Landlords are the least productive class in society, and it's not even close in terms of ranking.
I don't understand this school of thought?
Without renting everyone would have to buy a house / apartment on each move.
Wages in America Are Too Low for the 30% Rule to Work for Renters Anymore
101–110 of 550 posts
Re: Wages in America Are Too Low for the 30% Rule to Work for Renters Anymore
#102The problem is absolutley that housing is too expensive, which of course a bunch of realtors are not going to point out. Increasing wages will not fix the housing crisis, and will just drive prices higher. How convenient for a bunch of realtors...
Realtors don’t own the houses.
Not usually. But homeowners don't usually set the price themselves. Yes, yes, yes, yes, yes, technically they can. But a _realtor_ is in their ear telling them MORE MORE MORE.
Re: Wages in America Are Too Low for the 30% Rule to Work for Renters Anymore
#103Earlier quoted context omitted.
Go tell that to Oklahomans and others still making a minimum wage of $7.25 an hour
If you can find a single person still getting paid that, please give me their info and I will have them making twice that by tomorrow.
I'm making that much as a software engineer in a 3rd world country. Hire me :)
Re: Wages in America Are Too Low for the 30% Rule to Work for Renters Anymore
#104Is it the wages or that shitty one bedroom apartments go for $2000+
Can both be true?
Re: Wages in America Are Too Low for the 30% Rule to Work for Renters Anymore
#105Earlier quoted context omitted.
Does median represent the normal anymore?
When it comes to income and wealth, I don't think so. There aren't enough people in the middle ground between rich and poor for that to be a meaningful stat for most things.
If you look at income distribution over time you'll see that the middle indeed shrunk. However, they moved to high income.
Re: Wages in America Are Too Low for the 30% Rule to Work for Renters Anymore
#106Is it the wages or that shitty one bedroom apartments go for $2000+
Listening to NPR yesterday, they mentioned it’s a renters’ market in the Sunbelt [1]. Lots of new supply here in Texas and I just signed a lease recently with 2 months free in DFW. Bringing me down to ~$1550/month. Lots of places are offering 2-3 months for free. [1] https://www.zillow.com/rental-manager/market-trends/tx/
$1,550 a month for what? A three bedroom, 1.5 bath duplex with a garage maybe. For a flat though? Shoot me.
Re: Wages in America Are Too Low for the 30% Rule to Work for Renters Anymore
#107Wages in america are extremely high, its just property prices are even higher.
Go tell that to Oklahomans and others still making a minimum wage of $7.25 an hour
They’re reaping what they sowed based on how their states population votes. Oklahoma is doing exactly what’s its people wanted and voted for.
Re: Wages in America Are Too Low for the 30% Rule to Work for Renters Anymore
#108Earlier quoted context omitted.
Realtors don’t own the houses.
Realtors earn commissions as a % of the price a house sells for.
It’s also a diabolical amount. My friend bought a house in San Jose, and both, the buyers and sellers agent got $50,000 each on a $2M house. They didn’t even help with the house search much.
Re: Wages in America Are Too Low for the 30% Rule to Work for Renters Anymore
#109The problem is absolutley that housing is too expensive, which of course a bunch of realtors are not going to point out. Increasing wages will not fix the housing crisis, and will just drive prices higher. How convenient for a bunch of realtors...
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Re: Wages in America Are Too Low for the 30% Rule to Work for Renters Anymore
#110Landlords are the least productive class in society, and it's not even close in terms of ranking.
I only partially agree with this - Access to housing for people unable to access a mortgage is very important. And the capital outlay historically required to OWN a house has been nearly impossible for the vast majority until recently. And even now, banks really hate lending to people not already "on the ladder" to use a British term.
For instance: I bought my wife's grand fathers house. It appraised for $165k, and he sold it to me for $130k, I put $50k down, and got an $80k mortgage. I earn a very decent amount around 4x the median household income. I have 22 years of employment history with 0 days "unemployed". I have maintained a DTI of less than 10% and a Credit Rating of 800+ for at least the last 15 years I've been tracking. I have more money in my brokerage than the house is worth, let alone the mortgage, and yet it still took 3 different banks, and over 13 months to close on the house. I was denied by Bank1 (who I have over 20 years of history with) and Bank2 (who owns my business accounts and holds $10s of thousands on average up to $100k regularly). Bank3 approved me, but by the time they approved me, interest rates climbed from 2.5% to 5.75%.