Worried that the housing ladder is broken?

Whether you’re afraid for yourself or for what this means for your friends and community, this issue is growing in importance in the following years. In many urban centers across North America, it’s becoming increasingly hard for folks to afford living space. I see this with my tenants in the rental market, but it is also true for would-be home-buyers. Big cities in Canada—like Vancouver and Toronto—are now similar to places like LA, New York and Miami. Folks are doubling up in rental-units or opting for smaller and smaller units as housing costs rise.

I’m excited to share some creative solutions to this problem. Whether you’re a student, a young professional or anyone looking to navigate the tricky waters of housing costs, read on!?

Why Rising Housing Costs Are Such a Bad Thing

Housing costs are a significant portion of people’s expenses. Our agency assesses tenant applications based on a 30%-50% rule. Rent should eat no more than 50% of a person’s income, but it is ideal for the ratio to be closer to 33%. Banks use the same type of rule when evaluating mortgage debt ratios.?

In urban centers, as housing costs rise, it’s harder for many to manage their finances, let alone dream of becoming home-owners. In areas like Canada, where about half of our income goes to taxes, the burden is even greater. Most of us pay our housing expenses with what’s left after taxes, which is 50-cents on the dollar. The financial squeeze is real! This situation limits not only your lifestyle choices but also your ability to save or invest for the future.

Short of inheriting property or downpayment money, it’s going be a bigger and bigger challenge to get onto the bottom rung of the housing ladder!?

Keep reading this article?over on my?blog to learn the 6 steps I suggest?.

Interested in learning?more? Listen to the latest Real Escape Investors Podcast |?How to Hack Your Housing Costs and Climb the Housing Ladder?not an Apple user??Click here to listen instead.)