Key takeaways from the article:
- Entire country afflicted by rising apartment rents
- Half of renters now spend more than 30% of their income on housing
- Demand for rentals rising as urban living becomes fashionable, more young people entering market, mortgage requirements tighter, middle class shrinking
- Builders focusing on high-end apartments, that do little in short-term to improve affordability
- Austin not (yet) in top 20 of least affordable rental markets.
“…But a seemingly insatiable demand for luxury condos in Miami, created in part by wealthy Latin Americans, has caused land prices to soar, making affordable housing projects harder to build anywhere close to downtown. Moving farther out is cheaper, but the cost savings on housing can be quickly wiped out by transportation costs.”
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