Renters can expect to pay 30.2% of their income on rent, according to a Zillow analysis of rental and mortgage affordability in the second quarter released Thursday. That is the highest percentage ever, said Zillow, which has data going back to 1979.
Between 1995 and 2000, renters on average spent just over 24% of their incomes on rents.
“Our research found that unaffordable rents are making it hard for people to save for a down payment and retirement, and that people whose rent is unaffordable are more likely to skip out on their own health care,” said Svenja Gudell, Zillow’s chief economist.
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It's prosperity if you saved and bought property that you can lease.
ReplyDeleteSo, as long as you're old or live in a cheaper city. Good luck saving 20% down in San Francisco (or even DC or NYC). By the time you save that 100k-200k down payment, you will need 300k or 400k (unless it crashes before then).
DeleteHigher housing costs = higher cost of living = slower standard of living. The higher prices go, the poorer we become. The reality is that deflating housing prices is actually a good and prosperous thing. The masses have been brainwashed into thinking the opposite though.
ReplyDelete