Housing crises persist in the United States and Canada. Most of us have experienced housing stress or know someone who has, and we’re all sick to death of it. While politicians often claim to be addressing the issue, high prices for owners and renters persist and people continue to struggle to afford shelter. In many European capitals, the average rent for a one-bedroom apartment is more than the median income of a young person. In 2023, houses in the UK were more expensive than they’d been since 1876. In the United States, home prices are up 60 percent over the last decade. Needless to say, wages have not followed suit.
As housing affordability declines, so too does idea that one could someday, somehow, move from being a renter to an owner. Last month, the average selling price for a home in Canada was CA$699,117 — a decline of 4.1 percent over last year, but still way too much for too many. The average price in the United States is also down, but still sits at $420,800, with mortgage rates hovering around 7 percent for a thirty-year fixed rate.
Rental news isn’t better. The average one bedroom in Canada was going for CA$2,185 last month — $2,274 in Vancouver and $2,444 in Toronto. In the United States, the price tag is a bit more reasonable at US$1,534, for a whopping 699 square feet, although that number obscures extortionate markets like California at $2,117 and New York, where the average rises to $2,569.
Last year, writing in Maclean’s, Michelle Cyca documented the end of home ownership and summarized the problem as well as anyone…
La suite est à lire sur: jacobin.com
Auteur: David Moscrop
