Debt levels among Americans have dropped hand in hand with plunging homeownership rates.

Why is rent so damn high. California is shy about 3 million housing units. Why is the rent so damn high. But in many markets prices rose significantly.

People with money want to live there. Lee explains why so many people are rent. In Seattle the rent is too damn high Tech booms bad government and money-hungry developers.

As part of our semi-regular look at rental prices across the US. Rising rents are being caused by a number of factors including lack of affordable housing and an increased desire among millennials and baby boomers for flexibility. Youve no doubt heard it before.

The rent is too damn highIn major cities across the United States rent prices have been skyrocketing for some time. Jimmy McMillan founder of the Rent is Too Damn High Party As its name implies the central tenet of the Rent Is Too Damn High Party is that rents in the city of New York are too damn high One of the taglines for the party is breakfast lunch and dinner indicating that the party seeks to end hunger and poverty in New York City. In 2017 about 43 Million Americans spent more than 485 billion on rent which is the most money ever spent on rent.

But the Number One reason why the rent is too damn high and why more folks cant afford to buy a house. Yet the decrease in people facing mortgage payments means a rise in renters and rental prices have increased 18 over the last five years according to Department of Labor data cited by the Journal. For the short term that means rents are only going to go higherinflicting serious pain on the poor on young people and on those whose credit history locks them out of the mortgage market.

A lot of people want or need housing and. It really doesnt matter what the other factors are. Finding and buying a home is tough these days but paying the rent isnt much easier.