After the collapse of the housing market in 2008, homebuilding is back on the rise, and the cost of housing is increasing nationwide. Enter: Alternative homes.
According to the United States Census Bureau, in the third quarter of 2017, the median asking price across the country for a vacant rental unit reached an all-time high of $912. In comparison, the median rental price for vacant units in 1997 was below $500 nationwide. That kind of an increase outpaces inflation, adding significant burden to the wallets of renters nationwide. What’s more, the Joint Center for Housing Studies of Harvard University (JCHS) reports that nearly 48% of renters in 2015 spent more than 30% of their income on housing, with lower-income homes being the most affected.
Continue reading “Alternative Homes — the Impact of Rising Rents and Mortgages”