you are viewing a single comment's thread
view the rest of the comments
[–] 8 points 2 months ago (2 children)

There's probably another 10% owned by individual landlords with 3+ properties as well. It's driving prices far more than you think. I'm my town something like 37% of single family homes are rental properties, if you don't think that's causing insane inflation of house prices in my area you're crazy.

  • source
  • parent
  • hideshow 2 child comments
  • [–] 5 points 2 months ago (1 child)

    The biggest issue is lack of construction. We’re building fewer units now than we were in the 1960s, despite having double the population today.

  • source
  • parent
  • hideshow 1 child comment
  • [–] 1 point 2 months ago

    There's been way more new houses built in the greater area in the last 10 years than were ever built when I was growing up.

    Adjusted for inflation I probably make about 60% more than my stepdad did when they bought a house in 1997. That house is now worth almost 5x what the bought it for. And the mortgage for the house as a first time homebuyer is probably close to 8-10x what it was for them.

    The house next to my friends probably needs to be a complete rebuild and it's likely going to sell for 800k. It is a good location but it's not particularly big and is unlivable best case you could take it down to the studs but I didn't even think that is actually enough to fix it.

    Must of the rentals here are owned by a few family owned property management companies.

  • source
  • parent