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A global housing crisis is suffocating the middle class (english.elpais.com)

submitted 1 month ago by MicroWave@lemmy.world to c/world@lemmy.world

127 comments fedilink hide all child comments

Prices have risen by 54% in the United States, 32% in China and nearly 15% in the European Union between 2015 and 2024. Though policies have been implemented to increase supply and regulate rentals, their impact has been limited and the problem is getting worse

Housing access has become a critical issue worldwide, with cities that were once accessible reaching unsustainable price points. Solutions that have been proposed, like building more houses, capping rents, investing in subsidized housing and limiting the purchase of properties by foreigners have not stemmed the issue’s spread. Between 2015 and 2024, prices rose by 54% in the United States, 32% in China and by nearly 15% in the European Union (including by 26% in Spain), according to the Organisation for Economic Co-operation and Development.

...

Salaries have not grown apace with real estate prices. In the EU, the median rent rose by 20% between 2010 and 2022, with rental and purchase prices growing by up to 48%, according to Eurostat. Underregulated markets are wreaking havoc, and in the United States and Spain, 20% of renters spend more than 40% of their income on housing, while in France, Italy, Portugal and Greece, that percentage varies between 10% and 15%, according to the OECD. Many countries have created programs aimed at increasing the future supply of public housing, but their effectiveness has yet to be determined and analysts say that results will be limited if smarter regional planning decisions are not made.

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[–] Thebeardedsinglemalt@lemmy.world 4 points 1 month ago

I'm in the middle of relocating to Ohio. I sold my house in GA and despite getting mildly fucked by the "they're first time homeowners" BS I still have about $130,000 profit from the sale. 100k of that has to go into the down payment just so I can afford anything over 200k.

My initial budget was about 310,000 but I had to bump it up to 350 just to find something that isn't a poorly maintained shit hole that would require 50k just to make it decent again, and to have more than 1.5 bathrooms.

And this is on top of all the houses bought by people who watched a a season of Flippers, and thought it they put shittier grey vinyl on the floor they could net 100k.