Priced-out refers to the situation in which an individual or group can no longer afford to purchase or rent a specific good or service due to rising prices or costs. This often applies to housing markets, where increased demand and gentrification can lead to existing residents being unable to keep up with rental or purchase costs.
Priced-out meaning with examples
- After the recent surge in real estate prices, many families found themselves priced-out of their long-time neighborhoods, forcing them to seek housing further away from their jobs and support systems, resulting in longer commutes and an increased financial burden.
- The rapid development of luxury apartments in the area has left many lower-income residents priced-out, as landlords raise rents to match the new market rates, leading to a diverse community being replaced by affluence.
- Young professionals trying to enter the housing market have felt increasingly priced-out by escalating home prices that far exceed their income levels, leaving them with few affordable options and pushing them towards less desirable locations.
- As the local economy boomed and new businesses moved in, the cost of living skyrocketed, effectively priced-out artists and musicians who once made the neighborhood a cultural hub, changing the very fabric of the community.
- The ongoing economic crisis has priced-out many potential first-time homebuyers, leaving them uncertain about their future, as homes become unaffordable due to banks tightening credit and property prices inflating without consideration of average income levels.