5 ms·

36% of households rent, and rent has been increasing in most places. What happens when there's a big job-killing recession?

moduspol 9y ago
The same thing people with a mortgage payment do. And we do have public housing for those that can't.
- vwcx 9y ago
  When was the last time you applied for public housing? It isn't just a "fallback" for society when the economic structure falters. Even people in public housing struggle to keep eligible by showing certain proofs of PT income.
  - moduspol 9y ago
    We're getting a little off-track here. The parent claim was that a high percentage of renters implies an increase in unemployment would leave many homeless, which might increase civil unrest toward rioting aimed at the wealthy. I'm saying the vast majority of renters would be in the same boat as mortgagers, which is that they won't lose their jobs. Of the minority that do, they may miss or be late on some payments, but ultimately recover and continue living there as they find another job or make other arrangements. The number who would legitimately become penniless and forced to move is small, and we have public housing available for those affected.
- notfromhere 9y ago
  You understand there's a huge backlog for public housing right? You don't just show up asking for an apartment
  - moduspol 9y ago
    I don't doubt it in certain areas. Still we're getting pretty derailed. I'm responding to your comment which was a speculative question. Peak unemployment rate during the 2008 recession was 10%. So that's 3.6% of Americans renting and out of work. Many will miss payments and then resume after finding a new one. Or maybe there are two earners living there and they can cut in other areas until a new job is found. Some will find cheaper apartments, and some will move in with family. So, no, I don't think that'll be the spark for the next revolution.
Chiba-City 9y ago
The average American who "owns a home" moves every 7 years last time I checked. We are a nation of itinerants. Equity investments give better returns apart from political windfalls.
tomjen3 9y ago
Rent decreases because the demand curve shift?

moduspol 9y ago

The same thing people with a mortgage payment do. And we do have public housing for those that can't.

vwcx 9y ago
When was the last time you applied for public housing? It isn't just a "fallback" for society when the economic structure falters. Even people in public housing struggle to keep eligible by showing certain proofs of PT income.
- moduspol 9y ago
  We're getting a little off-track here. The parent claim was that a high percentage of renters implies an increase in unemployment would leave many homeless, which might increase civil unrest toward rioting aimed at the wealthy. I'm saying the vast majority of renters would be in the same boat as mortgagers, which is that they won't lose their jobs. Of the minority that do, they may miss or be late on some payments, but ultimately recover and continue living there as they find another job or make other arrangements. The number who would legitimately become penniless and forced to move is small, and we have public housing available for those affected.
notfromhere 9y ago
You understand there's a huge backlog for public housing right? You don't just show up asking for an apartment
- moduspol 9y ago
  I don't doubt it in certain areas. Still we're getting pretty derailed. I'm responding to your comment which was a speculative question. Peak unemployment rate during the 2008 recession was 10%. So that's 3.6% of Americans renting and out of work. Many will miss payments and then resume after finding a new one. Or maybe there are two earners living there and they can cut in other areas until a new job is found. Some will find cheaper apartments, and some will move in with family. So, no, I don't think that'll be the spark for the next revolution.

Chiba-City 9y ago

The average American who "owns a home" moves every 7 years last time I checked. We are a nation of itinerants. Equity investments give better returns apart from political windfalls.

tomjen3 9y ago

Rent decreases because the demand curve shift?