These 40 Louisiana Cities Have The Fastest-Growing Home Prices
The 40 Louisiana Cities With The Fastest-Growing Home Prices
Gallery Credit: Stacker
Houses cost too much, period. One of the toughest parts of the current American economy is housing. Not just buying a house, but rent is far too high as well. Not surprisingly, the two are correlated.
As real estate investment companies and corporate landlords continue to buy up properties, its squeezing the average American out of the system. These companies are prepared to outspend any family to buy a house away from them in the bidding process, and then are happy to rent the house back to that family for 150% of what their mortgage would have been.
But its not just that corporations are pushing average Americans out. Even when a normal family does get a break in a bidding war on a home they want, they're met with something known as "junk fees" in the process. As Yahoo Finance explains:
"The Consumer Financial Protection Bureau is coming after lenders charging high "junk fees." Home buyers face a mountain of charges when closing on a house. These can include origination fees, credit report fees, discount points, and many more.
"From 2021 to 2022, median total loan costs rose sharply, increasing by 21.8% on home purchase loans," the CFPB said in a release. "In 2022, the median amount paid by borrowers was nearly $6,000 in these costs and fees."
A 2021 study by Fannie Mae found that for more than 14% of lower-income homebuyers, their closing costs met or exceeded the amount of their down payment."
With all of these factors, it has created a haven for corporate interests to buy up all the housing they can, and rent it back to Americans. This environment has continued to push prices higher and higher.