In 74% of US counties, the average worker can't afford the median home. It's getting worse: Six months ago, it was 71% of counties. The results come from Attom's new survey of house prices.
Not owning your home is a worse deal than ever, too: as private equity takes over the rental market, rents and evictions are skyrocketing, while the safety and quality of rental housing is plummeting.
What's more, the monopoly rents that hedge funds extract from tenants are used to fund incredibly high-priced, intensive lobbying campaigns to restrict tenants' rights.
“Prices are going up substantially faster than earnings in 2019 without any immediate end in sight, which continues to make home ownership difficult or impossible for a majority of single-income households and even for many families with two incomes,” Todd Teta, chief product officer with Attom Data Solutions, said in the report.
The major factor driving home prices higher as of late for most of the country has been the lack of homes for sale. After the recession, home-building activity was slow to rebound and mostly concentrated in the most expensive tier of the market for single-family homes.
As newer homes didn’t come on line to meet the growing demand, particularly for cheaper starter homes, competition for properties heated up, and bidding wars pushed home prices even high across much of the country.
There are precious few places in America where the average worker can afford a median-priced home
(via Naked Capitalism)
Elizabeth Warren has released a characteristically detailed campaign plan to counter white nationalist violence in the USA, whose multi-pronged approach includes directing the DoJ to be more vigorous in pursuing white nationalist groups (and to lay off the Cointelpro-style surveillance of groups that advocate for protections for racialized people); centralized data collection on white nationalist […]
America has some of the worst, most expensive broadband in the developed world, thanks to massive market concentration, grotesque regulatory capture, and systematic underinvestment in crumbling telcoms infrastructure.
In the wake of the Varsity Blues college admissions scandal, a new debate opened up, about the mundane, everyday ways that wealthy people buy their way into elite institutions: from hiring, poorer, smarter kids to write their kids' essays, to surrendering custody of your kids in order to misappropriate low-income tuition grants, to simply "donating" […]
Need a boost on that resume? Get a valuable tech education on your own time with these eBook bundles. They contain guides from Packt Publishing that cover everything from game development to machine learning. The Complete Mobile App Developer eBook Bundle It’s a veritable gold rush in the App Store these days. Get in on […]
Vinyl is officially back. People are hearing the proof behind the initial “retro” excitement: that records really do have a richer sound. And if you haven’t switched to old-school records for serious listening, it’s a new golden age. Why? Because quality turntables like the Altec Lansing ALT-500 are finally available to a market other than […]
Between all of our apps, streaming devices, Bluetooth speakers, and energy-sucking decorations, paying for utilities each month can be…brutal. In fact, the average household spends roughly $70 a month on the water bill alone. That number might not seem terribly significant, but when you add it up, that’s $840 a year — a pretty significant […]