which is probably why that’s what the study is using. You’re right it is a little conservative, and especially in cities most people have been going over that for quite a while. Some landlords will not even consider your application though if your income isn’t 3x the rent.
My buddy just ended up mortgaging an “Unaffordable house” and rented out the rooms.
Stop renting. You’re just putting yourself in a hole you’ll never dig yourself out of.
Ah yes I’ll just cough up the down payment for a
Checks market
2 million dollar 2br apartment
Hint: Stop living in places like that.
I.E. Stop living in the red:
Having a $300k/yr job means nothing if Rent is 250k/yr…there are PLENTY of jobs out there. Most places are minimum $15 any more. And with a median home price in the 250k-400k in the green areas, you can make it work. First time home buyers programs exist which will cough up the down payment for you in some instances.
You’re correct, but these entitled children will downvote you and throw their mental gymnastics at you anyways.
Getting older is really showing me how stupid this generation is. Oh well, at least it’s easier for me to compete.
TIL wanting to afford living near family/friends means I’m entitled.
Take your pills, Grandpa.
“I could move to Bumfuck Montana where the rent is cheaper, or I could stay here and take care of my elderly mother with dementia. Yep. Montana it is because I’m not an entitled child.”
I don’t get it. If Bumfuck Montana isn’t good enough for you, then what about the people who are forced to live their because they can’t afford more?
Why should you get more before them? You already have more! Lol.
Show us where the mean old city folk touched you
My wallet.
Fucking read the comments, are you dense? Why the fuck would I want to live in a place where my wife might be forced to carry a terminal pregnancy? Or somewhere lacking employment opportunities other than fucking Walmart? Jfc.
It’s not about wants, it’s about needs.
If you can’t afford to live somewhere, you have to move somewhere else. Thinking otherwise is textbook entitlement.
If these places aren’t good enough for you, then you need to make more money to live somewhere else or do your part to make them better.
Thinking otherwise is textbook entitlement.
What’s actually entitled is thinking that people should just shut up and accept shit choices to preserve your property value (and commodified housing in general <.<) instead of building more goddamned dense housing and infrastructure.
“Suck it up” is one of the worst phrases invented. I’ve only ever seen it used to justify hierarchy, subjugation, abuses of power, and not changing things for the better. Its existence primarily serves the interests of those with power.
No, what’s entitled is thinking you deserve more before others who have less without being able to afford it yourself.
That’s textbook entitlement, lol.
Paying the mortgage usually isn’t the big problem people have. It’s getting hundreds of thousands for a down.
It’s getting hundreds of thousands for a down.
Lol, what?
My house was only $60k and it’s 1,200 sqft.
The problem is that people want to live outside of their means. They think they’re entitled to things they can’t afford.
Lmao where do you live, bumfuck Alabama?
Nope. I’m not giving out my location on the internet.
Because you’re full of shit lol
Or people don’t want to acknowledge their entitlement.
I know what I’d put my money on, lol.
Very happy for you my man, but not everyone has that possibility. My house was 200K when I bought it over a decade ago, it’s probably ~350K now. Putting it simply, I couldn’t possibly afford my own house today if I were a first time home buyer, and it’s a very basic house from 1958.
And I’m definitely one of the lucky ones. Many others can’t possibly get on the property ladder at all, and just because I did doesn’t mean I can’t recognize how much harder it is for them.
You would have to move to a cheaper area because you could not afford the one you live in.
It’s what happens when you can’t afford things; you don’t get them.
“I live where no one else wants to live, you should too.”
“Supply and demand shouldn’t apply to me, but I’m not entitled.”
Fuck it, it’s not worth engaging with someone as myopic as you.
You just don’t want to acknowledge your entitlement.
I don’t want to engage with a fucktard. You don’t know a fucking thing about me, or about people in general.
FYI, I live in a 1.25M house that I could pay off tomorrow if I wanted to.
Lol okay i bet it’s a fucking mansion
No, it’s a pretty modest house but has all the amenities that modern people expect.
1,200 sqft for 1 person is pretty damn good :)
That’s not the issue where I live. Houses easily go for $300k+ here and the only rentals I can find are $3000/mo, and/or winter months only. You may say to just move, but I grew up in this area, I have the best job I’ve ever had and my kids’ school is helping them immensely. Shouldn’t I be able to find a modest 3 bedroom that’s affordable? We’ll I can’t.
Then move somewhere else that you can afford.
You’re not exempt from supply and demand.
That’s the answer? Uproot my family, change the school that works well for my kids, and likely change jobs because land owners are greedy. Makes sense to me.
Yeah. You can no longer afford to live somewhere, so you have to move somewhere cheaper.
Other people are willing and able to pay more than you, so they get access to places before you do.
It’s called “supply and demand,” and unfortunately people like you have convinced themselves they are immune to it.
Supply and demand shouldn’t apply to basic necessities like housing, food, water, and healthcare.
Oh! That’s was easy. I just found my $200,000 down payment and credit in a jacket I forgot about.
Maybe you should look in cheaper areas.
Supply and demand applies to you, too :)
So if everyone up and moved to your shit hole town for cheap houses, what happens to the prices?
Everyone isn’t going to move to one town, so your question is pointless.
Just like your little anecdote
I replied to “stop renting” not “find more affordable rent”.
My point still stands.
To work at a Denny’s for minimum wage? Get real. The jobs are where housing is expensive.
So how do people live outside of major cities?
No work gets done? Lol.
I wouldn’t word it with absolutes, but yeah that sentiment is correct.
Just pull up stakes, say goodbye to all of your friends and family including all of your kids’ friends, rent a moving van, find a new temporary place for your stuff and a temporary place for you and your family to sleep, find a new job, then buy a house. Why is that so hard?
Nobody said it would be easy.
Renting is the biggest scam this generation has convinced itself to fall for.
If, by “this generation,” you mean the past couple of thousand years.
People rented apartments in ancient Rome. And they had a high rent problem too.
Woah, it’s almost like magnitude matters and the amount of people doing something is important.
More people are renting than owning.
Very few people in Rome owned their home. It was mostly owned by the upper class.
Yeah, there are two generations.
The rome generation and this one.
Nothing in between, and certainly not a generation that valued ownership more than the current one.
No, there are also the many generations in between where the wealthy minority owned almost all of the land and charged for the “privilege” of living there.
Seriously, I have no idea why you think it’s the norm in history for most people to own their own property.
I have no idea why you think it’s the norm in history for most people to own their own property.
Because you have a bad habit of making up stances for other people.
I never said, nor implied, it was the ‘norm in history.’
My exact words were: “Renting is the biggest scam this generation has convinced itself to fall for” which is true.
Because you have a bad habit of making up stances for other people.
I was going to respond to the rest of what you said, but first you made this claim. I’m sure you can provide evidence for this. Unless it was a lie, of course. Was it a lie?
As opposed to… homelessness??
No, no, no. Just pull yourself up by your bootstraps and buy a house
As opposed to living somewhere cheaper.
Most of you feel entitled to live in major cities.
Hey genius, if everyone moved to your shitty little town the rents would be unaffordable there, too
Everyone isn’t moving to my town, but if they did it would also be more attractive and create another place that people like you would like to live.
The key is to spread out. Create more supply to satisfy demand.
But you don’t want to do that because you feel entitled to live where you can’t afford.
Yeah, we want to live where its desirable to live, not at even intervals across all the available land so you have to travel 90 miles to get groceries. Room temp IQ
Then you have to pay more.
Supply and demand.
Why is this so difficult for you to comprehend?
When I find a fully remote job I’ll consider somewhere with a lower cost of living.
