Rents are up by double-digit percentages in some cities. Meanwhile, buying a home is the most unaffordable it has been since the mid-1980s. Mortgage rates have surpassed 6% and home prices remain just off the record highs hit in recent months, pricing many prospective homebuyers out of the market. And while there are some signs of cooling in the market, it doesn’t look like there will be much relief in sight for home buyers.
A year later, the income requirement was $108,000. This cost increase means that about 4 million renter households who could have bought the median priced home last year could no longer do so twelve months later, according to the Joint Center for Housing Studies of Harvard University. Without a home to buy, renters are staying put, pushing rents up even further in an already-tight market.
Cheap money caused the prices to hike, companies like blackrock also bought many houses in bulk removing them from the market and increasing values. But hey it's the market working.... People really need to wake up
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