That’s the problem, you’re only talking about houses (and probably in an expensive part of the country). Apartments are a simple solution to that in expensive places. Also there are lots of houses under $300K , just not where you’re looking.

I had a better idea that would allow people to buy their own homes that they are currently renting:

1. Every home gets appraised to determine what it would sell for. This is done by the county and is used for property taxes too.
2. Every renter is allowed to buy a percentage of their primary residence from the owner. The owner has no choice in this. It’s a requirement for being able to rent a property.
3. Renters can pay as little as $100 extra per month and the county puts their percentage ownership on the deed. If the home is sold, the renter can’t be kicked out involuntarily. If they do leave, they get the percentage of home value they own.

Pros:

• This would avoid the issue of high interest rates hurting primary homeownership.
• This would blunt the impact of corporate landlords having a monopoly where they refuse to sell. They are forced to sell at a fair price.
• This would create a simple decision between owning their home and spending money on luxuries or eating out.

Cons:

• This would hurt small landlords who would have their property bought out from under them. This is actually a good thing because the benefits of rising property values are now shared.
• The implementation is hard. This is actually a good thing because bad landlords would sell property they didn’t want to manage, lowering prices for renters who want to buy.
• It would cost the county money to hire appraisers. But this could be paid for by increased property taxes due to better appraisals.
• Property taxes would go up for landlords. But this would be good, as it encourages them to sell the property. This appraisal process and increased property taxes wouldn’t affect people who just lived in their home without charging rent.