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Rent is Too Darned High !

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  • Rent is Too Darned High !

    The cost of a roof over your. Head climbs ever upward in the U.S. the aveage rent nationwide for available units is near $1000.00 with many metro areas far above that.

    The classival formula for the top end of an affordable monthly rent is your annual income. Divided by 40 or more simply 30% of your annual income for a year. That means if you earn $19.00 or less an hour in the U.S. you can't really afford the average available rental property.

    Even proffesionals with good wages are being forced out of being able to afford renting.

    http://mobile.nytimes.com/2014/04/15...tainable.html?

    The story above covers a lot of it. I started looking into it when I discovered a company doing background checks for the government was having trouble finding qualified personnel. The main reason they start folks off at $15.00 an hour in California in San Diego and San Francisco where the average rentals are $1600 to $3000 a month. No worker can afford to live within 10 miles of that business without government aid or without being part of a double income familyy...but even then the double income families would have to earn 30 to 40% over national averages to rent an apartment traditional formulas identify as an affordable rent.

    The rent is too darned high.

  • #2
    Re: Rent is Too Darned High !

    Originally posted by JDJarvis View Post
    The cost of a roof over your. Head climbs ever upward in the U.S. the aveage rent nationwide for available units is near $1000.00 with many metro areas far above that.

    The classival formula for the top end of an affordable monthly rent is your annual income. Divided by 40 or more simply 30% of your annual income for a year. That means if you earn $19.00 or less an hour in the U.S. you can't really afford the average available rental property.

    Even proffesionals with good wages are being forced out of being able to afford renting.

    http://mobile.nytimes.com/2014/04/15...tainable.html?

    The story above covers a lot of it. I started looking into it when I discovered a company doing background checks for the government was having trouble finding qualified personnel. The main reason they start folks off at $15.00 an hour in California in San Diego and San Francisco where the average rentals are $1600 to $3000 a month. No worker can afford to live within 10 miles of that business without government aid or without being part of a double income familyy...but even then the double income families would have to earn 30 to 40% over national averages to rent an apartment traditional formulas identify as an affordable rent.

    The rent is too darned high.
    Nothing really more to say about this.

    You're right and you have the right formulae for determine an equitable rent (for an individual). Apparently those old formulae don't work for housing OR transportation any more.

    מה מכילות החדשות?


    • #3
      Re: Rent is Too Darned High !

      Supply and demand... ain't it cool?

      מה מכילות החדשות?


      • #4
        Re: Rent is Too Darned High !

        The rent might be high, but how much is actually going to the landlord, and how much is going to property taxes.

        If it where actually profitable, there wouldn't be a supply problem.

        מה מכילות החדשות?


        • #5
          Re: Rent is Too Darned High !

          Originally posted by tsquare View Post
          Supply and demand... ain't it cool?
          The supply has been knocked out of whack by the past housing bubble and mismangemnt on loans then. There are towns you can't build the homes Americans bought during the big boom after WW2 because building codes will not allow them to go up. When loan money was cheap builders didn't build $50,000.00 homes they built ~what the market claimed was a $250,000.00 home (and much higher). Loans are tighter and people have to live somewhere.
          The economy is not healthy.

          מה מכילות החדשות?


          • #6
            Re: Rent is Too Darned High !

            Originally posted by Commodore View Post
            The rent might be high, but how much is actually going to the landlord, and how much is going to property taxes.

            If it where actually profitable, there wouldn't be a supply problem.
            The average U.S. household pays out $2800.00 a year on property taxes. I'm sure that skews up in metro areas, in my state property taxes are high but we have no state income or sales tax so it balances out. So say itks average at $2800.00 a year... if rentals get the same tax rates as all households. Clearly owners of rentals make more profit if the property is no longer mortgaged.
            Taxes alone are not the culprit.

            מה מכילות החדשות?


            • #7
              Re: Rent is Too Darned High !

              Originally posted by JDJarvis View Post
              The supply has been knocked out of whack by the past housing bubble and mismangemnt on loans then. There are towns you can't build the homes Americans bought during the big boom after WW2 because building codes will not allow them to go up. When loan money was cheap builders didn't build $50,000.00 homes they built ~what the market claimed was a $250,000.00 home (and much higher). Loans are tighter and people have to live somewhere.
              The economy is not healthy.
              I'd add that in rent control areas, supply / demand is out of whack by the rent control itself. From what I can gather it leads to tenement housing with fights between the tenant who wants maintenance / upgrades, and landlords that don't have the profit from the rent to afford it, so there's less supply, and the land lords leave the market. Got crappy rent controlled housing? It might be the rent control's fault.

              מה מכילות החדשות?


              • #8
                Re: Rent is Too Darned High !

                Originally posted by JDJarvis View Post
                The cost of a roof over your. Head climbs ever upward in the U.S. the aveage rent nationwide for available units is near $1000.00 with many metro areas far above that.

                The classival formula for the top end of an affordable monthly rent is your annual income. Divided by 40 or more simply 30% of your annual income for a year. That means if you earn $19.00 or less an hour in the U.S. you can't really afford the average available rental property.

                Even proffesionals with good wages are being forced out of being able to afford renting.

                http://mobile.nytimes.com/2014/04/15...tainable.html?

                The story above covers a lot of it. I started looking into it when I discovered a company doing background checks for the government was having trouble finding qualified personnel. The main reason they start folks off at $15.00 an hour in California in San Diego and San Francisco where the average rentals are $1600 to $3000 a month. No worker can afford to live within 10 miles of that business without government aid or without being part of a double income familyy...but even then the double income families would have to earn 30 to 40% over national averages to rent an apartment traditional formulas identify as an affordable rent.

                The rent is too darned high.
                Every single bit of this down to the last word is a bi-product of government interference in the "American Dream" of home ownership even though you are talking about basic rent. Supply and demand for housing of any sort has merit but when manipulated you cannot dismiss those aggregate shifts effecting both price and market condition.

                This is no different than the realization that often times people working at Walmart or Target cannot afford the products and services offered in.

                Look at it this way. When you cause a housing bubble to inflate then burst taking base economic conditions with it you cause secondary markets to be effected. Since employment is still low, housing starts are still low, and plenty of residential markets are still negative you can conclude that we "rent" housing more. All of which is true. 2008 we were at 31% to 32%. Now we are at 35% to 38% (depending on source for both stats, I tend to look at Center for Housing Studies by Harvard and bolded is what they report according to MarketWatch.) Supply and demand of course, but not because of isolated conditions but effects from a bubble / pop economic model our government is in the drivers seat for.

                Because of this your formula for "renting" is no different than the ignored formula for home ownership from 1977 (ish) to 2007. It is not called this but it is the effect of "subprime renting." People are having to spend more of their income by percentage to have a place to live suggesting less than ideal income levels to rent costs. My prediction is this will get worse in key markets (DC, New York, LA, Chicago, Atlanta, Dallas, etc.) because the one income quintile that is expanding past 2008 levels is the lowest 5th income quintile. If rent continues to climb above inflation rates (PCE or CPI take your pick) plus if we continue stagnation incomes for the lowest income quintile then we *know* it will get worse.

                Where is that old guy with the funny beard from NY running on the "Rent is too damn high" party. He was right, but by accident and for the wrong reasons.

                מה מכילות החדשות?


                • #9
                  Re: Rent is Too Darned High !

                  Originally posted by JDJarvis View Post
                  The cost of a roof over your. Head climbs ever upward in the U.S. the aveage rent nationwide for available units is near $1000.00 with many metro areas far above that.

                  The classival formula for the top end of an affordable monthly rent is your annual income. Divided by 40 or more simply 30% of your annual income for a year. That means if you earn $19.00 or less an hour in the U.S. you can't really afford the average available rental property.

                  Even proffesionals with good wages are being forced out of being able to afford renting.

                  http://mobile.nytimes.com/2014/04/15...tainable.html?

                  The story above covers a lot of it. I started looking into it when I discovered a company doing background checks for the government was having trouble finding qualified personnel. The main reason they start folks off at $15.00 an hour in California in San Diego and San Francisco where the average rentals are $1600 to $3000 a month. No worker can afford to live within 10 miles of that business without government aid or without being part of a double income familyy...but even then the double income families would have to earn 30 to 40% over national averages to rent an apartment traditional formulas identify as an affordable rent.

                  The rent is too darned high.
                  Well, it's the fault of the working people who didn't become a medical doctor, or a ceo of a profitable company. So, let's lay the blame where it resides, with the average American. His fault. If you don't have the wits, the brains to be a professional, tough shit. Go and take it up with your parents who gave you the genes that didn't enable you to be a professional.

                  If you were not born with the "right stuff" blame yourself. But also, don't have any kids, for they might turn out just like you did. We only need people with higher intelligence to breed, for if this doesn't happen, in this globalization, get used to being poor and living in your car.

                  At least in the past, the poor could live in shacks, which most times kept the rain off your bed. Shacks are no longer allowed, and its hard to find a place to pitch a tent these days.

                  I brought up in the past that our min wage doesn't even pay enough to afford to rent. Some told me I was nuts. And then the next argument was, I think, these people should get themselves educated. Become a doctor or some other professional.

                  Lots more things were affordable by working people prior to the elites concocting globalization to increase their profits margins. Rent isn't gonna to go down, so that means what? And wages are not gonna go up for average people, so what does that mean? It means greater social ills and disorder not to mention greater suffering for the non elites. But it's all good. And who cares?

                  מה מכילות החדשות?


                  • #10
                    Re: Rent is Too Darned High !

                    More fun facts and figures:
                    In Boston MA the average rent is about $2400.00, one room bedroom apartments list for an average of $1950.00 so to that one room place is only affordable with a household income of 78K, larger places would need 96K for household income, unfortunately the mean household income is under 52K.

                    The supply and demand issue in that city is impacted by the high number of colleges in and arround the city. The old neighborhoods are slowly vanishing as families can no longer afford to live in those neighborhoods (unless on government assistance).

                    מה מכילות החדשות?


                    • #11
                      Re: Rent is Too Darned High !

                      Why would one want to live in a city anyway?

                      מה מכילות החדשות?


                      • #12
                        Re: Rent is Too Darned High !

                        Originally posted by JDJarvis View Post
                        The supply has been knocked out of whack by the past housing bubble and mismangemnt on loans then. There are towns you can't build the homes Americans bought during the big boom after WW2 because building codes will not allow them to go up. When loan money was cheap builders didn't build $50,000.00 homes they built ~what the market claimed was a $250,000.00 home (and much higher). Loans are tighter and people have to live somewhere.
                        The economy is not healthy.
                        The economy is not healthy...

                        There is a pool of people that can no long buy a home because of their actions during the housing bubble... thus they must rent

                        There is a pool of people that can no long buy a home because of others actions during the housing bubble... (causing stricter loan standards) thus they must rent

                        Thus with a growing population of 'must rent' along with a 'shortage' of new rental units being built, rents go up. This is helped along by banks not turning over foreclosed homes quickly... thus tightening the supply.

                        Even in small numbers this can have a huge impact on the market... Assume 'only' 5% of folks lost their homes and now must rent... Assume 'only' 5% of folks can't qualify to buy now... Assume 'only' 2% of the existing homes are bank owned. That's a 12% 'hit' on the market, that might have already been closed to 90% occupied. Even if your local market was only 85% occupied in 2008, it would now be close to 95-97% occupied now.

                        This is made worse still in some markets as foreign money comes into the market... think New York, Florida and LA.

                        We all know... if something is in short supply the cost goes up. Q.E.D.

                        מה מכילות החדשות?


                        • #13
                          Re: Rent is Too Darned High !

                          Originally posted by Commodore View Post
                          Why would one want to live in a city anyway?
                          ]

                          They'd like to have a job? They don't want to spend 90 miinutes driving to work? They can't swing the down payment on a $150,000.00 house while paying so much in rent? I only live where I do because we had the means to put in a kitchen, back when evaluations were crazy my home was valued over 600K and the folk that lived here before us were foreclosed on and over borrowed based on the old. High value. Most homes in town currently go for 250-350k, few of our kiids are moving back into town and into their own homes right after college.

                          I live in a small town myself so I know the appeal but there are few serious employment opportunities, we don't even have a gas station or supermarket in the town itself, the woodmills and the big farms are long gone and the manufacturing town folks used to go work in hasn't been making much of anything for the past 30 years.

                          מה מכילות החדשות?


                          • #14
                            Re: Rent is Too Darned High !

                            Originally posted by Sluggo View Post
                            Where is that old guy with the funny beard from NY running on the "Rent is too damn high" party. He was right, but by accident and for the wrong reasons.
                            Apparently he is running for governor again. Why? Cause the rent is still too damn high!

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                            • #15
                              Re: Rent is Too Darned High !

                              Well done, good find! (Shit, politics in this nation has gone right to hell.)

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