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Surprise, surprise!
Actually, no surprise.
We have been forecasting this for years now and the data continues to prove it.
Rents for single-family homes rose 10.2 percent in the U.S. in September year over year, as Blackstone and other Bigs keep buying up homes and renting them out to the plantation workers of Slavelandia who can only afford to rent and not buy a home.
Indeed, the Federal Reserve Bank of St. Louis reports that the median home sales price is $374,900. That’s an increase of over $50,000 from just a year ago. Thus, with the median annual American salary of just $34,248.45 per year, it is clear why the rental market will continue to grow.
According to Molly Boesel, principal economist at CoreLogic, “Single-family rental vacancy rates remained near 25-year lows in the third quarter of 2021, pushing annual rent growth to double digits in September.”
RealPage, a real estate data analytics firm, reports that rents in America rose 10.3 percent annually in professionally managed apartments in the third quarter of 2021. Simultaneously, vacancy rates plunged below 3 percent for the first time in some thirty years. Adjusted rents rose by $150 from the start of the pandemic to $1,580.
As Redfin reported yesterday, in the third quarter, real estate investors, i.e. money-junkies-in-charge, gobbled up a record 18.2 percent of the homes in the United States. In the third quarter alone, the “investors” bought a record 90,215 homes… up 80.2 percent from a year earlier.
TREND FORECAST: The older Americans get, the less money they have and the higher their debt burden rises. Thus, they won’t be able to buy a home and may be forced to sell what they own.
According to a survey by MagnifyMoney, nearly half of Americans—46 percent—expect to retire in debt. And it keeps getting worse. The total debt burden of Americans over age 70 increased 614 percent between 1999 and 2021, according to data from the Federal Reserve Bank of New York.
In what used to be called “The Land of Opportunity,” the wealth of the nation rests at the top of the economic pyramid. The top 1 percent of the population own 37 percent of the share of total wealth of the nation while the top 20 percent of Americans own 88 percent . We note this data to further illustrate the beginning of the end of the American dream which for many has turned into a financial nightmare.