This is the second post on the rental crisis and how it could impact you and your family. To read the first post, click here.
Business Insider’s recent article’s headline screams “Soaring rents are a problem that will only get worse“.
Rents are going up fast, wages are stagnant and rental demand are skyrocketing. The Business Insider article said:
Rent is a problem.
A report out Monday from Bloomberg’s Patrick Clark highlights a study finding that the number of American households that spend at least half their income on rent could rise 25% in the next decade.
And the worst part of the study suggests that even if wages rise, the situation won’t improve that much for renters.
If wages rise as expected, things will actually get a lot worse.
An article in Fortune titled “Why the renting crisis could be about to get a lot worse” said:
The number of U.S. households that fork out at least half of their income on rent is set to increase by 25% to 14.8 million over the next decade.
The largest increase is expected to hit older adults, Hispanics, and single-person households the most, adding to a growing list of severely cost-burdened renters who are dedicating half their monthly income to household payments, according to a joint study conducted by the Enterprise Community Partners and the Harvard Joint Center for Housing Studies.
If there ever was a time when buying a home to keep your housing costs stable makes sense, that time is now! We have a tool called the Total Cost/Savings Analysis that shows whether buying a home makes financial sense for you and we’d love to use it to help you decide. We won’t ever push you if the numbers don’t add up. Give Josh Mettle a call at (855) 260-9932 or write to us here: [email] to request your complimentary Total Cost/Savings Analysis.