this post was submitted on 16 Jan 2024
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TL;DR: Americans now need to make $120K a year to afford a typical middle-class life and qualify to purchase a home. Minimum.

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[–] [email protected] 10 points 10 months ago (1 children)

This is ludicrously false.

The statistic you're trying to say is that about 25% of homes sold in recent months have been bought by investors, which is a very different thing from saying that nearly one-fourth of all single family homes are owned by investors, which falls apart the moment you actually go outside and talk to people, since, for starters, about 65% of Americans own their home.

The homeownership rate of 66.0 percent was virtually the same as the rate in the third quarter 2022 (66.0 percent) and not statistically different from the rate in the second quarter 2023 (65.9 percent).

https://www.census.gov/housing/hvs/current/index.html

[–] [email protected] 6 points 10 months ago (1 children)

65% + 25% = 90%. Doesn't seem "ludicrously false" by that assertion; I wouldn't be surprised if the remaining 10% accounted for all individual landlords.

[–] [email protected] 7 points 10 months ago (2 children)

Not all homes are for sale every year. The vast majority are not.

If Wall Street buys 30% of all homes for sale this year, that does not mean that they now own 30% of all homes that exist, only 30% of those that happened to go on sale this year.

To answer the proximate question, about 70% of rental properties are owned by individuals.

https://www.pewresearch.org/short-reads/2021/08/02/as-national-eviction-ban-expires-a-look-at-who-rents-and-who-owns-in-the-u-s/

[–] [email protected] 5 points 10 months ago

Okay, so we'd expect about 10% of single family homes to be owned by corporations.

[–] StinkyOnions 4 points 10 months ago

Your source is a bit outdated. Here