It's still complete bullshit, rent has gone up not just mortgages.
They are also are ignoring inflation and all the companies using the Ukraine war and the lockdown to justify the price multiples.
While all are hitting record profits.
Rent, not mortgages, has gone up from 1k to 2.5k here. For a one bedroom apartment. Minimum wage here will get you ~2k/mo.
Minimum wage doesn't come close to hitting rents, especially when they have insane demands like you must make 4x the rent to even apply.
It's hilarious that landlords were crying they couldn't rent their places out because of coronavirus, then they increased their rents 2-4x, the places are still empty- as are the houses for sale, yet they seem fine with empty property now.
I'd always laugh at the articles saying there wasn't a grand exodus from California, as I see it every day. Still to this day, just not as many.
Where did they go? Texas for the most part. And what happened to Austin? Priced locals out. Now those Texans are moving, but not here, they can't afford the exorbitant prices of everything ($7/gal for gas!).
Many Texans are still making $7.25/hr. How tf can anyone afford to live with that?
Cell phones cost the same, power costs the same, rent is getting there, internet costs the same as here in California where at least minimum wage is ~$15/hr.
Poor people have been getting shit on since before the pandemic but now it's just evil what's happening.
Neo-feudalism is what is happening. Every ~10 year cycle they move us closer to that system in the West. It seems like the post-industrial-revolution era where workers gained some rights and wealth are eroding and we are going back to a more historical norm where most of our income/labor goes into survival basics.
Sadly this time there is no "New World" to flee to for economic prosperity. This whole middle class thing might have been an anomalous blip?
> Rent, not mortgages, has gone up from 1k to 2.5k here. For a one bedroom apartment. Minimum wage here will get you ~2k/mo.
A few posts ago, it was "median rent costs double (or tripple, or more) the median income". Now, it's "rent is about the same as minimum income" (which is still a problem, but nowhere near the same thing as the prior claim).