Call them Bidenvilles. From Tyler Durden at zerohedge.com:
From 2020 to 2023, the median purchase price of homes in the US rose from $320,000 to over $420,000 – That’s a 33% increase in only 3 years. In 2011, the average price of a home was around $200,000, meaning prices have doubled in a single decade. The average apartment rental price in the US is now $1300 per month, compared to $1000 in 2020, and home rentals have risen to over $2000 per month on average. The spike in the market is a reflection of inflation across the board, as well as increased demand due to more Americans being priced out of home ownership.
Another interesting development during the pandemic years was a considerable rush to buy RVs, vans and tiny homes. This may have been a symptom of the authoritarian lockdowns that became a standard in blue states, leading people to relocate. However, there is also the economic factor. The average tiny home runs $30,000 to $60,000, with used RVs available for even less. RV space rentals can be found for as low as $500 per month. For those willing to sacrifice living space, the savings are alluring.
Inflationary crisis is pushing low income and fixed income Americans into tighter living conditions, and people are trying to adapt as best they can. The underlying difference between economic disasters of the past like the Great Depression and the stagflation crisis of today is not the severity of the decline but the visibility of the decline.
