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The title says it all. The apartment I had in 2009ish was just a few years old and had basic builder grade stuff like cheap particle board countertops coated in laminate, white appliances, basic carpet. The rent was pretty affordable for that reason. It was safe but affordable for someone trying to pay for college.
Nowadays all new apartments are labeled as "luxury" and include stuff like a pool, valet trash, exercise room, granite countertops, and stainless appliances. I guess builders and landlords learned that for a little bit extra investment, they can call the apartment "luxury" and charge a lot more in rent.
Unfortunately, even older apartments are undergoing a makeover. A dumpy 1980s complex near me got laminate floors, new appliances, and a fresh coat of paint and rent prices went from $950 for a 1br to $1250.
Then when you look at the buying market, you realize that something similar is happening. I don't see any smaller starter homes being built anymore. Everything is a McMansion that's at least 2500sqft. I guess there just isn't much money to be made building smaller homes.
For a DINK couple who wants a smaller home, you are either stuck buying an older one, having something custom built on your own land, or buying a townhouse/condo. Where is the new version of the 1950s craftsman home that is so popular in older suburbs across the US?
What can we do to get more affordable housing? I don't mean something for people on assistance programs, but housing for people who are blue collar?
It got regulated away by bureaucratic red tape. The only housing that gets built is the "luxury" apartments because regulation and red tape makes every other type of housing unprofitable.
What can we do about it? Start shredding regulations.
The title says it all. The apartment I had in 2009ish was just a few years old and had basic builder grade stuff like cheap particle board countertops coated in laminate, white appliances, basic carpet. The rent was pretty affordable for that reason. It was safe but affordable for someone trying to pay for college.
Nowadays all new apartments are labeled as "luxury" and include stuff like a pool, valet trash, exercise room, granite countertops, and stainless appliances. I guess builders and landlords learned that for a little bit extra investment, they can call the apartment "luxury" and charge a lot more in rent.
Unfortunately, even older apartments are undergoing a makeover. A dumpy 1980s complex near me got laminate floors, new appliances, and a fresh coat of paint and rent prices went from $950 for a 1br to $1250.
Then when you look at the buying market, you realize that something similar is happening. I don't see any smaller starter homes being built anymore. Everything is a McMansion that's at least 2500sqft. I guess there just isn't much money to be made building smaller homes.
For a DINK couple who wants a smaller home, you are either stuck buying an older one, having something custom built on your own land, or buying a townhouse/condo. Where is the new version of the 1950s craftsman home that is so popular in older suburbs across the US?
What can we do to get more affordable housing? I don't mean something for people on assistance programs, but housing for people who are blue collar?
You are in DFW. That explains everything.
I wish we had stayed behind for a year when my husband took his new job; we would have made an additional $100K on our house.
It got regulated away by bureaucratic red tape. The only housing that gets built is the "luxury" apartments because regulation and red tape makes every other type of housing unprofitable.
What can we do about it? Start shredding regulations.
It got regulated away by bureaucratic red tape. The only housing that gets built is the "luxury" apartments because regulation and red tape makes every other type of housing unprofitable.
What can we do about it? Start shredding regulations.
A major problem is that people in nice neighborhoods don't want low income housing built next to them.
I wish we had stayed behind for a year when my husband took his new job; we would have made an additional $100K on our house.
DFW has nothing to do with it. It's like this almost everywhere. Just start looking at things. I live near Charlotte and recently been looking. Up to two years ago studio and 1bedrooms could easily be found about 650 a month. Those same units they are asking over a thousand. Mass movement of people from more expensive states flooding the market. Any apartments that are more reasonably priced never actually have availability. Which brings up another thing that is happening. Apartments advertising availability and taking application fees and not actually having units available. This seems to be happening in multiple states at least reported by friends I know.
Asset inflation due to quantitive easing for a decade with some inflation sprinkled on top. Only a few places to stick all that money, housing and REIT are one of those areas. Prices have been rising for years, people were not paying attention until 2020 and Covid.
I see rents almost doubling when leases run out here in Vegas. I suppose part of it is the eviction moratorium but I don't understand why landlords think tenants who wouldn't pay when they didn't have to will now pay when they can't.
A major problem is that people in nice neighborhoods don't want low income housing built next to them.
That’s not a problem. That’s called protecting your investment and lifestyle.
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