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this post was submitted on 09 Dec 2023
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He assumes an average monthly rental cost of $1354, and 3% rent increase annually. I have lived in apartments where they increased the rent 10% one year and 15% the next.
Even putting that aside, ok, by the time you're dead, say it works out to the same amount spent. But as an owner, you've now invested in a generational asset. Renting now means your kids and theirs will also likely rent.
Gtfo.
I’d kill for my rent to only be $1354.
That's about my mortgage payment.
You’re forgetting that elder care will eat up that wealth.
Which is the problem we have: For way too many people an asset capable of depreciation is their main or even only retirement savings. So reducing the price of housing will be a problem for a lot of local and state taxpayers.
Not saying it's right, just saying how it is.
Wait - can you explain this further?
Why depreciating asset?
Also, they probably aren't selling it right? Just using as a rent-free option after paying mortgage to lower cost of living?
What am I missing?
If we increase the supply of housing, the price of existing stock will go down. Heck, if we keep hedge funds out it might go down, or at least not increase as much as it would.
What pays for the elder care without that wealth?
They get kicked out on the street. ‘Unconscionable’: Baby boomers are becoming homeless at a rate ‘not seen since the Great Depression’ — here’s what’s driving this terrible trend
The state subsidizes their nursing home. That article is false at least in my state.
They do that here in Australia too (probably better than the USA) but there are way more people seeking placement in aged care homes than there are beds available. Waiting times are in the years and so people end up on the street. Especially with the way rent and cost of living is these days. Government pension doesn't pay enough to rent anywhere.
Even if the subsidise, they still have to find something open in their price range.
The highest population experiencing homelessness is boomers and more and more of the elderly are on the street now.
At least they can sell the house. /s, but not.
My rent has gone up at least $50-$100 a year when renewing my lease since I've been an adult renting a residence. In 2015 when I got my first apartment it was $750/month, utilities included except for electric and internet. 2 apartments later and an increase every year, I'm paying $2,000 month plus all utilities and fees for trash. It ends up being like $2350/month all said and done. And sure it's a nicer place, but it's not that much nicer. I'm so thankful I don't have kids, because I can't afford to feed myself, let alone children. I don't know how parents are doing this right now.
My mortgage is about that, on a 3 bedroom home, because I was fortunate to buy it in the mid-10s before prices in my area went insane. Our original mortgage was about $1150, but it's gone up $200 due to property taxes over 8 years. This averages an increase of $12.50 per year, but I know people whose rents have increased by $200 in a single year in my city. Getting a fixed rate mortgage (and refinancing when interest rates are low) is so much more stable than renting