Let’s be clear. The question that follows reflects what MarketWatch (MW) actually published from a woman who stated that her man is earning considerably more income than the majority of Americans. Someone making less money than this woman says they claim to earn might think about her inquiry, ‘are you serious?’ Nevertheless, the question itself is interesting. Indeed, as what will follow will reveal the question could be an important one for millions. This woman’s letter to MW ought to be paired with another question. What will happen to those Americans who are renting who have a more modest income than this couple claims to be?
To some extent, we will ignore what MarketWatch spent much of their digital ink on the reply. Why? Because it is the basic idea that renters may someday face homelessness if they don’t get onto the home ownership ladder in our nation where inflation and soaring rents in the past 2½ years have become a real, not imaginary, problem. Most experts agree, said Oregon Public Broadcasting, that the lack of affordable housing is the biggest contributor to homelessness.
Here is the question as published by MarketWatch (MW) on 12.2.2023, but the question may prove relevant for years and years to come, unless the current inflationary and lack of affordable housing dynamics aren’t cured.
My husband is 68 and I’m 74. He makes $250,000 a year. We’re renting a townhouse in a very upscale suburb in the Houston area, but our last rent increase was $300 a month!
My husband wants to find a house for not more than $300,000 because he doesn’t want to be a slave to rent increases. We’d have to take out at least a $100,000 mortgage, which he says he can pay off in a year because he currently banks every other paycheck.
I would rather move into a 55-plus community where we could rent a nice apartment and have amenities, with no property tax or upkeep. He says we will be homeless because our rent keeps going up, and we won’t last long on our combined Social Security. ”
Their complete response was longer, but this may be one of the key points that MW article’s reply to that woman’s inquiry shared.
The median listing home price in Houston is $340,000, while the median sale price is $311,300, according to Redfin, which means it isn’t impossible to find a house in the price range your husband is considering. Before you jump into the housing market, though, get serious about your current and anticipated future budgets…Paying off the mortgage quickly is a fantastic goal…”
Much of what they said otherwise is debatable, as MW themselves suggested: “There’s no one-size-fits-all approach to retirement housing.”
That said, let’s break this down into something a bit more grounded in the experiences of most Americans. Note: using the graphic below should NOT be construed as an endorsement of the company being quoted. This just happens to be a useful illustration.
Note: to expand this image below to a larger or full size, see the instructions
below the graphic below or click the image and follow the prompts.
The following Q&A is with MHLivingNews and Bing’s Artificial Intelligence (AI) or Bing AI chat function. Note that Bing isn’t told who is asking the questions.
> “What is the average household income in the U.S. in 2023?”
What is the average rent in the U.S. for an apartment or multifamily housing?
> “What is the average rent for single family housing in the U.S. in 2023?”