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OPINION

Housing Dilemma

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
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Existing Home Sales came in slightly below forecast in part to the ongoing supply issue. As a result, median home prices climbed 7.5% from last February to $202,600. This marks 36 straight months of home price increases as 1.8 million homes is equivalent to 4.6 months of demand.

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However, another part of the problem has been a lack of demand. In fact, lending standards and mortgage interest rates have plummeted because demand has weakened.

Thus, here’s the dilemma for renters: they’re pouring more money into a pad they don’t intend to own. When the rate of pay increases, mortgages also increase in the same town.

RentPay
+15%+11.2%

In some places, the difference between pay and rent is even more obscene:

  • New York rent +50% (last year) - paychecks up +8%
  • Seattle rents surged 32% - paychecks up 15%
  • Nashville rents climbed 19% - paychecks up 14%

Moreover, I continue to say it's all about ownership from a business, to your home and investments. 

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