News for hackers. Stuff that matters.

A comment on The majority of 18- to 29-year-olds in the US are now living with their parents. Parent comment

Re:The majority of 18- to 29-year-olds in the US are now liv... by claudeganon on Wednesday September 16, 2020 @08:36AM (#24492014)
Rents were already way above wage growth prior to the pandemic:

https://www.cbpp.org/blog/census-income-rent-gap-grew-in-201...

While I’m sure they’ve gone down a little in certain urban cores, like SF, they remain absurdly high in the midsize, Midwestern city where I grew up and now live. When I moved back, apartments here were going for only a bit less than what I paid in Los Angeles and seem to have not gone down at all. Home prices also remain artificially high because there are less listings and more interested buyers.

[ Parent | on HN ]
Re:The majority of 18- to 29-year-olds in the US are now liv... by swiley on Wednesday September 16, 2020 @08:38AM (#24492033)
In general rent doesn't appear to be dropping. Most landlords have mortgages and many would default if they lowered rent.
[ Parent | on HN ]
Re:The majority of 18- to 29-year-olds in the US are now liv... by BlueTemplar on Wednesday September 16, 2020 @11:52AM (#24493825)
Wouldn't they also default if they cannot find anyone willing to rent at those prices ?
[ Parent | on HN ]
Re:The majority of 18- to 29-year-olds in the US are now liv... by claudeganon on Wednesday September 16, 2020 @02:48PM (#24496016)
I think the strategy is to play chicken until they either go bust or get bought out by a giant corporate real estate firm.
[ Parent | on HN ]