Rents fall in most U.S. metros since 2023, demand struggles to match supply
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Re: Rents fall in most U.S. metros since 2023, demand struggles to match supply
#2what's a good way to reconcile this with the common narrative that there's a big housing shortage?
Re: Rents fall in most U.S. metros since 2023, demand struggles to match supply
#3what's a good way to reconcile this with the common narrative that there's a big housing shortage?
It means the shortage is being relieved. From the article:
> The construction boom, nonetheless, has improved rent affordability, according to Realtor.com data.
Re: Rents fall in most U.S. metros since 2023, demand struggles to match supply
#4what's a good way to reconcile this with the common narrative that there's a big housing shortage?
Rents are still too damn high. The shortage will be over when rent is less than 10% of take home pay for a lower class laborer in NYC.
Re: Rents fall in most U.S. metros since 2023, demand struggles to match supply
#5what's a good way to reconcile this with the common narrative that there's a big housing shortage?
> Still, she added, rents are about 20% higher than pre-pandemic levels, and consumers remain concerned about their financial situation and job security in recent surveys.
When people throw around the word shortage what they mean is "availability at a price I'm willing to pay." Same with labor shortages.
Re: Rents fall in most U.S. metros since 2023, demand struggles to match supply
#6what's a good way to reconcile this with the common narrative that there's a big housing shortage?
Rents are still too damn high. The shortage will be over when rent is less than 10% of take home pay for a lower class laborer in NYC.
Has rent ever been 10% of take-home pay of a lower-class laborer anywhere in history? Asking because this goal doesn't seem very achievable, but I could be wrong
Re: Rents fall in most U.S. metros since 2023, demand struggles to match supply
#7what's a good way to reconcile this with the common narrative that there's a big housing shortage?
> Still, she added, rents are about 20% higher than pre-pandemic levels, and consumers remain concerned about their financial situation and job security in recent surveys. When people throw around the word shortage what they mean is "availability at a price I'm willing to pay." Same with labor shortages.
That's... the definition of shortage
Re: Rents fall in most U.S. metros since 2023, demand struggles to match supply
#8Earlier quoted context omitted.
Rents are still too damn high. The shortage will be over when rent is less than 10% of take home pay for a lower class laborer in NYC.
Has rent ever been 10% of take-home pay of a lower-class laborer anywhere in history? Asking because this goal doesn't seem very achievable, but I could be wrong
it was 2% in the soviet union
Re: Rents fall in most U.S. metros since 2023, demand struggles to match supply
#9Earlier quoted context omitted.
Rents are still too damn high. The shortage will be over when rent is less than 10% of take home pay for a lower class laborer in NYC.
Has rent ever been 10% of take-home pay of a lower-class laborer anywhere in history? Asking because this goal doesn't seem very achievable, but I could be wrong
I doubt it. If we go by the guideline that your housing costs shouldn't exceed 30% of your salary (which I usually understood to be pre-tax), converting that to post-tax for a relatively low-income job is not going to bring that down to 10%.
Sure, that's just a guideline, but it's presumably based on what is (or once was) reasonable and possible to expect.
Re: Rents fall in most U.S. metros since 2023, demand struggles to match supply
#10Earlier quoted context omitted.
Rents are still too damn high. The shortage will be over when rent is less than 10% of take home pay for a lower class laborer in NYC.
Has rent ever been 10% of take-home pay of a lower-class laborer anywhere in history? Asking because this goal doesn't seem very achievable, but I could be wrong
new york city has also had housing shortages since at least the 1860’s [https://www.nypl.org/blog/2018/06/07/tenement-homes-new-york...]