J.J. McCorvey

speaker

619 appearances 13 recordings 1 series first heard May 2021 last heard Jul 2022

J.J. McCorvey’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Managing Your Finances to Pay Rising Rents · 13 Dec 2021 podcast

which then drives up the price of rent. voice-verified

And a lot of this was going on even before the pandemic. voice-verified

But lastly, a lot of people are also leaving their parents' homes. voice-verified

You know, they might have huddled together and moved home for a bit and now are looking for new places to live. voice-verified

So there's a lot of factors that are kind of all happening at once here. voice-verified

Yeah, a lot of landlords discounted rent for new tenants. voice-verified

A lot of people who might have lost their jobs, for example, qualified for government programs. voice-verified

But depending on where you live, that could only be a temporary relief. voice-verified

You know, a lot of cities that have rent moratoriums obviously are ending those moratoriums and life is kind of for better worth going back to normal financially. voice-verified

Yeah, researchers I talked to also said that that's a huge factor in some of these rent increases, that landlords who missed out on revenue over the past year or so are looking to recoup some of those losses. voice-verified

At the top of the list were places like Sarasota, Florida, Phoenix, Tampa, Boise, Idaho. voice-verified

All these metro areas had rent increases year over year of almost 20%. voice-verified

The cities like New York and San Francisco and a lot of the other larger metros have actually been a little more stable than these other areas. voice-verified

The first thing that actually jumped out at me about this story is the fact that the top cities, the largest increases, were not cities that we traditionally associate with higher cost of living. voice-verified

And what's happening is that, you know, during the pandemic, a lot of people flocked to smaller cities. voice-verified

They might have gone to live with, you know, family, and a lot of them are staying. voice-verified

you know, compound that with remote work. voice-verified

A lot of companies embracing that as a norm and younger people especially realizing that they can really work from anywhere depending on what kind of job they have. voice-verified

So that's essentially what's happening. voice-verified

So a good personal finance rule of thumb is to keep your housing costs at around a third of your monthly take-home pay. voice-verified

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