More Americans Rent as Housing Prices Rise
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More Americans Rent as Housing Prices Rise
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Experts are saying that the rising cost of homes across the nation has created a growing class of renters.
From Breitbart. Major investors are buying more housing because they expect to gain from rising rents and escalating house prices, creating a growing class of renters in America.
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Bloomberg reported on remarks made by Barry Sternlicht, chairman of the real estate investment firm Starwood Capital Group, at a recent event.
“You’re seeing a squeeze and now they’ll have to rent because they can’t afford to buy,” Sternlicht said in an interview Friday at Bloomberg Power Players Miami….
According to the iPropertyManagement website, housing statistics were reported on last month. Statistics included:
• Homeowner vs. renter statistics reflect a decline in homeownership, with 35 percent of American households renting their home.
• In the last financial quarter of 2021, the nationwide homeownership rate was 65.5 percent, a 0.5 percent decline year-over-year (YoY).
• 44.1 million households rent their homes.
• The median household wealth among homeowners is 3,965 percent higher than it is among renters.
• Excluding home equity, household wealth among homeowners is 1,469 percent higher than it is among renters.
• Renters are 89.9 percent more likely than homeowners to be behind on housing payments (rent vs. mortgage payments).
• The renter:owner ratio is 50.1 percent, its lowest since 2010 (49.56 percent)….
How are you praying of our economy? Share your thoughts and prayers in the comments.
(Excerpt from Breitbart. Photo Credit: Canva)
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Comments
There seems to be a lack of communication in the ongoing media war on fed rates vs mortgage increase and rentals.
As a former homeowner, I dealt with Balloon mortgage.rates in the 1980s. Today the same situation exists as fed banks raise or negate interest rates.
The consistent scene I see is homeowners over 20 years have to replace all the appliances, the furnace and hot water heater. There is need to upgrade with paint and floors. There is landscaping, tornado damage and tree removal because of careless power line damage. There is snow removal in winter and sprinkles r r equipment in summer. Fertilizer and water as ND weekends painting and repairing. All this is add on to mortgage. The people I know I w as well as ” in the day” have 6 figure incomes BUT live and breathe Budget.
Not only demographics change but family dynamics: his and her incomes. If she (he) wants a house then all that expense comes out of her income while they share daily living and extras like vacations or holiday gifts and gifting.
To hear med I a declare inane remarks on housing is as annoying as hearing Disney is a “fun” place.
If my people who are called by my name will come….
Another interesting note of developments in my experience over the past 5 years. Our suburb voted no more construction since we have reached maximum capacity. The sewage system of the city is so taxed that during heavy rainfall those million dollar homes have basements flooded with sewage. Gee did everyone neglect to tell us that??
Apartments that are 50 Yeats old or even newer have consistent problems with plumbing backing up since they weren’t built to accommodate dishwashers, disposals, laundry. Thus, it’s consistent that now the lease has disclaimers for mold, mildew and pet fees and pot smokers.
We pray constantly t hat this country returns to the Creator. Recognizing the Author and finisher of All things. The Alpha and the Omega world without end. AMEN
In our ‘hood corporations are buying the few available homes on the market resulting in a price increase of 200%. My apartment rent is as high as friends who have home mortgages. This isn’t new, it’s been escalating over the last TEN YEARS. Just another area of shady information.
I am now retired a n d find my God reigns. HE HAS FAITHFULLY PROVIDED THE PAST 40 YEARS OF RISING SWAMP …
Math is math.. no opinions, always th same.. this article portrays another glaring example of our crippled economy.
Father please hv mercy on America . We speak your Devine wisdom to the Godly politicians who will do your will . We refuse to submit our country to the godless.. in our beloved saviors name
Praying in agreement, Bob, in Jesus’ Mighty Name; amen!
“The Lord is my shepherd; I shall not want.” ~ Psalm 23:1