Where are you living? Are you renting or buying? How much do you pay a month in rent? If you're renting, you know that your monthly payments are going higher almost every year. In Western Washington, renting a modest home runs at least $2000 a month. (that's modest) I recently read a story about a retired couple that have had to move three times this last year, so far. Every time they move, the rent goes higher. 

Home For Sale Real Estate Sign and House
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The worst part, the reason they're moving is because the homeowners are selling the house out from under them. Real estate speculators are buying homes at inflated prices and that in turn is sending rent through the roof. (So to speak.) 

According to crosscut.com,
Data analysis by AARP shows 6,889 adults 55 and older are expected to experience homelessness this year in Washington state. The homeless population is getting older nationally and locally. The median home sale price in King County has topped $1 million. Median rent for a one-bedroom apartment in the Seattle metro area is nearly $1,900/month.” 

Rental Sign
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Honestly my mind boggles with the concept of spending that much money for rent. That's going on in Western Washington, in Eastern Washington it's not quite so bad but think about this. I have a retired friend living on Social Security in Wenatchee renting a Three-room basement apartment for over $950 a month. This is more than 3/4 of what they get in Social Security and if they didn't have savings, they would not be able to survive. The biggest fear? It is that the owners of the house will decide to sell it and they will have to move, and they have no idea where they can go. 

Coin money and house model on wooden background
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Oh yes, we need more affordable housing, especially for renters, but I have no clue how to make that happen.  

Is there a solution? You tell me. 

For older renters, Western WA’s housing boom can sow insecurity | Cascade PBS News (crosscut.com)
'Heartbreaking': Seattle's homeless are getting sicker and shelters are struggling to keep up | Cascade PBS News (crosscut.com)

10 States With The Largest Housing Vs. Wage Growth Gaps

MyElisting.com calculated the percentage difference over the 5-year period from 2018 to 2022. The resulting "Housing vs. Wages Growth Gap" was obtained by subtracting the percentage increase in wages from the percentage increase in housing prices. States were then ranked based on the magnitude of this gap.

Gallery Credit: Kyle Matthews


The Truth About The Housing Market In America

A recent article in Business Insider highlighted the perceived value of housing across America as being either overvalued or undervalued.

Gallery Credit: Nick Northern

 

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