From a simpleton here..... no one is realizing that no matter where you live. Many choose to live OVER their means and maintain high debt whether mortgage and Car payment to Credit card high interest debt. That happens IN ALL INCOME LEVELS and our Materialistic society promotes it and bad choices we or even just one spouse get each other into.
It is merely easier for those who are able to sell high in high COL areas where say selling their home now mortgage free or just with plenty equity for a profit and take that to a similar or better/larger home in a cheaper area. That can keep one ahead, get out of more debt or all and sometimes of course why the migrations take place besides Corporate America forcing it by abandoning areas claimed higher cost to them and regulations they can get away with elsewhere with incentives to move. The AMERICAN WAY.
When Sunbelt fast rising cities boast cheaper.... a lot was they were less desired for much longer or forgotten when the North boomed. Now their new even too-fast growing metros mean cost are rising fast even some states as Texas have a huge debt being booming as it is.
I do not know also if all these RENT STATS or CONDOS factor in
HOA fees that are HUGE TODAY vs previous decades and still less found in small town and cities in America. Metros they rule and Developers have a BONE-anza.
Interesting Link of Stats. PRE-COVID....
Title: How Have Rents Changed Since 1960?
https://www.apartmentlist.com/resear...wth-since-1960
From link.
Inflation-adjusted rents have increased by ~64% since 1960
- 24% of renters were cost-burdened in 1960, but that number jumped to more than 50% in 2010, before declining slightly in the years following. Mirroring the data on rents and income, the share of cost-burdened renters actually declined slightly in the 1990s, but spiked from 2001-2005, and again from 2007-2011.
- The US renter population is larger than it has ever been (43 million households, or 37% of the total population), and nearly half of them are struggling to pay rent.
Next, we looked at cost-burden rates by household income quintile.
- Renters with incomes in the lowest 20% have had cost-burden rates greater than 70% since the 1970s, and affordability has continued to decline in recent years. '
- Among renters in the lower middle bracket (making up to $41,186 a year), however, the increase in cost-burden rates has been significant, with an increase of 22% since the year 2000. Renters in other income brackets have fared better, but cost-burden rates have risen across the board.
Lot more stats just there and still Are they factoring HOA fees once NON-EXISTENT? I see no mention... but what do I know and we know that that is HUGE in Metros and moot still in many rural small-city America areas in both the North and Sunbelt and therefore cheaper.
ALSO some posters here RATE and JUDGE by Politics.... and their bias is such.
Most post deal with PROFESSIONALS WAGES also. There are LOTS who are not in those Desk Jobs of even family income of 6-digits. They still have Mortgages, Rents and HOA's that still are not getting better for the LOWER WAGE EARNERS where Companies JUST MOVE TO SAVE MONEY and Heck with the North they move from. Been doing it for decades now..... oops a little political there.
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