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Squeezed by high prices, a growing number of Americans find shelter in long-term motels
(www.nbcnews.com)
this post was submitted on 25 Dec 2024
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It's puzzling how a temporary accomodation can be cheaper than a regular rent
As someone who recently lived in one for about 8 months, I can tell you that it's not. But, they don't require first + last month deposits, no credit checks, no utility accounts, are generally closer to public transport, etc.
Yeah like so many things its expensive to be poor.
GNU Terry Pratchett, from "Men at Arms"
Let's look at the new average cost of a car. Roughly 50k. The average loan amount for new cars is right over 40k. (Meaning they are paying 20% upfront by either trade-ins or down payments. The average car loan interest and length are 6.84% at around 67 months.
So that would mean the average person pays $8,235 more than a rich person.
So it really makes out to be that there is a 120% charge on the 40k they borrowed.
Note: car insurance costs are based off the area you reside in, and your credit score. So you will pay more to have it as well.
Poor people pay more on everything. And when you compare how much money someone makes it isn't direct like many people view it.
Someone who makes 40k vs 50k isn't a "well they don't make that much more"
If the cost of living in the area is 35 a year. One has $13.69 /day spending money. The other has $41.07 /day spending money. $178/day if you made 100k in that area.
So someone making 40k if they spent money on nothing else, could buy that car outright in 10 years... 100k doing the same could buy it in October, of that same year (271ish days)
Drastically different living/saving possibilities between them.
These are pretty crappy hotels most of the time. They’re has-been places that cater to the living-in-a-hotel poverty set. Rates are pretty low, and they’re generally not places you’d want to stay when vacationing or visiting an area.
The solution is to jack up prices of these motels to keep the market "efficient".
It was odd when I figured out one of my coworkers lived in the long term stay place behind the office for like 2 years. This was about a decade ago but I think he said it was like ~500 a month. He was making ~70K and absolutely could afford an apartment but that was somehow cheaper. He said it had trade offs…everything he owned fit in a suitcase and backpack.