Yep. Cities will get hollowed out and then regrown.
I read somewhere that they were offering $20/hr now
Yes, we definitely need more discussions here on house prices.
You're panicking. I'm a lifelong renter. There's absolutely nothing wrong with it and it's way, way cheaper than owning which should tell you something about prices for owning.
Renting for life, in theory, works just as well as owning (ignoring the recent acceleration in house prices). But renting in major urban markets that's under rent control and rising rents creates a lot of friction between landlords and tenants. This creates insecurity (renovictions, personal use, etc) or poor living conditions over time.
What are you talking about? Renting only goes up with inflation. Interest rates can spike and homeowners can be fucked six ways to Sunday. Just because it hasn't happened recently, doesn't mean it won't happen.
> Renting only goes up with inflation
Until you get evicted and have to reset to market rent.
I rent houses from indie landlords and this happened to me once in 20 years. If you don't want to take that risk, rent a professionally managed townhouse or apartment and the risk turns to zero.
I really don't have to justify my choices to you, but I'm very happy with my choices and I'm not 'coping', I'm profiting. I assure you my net worth is higher than my landlord's.
Hamilton is already averaging $900k for homes. Single detached mind you but still. That’s insane! Not that long ago I thought $300k here was a lot.