This also has a huge impact on the rental market. As these home prices rise and subsequently the mortgage payments, that added expense is passed down to the renter - who generally couldn't afford to purchase a house in the first place and will now find it harder to save money to purchase a home in the future.
In the US it is now said that there is no place that a person working full time at minimum wage can afford to rent a 2 bedroom apartment.
I can that there are two problems. First, the high rent because of high mortgage repayments. Second, minimum wages are too low for anyone to have any quality of life. All of this stems back to greed, from corporations, banks and government.
Yes, very true! Thank you for your in-depth post. I cant wait to see what you write about in the future. Following.