Doesn't help that corporations own 27% of single family homes.
this post was submitted on 16 Jan 2024
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This is ludicrously false.
The statistic you're trying to say is that about 25% of homes sold in recent months have been bought by investors, which is a very different thing from saying that nearly one-fourth of all single family homes are owned by investors, which falls apart the moment you actually go outside and talk to people, since, for starters, about 65% of Americans own their home.
The homeownership rate of 66.0 percent was virtually the same as the rate in the third quarter 2022 (66.0 percent) and not statistically different from the rate in the second quarter 2023 (65.9 percent).
65% + 25% = 90%. Doesn't seem "ludicrously false" by that assertion; I wouldn't be surprised if the remaining 10% accounted for all individual landlords.
Not all homes are for sale every year. The vast majority are not.
If Wall Street buys 30% of all homes for sale this year, that does not mean that they now own 30% of all homes that exist, only 30% of those that happened to go on sale this year.
To answer the proximate question, about 70% of rental properties are owned by individuals.
Okay, so we'd expect about 10% of single family homes to be owned by corporations.
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Is that 120k for each, or total household?
That 120k a year is still assuming you buy a house on a long term mortgage.
It even says 120k to qualify, not actually comfortably buy.
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Lol I was making nearly twice that before a layoff and still couldn't afford a condo that amounts to half or one third of a house in the neighborhood I live in.
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I will repeat this here:
While there are a lot of factors, you really cannot understate the size of the homes being built in the US. We are building homes nearly 3x the size (despite cost per square foot only going up slightly), and pretending it has no effect on housing costs. It's actually pretty insane.
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Kill zoning and get lower prices.