9 ms·
Agreed. One friend of mine, who makes plenty, decided to go job searching because raises this year for that company maxed out at 10%. It might sound petty in
by silisili 5y ago
Agreed. One friend of mine, who makes plenty, decided to go job searching because raises this year for that company maxed out at 10%. It might sound petty in normal times, but costs for a lot of people have gone up by a lot more than 10% in the last year.
My rent alone went up something like 20%. Look at gas. Or wood. Or food. It's like watching money slowly disappear. Here's hoping it really is transitory.
- nsonha 5y agoWhy did your rent go up. It went down in the city I live. Everyone moves further out and no one moves in
- silisili 5y agoI don't live in a major city. I unfortunately live in an area people are 'fleeing' to.
- deleted 5y ago[deleted]
- gruez 5y ago>My rent alone went up something like 20%. Your example is certainly atypical. BLS says rent is up 1.9% YOY. > Look at gas Mostly correct, up 42% YOY. > Or wood Can't find the BLS stats for this, probably because the amount of lumber the median household buys is approximately zero. > Or food BLS says it's up 2.6% YOY. Are you sure something like https://en.wikipedia.org/wiki/Availability_heuristic https://en.wikipedia.org/wiki/Availability_heuristic isn't messing with your perception?
- silisili 5y agoHousing in my area of the US is booming. Understandably, that means in others, it's doing the opposite, so it probably washes out. As for wood, I agree not everyone is out buying lumber. But that affects lots of things. Have you priced out a shed, fixing a deck, or new run of fence? It also apparently affects furniture and such to some degree. New home builders near me were putting huge 'lumber' addendums on their previous pricing. Food is a little trickier. Grocery just 'feels' more expensive, but admittedly, I don't have any data to back that up. I can certainly cede that point.
- xyzzyz 5y agoLumber was up a lot last year, but now here (PNW) it’s cheaper than pre-pandemic prices. 2x4x8 were $3.70 at Home Depot last week, which is rather cheap.
- f3d46600-b66e 5y agoIt was $2.5 for 2x4 pre-pandemic, so still has a room to go down :-)
- pfdietz 5y agoLumber as a commodity is almost back to pre-pandemic levels. https://www.nasdaq.com/market-activity/commodities/lbs https://www.nasdaq.com/market-activity/commodities/lbs
- jrockway 5y agoYeah, my rent went up 0% this year for the first time ever.
- rdtwo 5y agoBls rent probably is buffered out by areas of low economic growth and mobility so you don’t see big city rents represented well
- gruez 5y agoLet's try the top 3 metropolitan areas in the US then. New York-Newark-Jersey City: down 0.2% YOY Los Angeles area: up 0.8% YOY Chicago-Naperville-Elgin: up 2.9% YOY all figures from https://www.bls.gov/regions/subjects/consumer-price-indexes.htm https://www.bls.gov/regions/subjects/consumer-price-indexes....
- pessimizer 5y agoI think it's more like rents for wealthy people went up, because wealthy people took no income hit during covid. So not only did rents continue to rise as usual for them, but they lost competition at the low end from the less wealthy spending beyond their means. I'd expect to see rents bifurcate. Without the huge stimulus, I'd have expected asset prices to have raced up, too, as the stock market failed. By wealthy, I mean top 10-15% of salaries, not any of the definitions that people in the top 10-15% of salaries cook up to make themselves seem working class.
- silisili 5y agoI think person you're replying to has it backwards. The big metros are where people are leaving. Look at rent and housing prices in any mid size city. Take Knoxville, or Orlando, or Louisville, or KC.
- 100-xyz 5y agoWe are planning on moving and have done decent bit of research. In Fremont, rents have fallen, while smaller areas the rents are going up. In our apartment complex there are numerous empty apartments and a 2BR is 2100$. That's from 2400$ approx one year ago. We are looking at Reno and folks there say a similar 2BR house has gone up from 1200 to 1500. Now we are wondering if the savings is worth the lack of opportunity!!! So rents in large metros are going down and rents in small areas are going up.
- mandelbrotwurst 5y ago> Mostly correct, up 42% YOY. How is that only "mostly" correct?
- antifa 5y agoEvery rental agreement I've had says "rent goes up 5% at renewal" which was yearly.
- syshum 5y ago>> for that company maxed out at 10% That is high, many companies were still 3-5% in 2021, hard to predict what 2022 will look like but I am not expecting much in as many companies seem to not understand that is happening in the market...