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Article on rich renters fails to even note the existence of overpriced housing
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2019 Feb 12, 7:13pm 1,544 views 8 comments
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1
B.A.C.A.H.
2019 Feb 12, 7:43pm
B.A.C.A.H.
2019 Feb 12, 7:43pm
Patrick says
Of course not. That'd be admitting that it's NOT "A Good Time To Buy".
Nowhere do they mention the possibility that a lot of houses are simply wildly overpriced relative to renting essentially the same thing.
Of course not. That'd be admitting that it's NOT "A Good Time To Buy".
2
FortWayneAsNancyPelosiHaircut
2019 Feb 12, 7:52pm
FortWayneAsNancyPelosiHaircut
2019 Feb 12, 7:52pm
Wife’s do that sort of thing?
Where can she take classes?
APOCALYPSEFUCKisShostikovitch says
Where can she take classes?
APOCALYPSEFUCKisShostikovitch says
The winner is and will be the last guy with the last yam and lasts bullet and the last wife who can spot his shots though smoke, flames and incoming ordnance.
3
ForcedTQ
2019 Feb 12, 8:31pm
FortWayneIndiana says
Shit, she better do all that plus be able to put the whole magazine of her handgun through the #9 or better section of a silhouette target at the range as well!!!
My girl has that down! That means I have backup!
Wife’s do that sort of thing?
Where can she take classes?
APOCALYPSEFUCKisShostikovitch saysThe winner is and will be the last guy with the last yam and lasts bullet and the last wife who can spot his shots though smoke, flames and incoming ordnance.
Shit, she better do all that plus be able to put the whole magazine of her handgun through the #9 or better section of a silhouette target at the range as well!!!
My girl has that down! That means I have backup!
4
🎂
Rin
2019 Feb 12, 9:26pm
Rin
2019 Feb 12, 9:26pm
I own my home in Central MA (no mortgage) but I rent in the city of Boston.
My rent is $2.5K but I expense $1K through my firm as an office so my actual rent is $1.5K which is considered cheap for a 2 bedroom in the city.
Compared to our first trader, who has a place in London's Mayfair, one in the English countryside, and a summer pad in the Caribbean, I'm the cheapest guy in finance but that's 'cause my equity plus P/L was 10% of his. I can't afford to live large.
My rent is $2.5K but I expense $1K through my firm as an office so my actual rent is $1.5K which is considered cheap for a 2 bedroom in the city.
Compared to our first trader, who has a place in London's Mayfair, one in the English countryside, and a summer pad in the Caribbean, I'm the cheapest guy in finance but that's 'cause my equity plus P/L was 10% of his. I can't afford to live large.
5
SunnyvaleCA
2019 Feb 12, 10:16pm
Patrick says
I think Patrick has a rule of thumb about price-to-rent ratio. The number to compute is the number of years that will take for the rent to pay for the house. This doesn't take into account taxes and maintenance, etc; it's just an approximation.
I think that the rule was if only 10 years of rent will pay for the house it's definitely time to buy. If it takes 20 years, it's not a good time to buy. Anywhere in between and it's a gray area.
My house here in 94087 is horrifically overpriced at requiring 41 years of rent to pay for the house.
Nowhere do they mention the possibility that a lot of houses are simply wildly overpriced relative to renting essentially the same thing.
I think Patrick has a rule of thumb about price-to-rent ratio. The number to compute is the number of years that will take for the rent to pay for the house. This doesn't take into account taxes and maintenance, etc; it's just an approximation.
I think that the rule was if only 10 years of rent will pay for the house it's definitely time to buy. If it takes 20 years, it's not a good time to buy. Anywhere in between and it's a gray area.
My house here in 94087 is horrifically overpriced at requiring 41 years of rent to pay for the house.
6
anonymous
2019 Mar 4, 8:11am
Rent posts largest quarterly decline in 30 years as more renters become buyers - Nationwide rent retreats from all-time high
After hitting an all-time high in the third quarter of 2018 and topping $1,000 for the first time ever, nationwide rents fell precipitously in the fourth quarter as landlords perhaps saw the error in their ways. In fact, rent hasn’t fallen by this much in any quarter since at least 1988.
After hitting an all-time high in the third quarter of 2018 and topping $1,000 for the first time ever, nationwide rents fell precipitously in the fourth quarter as landlords perhaps saw the error in their ways.
During the third quarter of 2018, the nationwide median asking rent hit $1,003, the first time that figure has ever breached the $1,000 plateau. But rent retreated in the fourth quarter, as more renters, especially younger ones, became homebuyers.
According to new data from the Census Bureau, the nationwide median asking rent fell from $1,003 in the third quarter to $947 in the fourth quarter. That’s a decrease of $56 in just three months.
And that figure is significant, because rent dropping by $56 in three months is the largest quarterly decline in the last 30 years.
Put simply, rent hasn’t fallen by this much in any quarter since at least 1988 (that’s as far back as the Census records go).
Now, rent is still up year-over-year though, as the fourth quarter of 2017 saw rent hit a level of $910. So rent is still up by $37 from last year during the same time period.
But a decline of $56 in three months has not been seen at any point in the last 30+ years, not even in the aftermath of the financial crisis.
The decline is nearly universal, as rents fell in three of the four major geographic regions in the U.S.
According to the Census data, rent increases in the Northeast by just $3, climbing from $1,210 in the third quarter to $1,213 in the fourth quarter. But that was the only region where rent increased.
In the Midwest, rents fell from $751 to $740, a decline of $11. The declines were even larger in the South and West. In the West, rents fell $43, from $1,382 to $1,339.
But each of those regions pale in comparison to the South, where rents fell by $60 in just three months, falling from $973 to $913.
Despite those declines (and one slight increase), rents are still up nationwide year over year.
In the fourth quarter of 2017, rents checked in at $1,153 in the Northeast, meaning rents rose $60 in one year.
The increases were more modest in the Midwest, where rents rose by $15 from $725 to $740; and South, where rents increased by just $7 from $906 to $913.
The largest year-over-year increase came in the West, where rents increased by $129 from $1,210 to $1,339.
And as CoreLogic Deputy Chief Economist Ralph McLaughlin noted, it appeared that a good number of renter households became homebuying households in the fourth quarter, perhaps driven towards homeownership by paying more in rent than they ever have before.
Only time will tell if this is merely a blip on the radar or a harbinger of things to come.
https://www.housingwire.com/articles/48324-rent-posts-largest-quarterly-decline-in-30-years-as-more-renters-become-buyers
After hitting an all-time high in the third quarter of 2018 and topping $1,000 for the first time ever, nationwide rents fell precipitously in the fourth quarter as landlords perhaps saw the error in their ways. In fact, rent hasn’t fallen by this much in any quarter since at least 1988.
After hitting an all-time high in the third quarter of 2018 and topping $1,000 for the first time ever, nationwide rents fell precipitously in the fourth quarter as landlords perhaps saw the error in their ways.
During the third quarter of 2018, the nationwide median asking rent hit $1,003, the first time that figure has ever breached the $1,000 plateau. But rent retreated in the fourth quarter, as more renters, especially younger ones, became homebuyers.
According to new data from the Census Bureau, the nationwide median asking rent fell from $1,003 in the third quarter to $947 in the fourth quarter. That’s a decrease of $56 in just three months.
And that figure is significant, because rent dropping by $56 in three months is the largest quarterly decline in the last 30 years.
Put simply, rent hasn’t fallen by this much in any quarter since at least 1988 (that’s as far back as the Census records go).
Now, rent is still up year-over-year though, as the fourth quarter of 2017 saw rent hit a level of $910. So rent is still up by $37 from last year during the same time period.
But a decline of $56 in three months has not been seen at any point in the last 30+ years, not even in the aftermath of the financial crisis.
The decline is nearly universal, as rents fell in three of the four major geographic regions in the U.S.
According to the Census data, rent increases in the Northeast by just $3, climbing from $1,210 in the third quarter to $1,213 in the fourth quarter. But that was the only region where rent increased.
In the Midwest, rents fell from $751 to $740, a decline of $11. The declines were even larger in the South and West. In the West, rents fell $43, from $1,382 to $1,339.
But each of those regions pale in comparison to the South, where rents fell by $60 in just three months, falling from $973 to $913.
Despite those declines (and one slight increase), rents are still up nationwide year over year.
In the fourth quarter of 2017, rents checked in at $1,153 in the Northeast, meaning rents rose $60 in one year.
The increases were more modest in the Midwest, where rents rose by $15 from $725 to $740; and South, where rents increased by just $7 from $906 to $913.
The largest year-over-year increase came in the West, where rents increased by $129 from $1,210 to $1,339.
And as CoreLogic Deputy Chief Economist Ralph McLaughlin noted, it appeared that a good number of renter households became homebuying households in the fourth quarter, perhaps driven towards homeownership by paying more in rent than they ever have before.
Only time will tell if this is merely a blip on the radar or a harbinger of things to come.
https://www.housingwire.com/articles/48324-rent-posts-largest-quarterly-decline-in-30-years-as-more-renters-become-buyers
7
anonymous
2019 Mar 4, 8:19am
For renters - this is a decent site to follow that follows rental market trends around the country in major cities
https://www.zumper.com/blog/
Zumper National Rent Report: March 2019
Overall, the national one bedroom median dropped 0.4% to $1,208, while two bedrooms also fell 0.4%, though settling at a median of $1,437.
On a year to date basis, one and two bedroom rents are down 6.7% and up 3.2%, respectively.
Lots more including graphs etc. what areas went up what areas went down, top 5 rental markets etc.
https://www.zumper.com/blog/2019/02/zumper-national-rent-report-march-2019/
https://www.zumper.com/blog/
Zumper National Rent Report: March 2019
Overall, the national one bedroom median dropped 0.4% to $1,208, while two bedrooms also fell 0.4%, though settling at a median of $1,437.
On a year to date basis, one and two bedroom rents are down 6.7% and up 3.2%, respectively.
Lots more including graphs etc. what areas went up what areas went down, top 5 rental markets etc.
https://www.zumper.com/blog/2019/02/zumper-national-rent-report-march-2019/
8
clambo
2019 Mar 4, 4:22pm
When I look at the list of places like : Syracuse, Baltimore, Oakland, Philadelphia, I think to myself "they'd have to pay me to live in those places a lot more than the median rent"
I guess Oakland is the best because it has views? What a nightmare.
"Calgon, take me away."
I guess Oakland is the best because it has views? What a nightmare.
"Calgon, take me away."
Nowhere do they mention the possibility that a lot of houses are simply wildly overpriced relative to renting essentially the same thing.
Anyone into saving money would do the math and recoil in horror at the ridiculously bad deals on offer. And then continue to save boatloads every month by renting.