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return2ozma@lemmy.world to News@lemmy.world · 1 year ago

Renters need to make roughly $20,000 more a year to afford the typical rent than they did 5 years ago

fortune.com

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  • cross-posted to:
  • aboringdystopia@lemmy.world
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Renters need to make roughly $20,000 more a year to afford the typical rent than they did 5 years ago

fortune.com

return2ozma@lemmy.world to News@lemmy.world · 1 year ago
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  • cross-posted to:
  • aboringdystopia@lemmy.world
“Since pre-pandemic, the income needed to afford rent has increased by 31.5%,” Zillow’s chief economist, Skylar Olsen, wrote yesterday.
  • 0110010001100010@lemmy.world
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    1 year ago

    I really don’t know how people are existing in today’s hellhole of a capitalistic landscape. I’m fairly lucky with a good-paying job and a lowish house payment. I’m still paying a lot more for food and whatnot than I did before covid.

    • penquin@lemm.ee
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      • QuarterSwede@lemmy.world
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        1 year ago

        I feel the same way. Our mortgage is $2K/mo for over 3K/sqft. Apartments around here start at $1500 for a studio … poor bastards indeed.

      • StereoTrespasser@lemmy.world
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        1 year ago

        Why do people always turn these posts into opportunities to brag about how low their house payment is?

        • Asafum@feddit.nl
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          1 year ago

          I don’t see it as that, it’s just a comparison to show how fucked up things are now.

          Believe me I’m super bitter about being getting fucked on rent and being priced out of buying, but I dont take those kinds of comments as rubbing it in, just providing context.

          • penquin@lemm.ee
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        • penquin@lemm.ee
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        • Bytemeister@lemmy.world
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          1 year ago

          Let’s flip it this way. My rent was 1500 a month, and it was going to go up 13% this year. I bought a house this year instead, 2500 a month. In 5 years, that shithole apartment will cost more than my house.

          People aren’t bragging about how low their house payments are, their warning everyone about how shitty apartment price gouging is.

        • DominusOfMegadeus@sh.itjust.works
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          1 year ago

          Agreed. Sign me up for one of these $1000 a month houses please

        • Coreidan@lemmy.world
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          1 year ago

          The human race is truly fucked ain’t it? We are all out for ourselves. Nothing will ever change.

          • Beetlejuice001@lemmy.wtf
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            What single contributing factor would you say carries the most weight? Throughout history there has been inequality, but never like this. Even medieval peasants worked less than modern Americans.

            • Coreidan@lemmy.world
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              I think it’s our survival instinct to hoard. I don’t think we’ve evolved to live in such a massive civilization. We weren’t meant to live this way.

              I do think this level of equality would exist in older times if they knew they could get away with it.

              However the scale at which we live (the global economy) is so much larger that it’s easier for them to extract and hoard wealth. In older times our communities were much smaller. The consequences for fucking around were a lot higher because it was easier for the poors to hold them accountable.

            • iopq@lemmy.world
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              1 year ago

              Source?

              • Beetlejuice001@lemmy.wtf
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                1 year ago

                https://www.theladders.com/career-advice/the-average-american-worker-puts-in-more-hours-than-a-medieval-peasant

                Edit:lol downvoted for posting a source.

                • iopq@lemmy.world
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                  1 year ago

                  Thanks, the medieval worker put in much longer work hours, which is interesting

                  • Beetlejuice001@lemmy.wtf
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                    1 year ago

                    You must have some reading comprehension problems or you’re simply arguing in bad faith. I suspect it’s the latter

                    https://www.adamsmith.org/blog/regulation-industry/medieval-peasants-really-did-not-work-only-150-days-a-year/

                    https://www.grunge.com/847151/medieval-peasants-may-have-worked-less-than-modern-americans/

                    https://groups.csail.mit.edu/mac/users/rauch/worktime/hours_workweek.html

                    https://historycollection.com/medieval-peasants-worked-fewer-hours-than-modern-americans/

                    https://allthatsinteresting.com/medieval-peasants-vacation-more

    • shikitohno@lemm.ee
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      I think at this point, all of us poors are just crossing our collective fingers and hoping the rent doesn’t go up, we don’t lose our jobs and we don’t have to move for any reason. I’m hoping my landlord turns out to be immortal right now. “Affordable” units in the hood here are going for $3,000+, and you need to make less than the equivalent of minimum wage at a full-time job each to qualify for them. We stumbled our way into a three-bedroom apartment in a nice neighborhood for $2,200/month, and he hasn’t raised the rent at all. The people who lived downstairs before said he charged them the same rent for close to 10 years before they moved out, so hopefully that streak will continue. Just have to worry that he’ll die and whoever inherits the house comes in and jacks up the rent once they can, in which case we’d definitely need to move pretty far away to be able to afford something.

    • TimmyDeanSausage @lemmy.world
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      1 year ago

      My SO and I live in a 4 bedroom house with 4 other adults in their 30’s. I haven’t had this many roommates since I was 17, but I’m finally making some progress on my ridiculous medical debt. Best country in the world.

    • iopq@lemmy.world
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      1 year ago

      Of course you’re paying more, it’s called inflation. You also have a higher income than you did before COVID, but you didn’t mention that

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