The average rent increase was my entire yearly take-home.
Article behind a paywall
Cut the journalists some slack; ChatGPT 4.0 subscriptions can get expensive.
Okay… now they need $20,100 dollars more per year.
I guess I’m a shit landlord, because I’m still charging the same as 5 years ago.
Are you my landlord?
This is a risky site to admit you’re a landlord on xD
a stable tenant is worth more than a few rent increases.
…Got any openings? 😭
This looks like it means rent increased smoothly by $300 a month each year, bad enough, but what happened here was that it doubled in one year for many people. Went up by thousands, all at once.
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Seriously?
Median individual income is $47,684 in 2019
https://www.bls.gov/cps/aa2019/cpsaat39.htm
Median individual income is $58,084 in 2023 a little hard to find
https://www.bls.gov/cps/cpsaat39.htm
Median individual income extrapolated from first quarter data of 2024 is $59,228
https://www.bls.gov/news.release/pdf/wkyeng.pdf
Rent units median in January 2024 is>
Overall $1,712
Studio $1,434
1-bed $1,591
2-bed $1,892
https://www.realtor.com/research/january-2024-rent/
2019 Total:$1,097
No bedroom:$934
1 bedroom: $953
2 bedrooms: $1,086
3 bedrooms: $1,217
4 bedrooms: $1,519
5 or more bedrooms $1,586
https://data.census.gov/table?q=B25031: Median Gross Rent by Bedrooms&y=2019
No War But The Class War
Aren’t wars fought by both sides? This seems like something other than “war”
Yes usually they are, but in this particular case one side has rock solid solidarity among people of their side and is very honest and aware of the class war going on and the other (i.e. the 99%) is largely composed of people that get upset and annoyed at you if you point out we are in a war, we both are on the same side, and we are losing the war bad like catastrophically bad.
I’m trying so goddamn hard not to lose all hope
Stay with us comrade. We need you for the revolution.
What revolution lmao? As soon as things get a little bit spicy all the equality hobbiest say it’s going too far
this is true. americans will not revolt unless they are starving or something
The rent for the fanciest apartment I’ve ever lived in (and ever will) was a little under 10k a year. New building, top floor, massive bathroom with sauna, a big balcony, a storage unit and a covered parking slot for my car all included. Oh and a lake view.
10k a year in my city won’t even get you a third of a basic, bare-bones, 2-bedroom apartment.
In fucking Narnia I presume
Mid-size city in Finland. I moved away after my relationship ended because 740€/month was too expensive for a single person to pay. The single room apartment in the middle of the city I had before that was around 450€/month.
How long ago?
About 7 years ago. I bought a house since and my mortage is way less than that now.
Not the US, Canada, AU or Western Europe I guess?
Nah. A mid-size city in Finland
I want to throw up. Rent at the shittiest, drug user filled, mushroom growing out of your shower ceiling, tiny bathroom, kitchen almost non existent, 1 bedroom, view of the apartment across the “courtyard” in my city is more than 10k a year (and that was several years ago). USA
I’m paying $5500 a year for a normal (about 80 m2) one bedroom appartment 10 minutes walk away from the center of a mid-sized Portuguese city about 150km from the capital Lisbon (granted, commuting to Lisbon would be about 1h 40m each way, but that’s something I don’t have to do).
I’ve chosen to not even own a car because I can actually make that choice here and 15m walking commute to the Coworking space from were I work is actually important for my health (it’s not really poluted around here, certainly less than Lisbon and way less than London)
It would be about 3x as much in the outskirts of Lisbon with a commute to Lisbon city center of about 30 - 45 minutes.
And Portugal actually has a house price bubble (the same place would’ve been about $3200 a decade ago), though it’s especially bad around the two major cities and the touristic area on the southern coast.
There’s apparently quite a number of Americans moving over here and working remotelly thanks to the country having a Digital Worker Visa system.
I’ve actually lived in Amsterdam, London and Berlin and whilst the first two are very expensive (London is just silly), Berlin was actually not (about $10k for an unfurnished one bedroom appartment about 5 years ago) and it’s quite a nice place to live, though for those like me who are self-employed, to that adds the mandatory health insurance in Germany which about $400 per month. Oh, and you can also chose not to own a car over there because it’s cycling friendly, has great public transportation and there are also some pretty good car rental schemes.
Uffda. My better half and I are living in apartments that are priced for college students and it’s still over $10k a year. None of that fancy shit. We have shared laundry machines but that’s about it.
No worries, we all got bigass raises, right?
I did.
My income has gone up 50% since the pandemic. So did most of my friends who were working in any technical fields.
The economy is skewed. I keep telling my friends to learn to code or learn basic IT skills… and they just actively refuse and continue doing manual labor jobs and complaining about how they can’t make more money. And such is there lot.
A few peopel I know moved into healthcare, and are doing financially much better, but their jobs are very high stress due to the shortages.
That is a misnomer solution telling everyone to learn how to do the same thing like to learn to code as it then creates its own market issue of too much supply for need.
Additionally it’s not diverse. Diverse jobs are still needed. They need to just pay more in those jobs. But all this is besides the point anyways.
There is no house shortage. There is plenty to house people and the issue is with capitalism being unchecked for too long over its control on living arrangements. This is something capitalism shouldn’t have a say in. Society has become beyond its required need for helping people survive as a whole and it’s become unsustainable. It was never supposed to be about sustaining a rich person’s yacht and 5th house that has nobody living in it anyways. This is not a society that is thriving.
Exactly, banning or severely limiting short-term rental housing ie VRBO and foreign land/property purchases Id wager would make a huge impact on righting the boat.
Not really, then local landlords just make more profit because the demand is the same
Without the supply of homes going into shortterm rentals like VRBO it would increase supply for people who actually live in that city, travelers can use hotels. Not a full stop fix, but it would increase supply/lower rent.
That would increase hotel prices, making hotel owners purchase more land and build hotels until the equilibrium price is reached
It’s a short term fix that eventually loses to market forces
Even if it ends in more hotels, hotels fit more people and supply more jobs than the equivalent space in houses. For temporary lodging houses don’t make sense.
Strange argument. Yes people can swap but that might make them unhappy and we also need people to do other work than it and healthcare and they should still be able to afford a house
even then you’re fucked. I’ve been on “the bench” at my contracting company since christmas, which led to my wages getting halved. every fucking day I read about layoffs in software development flooding the market with better programmers than me.
Your solution does not apply to the whole society, it’s just a patch to make your life easier but globally it doesn’t fix anything. This is part of the american mindset: “fuck everyone else while I’m doing great”… don’t get me wrong, I understand your point of view but this is not how we move forward.
learn to code
Didn’t we already try this one?
That was the UK Govs approach for a lot of industries: “Just do cyber”
It sounds like you’re describing the same thing that happened when we globalized manufacturing. Economists said everyone would retrain and go to other fields, but it just doesn’t seem to happen IRL.
people hate change. that’s why.
Bro if everyone moves to the jobs that pay enough to live decently, very important jobs will not get done. Our society needs manual laborers to keep everything from falling apart.
Also, the jobs that pay decently will start to not pay decently. And now we’re back at square one
Actually worse than square one, because in this scenario, nobody’s picking up the trash.
I make 120k a year installing carpets lol. I absolutely bust my ass but I make more than many people I know who went to college. My dad also installed carpets for 48 years before retiring at 71. I plan to retire sooner though lol but will work for many years to come and pump.up that IRA
Holy wow, where are you located if you don’t mind me asking? My dad lays carpet and makes like 35k a year.
Does your dad work for himself or someone else? If he works for himself I don’t know how he’s only making 35k lol. I live in Western New York though (no where near NYC)
Works for himself. But we live in Iowa so it isn’t quite as bad of a salary as it sounds. Still not great though
How the fuck did his knees last that long. Are they original equipment?
We don’t use kickers much any more we use power stretchers so the wear on the knees is not that bad. Our backs hands and shoulders hurt more than our knees.
Ahh. My dad was briefly in the trade in the 70s/80s and still has the tools (kicker included) from the era.
Watched him install a carpet once as a kid (as DIY, not a job…he had long moved on since then) and I couldn’t believe people could put that much trauma on their knees day in/day out for decades. Then a few years ago he installed another and just decided to rent the damn power stretcher. World of difference, he said.
The more people get into it the less valuable it becomes is the thing. But others pointed out there’s a ton of other reasons it’s problematic, like the need for those other jobs to exist to actually, like, have a functioning society.
Edit: Also arguably a lot of the low hanging fruit coding positions aren’t as lucrative as they once were. People with experience are doing well. New people are having a tougher time getting their foot in the door compared to 5-10 years ago.
I really don’t know how people are existing in today’s hellhole of a capitalistic landscape. I’m fairly lucky with a good-paying job and a lowish house payment. I’m still paying a lot more for food and whatnot than I did before covid.
I always think the same and can’t stop feeling bad. I used to live in an apartment the payment kept creeping up until I said fuck it and bought a house 6 years ago. My mortgage is $1000. People now pay $2000+ a month for an apartment. This is a fucked time to be a renter.
Why do people always turn these posts into opportunities to brag about how low their house payment is?
Let’s flip it this way. My rent was 1500 a month, and it was going to go up 13% this year. I bought a house this year instead, 2500 a month. In 5 years, that shithole apartment will cost more than my house.
People aren’t bragging about how low their house payments are, their warning everyone about how shitty apartment price gouging is.
The human race is truly fucked ain’t it? We are all out for ourselves. Nothing will ever change.
What single contributing factor would you say carries the most weight? Throughout history there has been inequality, but never like this. Even medieval peasants worked less than modern Americans.
Source?
Edit:lol downvoted for posting a source.
Thanks, the medieval worker put in much longer work hours, which is interesting
I think it’s our survival instinct to hoard. I don’t think we’ve evolved to live in such a massive civilization. We weren’t meant to live this way.
I do think this level of equality would exist in older times if they knew they could get away with it.
However the scale at which we live (the global economy) is so much larger that it’s easier for them to extract and hoard wealth. In older times our communities were much smaller. The consequences for fucking around were a lot higher because it was easier for the poors to hold them accountable.
That wasn’t my intentions, and I apologize if that has stepped on someone’s toes. I’m just mentioning how things have changed. I don’t think a mortgage payment is something to brag about, not for me at least. Hell, I’m still a broke ass mo fo who’s living paycheck to paycheck trying so hard to raise two kids.
Agreed. Sign me up for one of these $1000 a month houses please
I don’t see it as that, it’s just a comparison to show how fucked up things are now.
Believe me I’m super bitter about being getting fucked on rent and being priced out of buying, but I dont take those kinds of comments as rubbing it in, just providing context.
I think Biden is giving out money for first time home buyers. I read that somewhere. An article mentioned it was like $400 a month for 2 years for first time home buyers to help them afford this shit. I mean a better fix would be stop all these corporations buying up houses and making it very expensive for others to buy, but I guess better than nothing?
I feel the same way. Our mortgage is $2K/mo for over 3K/sqft. Apartments around here start at $1500 for a studio … poor bastards indeed.
Of course you’re paying more, it’s called inflation. You also have a higher income than you did before COVID, but you didn’t mention that
My SO and I live in a 4 bedroom house with 4 other adults in their 30’s. I haven’t had this many roommates since I was 17, but I’m finally making some progress on my ridiculous medical debt. Best country in the world.
I think at this point, all of us poors are just crossing our collective fingers and hoping the rent doesn’t go up, we don’t lose our jobs and we don’t have to move for any reason. I’m hoping my landlord turns out to be immortal right now. “Affordable” units in the hood here are going for $3,000+, and you need to make less than the equivalent of minimum wage at a full-time job each to qualify for them. We stumbled our way into a three-bedroom apartment in a nice neighborhood for $2,200/month, and he hasn’t raised the rent at all. The people who lived downstairs before said he charged them the same rent for close to 10 years before they moved out, so hopefully that streak will continue. Just have to worry that he’ll die and whoever inherits the house comes in and jacks up the rent once they can, in which case we’d definitely need to move pretty far away to be able to afford something.
We need both, Rent Control and more housing. Land-lording has also been invaded by capitalists looking to squeeze humans for every cent and govt needs to stem that tide too. Rent has been soaring in the biggest capitalist zones, US and EU/CA.
Cap rent rises in England and Wales, Labour-commissioned report says
It’s a good thing we all got fantastic promotions or hired into higher-status jobs or this could have been a problem. /s
In my last company, everybody could easily obtain “manager” status… because that was just the title for everyone who was salaried. Which didn’t necessarily mean more money. In fact, usually not. It certainly meant more overtime… a lot more.
Which companies are supposed to pay for. Salary isn’t a “now you get to work more for the same pay”.
Though even if you aren’t willing to rock the boat for fear of reprisal (which is also illegal), just document everything so you have evidence of a history of a pattern should you change your mind in the future. Then your tough decision mind end up “take payout and sign NDA” vs “reject offer and get coworkers in on it”.
And hopefully that least sentence makes it clear that their downside in those negotiations isn’t just everything they owe you, but everything they owe everyone in your company, including those who have already left and future employees, plus the cost of defending a class action suit in court, plus the PR hit for having to fight employees for wage theft and adjust your expectations for the amount accordingly. Once you’re at that point in the negotiations, you could probably even plainly say that you know why they want that NDA signed and that it’s going to cost them. And the negotiator personally might have their job at risk if they can’t bring that situation back into control. I wish everyone knew just how much they can have their employer’s balls to the flame when they don’t follow the rules.
In Canada, some employment disputes have resulted in 7 figure judgements.
I mean… I’m up in Canada but in one of the highest cost of living cities in the country which isn’t as bad as San Francisco or NYC but it’s bad…
20k is 1666 a month extra.
The only thing thats gone up $1666 a month more would be a larger house.
Fancy 1 bedrooms are up to 2000-2500 and they were never $334 to 734 even 15 years ago.
Something is wrong with that headline or their math
it’s relative to where you live, yes.
but generally rents and housing costs have doubled the past 5 years. and doubled the ten years ebfore that, so are about triple where they were in 2009. A 2 bed in my city was 1200-1500, now it’s 3000-4000 and often 3-4 people are living there to make rent. a lot of two beds were converted to 3-4 beds (remove living and dining room).
if the rent is, for instance, 40% of income then the additional income is also to offset the 60% nonrental income.
eg if you pay 400 in rent and now its 700 your overall income needs to go from 1000 to 1750 to maintain the same level of affordability.
That’s a major issue about inflation - it’s really just an additional tax. In inflation, cost of living goes up, income/wages do not.
Rent as a percentage of income. General rule (and what I’m assuming the article is using without getting around the paywall) is 1/3 of your income should be rent. So if the avg rent in 2019 was $1666 and it’s now $2000 you should be making $80k/year instead of $60K.
I’m old enough to have learned that housing should be 1/4 of your take home pay
That’s the general rule of thumb that I learned as well… try to stay within 1/4th of salary for mortgage/rent.
Ah, assuming that’s what’s behind the paywall that makes much more sense.
Just a small distinction. Not more than 1/3 of your income should be rent. Also this figure is based on the net income, not pre-tax
It could be including how much food has gone up as well
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Record profits though.
