The True Cause of High Housing Prices: Corporations & Boomers
August 19, 2022
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1:02Now PlayingThe True Cause of High Housing Prices: Corporations & Boomers
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as posted by the channelAre big corporations to blame for high housing prices or should we blame boomers as well? Check out the video to find out.
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While a third of Gen Z still living with their parents, boomers, who make up only 20% of the population, own nearly half of all the properties in the country. As a result, boomers have practically two homes apiece on average.
Additionally, a staggering 60% of properties sold in 2021 were bought by major real estate players including Realogy Holdings, Keller Williams, Zillow, and Redfin.
They also purchased roughly 20% of all real estate in major American cities, according to the Washington Post.
Additionally, a different Bankrate study found that the majority of millennials who have purchased a home regret doing so because the houses they can't afford have additional expenses like closing costs, appraisals, and maintenance costs on top of their monthly mortgage payments and insurance and property taxes..
The majority of residences in the country are owned by baby boomers, and large corporations are purchasing homes to transform them into rentals.
Now that you know why real estate prices are so ridiculously high.
Do you think homes are becoming outrageously expensive? Let us know in the comments below.
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