Home prices have skyrocketed during the pandemic while supply chains and labor issues have crippled contractors, leading to a nationwide housing shortage. NBC News’ Guad Venegas reports from Reno, Nevada, a booming town struggling to keep up with demand.
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#NBCNews #Housing #HomePrices
JP Morgan got out of mortgage backed securities at the FICC. Interest rates rising soon and real estate about to get real cheap
Not cheap enough for average workers. This country deserves the epic labor shortage it is creating.
property tax 10k/year. That’s the problem that no1 mentioned
They’ve moved the totem pole once again so much for the American dream more like an American fantasy 💁🏾♂️💁🏾♂️
The term is “goal post”
Oh well, when foreign investors and hedge funds drive all the workers out of the cities and services cease to exist because of lack of workers, prices will crumble and it will turn into a slum.
There is no job shortage, nor is there a housing shortage. There’s a bunch of empty places, especially apartments. They are getting tax breaks for empty places, and the rents are so high, normal people can’t afford them. One person should not have to work 3 jobs just to afford a studio apartment. You have to know someone to get a decent job.. how are you able to meet people for connections when you’re working 3 jobs? How do you have time to even find a better job? The jobs available rarely offer any insurance, much less any upward movement. The huge companies moving in only driving the prices upward, when people aren’t making the money to substantiate it. These developers don’t need money, they’re getting mega tax breaks to build these monstrosities. People, please pay attention who you’re voting in local offices. This is where the problem starts. Here in Raleigh, the mayor has given her previous industry (development) carte blanch in building, and did some back door deals to move voting so she is in office longer. Chopping down so many of the fabulous oak trees Raleigh is famous for (city of oaks; now being referred to by residents as city of stumps), to build places most people can’t afford… oh yeah, I forgot to mention Amazon is fairly new here, and Apple is bringing a new campus here. It’s a sh$&@show!
This is called *Real State Speculation* 👍
Speculators are a major disease in any society. Here in Brazil Real State Speculation “rules” for centuries in my country, which led to lots of *Favelas* . People cannot afford or don’t want to buy a high priced house, so they invade lands and “creates” a Favela.
Try to create a movement there in your city/county/state to force city council/mayor/governor/etc … To pass Laws to difficult Real State Speculation 👍
@tREnS Pir*AR* usa
Every construction company I know is hiring we can’t find any help.
no worries, the water wars are just around the corner… finding homes in the dessert will soon be easy.
This is the fault of the democrat politicians.
Big real estate corps get a better deal on loans from fed ..lower interest bigger bids….retail can’t compete….any one heard of the Zillow buy off?Greed is Amuck.The poor get poorer the rich greedy ones get richer
Too bad they’re not building houses correctly. in the regions that they build the houses to deal with the upcoming crises! that the planet is going through with the global warming and the weather.
Besides the fact that the houses look like they were all built by one architect. what happened to different taste / Talent architects. now everything looks the same no originality.
Disappointing! keeping up with the Joneses, rat-race whatever you want to call it disappointing.
It’s gonna crash crash crash!
The problem is that builders no longer offer small starter homes between 1000sf – 1400sf. After WWII, they built a massive amount of small family homes the size I just mentioned, and millions of Americans were able to afford them. But people have been brainwashed through TV Shows and social media, that a 1200sf home is no longer acceptable … so the demand for it is 0. If consumers want affordable homes, they need to ‘think’ affordable and not be stuck on a 2400sf home + double garage and a backyard that accommodates a full tennis court. And why is the man complaining, he KNOWS the city elites make the rules on what the minimum square footage must be that will become law in the entire neighborhood. In the end, it’s all about the money (property tax on large homes are a must for a successful city) … the companies that moved to the area probably own the land.
How about all the tax dollars California waste, they reimburse us for and we use that towards affordable housing
As a Nevada resident, I have a side issue.
It looks like those new homes have natural lawn, how is that possible when in Vegas you literally CAN’T have a natural lawn in new construction and most older homes have been switched to rock/ cactus?
That American dream is actually a nightmare !
Sure is
Is it possible that builders are doing this intentionally so that they can just make more money per house and not have to build as many to make the same profits? Basically adding to the small inventory intentionally to maximize their profits.
Of course they are.
Maybe Biden should consider removing tariffs on Canadian lumber???
C’mon man. Biden is too busy eating chocolate chip ice cream and taking naps at home in Deleware.
Cities and the national government need to get involved in building housing and running them. Private owners are causing too many people to become homeless due to monthly rental rates. You need 2 jobs now a days just to be able to rent a small apartment. And you wonder why crime has risen!!!!
Open your eyes CA. It is Big Government Who have Created this Problem. Only THEY pretend Not to know, When THEY Control EVERYTHING.
how much you bet they don’t mention hedge funds snapping up 1 million homes with cash offers and putting them on the permanent rental market.
It’s a landlord fault and the high taxes.
This is a BIG issue growing quickly, knocking first time home buyers DOWN and away from owning their home. I’m in the same predicament. PRICED OUT.
But Big Government says We will own nothing and be happy. No one’s happy.
#vermont
Normal buyers cannot compete with investors.
It’s a money talk game.
It’s not just in the states, it’s happening all over the globe, something needs to be done or else everyone but the very rich will end up on the streets
Even at $15, an hour 42hr is 2,520, the cheapest house you can find is around 150k so you will work for 50 years and maybe be able to save up to buy a home if you don’t count inflation👀
Strong math skills wtf are you talking about
@The Ultimate Big Munchkin Well it should be clear, I am talking about wages being low and Americans being stuck as permanent renters unable to buy a home on their own while working 42hrs a week.
Stop letting people in with no border control
It’s investors pushing out real people. EVERYWHERE.
Buy a RV. Move out the city. Many empty lands out there.
Nothing can keep up with unlimited supplies of undocumented mericans
😂😂😂😂😂😂 the American dream is 🖕🖕🖕🖕🖕🖕🖕
It’s an armpit… a very expensive armpit
We need to 3D print houses!
Girl is not homeless. I hope she understands though there is no such thing as the American Dream. Be thankful for health and strength. Some folks have neither and only dream of good health mentally and physically.
Where are they getting the water from to service all of these homes–in a desert? That wasn’t even mentioned.
I see apartments going up everywhere
I see tent cities and favelas going up everywhere
You need to think out of the box. We bought a 3 br/2 bath home last year in a small town for only $300,000. You can’t try and live in a big city anymore.
wow, they never address the elephant in the room: zoning almost exclusively for single family homes and car-centric neighborhoods is one of the main reasons for housing shortage and skyrocketing prices. You can clearly see in the shots how there isn’t a shortage of space but the space is wasted on low density single family homes, with useless front yards and roads so wide they could literaly house several houses in their width.
This “american dream”, is nothing more than a scam.
What American dream?! Who still believes in that?
Yes the American is dead cause of white nationalist
Well this is what happens when you don’t allow high density zoning. Everyone wants to see prices drop except for the ones with their properties going up
That is barely a competitor for reasons why this is happening. There are tons of apartments and houses sitting empty because of how much they cost. Builders want to keep building expensive apartments and houses but there’s no one to buy them. Meanwhile all of the affordable houses are getting bought up by investment groups who have tons of money to throw around, and they are pricing out all the normal buyers. Then they turn around and turn it into a rental that they charge twice as much as it’s worth.
“Welcome To The Party Pal !” a Vancouver BC resident.
I thought paper houses were easy to build.
This is what happens when you have incompetent leaders.
Yep. Just go ahead and continue breeding without consequence. Go ahead with the urban sprawl, complain about climate change while you continue to cut down every tree to continue that sprawl. Emit tons of CO2 and methane that you screech to others about by building a new home with all the latest fads instead of buying a fixer upper and repairing it for a significant lower price. Ruin the rural country, that has low cost housing, into an expensive dystopia due to the sprawl. The American Dream has been dead for a long time.
Here is a idea move to a different state or part of the state
it should reverse soon, give or take 12 to 18 months. stock market crashed and housing market will follow. birth rate and death rate doesn’t support current housing bubble. plus the fed is pulling out cash from their book later this year. just sit tight and wait.
Reporting on something that will never change.
What about Detroit? 🤔🙄
So 25 million illegal immigrants have nothing to do with this?
In the meantime Joe Biden decided open up the entire border millions of people from all over the world are flowing in through our border and we don’t even have enough housing for us but this is what the people voted for so this is what the people get people will be standing in a bread line before you know it
Thomas Sowell has a perfect writeup on this. Explained in short-
If the Gov. caps rent, builders cannot afford to build those apartment buildings anymore. The apartment owners then cannot afford the upkeep, and the apartment “wears out” faster.
The builders will then only build expensive non rent capped buildings (the ones that you and I cannot afford)
So the “shortage” will actually get worse.
The best way to combat this at the moment- everyone get back to work and keep the markets free. Do not insist on government interference.
Thomas Sowell. 👍 Is a National treasure.
Bingo! But of course, government is not going to listen to him.
This is class warfare. Not race, ideology and others that the media and others would like you to focus. It’s the classic rich designating what the poor can choose to buy for the benefit of the top 10%. The pandemic gave a short lived equalizer but the rich is now starting to find loopholes and tactics to take advantage of the new situation to make life even more miserable for the have-nots. This has always been about class warfare and nothing else.
Not so. With all the people leaving California, there’s got to plenty of overpriced home for sale. That’s if you don’t have problem with train robberies.
They’re being outbid by black rock, Wall Street and many investors. These investors come in buying up majority of the houses to flip or rent out.
We don’t need more houses that just gonna be very expensive as well all we need is affordable homes.
Peace 💙and 💜Blessings❤ Too 💚My💜 Brothers 💜May❤ God 💚Bless💛 Everyone💜 Always ❤May God 💛Bless💜 Everyone💚 Richly with💙 everything 💜they 💚need Always 💜Much❤ Love 💚Blessings ❤Always ✌ 💯 🌈 🎇 🌐 💛💛💛💛💛💛💜💛💛💛💜💜❤💜💛💜
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let’s just go virtual
typical boomer talk.
“back in my day in the 40s… milk was 10 cents a gallon ! ”
/s
Bought my first home after the housing crash. Dirt cheap homes. Bought my second home just before the market went nuts in 2016.
Things are just in bad in Canada homes that use to be 200-300 and now easily getting bidding wars over a million in all of southern Ontario we have plenty of room and places but real estate is being used as investment driving the price up
This is happening in every city
The shortage is because Wall St firms are buying all the homes. And they will ALWAYS outbid you with all that Fed cash. TRILLIONS have been handed out to these bandits. And they will BLEED Americans dry.
The more expensive a house sale, the more taxes you pay. All a catch 🙂
With a booming population ,real estate is the best investment
Nevada is raising prices but never worried about wages increasing and now the minimum wage is more than a decade begin compared to todays prices .
I’m Lakota tipis were just the cost of an arrow or spear to take down some buffalo and the hide and long sticks as building materials. No rent and you could move and live accordingly to the seasons and the migration of the game. Trade with other tribes and allies were key if war were to break out. Today rent should only be 100 dollars a week for every body who breaths air. And gas a dollar for ever. Education free and wages keep them at 7 an hour if you must but living should not make anybody else rich. And poor people poorer. Native wisdom….
I’ve been trying to buy in Colorado for 6 months, and I’m so discouraged 😞 This market is wild.
This is what democrats wanted
Well builders don’t want to build small houses and condos….They make more money building half a million dollar homes.
Housing shortage or jobs paying too little to shelter people ?
Leave those places. Let them go. I would.
warren buffett said it – we need to blow up a lot of houses. and then tariff canada lumber and everything china. so yeah, here you go
Fortunately I am renting a 7 bedroom/5bath house with 4 car garage on 23 acres for $159.12 a month. When I retired in 2013 I got out of the US so I could live well and enjoy my retirement.
Fed funding already happened!!! They produced over 1T in debt with their stimulus. Fools!!
haha come to san diego cal… 700k
Ppl work just to pay rent and car notes an many other bills…wages stay the same and rent climbs along with every thing else..plus food…having 5 or ten ppl in one home is the only way to save money not really but its going to come to that very soon
Housing should be free
Basic calories as well
Yeah because hedge funds are buying up real estate.
We definitely have the land
Jesus Christ is way, the truth, the life.Jesus is coming back soon. Repent, believe, and accept Jesus into our hearts as Lord and Saviour of our lives. He Loves us so much. John 3:16
If houses were cheap, we wouldn’t need banks 🙃
Shows you that the weaklings are leaving California.
The true American dream without materialism is renting or going out of town with affordable living🤔😇
My rent is $2k for 1k square feet. It’s absurd.
Landlords Restrict Housing Supply to Maximize Rental Profits
Not even big or nice areas have this problem. It’s infected the whole nation; the world. The crappy, 900sqft condo in a bad area that we got 1.5 years ago has already gone up 12k. We paid 44k. +27%… for this? Yeah right! Still cheap compared to other things, but you wouldn’t want to live here if you could afford it. Not looking forward to graduating with a good job because we’ll still be priced out anyway doing the impossible, finding a house.
Ridiculous prices
STOP FOREIGN BUYERS
The problem is “GREED” people have become to GREEDY over the years. People overcharge you for everything nowadays. You have to win the PowerBall jackpot in order for you to live the “AMERICAN DREAM” these days it’s impossible
Overpopulation will keep housing 🏠 out of reach !
Earth 🌎 and land don’t grow, like people !
Sad situation that their no affordable housing,. America looks like a third world country, because of the sad situation of no affordable housing, while pushing people to be homeless.
It’s because most cities zone single-family homes by default and locals hold a “not in my backyard” attitude when it comes to affordable housing.
It’s because home builders only want to build big homes Americans don’t want and can’t afford.
You live in A desert ,,,, plenty of land
Democrats moving there
Buy a cheap condo.