What do you think is happening with real estate right now in the major cities?
Mortgage rates continue to climb putting further pressure on homebuyers. Their salvation is always to be able to rent. However, today in most major U.S. cities, rent prices have skyrocketed over the years, making it completely unaffordable to the majority. This only gets worse as other costs increase, such as food and electricity. Eventually, this has to come to a full stop, when debt buries the borrower and bankruptcies increase.
As the housing market stagnates, American homeowners are staying put for the longest stretches ever – MarketWatch
This map shows the income you’d need to rent a home in every state
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30-Year Fixed Rate Mortgage Average in the United States | FRED | St. Louis Fed