We’re also seeing a rapid increase in commercial vacancies with WFH. But there are big challenges and costs to turning commercial properties into residential.
I’ve heard a lot about the problems. Surely there’s some good ideas for a solution out there?
The thing that bothers me is the shortage is completely artificial. There are approximately 28 vacant homes in America for every unhoused person. I live next to a housing development with an ungodly number of 4 bed 2.5 bath McMansions, most of which have, as far as I can tell, sat empty for the last two years. Not for sale, not for rent, just parked as an investment.
This 100%. There is no shortage of physical houses. There is a shortage of AFFORDABLE houses.
I just went through the buying process. I don’t make any crazy money, but a totally fine amount, more then a lot of people (65k/year)
That meant even with a sizable down payment that I was rather lucky to have, my MAX was 200k. That meant I could afford like… 1/10 of the places for sale where I live.
Yes, same. I considered buying but given the 3% increase in the interest rate we saw, I’m just going to keep renting and hoping that things come back down before I’m 100 years old.
The only reason I got away from renting, even with the interest, was that it was still gonna be $100 cheaper, except +1 bed +1 bath and I actually OWN it.
Plus, with my loan the interest rate can’t go any higher, but can be refinanced if things go lower. So since I was basically break even on the current interest, I decided to take it.
I sort of like the idea that I can just… leave… and not worry about having an expensive albatross hanging around my neck. And my rent is low for the area so I’m doing better for now renting. I’d like to own eventually, I guess, but I prefer not to spend more per month if I can avoid it.
My rent was gonna go up $300, so that made it pretty easy as well haha. (I woulda stayed renting too if it had been cheaper /month)