Rents in cities across the US are more expensive than ever before. Here are 5 drastic measures people are taking to avoid rising housing costs.
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- Rent and housing prices in America's biggest cities are unaffordable for many residents.
- It can take up to 10 years to save for a median-priced home in some places - which can be hard to do when the median US rent is $1,700.
- People are living in basements, turning vans into homes, and commuting hours to avoid rising housing costs.
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Rent in America's biggest cities is sky-high.The current median US rent is $1,700 - nearly triple the $588 cost of rent in the 1960s, adjusted for inflation. Advertisement
Rent is particularly a problem for the aspiring homeowner, who needs to spend four to 10 years saving enough cash for a 20% down payment on a median-priced home in one of the 25 largest US cities, according to a recent SmartAsset study. That's assuming they're a median earner saving 20% of their annual income for the down payment.From insufferable commutes to living in vehicles, here are the drastic measures Americans are taking due to a lack of affordable housing.
West Coast residents are living in cars because they can't afford housing.
People are converting vans into homes to save money.Advertisement
City-dwellers are buying or renting houseboats because they're cheaper.
New Yorkers are dropping millions to live in basements so they can get more bang for their buck.Advertisement
Millennials are moving to the exurbs and commuting hours so they can afford a home.
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