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The 30-year mortgage rate hits 7.48%, the highest level since 2000
(www.nbcnews.com)
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this post was submitted on 22 Aug 2023
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Real Estate Corporations goals include blocking home ownership and forcing Americans into a rental only market, similar to Germany.
Germany is a terrible comparison here. Home ownership in Germany is about 50%, true, much lower than the US' 65%. However, the majority of those rentals are apartments rather than houses, since even small towns are highly densified, very unlike the USA. There are many state landlords which provide rentals at a very attractive price; it's rare for people to spend more than 30% of their post-tax income on rent. Furthermore, there are extremely strong protections for renters, restrictions on rent increases, and they can renovate their apartments as they please. That's very different from what American real estate corporations want.
The United States isn't building houses; it is building apartments.
That's great but the percentage of people who currently live in single family houses is much greater in the USA than in Germany.
If only the USA was building some solid laws protecting tenants...
Really is that how Germany is? And all this bullshit about inflation it is called Corporate Greed and we need to be singing it to rafters. Fucking greedy corporations making record profits while wages stagnate.
All raising rates do is continue to make it impossible for average American to own a home.
Interesting, I didn't know that about Germany. I'll have to look into how that is working out for them, seeing as probably quite a lot of people my age and younger won't be able to afford to buy.