As lands in major cities around the world become more valuable over the decades so do the homes that reside on them. This means higher real estate prices and higher rent for tenants over the long term.
Paying half your gross income for rent seems like a hard pill to swallow for some people. I’m only paying about a third of my income for housing related expenses but I can understand that everyone has different values and if you value where you live strongly enough then you can justify paying just about any amount. Rent is pretty expensive here in Canada as well. Next year, (depending on house prices) I may plan to get in on the residential rental market.
