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> the median American lives in Richmond, VA or Louisville, KY. These places don’t have a housing crisis. Why do you say that? Most small-to-medium US cities h
by maxsilver 7y ago
> the median American lives in Richmond, VA or Louisville, KY. These places don’t have a housing crisis.
Why do you say that? Most small-to-medium US cities have a major housing crisis too, these places just have wildly different causes for their housing crisis than say, San Francisco, and therefore have wildly different metrics by which to evaluate the state of that crisis.
> High rents are a self-inflicted problem affecting a handful of metro areas with a minority of the population.
No, this is not true. High rents are affecting almost every metro in the US. You just won't see them if you "average" figures, because these metros don't earn average dollars. You can't average two crises into nothing.
(If your left lung is collapsed, and your right lung is overinflated to the point of bursting, you have two major crises on your hands. You can't say "well, everything is fine because on average my lungs have a healthy volume", that's accurate math, but not accurate to real life)
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A midwest average rental price of say $1500/month will seem cheap to folks in Seattle -- until they learn that incomes are over 50% lower here, so to anyone working in-market, a $1500/month rent price here is equally as expensive/painful as a $3000/month rental would be in Seattle. That's still a crisis, equal in pain/severity to a "superstar" city, but it won't show up in any "US average" figures, and can easily lead people to write ridiculously uninformed hot-takes.
- pizzazzaro 7y agoThose median cities have seen median rent rise as much as 50% in the last 10 years, without the rise in wages. Stfu and pay your workers enough to live.
- rayiner 7y agoThe article compares median incomes to median rents. If the median income is tracking the median rent, it’s mathematically impossible for median rent to be outpacing median income in a majority of places. Your estimation of the rent and income is off. The median household income in Louisville is $57,000. The Bay Area is $97,000, only 50% higher. But the median 1BR in Louisville is $750, while the Bay Area is close to $3,000, four times as much. Four times higher rent, only 50% higher income. Housing is even worse. The median house price in Louisville is $165,000. (That’ll buy you a 2,000 square feet house.) In the Bay Area it’s $800,000, almost five times higher.
- matt-attack 7y agoHonest question: how can a rent be “high”? If someone signed the lease, they must have found the terms both affordable and agreeable. If rents were truly “high” I’d take that to mean higher than the market will bear and thus, unoccupied. You can clearly say an unoccupied but listed unit is “high”. But I fail to see how a unit with a signed lease is “high”.