A wave of young Americans, who originally sought out first-time home buying, are now being forced to continue to rent due to market pressures. NBC’s Steve Patterson explains how these economic burdens are leaving renters without many options in addition to ratcheting up tensions with landlords.
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#NBCNews #Rent #Homebuying
Just wait until someone figure out how to charge a fee for air.
There will be bloodshed in streets soon! Dead rich people!
A lot of mom and pop landlords are elderly and now have rental property due to inheritance or years of work and sacrifice.
No, they should not be expected to try to find a job at that age (as someone commented here).
Health issues are common and jobs do not come easily for elderly people, even if they do want or need to work.
These are also the people who understand hardship and often rent at least slightly lower than market rate if they have a good tenants.
My property tax went up 87% in 2022. Insurance is much higher, as are utilities. Homes need maintenance.
New roofs.
New electrical.
Heater/air conditioner repair,
foundation repairs,
county-required tree trimming and other expenses just to maintain safety.
Anyone willing to stereotype all landlords and label the need for rent increases as greed has absolutely zero idea of the reality of owning a home.
My landlord is somewhere around 80 years old and I hadn’t seen him since 2003 until recently. He had to come by to post a notice about the water being turned off for plumbing work. He did NOT want to come here!
I paid every penny of rent throughout the pandemic and I’m sure he’s glad about that. This freedom from paying rent is incredibly unfair to people who saved their entire lives.
Forgot to take the psychotropics today, I see…I have no idea what you posted. It’s batty and makes no sense. Try again and perhaps have your nurse maid write it for you, luv.
El Mission
You commented on the wrong post buddy.
makes me happy I have a mortgage and only 8 months left to go on it until it’s paid off
People from other countries get free housing???
Thank God that rent is more than a mortgage but most people will never find out because they can’t save up for a down payment. Instead, the rent “kingdom” owner has 50 properties the tenants pay for. The American new business model is renting, just buying everything so much that others can’t afford it and rent it. Make sure apps like Airbnb inflate the prices, make sure Chinese investors have the opportunity to buy anything they need, and make sure every “entrepreneur” can own 100 houses to rent.
This problem can easily be solved by millions of immigrant workers. Just look where they come from. The rents there are very affordable.
How about looking at the vacancy rate? Second and third homes that sit empty. No one ever talks about that in America, but in parts of Europe, you cannot leave a house empty. You either occupy it, sell ot or rent it out. We need a vacancy tax or legislation like this.
Get corporations and international investors out of housing. Problem solved. Too much money and greed propping up these ridiculous prices.
I imagine a lot of potential landlords aren’t seeking renters because many governments have no problem stealing their income for months.
Good, but not good enough. It should be longer so they had to sell their rental properties. Them parasites
Y’all need rent caps
Rent cap at $450/Month due to most jobs being low wage; not livable ( ability to save up and buy our own home )
Rent Control. My rights are being infringed upon, because I cannot afford to live.
This news bit is based in Spokane where I currently have lived for five years and what the journalist failed to mention is most of the apartments they showcased start at over $900- $1000 for studio or barely 1br 1bth. Also the outside of the apartment buildings look nice but inside they are poorly maintained and definitely not worth the more than $900 monthly. What makes the market worse is that people that get low income or HUD assistance get first pick of apartments so those people that work full-time with no assistance are pushed out of the rental market.
Same here in Houston TX… low income people are living well… upper class are living very well… us in the middle is stuck with the old outdated places to rent 🤬
And I’m the bad guy for being a street pharmacist to survive
People didn’t elect representation that would target these situations, instead; they elected the same ole corruption.
America don’t give af about it’s people. We supporting Ukraine and giving them billions, while we have homeless people everywhere.
Everyone sleep in front of the white house I bet rent will go down js quit talking about stuff no one going to do anything about period js
You mean to say, you altered your greedy rude people by a bit.
That’s the biggest bs I ever heard. Rents going up cause landlords are trying to get even for the lockdown when covid first started and they banned evictions
“Look at how high those prices of rent are going Martha” “I wouldn’t be able to afford that if I were in my 30’s and having wages they are getting now” “What has gone wrong with this world” “Doesn’t effect me too much to offer the family fair rent, while those people decide too”
imagine if ByDen started throwing coin around in America. the things he could help with
wow. blows me away.
Where is the stop in multi-national companies buying out homes by the hundreds. Not only affordable housing but also stop on over purchase of properties is needed.
Application fees should be banned…or refunded if you don’t get the rental.
There should be NO application fees! That is theft! Extortion!
Im currently living in a tent behind my dads unfinished house I sleep next to a heater on cold nights but aside from not having warm showers im holding it down myself ok.
Oh, your dad should let you sleep in the house! What happened to human dignity???
Tell the politicians to ban these corporations from buying up homes to increase profits for themselves to rent out to tenants
Homelessness is at an all time high and the situation is not slowing down. Everything is expensive not just housing.
fReE MaRKeTtttTtTTtT
That’s why I converted a cargo van in 2020 and moved into it. F the wealthy property hoarders (some are foreign nationals … Chinese) and the government that protects them. Our government (Democrats) are failing US citizens.
Meanwhile we have open borders
This is horrible for renters; I am thankful that I don’t have to pay rent/mortgage anymore.
In poor areas of the southwest, illegal aliens are flooding in and creating increasing upward pressure on rental supply. Some places have doubled over the last couple of years. Some cities are now above 20% population of illegals.
The NBC ANCHOR SOUNDS LIKE A TV GAME SHOW HOST.
TO THE MEDIA THIS IS JUST A STORY..
My last lease stated rent would not increase more than 3% each year. It couldn’t go up more than this and was a big relief.
My rent went up $250 more
In Indianapolis private equity vampires like ALPINE have hoovered up hundreds of affordable starter homes and will not even take your call to inquire about a property until you pay their application fee. Its Pay-to-Play, and you have to pay CASH and turn over all your personal information to even ask a question about whether they will accept pets or not. Its isn’t just shameful. It should be criminal.
100% agree! Criminal behavior! No morals nor ethics!
The millions and millions of immigrants that the democrats are ushering in each year are pushing up rents more than anything.
Millions of illegals flooding Country they will move into places and rents will go up – mostly the poor will be effected
American greed.
Wrong few buyers means more houses converted to rentals which make rent lower
Remote workers need to be paid based on their location. We need to control these tech jobs wages that destroy local economies
Workers are paid based on skill or value to a company. Location is irrelevant.
High rent keeps the riff raff out.
The riff raff is the wealthy class who extract, extort, bribe, exploit others!
Buy a tent ⛺️ & a portable toilet 🚽 if you can’t buy a cheap self contained rv 🎉
That is NOT a dignified society of needs! You are a criminal communist!
Typical story. Average Joe gets squeezed no matter what.
The economy was rigged for the baby boomers. This isn’t a banking problem. Who owns the most wealth and assets? Who are the bankers? Stop using broad terms. Who owns all the houses? Who owns the majority of the stocks and the ownership in investment funds? Who is running the govt and has been for
50 years? The baby boomers are going to go down as the most selfish and worst generation in human history
Private equity firms are slowly buying up a lot of properties and becoming America’s land lord. There’s even interviews on CNBC where they talk about millennial preferring to rent and it’s effectively ‘hip’ to do so. I think everyone can agree that ownership of property is the only path to build wealth especially since retirement relies on this cost being removed from your life as a retire. This is an issue that needs government intervention. Instead Biden will grand stand on useless gun control executive actions, the Supreme Court will overturn Roe v Wade, and well the house is all but useless. Write your representatives today and tell them to legislate private equity out of the housing market.
Working class screwed again
Bummer. Must be Urnj Murn Burd.
CheapRVLiving = best channel on YT. 🎉
Most rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them
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Lol y’all renters can’t buy a house if rent is too expensive
600 dollar increase! HOW is that LEGAL!?!?
Because the tenants have not paid rent for 3 years with support from states and cities. Due process, no complaining please.
Disinformation! Stfuuuuu communist criminal!
Close down AirBnb and solve this problem nationwide. Period
It’s time to leave America
More tenants will start to secretly sublease their basements or unused bedrooms.
This is currently happening, more homeowners in middle class areas are renting rooms & their basements to assist with covering their mortgages & taxes. I live in Long Island , New York and my neighborhood and blocks around me have multiple cars parked on the block & in their driveways. The garbage cans outside their homes are increasing, more students in our schools ect overburdening our school system and taxes. A lot of illegal immigrants are filling up their homes with illegal tenants and children, it’s disgusting. My son can barely find a parking spot in the evening when he gets off from work! My sister in her 50’s moved from SC to New York is an Accountant, who is renting a room and works a second part-time job to supplement her income. The rents , down payment along with utilities is too high to rent an apartment. Her room rental of $800 includes utilities. Smh 🤦🏽♀️
AMERICA IS A CRIMINAL OPERATION AT LARGE.
And yet the PHD Elite Politically-Connected pundits are SHOCKED THE BABY BUST IS OCCURING !?¡ 🤬🙄
Nationwide rents are actually falling because of the realestate issue. What are they talking about?
Nothing is falling! Until.I see 1 bedroom for $450/Month and under which is all I need, rents are criminally gouged and not affordable in comparison to low wages!
A lot of what they are saying is true. But on the other hand, you have greedy landlords and investors. If you rented a house out for $1000 three years ago and that home is paid off, why is the rent now $1800? Many are raising the price of rent because they are capitalizing off the market and know people can’t find homes or afford them. So they jack up the price of rent because it’s more money in their pocket.
Maybe that’s why they bought the rental to begin with. It’s like some kind of investment or something that loses money for awhile then pays off later.
You know back before bush and pals destroyed America our government/ Congress would step in and do something about all this price gouging. But our Congress has been lobbied out of their socks that they no longer have power over corporations. I remember in the 90s bill gates was always being taken to court by the federal government to break up his Monopoly because he was getting to go rich and powerful. Fwd 2023 corporations regulate and own the us government. Sad . American greed finally caught up to you all. They outsourced everything to China to the point they were able to make enough money to now be America’s #1 enemy. Talk about irony.
Corporate America says they can rent you the American dream.
Do they want everyone homeless?
I’m fine paying my rent. 🎉
@Lucky of course you are! You either have the last cheap affordable unit or are a communist gold digger living in NIMBY blocking everyone else!
I have 5 room m8s to keep our apartment 🥹
When does rent come down
Keep voting for them😂😂😂
Rent has gone down $20-30 that’s not a good.
We need more mixed-use and multi-family zoning. Single Family zoning is choking housing supply.
Buy land. Learn to build your own house like your ancestors did. This is the way.
Poor people do not have enough money while being homeless to build a house! Material costs would have to go down 50%+
@CapitalismIS DivisionOfEvil Buy land with forest and invest in a saw.
The GI bill was created so that veterans goodbye homes. This led to the development of suburban neighborhoods. The government pay for it. The government and states can do the same thing now. We have homelessness and not enough affordable housing because politicians on both sides of the aisle want people in a desperate situation so that they can promise them to fix it and remain in power.
WORK 2 JOBS OR HAVE MORE ROOMMATES
NO!!!! Stfuuuuuu! you communist! Privacy is a human right!
Yeah this is not true for Michigan. Rental prices here are upwards of $2200 for 2 bed 1 bed 900sq ft homes and actual apartments cost the equivalent or higher. The home prices are ridiculous and a 900 sq ft home will cost you $245k when just 2 years ago you could purchase the same home for $150k. Home additions will cost you over $200k and if you are looking to stay under a $200k mtg you are buying a 700sq ft home or forced to live in areas where the crime and insurance are outrageous. I am not sure where they are getting the mortgage prices are dropping info from, but it is simply not true in Metro Detroit.
So it is the crime that is causing unaffordable homes? The crime is so high in these areas that people don’t want to live in them?
@SilentNot In my opinion it has been greed. There’s been a lot of bidding wars on homes causing them to go up and folks not standing firm on their prices. Areas like Highland Park here and certain parts of Detroit are pretty low where there’s blight however you still have investors who will purchase a home for $40k then flip it and put it back on the market for $300k. Back in the day suburban prices were still more expensive but they were actually affordable, it was more about the preference of what you wanted to spend.
America should ONLY be building single people apartments for under $450/Month and at least 800 SQ FT! Durable brick walls and thick insulation everywhere!
Ameruca should also ONLY be building tiny homes under $2,000 SQ FT per adult in America for under $50,000 just like back in the 1950s! That is all humans NEED!!!!!!
4:10 she’s sounds so dumb my gosh.. clearly you have no idea what people are going through😂
Black women please pay attention this is a single white woman whose rent went up $400. If she can barely afford her rent, what does that say? We have a tendency to make less money and carry massive amounts of debt.
The rigged system: rent goes up because too many homebuyers are raising prices. Now rent goes up because too few are buying houses. It’s a rigged system by the elite to keep them poor.
I am 40 so 2008 and now this has pretty much destroyed any hope of an American Dream. It’s over. No matter what bail outs come, this is the future.
American dream going on where I live. Cheap living here.
Thanks Joe!!!!!!!!!!!
Stop discriminating against convicted felons and people who have been formerly evicted. Change housing laws and regulations. Build more affordable homes and apartments. Stop discrimination against the poor.
When Californian’s move in, your quality of life goes down…….😐
True story to follow: I live in Utica NY in a bungalow court. In January 23 it was sold to an LLC from India, we have 32 persons living here in 14 townhouses. In January my rent went up $1,000. Yup! You got that : ONE THOUSAND dollars in Rust Belt Utica. We were given a 90 days pay or quit notice, I was personally evicted with a 90 day notice because I am section 8. I have been here 10 years and never had a problem. I am in my 70’s. Perhaps this is TMI, but who cares now. This is a repulsive situation and if I didn’t have Sec 8 I would be homeless and my budget for a 1 bedroom is $700.00. Like everyone else I worked hard all my life, in Social Services helping others. This is a filthy travesty and the govt needs to get involved and stop this unabashed greed and LLC’s from other countries buying up properties as speculators.
Travesty means misrepresents or mockery. The correct word is tragedy.
@Walter S. 🙄
Its unbelievable that America failed to regulate the housing market yet. So its 2023 and people still being abused by real state investors that r just looking for profit, which makes sense. With the financial market all regulated of course they would venture on unregulated terrain (literally). And its clear they found gold within the housing market where there r absolutely zero regulation against abusive rent increases to tenants, specially convenient because their peers big players of the real state control the availability of new homes being built.
Its naive to believe no legislation has been put in place to regulate both sectors, outrageously unbelievable!
Rent is way more expensive than buying a home
all the while I see the flag waving everywhere in front of homes, business and back of trucks.
You can thank politicians for the 2 year moritorium on rent and now landlords will recoup that loss. Where was the moritorium on property taxes or insurance when forced to provide free housing?
You need a partner or roommate just to survive nowadays to avoid crazy debt or living paycheck to paycheck.
Or just move to a cheap area. Got you a 2 story house for 70k with huge shop down the road from me.
In order to buy cheaply, I’m waiting for a housing crisis after selling a few houses in 2020. I’ve been considering buying stocks as a fallback. Do you have any advice on when is the greatest time to make a purchase? On one hand, I continue to see and read about traders making more than $$$k per week. On the other hand, I constantly hear that the market is crazy and in the midst of a dead cat bounce. What causes this?
It is true that the US stock market had been on its longest bull run ever, thus the widespread panic and frenzy is reasonable given that we are not used to such unstable markets. However, as you pointed out, there are possibilities accessible if you know where to search; in the past 10 months, I’ve made over $250k, and it wasn’t a difficult plan of action. Because I understood I needed a solid and reliable strategy to navigate better in these times, I hired a portfolio counsel.
@Lowcostfresh 2266 I tried researching new strategies to benefit in the current market because my portfolio has been in the sewer for the entire year, but whatever I tried to do just missed the point. Would you mind letting us know who your investment advisor is by name?
@Tom D I am aware of a highly effective technique that is seldom acknowledged, and that is to maintain regular contact with an investment advisor. Drawing from my personal experience, I can attest to the exceptional expertise possessed by these professionals. Since 2021, I have raised over $700k and recently acquired my third rental property, all thanks to the guidance of my investment advisor, Nicole Joi Anderson .
@Lowcostfresh 2266 She has amazing credentials and a stellar resume, so I understand why she is so busy. Nevertheless, I planned a meeting with her.
Even in a down market you buy a cheap home, what if that neighborhood never rebounds? Places even in California that never recovered with values dropping even further. You can buy the town of Nipton in California for $2.5 million. It’s caused by a few variables such as bad politics but a major factor is employment, for example if Amazon left Seattle and everyone else eventually started following, would tourism be enough to keep that city afloat? Not a chance. Real estate is a great long term investment just have to do your due diligence. The question I always ask myself is would I want to live in that house in that area, and what job opportunities exist for me including the necessary tools to do that job like fast internet.
Houses cheap where I live
The only initiative now for us young people is too live in a car.
Houses rent cost more than apartments is house rent new things never heard of it mostly apartment business business business like location location location
Oh shut up everyone else is already reporting rent prices are starting to flatten or drop in most areas it’s called a recession happens every decade or so
Having a place to live should be a human right. How can we have billionaires with so many homeless?? The cost of being a billionaire in the US should be the unconditional support of housing.
People need to a place to live. Shelter is a basic human need. The landlady didn’t build the unit, she doesn’t live in it, she doesn’t produce anything. She just siphons profit and lives an easy life off of families who need a place to stay. What a dumb system.
They just gave a billion dollars to Ukraine 🇺🇦
Oregon is disgusting too
We need legislation to ban financial and PE firms from owning SFHs, and limit the # of homes individuals can own as well. Majority of small mom & pop landlords who own >3 homes cry crocodile tears while taking 2-3 luxury vacations every year in Europe and tropical islands, and hardly ever invest in updating in their rental units with their 30 year old appliances and vinyl countertops.
So all the pot dealers moved to Oregon huh ?… 🤣🤣🤣
The US is a complete ripoff and possibly not even worth it considering you’re at risk to get shot
I gave up my rent kept going up and now me and my kids live in a shed now this sucks I hate living in California
There needs to be a cap on application fees equal to the cost of the background and credit information. No profit allowed, just a pass through. You should not make a profit off someone who never becomes a tenant just for asking. It’s plain old wrong.
The shortsightedness of renters is amazing. Look at it in decades and that should start sinking in. Average rent in my neighborhood was $2,800 per month 17 years ago which is $336,000 of rent in 10 years excluding any rent increases which today is $3,800 on the low end. I bought my house 17 years ago, my mortgage was $3,700 with tax and insurance, that’s $755,000 for 17 years. Home is now worth $1.2million and once I add back the savings for the tax write offs for my personal taxes minus upkeep/maintenance/utilities, I have a positive ROI and essentially lived rent free for all that time if I chose to sell today.
What are people to do? It’s too expensive to buy and rent. That’s crazy…greed
I agree