Renters

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72Hardtop
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Renters

Post by 72Hardtop » Tue Jun 02, 2015 12:58 pm

http://finance.yahoo.com/news/how-much- ... 14541.html

Rising rents and stubborn stagnant wages do not a winning combination make — especially for American families feeling squeezed by the cost of keeping a roof over their heads.

In its annual “Out of Reach” report, the National Low-Income Housing Coalition has broken down exactly how many hours a household would need to work and how much they would need to earn per hour to afford a basic rental today.

A worker would need to earn $19.35 per hour — nearly three times the current federal minimum wage of $7.25 — to be able to afford a basic two-bedroom unit. A one-bedroom unit is only slightly less costly, requiring a wage of at least $15.50 an hour. The average renter nationwide makes $15.16 an hour, which might explain why so many adults are leaning on roommates these days. (The report, which uses Fair Market Rent figures determined by Department of Housing and Urban Development, sets one-bedroom units at $806 and two-bedrooms at $1,006.)

Not surprisingly, some states have it worse than others. Hawaii, Washington, D.C., California, New York and New Jersey have the highest rents, each requiring workers to earn more than $25 per hour and, in Hawaii’s case, nearly $32 per hour.



We are ready to officially retire the old personal finance adage about spending less than 30% of your income on housing.

In terms of hours on the job, it's next to impossible to afford a one-bedroom rental on one minimum wage income without spending more than 30% on rent. For the majority of the country, workers need to clock between 61 and 79 hours a week to stay within that threshold.



Nearly half of U.S. renter households are spending more than 30% of their income on housing, per the report. One in four renter households spend more than half their income on housing. The Coalition's findings are based on a combination of research from the U.S. Census, the Bureau of Labor Statistics and the Department of Housing and Urban Development, among other federal agencies.

Explaining why housing costs are so high is the easy part — too much demand, too little supply. The rental housing vacancy rate was 7% in the first quarter of 2015, continuing a steady decline since the financial crisis sent many families fleeing the busted housing market in search of rentals.



Since the “official” end of the Great Recession in 2009, rents have risen by 15.2%. Meanwhile, household wages have fallen 5% since 1979.



The story is bleaker for lower-income families, whose housing options are limited by middle-income families who elbow their way into an already tight rental market.



For every 100 poor renter households (those earning less than 30% of the average middle income salary of $67,857), there are only 31 available units they could afford, according to the report.

In the forward to the report, Oregon Gov. Kate Brown calls the data sobering.

“Those who put more than half their income towards rent are forced to choose which bills they can pay, which necessities, food or healthcare, they will forgo to avoid getting evicted or becoming homeless,” she says. “More must be done to ensure families have the option to live in decent, affordable homes located near their jobs.”

After a year marked by minimum wage rallies and cries for states and the federal government alike to increase the minimum wage, some progress has been made. In January, 20 states raised their minimum wage. However, in the 29 states and D.C., where the minimum wage is higher than the federal level, none is higher than $9.50 an hour. President Obama also called on Congress to boost the federal wage level to $10.10, although nothing has been done yet.
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Clearly when one looks at the numbers there is absolutely nothing fair about the current unjustified rental market prices. Pure price gouging. Nothing more than property owners trying to live like rock stars off the backs of the hard working class.
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Re: Renters

Post by asiab3 » Tue Jun 02, 2015 1:34 pm

So you're actually saying that supply and demand shouldn't apply to housing? So we should start a government funded program to ensure every American can have access to affordable housing? What about that other hot topic "H" word? What makes it ok to step in for housing markets but not care of real life human beings?

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Re: Renters

Post by Bleyseng » Tue Jun 02, 2015 1:38 pm

Clearly when one looks at the numbers there is absolutely nothing fair about the current unjustified rental market prices. Pure price gouging. Nothing more than property owners trying to live like rock stars off the backs of the hard working class.[/quote]

I have two rental houses and I charge what the market rate is to try to cover costs and make a small profit. Taxes, government fees, maintenance and repairs bite deeply into my pocket and I don't use a Property Manager either ($$$). Every time a renter moves out I have tons of work it seems and not all of it can I pass on to the renter as there as laws and the phrase "normal wear and tear". Try going to court to get money from a renter, ha if you are lucky the judge will grant you .50 on the dollar. No pets in the contract doesn't mean a thing and renters try to get away with so much it isn't funny. It's a big deal just to get them to keep the grass mowed and not pile up trash. When people move in they want it "Perfect" ( I usually get a move in repair list) but when they leave it's all no big deal.
I wish I lived like a Rock Star that would be nice! :thumbleft:

I do think that the the cities should step in with building more low income housing or subsidized units. In Seattle I can't afford one of these 1000sf units that rent for $3000 a month in Allentown....
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Re: Renters

Post by 72Hardtop » Tue Jun 02, 2015 10:47 pm

asiab3 wrote:So you're actually saying that supply and demand shouldn't apply to housing? So we should start a government funded program to ensure every American can have access to affordable housing? What about that other hot topic "H" word? What makes it ok to step in for housing markets but not care of real life human beings?

Robbie
In short....yes. Unless your inclined to believe it's perfectly fine to pay the ridiculously asked for rent prices these days.
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Re: Renters

Post by 72Hardtop » Tue Jun 02, 2015 10:50 pm

Bleyseng wrote:
Clearly when one looks at the numbers there is absolutely nothing fair about the current unjustified rental market prices. Pure price gouging. Nothing more than property owners trying to live like rock stars off the backs of the hard working class.
I have two rental houses and I charge what the market rate is to try to cover costs and make a small profit. Taxes, government fees, maintenance and repairs bite deeply into my pocket and I don't use a Property Manager either ($$$). Every time a renter moves out I have tons of work it seems and not all of it can I pass on to the renter as there as laws and the phrase "normal wear and tear". Try going to court to get money from a renter, ha if you are lucky the judge will grant you .50 on the dollar. No pets in the contract doesn't mean a thing and renters try to get away with so much it isn't funny. It's a big deal just to get them to keep the grass mowed and not pile up trash. When people move in they want it "Perfect" ( I usually get a move in repair list) but when they leave it's all no big deal.
I wish I lived like a Rock Star that would be nice! :thumbleft:

I do think that the the cities should step in with building more low income housing or subsidized units. In Seattle I can't afford one of these 1000sf units that rent for $3000 a month in Allentown....[/quote]



How about those over-priced capsule apartments they want/wish to build. All for the low price of $1200+ per month includes no parking, no kitchen and community bath. There is a sucker born every second in this county.
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Re: Renters

Post by Amskeptic » Wed Jun 03, 2015 5:42 pm

asiab3 wrote:So you're actually saying that supply and demand shouldn't apply to housing? So we should start a government funded program to ensure every American can have access to affordable housing? What about that other hot topic "H" word? What makes it ok to step in for housing markets but not care of real life human beings?

Robbie
Robbie, you capitalist, you.
So . . .
supply vs demand of workers
vs
supply vs demand of housing

. . . work in exactly opposite directions in accordance to free-market rules.

Yes, we need to ensure food, shelter, basic care, of all citizens.
Colin
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Re: Renters

Post by 72Hardtop » Wed Jun 03, 2015 5:54 pm

Amskeptic wrote:
asiab3 wrote:So you're actually saying that supply and demand shouldn't apply to housing? So we should start a government funded program to ensure every American can have access to affordable housing? What about that other hot topic "H" word? What makes it ok to step in for housing markets but not care of real life human beings?

Robbie
Robbie, you capitalist, you.
So . . .
supply vs demand of workers
vs
supply vs demand of housing

. . . work in exactly opposite directions in accordance to free-market rules.

Yes, we need to ensure food, shelter, basic care, of all citizens.
Colin
It's amazing how capitalists believe the concept 'Supply vs demand' should be applied like a one size shoe fits all. There is no such a thing. We all know what happens when you let free market reign. It nearly destroyed this country recently. We're still not out of the storm yet given nothing has changed since the biggest economic downfall this generation has experienced is brewing yet again. The next one will be 10 times worse than the previous one. It's not a matter of will, it's only a matter of when.
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Re: Renters

Post by Bleyseng » Wed Jun 03, 2015 5:59 pm

I don't think this downfall will be caused by my rent but by the Greedy Wall Street Assholes like last time and the time before that (1929)
Geoff
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Re: Renters

Post by 72Hardtop » Wed Jun 03, 2015 6:15 pm

Bleyseng wrote:I don't think this downfall will be caused by my rent but by the Greedy Wall Street Assholes like last time and the time before that (1929)
Directly? No. Indirectly? Yes. The whole concept needs revamping from the ground up...Everything. We as a society have stopped looking and striving for ways to drive & keep overall costs across the board down. Pure greed has taken over. This will be our downfall. It's already happening.
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Re: Renters

Post by Amskeptic » Wed Jun 03, 2015 6:34 pm

72Hardtop wrote:The whole concept needs revamping from the ground up...Everything.
Yes it does. We need a hybrid. Capitalism depends upon endless expansion, it is actually a ponzi scheme at its heart. The planet is telling us that we cannot expand at 3% per quarter endlessly, the raw resources that are at the root of material wealth will become only more scarce, and the "supply of workers" only more numerous.

There is a way to control the expansion without causing the "incentives" to disappear. Right now, I hear CEOs say that if you rein in their runamok hoarding, you will damage their desire to work hard. I do not believe that, and would like to see what would really happen when we decide as a collective body (the nation) to index CEO pay to worker pay at some agreed-upon percentage.

There is a tremendous amount of initiative and innovation that could be unleashed in America if education was more accessible and venture capital were freed up. In the innovation, we might find some real solutions to our pressing issues without it being stymied in the halls of Congress as they try to keep the playing field tilted in favor of the established (and moribund) big business models.
Colin
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Re: Renters

Post by 72Hardtop » Wed Jun 03, 2015 7:07 pm

Amskeptic wrote:
72Hardtop wrote:The whole concept needs revamping from the ground up...Everything.
Yes it does. We need a hybrid. Capitalism depends upon endless expansion, it is actually a ponzi scheme at its heart. The planet is telling us that we cannot expand at 3% per quarter endlessly, the raw resources that are at the root of material wealth will become only more scarce, and the "supply of workers" only more numerous.

There is a way to control the expansion without causing the "incentives" to disappear. Right now, I hear CEOs say that if you rein in their runamok hoarding, you will damage their desire to work hard. I do not believe that, and would like to see what would really happen when we decide as a collective body (the nation) to index CEO pay to worker pay at some agreed-upon percentage.

There is a tremendous amount of initiative and innovation that could be unleashed in America if education was more accessible and venture capital were freed up. In the innovation, we might find some real solutions to our pressing issues without it being stymied in the halls of Congress as they try to keep the playing field tilted in favor of the established (and moribund) big business models.
Colin
Not only do those workers become more numerous but they also become much more vigilant & vocal. Especially given the distance between the top and bottom (income earners) becomes ever so further with each passing day. At some point it will break...we all know that. It's already begun.
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Yeah, I am living like a rockstar.

Post by pj » Tue Jul 21, 2015 4:48 pm

Got a 1000 sq ft rental, paid $104,000.00 for it. Put on new siding, painted said siding, new gutters, replaced the total electrical system, put in all new electrical fixtures, replaced the dishwasher rebuilt the carport, fixed the leaky sewage pipes, cleared out 25 foot blackberry vines, replaced the cedar fencing, new roof, just got back from priming and will have to paint the siding where some tagger put a huge pecker on the side of the house, pay the taxes, carry insurance all for the princely sum of $850.00 which most of the time comes late.

Yeah man living that rock star life. More like trying to build a retirement portfolio for my wife and I, while trying to help out a young couple keep a roof over their families heads. Being a landlord ain't for wusses.

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Re: Yeah, I am living like a rockstar.

Post by airkooledchris » Tue Jul 21, 2015 5:48 pm

pj wrote:Got a 1000 sq ft rental, paid $104,000.00 for it. Put on new siding, painted said siding, new gutters, replaced the total electrical system, put in all new electrical fixtures, replaced the dishwasher rebuilt the carport, fixed the leaky sewage pipes, cleared out 25 foot blackberry vines, replaced the cedar fencing, new roof, just got back from priming and will have to paint the siding where some tagger put a huge pecker on the side of the house, pay the taxes, carry insurance all for the princely sum of $850.00 which most of the time comes late.

Yeah man living that rock star life. More like trying to build a retirement portfolio for my wife and I, while trying to help out a young couple keep a roof over their families heads. Being a landlord ain't for wusses.


Just the 1 rental unit, or do you own others?

On average, do most rental units get rented out by owners with only one or two properties?

Lumping all renters into the same group as one another makes as much sense as saying it's the same struggle for all landlords.
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Re: Yeah, I am living like a rockstar.

Post by Bleyseng » Wed Jul 22, 2015 6:11 am

pj wrote:Got a 1000 sq ft rental, paid $104,000.00 for it. Put on new siding, painted said siding, new gutters, replaced the total electrical system, put in all new electrical fixtures, replaced the dishwasher rebuilt the carport, fixed the leaky sewage pipes, cleared out 25 foot blackberry vines, replaced the cedar fencing, new roof, just got back from priming and will have to paint the siding where some tagger put a huge pecker on the side of the house, pay the taxes, carry insurance all for the princely sum of $850.00 which most of the time comes late.

Yeah man living that rock star life. More like trying to build a retirement portfolio for my wife and I, while trying to help out a young couple keep a roof over their families heads. Being a landlord ain't for wusses.
Sounds like me but I have two houses to rent out. One just left and is pissed he didn't get all his damage deposit back. Course he didn't clean up much, took down my curtains and threw them out etc. He "feels" it's unfair....no it's just business as he didn't leave it in the condition he moved into. People....
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Re: Renters

Post by 72Hardtop » Thu Jul 23, 2015 6:24 am

For the majority of Americans a 'Retirement' is a term reserved for the rich such as Bill Gates. No one really retires these days certainly not like our grandparents generation did.
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