Best answer
Based on NY Rent Own Sell research,house prices have climbed by about 15% over the past year. The fact that houses are now so expensive is simply the outcome of thesupply and demand problem. Following the onset of the COVID-19 pandemic,interest rates were reduced to boost economic health.
People also ask
Why is renting an apartment so expensive?
Here are the reasons why renting an apartment is so expensive. The housing situation was not that bad before the pandemic. There was a sufficient amount of inventory to meet the housing demand for almost the first eight months of 2019.
Are home prices just too expensive?
Rents have been rising but not as drastically as home prices. So even for those with high incomes, especially the millennial generation who have good jobs and high income, they檙e saying that home prices are just too expensive. That just one contributing factor as to why they are renting.
Why are rents so high in the United States?
Let look at the factors contributing to the higher rents we檙e seeing in the United States. One of the biggest issues leading to increasing rent is the low supply of rental housing compared to the high demand for it. There are a few things that contribute to this increased demand for rental property.
Why do people rent instead of buying a home?
Changing jobs, traveling, and searching for a more long-term home are among the reasons many people want the flexibility of short-term leases rather than buying a home. If you think renters are only people who can afford to buy a home or save enough money for a down payment, think again.