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Where I live (Orlando) monthly rent has been rising at a rate of 8 percent per year while wages have essentially stayed still. In the long run this is an unsust
by wonderwonder 9y ago
Where I live (Orlando) monthly rent has been rising at a rate of 8 percent per year while wages have essentially stayed still. In the long run this is an unsustainable trend.
If a low income individual is able to rent a house while working a full time job and just make it every month, at the end of their current lease when rent adjust upwards they will be forced out. Moving costs alone will cost them several hundred to a thousand dollars. On top of that they need to find another place to live which may not be possible due to the upwards pricing trend. With little in the way of increased income, what is that person to do, especially if they cannot afford to move and don't have a family able to assist them?
I have no solution for this issue and certainly don't want to curtail anyone's ability to purchase and profit from property but the future prospects of those on the lower spectrum of incomes does not look good.