Rental Market Crisis
The alarms of
increasing rents have been ringing for nearly 3 years. Now a report from
Harvard really is shocking. http://www.jchs.harvard.edu/americas-rental-housing
·
On
average renters are spending 30% of their income on rent up from a historical
average of 21%
o
50%
are rent burdened spending more than 33% on rent
o
25%
are severely rent burdened spending more than 50% rent
·
There
are 9 Million more rental households today than 10 years ago
·
Homeownership
is at the low for the past century (63%)
·
The
household starts, mostly young people and millennials, are in a rental
situation
·
Rental
prices are way beyond the previous peak
It still might be the best bet to lock in your
“rent” with a 30 year fixed mortgage on a home you own that will build equity
with every monthly payment.
-Kris
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