At first, the disastrous housing bubble pop made renters look pretty smart. Without getting involved in any of that irrational exuberance, they didn't have to worry about being underwater and owing more than their home was worth. But then, the government got even more involved in propping up home ownership, attempting to prevent foreclosures by using all sorts of carrots and sticks to get banks and servicers to keep people in their houses, and making home ownership even more attractive with tax credits. Well it seems the news just keeps getting worse for renters. Real Time Economics reports:
Since the housing bust started in April 2006, the cost of renting one's home has risen 12%, according to the latest data from the Labor Department. Rents flattened out when the housing market started to show signs of recovery in mid-2009, but have since started heading upward again.
That's right renters: not only must you subsidize homeowners and watch and the government throws more of your tax dollars at them, but your cost of living is rising, too.
Read the full story at Real Time Economics.
We want to hear what you think about this article. Submit a letter to the editor or write to firstname.lastname@example.org.