Half of American renters — or 25 million people — now spend more than 30 percent of their pre-tax income on housing amid President Joe Biden’s wage-cutting, rent-spiking welcome for mass migration.
www.breitbart.com
“The national average rent-to-income (RTI) reached 30% for the first time in our 20+ years of tracking history, up 1.5% from year-ago,” said a housing report by the Wall Street firm of Moody’s Analytics.
“Rent … rose faster than incomes” in 75 metro areas, according to the report.
Back in 1999, rents consumed roughly 22.5 percent of the median income, the report said.
The median income is the mid-point in wages: Half of Americans earn more, and half earn less, than the median income.
“These trends on wages not keeping up with rents are exactly what anyone with a morsel of common sense knows will happen if immigration levels are too high,” said Andrew Good, at NumbersUSA.com. He added:
Since the 1970s, rents have risen in every state as Congress expanded the resident population of immigrants, especially after Congress doubled legal immigration in 1990. That immigrant population has grown from roughly 30 million in 1999 to almost 50 million in early 2023. The inflow raised housing costs just as inflation pumps up gasoline prices.
Rents rose by 8.7 percent in 2021 and 9 percent in 2022 as Biden’s huge inflow of roughly 3 million southern migrants pooled their low incomes to rent houses and apartments.
In contrast, rents rose by 3.6 percent per year during President Donald Trump’s low-migration term.
Coronavirus out-migration from major cities did reduce rent pressure in some major cities, the Moody’s Analytics report said. But “the South Atlantic and Southwest experienced the opposite due to strong in-migration,” the report noted.
For example, to keep pace with rising rents, wages would have to rise by more than 9.3 percent in Knoxville, Tennessee, 75 percent in Chattanooga, 8.9 percent in Charleston, South Carolina, and 6.6 percent in Greensboro and Winston-Salem, the report noted.
Rents in the South Atlantic states consumed almost 25 percent of median income, up from 21.8 percent in 2019.
Homes are cheaper in the low-migration midwest and southwest, where rents consumed 20 percent and 19 percent of median pre-tax income. But even in the south, many Americans are being pushed out of their homes. In Arizona, Scottsdale Realtors.com reported on January 14:
Yet Democrats continue to push for more migration, even though the rising rents are forcing young Americans to delay marriage and move back to their parent’s homes.
Rents Spike for Americans as Biden's Migrants Fill Apartments
Half of American renters now spend more than 30 percent of their pre-tax income on housing amid Biden's welcome for mass migration.
www.breitbart.com
“The national average rent-to-income (RTI) reached 30% for the first time in our 20+ years of tracking history, up 1.5% from year-ago,” said a housing report by the Wall Street firm of Moody’s Analytics.
“Rent … rose faster than incomes” in 75 metro areas, according to the report.
Back in 1999, rents consumed roughly 22.5 percent of the median income, the report said.
The median income is the mid-point in wages: Half of Americans earn more, and half earn less, than the median income.
“These trends on wages not keeping up with rents are exactly what anyone with a morsel of common sense knows will happen if immigration levels are too high,” said Andrew Good, at NumbersUSA.com. He added:
Since the 1970s, rents have risen in every state as Congress expanded the resident population of immigrants, especially after Congress doubled legal immigration in 1990. That immigrant population has grown from roughly 30 million in 1999 to almost 50 million in early 2023. The inflow raised housing costs just as inflation pumps up gasoline prices.
Rents rose by 8.7 percent in 2021 and 9 percent in 2022 as Biden’s huge inflow of roughly 3 million southern migrants pooled their low incomes to rent houses and apartments.
In contrast, rents rose by 3.6 percent per year during President Donald Trump’s low-migration term.
Coronavirus out-migration from major cities did reduce rent pressure in some major cities, the Moody’s Analytics report said. But “the South Atlantic and Southwest experienced the opposite due to strong in-migration,” the report noted.
For example, to keep pace with rising rents, wages would have to rise by more than 9.3 percent in Knoxville, Tennessee, 75 percent in Chattanooga, 8.9 percent in Charleston, South Carolina, and 6.6 percent in Greensboro and Winston-Salem, the report noted.
Rents in the South Atlantic states consumed almost 25 percent of median income, up from 21.8 percent in 2019.
Homes are cheaper in the low-migration midwest and southwest, where rents consumed 20 percent and 19 percent of median pre-tax income. But even in the south, many Americans are being pushed out of their homes. In Arizona, Scottsdale Realtors.com reported on January 14:
Yet Democrats continue to push for more migration, even though the rising rents are forcing young Americans to delay marriage and move back to their parent’s homes.
