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For housing to be "affordable," it should not cost more than 30% of pretax income. More than 30% of Americans pay more than 30% of their pretax income on housing, and half of that number are paying 50% of their pretax income on housing.
Illegal immigration has contributed mightily to the housing crisis, too. Illegal immigrants are not eligible for subsidised housing and public housing, but (and this is a big BUT), mixed family status allows illegal immigrants to live in subsidised housing and public housing so long as at least one member of the family is eligible to receive housing assistance. This includes children born here to illegals as well as spouses.
Notwithstanding the above, illegal immigrants consume a large portion of housing in low-income neighbourhoods, and very often that includes more people living in a housing unit that is permitted by law. I have seen this for decades. I see it all around me now. Despite it being illegal, cities do absolutely nothing about it. The effects are devastating for low-income families who are citizens and who do not violate the the health and safety laws. This is just one more huge component to the affordable housing shortage.
In the process of throwing money to the bank, you might be throwing more than you'd pay for rent... As I said, one needs to use a calculator and see what makes more sense.
I guess it was possible at one time, but with rental prices being the way they are today I find it less likely I'd be throwing more money to the bank.
It could have something to do with a 2 million illegal immigrants crossing over the Mexican border every year that are allowed entry in the United States. 99% of that we’re gonna need low income housing that could be where a lot of your housing shortage is coming from or at least a good chunk of it! Housing shortage mainly popped up during the Biden administration. The Biden administration is very lax on the immigration was allowing entry. I looked at The numbers online and the month is September last year over 137,000 people in one month or allowed to remain in the US. This is a problem that needs too be addressed
Illegal immigration from Mexico was already a serious problem for both poor and middle class people by the mid 1970s. The government did nothing about it, and it became worse every year. Now, it is beyond repair if you ask me. There are some radical steps that could be taken now that would help, but politicians do not have the balls it takes to implement those steps.
Thats what they all say.. but, in my case, i choose to be a renter because i know i dont want to be a responsible home owner (have to cut grass, rake leaves, shovel snow, repair, have money for repairs (lots of $$$).. so for me, i am paying for the luxury of not having to do that and its worth it for me. Guess if i had bought a ranch home in 1990, i would be paying less money per month for mortgage , however, it is still worth it to me since i do not want to do those things that a homeowner has to do. if i let my grass grow, the neighbors will hate me. I mean if it grows too high and i dont mow.
If you bought a ranch home in 1990, you wouldnt have a mortgage payment; you'd have a paid for house.
If you bought a ranch home in 1990, you wouldnt have a mortgage payment; you'd have a paid for house.
If you invest the difference between your potential mortgage payment and your actual rate, and add on top of it another $200 for the water bill and maintenance/repairs every month, and invest it into your RothIRA, you'd probably have a passive investment income greater than your rent.
While as a house owner, you'd still be responsible for taxes, insurance, water bills and maintenance/repairs.
If you invest the difference between your potential mortgage payment and your actual rate, and add on top of it another $200 for the water bill and maintenance/repairs every month, and invest it into your RothIRA, you'd probably have a passive investment income greater than your rent.
While as a house owner, you'd still be responsible for taxes, insurance, water bills and maintenance/repairs.
It's all well and fine to invest the house payment in the stock market because you aren't paying a mortgage, but you have to live somewhere and your rent payment is most likely to be higher than your mortgage payment apples to apples. Rent takes care of what you think you might save by not having a mortgage.
Unless you are living with rent control, the rent keeps going higher and higher while the mortgage remains the same, for all 20-30 years of it.
And sorry, but when you are renting, you are paying the taxes, the water bills, and for the maintenance and repairs. It's all baked into the rent. You aren't getting all that stuff for free.
If you prefer renting to owning, that's fine. it's your choice, but you don't seem to have a complete grasp about living expenses.
It's all well and fine to invest the house payment in the stock market because you aren't paying a mortgage, but you have to live somewhere and your rent payment is most likely to be higher than your mortgage payment apples to apples. Rent takes care of what you think you might save by not having a mortgage.
Unless you are living with rent control, the rent keeps going higher and higher while the mortgage remains the same, for all 20-30 years of it.
And sorry, but when you are renting, you are paying the taxes, the water bills, and for the maintenance and repairs. It's all baked into the rent. You aren't getting all that stuff for free.
If you prefer renting to owning, that's fine. it's your choice, but you don't seem to have a complete grasp about living expenses.
Exactly. Everything is folded into the rent including the mortgage.
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