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The first answer I have for most of these people I hear going on and on about rent is to move. It's even easier for this chick or dude or whatever, they are a lawyer that's not exactly a service that has no value elsewhere. There are loads and loads of places that aren't $3,600 a month in the country.
The 3 bedroom house I own rents out for $1,350 a month. Yeah it's not the most exotic location and it's in the most boring flyover of flyover country, but it's only 5 years old and while I don't personally manage it I've never skimped my property manager on maintenance money. I also still make money on it.
That's the other answer I have. Landlords are not a charity for you. Buy your own damn property.
Americans have only just begun to get a whiff of the housing shock that has gripped Canada and the UK (among others) for years thanks to malicious governance and mass immigration. I actually don't think it will get that bad here except in a few blue states, but we've got our own worsening supply/construction problems too.
Yup. I was looking at apartments where I live in rural California, and 1 bedroom appts are going for $2100. Again this is in a rural area, hours from any big city.
California. Question answered. Next.
It's happening in rural areas of other states too admittedly.
Is the housing market screwed up, yeah sure. It's bonkers. My house would list for twice what I paid for it just 6 years ago.
Still though, I'm quite familiar with the housing market and am well aware of housing prices. Have I bought anything with the current rates? No. I probably will in a couple years though and I can still make money on it.
I'll give a real example I just picked this house right out of the most middle of the country. I've never lived in the area but I know that area a bit and it's pretty decent. 25mins from the OKC CBD where any working professional can get paid enough to afford it. Here's a house for sale, $281k, 1935 sq ft with 3 bedrooms. Doesn't appear old and falling apart. https://www.zillow.com/homedetails/7320-Stinchcomb-Dr-Oklahoma-City-OK-73132/60558162_zpid/?
30 year mortgage for someone who can only scrape up the FHA 3.5% down payment with taxes and insurance is going to be in the $2,400 a month area. That's with today's insane interest rates. If we hadn't gone nuts giving away inflation money to Covid panic, that would be a $1800 house payment just from lower interest alone.
There are loads of examples like this all over the country and in some cases it gets better if you are more remote.
I actually just looked around my town for some places. I found plenty that were monthly mortgages in the $1,800 range for 3 bed, 2 bath homes, which would be a home for a family so you would expect multiple people paying in on it. And most apartments rent for around $800/month and cover almost all utilities except internet.
Wow, $800 a month. Maybe I should move. That's not much more than I was paying for my first apartments close to 20 years ago.
Plenty of normal people can afford that. That could be done on a $75k annual salary fairly easily in Oklahoma where you'd net $4,500ish a month after taxes. Take off money for utilities and a car and you're living on $30-40 a day for food, gas, etc. Is it going to work for some guy bussing tables, no, but $75k is well within the average pay for professional or skilled labor with 10 years of experience.
A house in my neighborhood, which is about 1 hour out from the edge of the nearest "city", costs more than many very nice private islands in other nations, even private islands with cottages already built on them.
It would be a joke, if it weren't so serious.
That's getting significantly harder, too.
We're getting fucked everywhere, and "just move" isn't a feasible long term strategy. At least if you care at all about culture, society, and your kids or grandkids. This isn't sustainable and, although you can still find cheaper property if you move, that won't work forever. They're squeezing us out, and it's intentional. "Just move" just lets them get away with it. It's a real issue, that needs addressing.
No one said they were. They generally follow market trends (although I'm sure there is also major hinkiness there considering many are from massive corporations, but that's a different issue), and it's to do with property prices going up, and the like. No one is asking the landlords for handouts. We're pointing out there's major shifts going on, that are screwing the lower and middle classes, and that's a massive and unsustainable problem.
I like small town culture and society much more than urban anyway, so I'm good there. Unless you mean the Reddit definition of culture, to which I'll just say you can buy avocados, bread, coffee, a toaster, and a coffee pot at the nearest Walmart that can be found anywhere in the US. Still there's a problem. I'd start with cutting off foreign purchase of land myself.
Family I get. They don't make it easy either. I'm not that far away and visit quite a bit and still my mom will make you feel like every second should revolve around being "her" family. I'm trying to build relationships with people that will still be around the last 40 years of my life though. It's gotten where most of the travel I do is to see family anymore, but I want to actually have something with my nephews and cousins down the road. I guess it's actually saved me money. I can stay with my brother for free so that helps once I get myself there.
My landlord response comes from the incessant whining elsewhere where they think the landlord only exists to screw them. It's a reflexive thought. Not really a thing on this site to constantly landlord bash.
For the record, when I said "culture, society, and your kids or grandkids," I meant overall quality of life and cost of living. If the trend continues, future generations will be squeezed out of even owning property outside of the cities. I'm not talking culture/society in the big city sense, I just mean basic American ideals like freedom and upward mobility. Those are being threatened.
Absolutely fucking agreed.
They are also jacking up property taxes. There are people now that have to rebuy every year their property at more than what it was originally sold for.
In Canada, even a shack 4 hours outside the city can go for 500k. You have to take it a step further and go live in a forest fire zone to start seeing a reasonable price. This is all thanks to our glorious leader that brings in 2 new immigrants per minute. Anyways, yeah you have to move.. out of the country...
And what about men who work low pay jobs in specialized industries? No money to move and no jobs to work anywhere that's affordable.