Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: 10 years later....
PostPosted: Mon Jun 20, 2016 4:42 am 
Offline
Nationalised
User avatar

Joined: Nov 6, 2006
Posts: 8076
Location: Australia
http://www.dailymail.co.uk/wires/ap/art ... rting.html

Quote:


It's a troublesome story playing out across America in the 10 years since the housing bubble peaked and then burst in a ruinous crash: As real estate has climbed back, homeowners are thriving while renters are struggling.

For many longtime owners, times are good. They're enjoying the benefits of growing equity and reduced mortgage payments from ultra-low rates.

But for America's growing class of renters, surging costs, stagnant pay and rising home values have made it next to impossible to save enough to buy


Read more: http://www.dailymail.co.uk/wires/ap/art ... z4C5TTae8X
Follow us: @MailOnline on Twitter | DailyMail on Facebook



Quote:
A combination of foreclosures and new college graduates crowding into the strongest job markets has raised demand for rentals. Renters accounted for all the 8 million-plus net households the United States added in the past decade. Home ownership has dipped to 63.5 percent, near a 48-year low.

That demand has driven up rents, which in turn have prevented or delayed people from buying first homes.

The government says if you spend more than 30 percent of your pretax pay on housing, you are "cost-burdened." The total number of renters in that category has jumped more than 30 percent in the past decade, to 21.2 million. Half of all renters are now considered cost-burdened, compared with just 24 percent in 1960.

These trends are reflected in how and where Americans live. Suburban cul-de-sacs built for owners are now tilting toward rentals, especially in such areas as Orlando, Las Vegas and Tampa, where the bubble and crash were especially intense.

After the bust, investors bought distressed houses in these communities at sharp discounts and rented them out. Many of the new tenants belong to Generation X households — ages 35 to 51 — that began renting after the crash, according to the Harvard University Joint Center for Housing Studies.

Rents have also jumped in areas that absorbed many young college-educated job hunters. These workers have increasingly clustered in areas, including Boston, San Diego and Washington, with abundant jobs but high housing costs. The result is delayed home ownership for a population group that historically had the means to buy.


Read more: http://www.dailymail.co.uk/wires/ap/art ... z4C5U4MYRf
Follow us: @MailOnline on Twitter | DailyMail on Facebook


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 


Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Jump to: