I didn't believe you on the 8%, but I checked with my bank and a no PMI, low cost 30 year is right at 8% APR. 2 1/2 years ago, that was just under 2.75%, IIRC.
That has to curb affordability
I have a client who is a builder and his wife is a realtor in a growing part of the city. No business! Few homes are even for sale and material costs are still high.
They are thankful for their rental homes, Especially since rents have skyrocketed.
High demand for a limited supply of rental housing has resulted in skyrocketing prices across the nation—and desperation from those seeking more affordable housing options.
The median rental price hit a new high of $1,575 in June, up 8.1% compared with last year, according to a recent report from Realtor.com®. Forty-four of the 50 largest housing markets posted new highs, squeezing renters even tighter. (The report looked only at the 50 largest metropolitan areas.)
“We are seeing an excessive amount of people showing up for rental properties and turning applications in, probably five times the amount it was a year ago.”
Meanwhile custom 1 bedroom shopping carts are the new rage.
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