Houses are essential, and so does clothes, food, water, and air – they are important and a basic foundation for living a good life especially if you have a family. However, people still have other essentials to think about; again, like clothes, food, and water all of which needed cash to spend. And with housing costs going off the literal roof, people are opting out to rent out instead.
Currently, there are a lot of housing opportunities with greater benefits as an inclusion. Are you staring your own family? Here’s a two-bedroom house. Do you own a dog? Well, there’s enough backyard for your furry friend to run around. Are you single? Well, here’s a movie-like house that you can own but with a downfall – you will be paying these houses with your own and worse, full salary.
Why is it so high?
You can blame it in your banks – since they can earn a lot of money from mortgages and they can also invest in properties. But in more direct hindsight, one of the reasons why house prices are rising is because of the rising population. There are so many families continuing to increase these days that a need to build more houses or communities is in demand.
There’s also the idea of low wages and this is a fact.; only a few companies can actually support employees and their salary needs. Most workers today, serving full-time labor, only get a meager wage in return for a more demanding job. Since the increase in housing prices go up, more and more people are spending too much of their salaries to buying their own house. Not to mention the monthly bills and everyday expenses.
Another thing to think about is that housing prices aren’t the only ones rising. Aside from produces and utility bills, there’s also a hundred percent chance that rental houses are going up. With the value of properties growing, rental houses will soon follow suit. You can read what he said here.
Unfortunately, the increasing housing prices currently happening, nobody in the lower tier will benefit from the price bubbles. Only those that can afford, the rich and those who already have their own houses, are the individuals that take more than they need to.
Do you think it will last?
Some people speculate that it will. It’s already 2019 and yet, there are issues concerning rising house costs. Low wages, in demand houses, rising population – all of these are aspects when trying to understand why house prices are too high and it wouldn’t change any time soon.