by John Bailo follow (0)
Seems to me the underlying trend is not increasing house prices so much as decreasing purchasing power of the dollar.
What we see here is
2012 1 Year Change 3 Year Change Median Gross Rent $884 -0.23% -1.23%
http://www.deptofnumbers.com/rent/us/
So gross rent has gone down from the peak of 2008.
Yet, rent is taking a higher proportion of income.
US Median Annual Rent as a Fraction of Median Household Income
2012 1 Year Change 3 Year Change US Median Annual Rent as Fraction of Median Household Income 20.65% -0.05% +0.53%
So, the absolute numbers for rent are down, but the value of our jobs, has become less than those declines.
Seems to me the underlying trend is not increasing house prices so much as decreasing purchasing power of the dollar.
What we see here is
2012 1 Year Change 3 Year Change
Median Gross Rent $884 -0.23% -1.23%
http://www.deptofnumbers.com/rent/us/
So gross rent has gone down from the peak of 2008.
Yet, rent is taking a higher proportion of income.
US Median Annual Rent as a Fraction of Median Household Income
2012 1 Year Change 3 Year Change
US Median Annual Rent as Fraction of Median Household Income 20.65% -0.05% +0.53%
So, the absolute numbers for rent are down, but the value of our jobs, has become less than those declines.