Home

Owning your own home was a sign of success for Americans, and then was ratcheted up as people were expected to get successively bigger and supposedly better homes. That attitude was forced to change by the housing crisis, and has stuck. Number one and two on American’s measures of success are retirement savings and securing a future for their children. Housing is number three. Too many people doubt America’s future, so they are concentrating on securing their own. A house can help do that, but tight lending, damaged credit ratings, too much debt, and too little wage growth has de-emphasized the dream of home ownership. The only segment of the population that looks forward to owning a home are young people, and they are challenged with student debt, low entry-level wages, and too many cautionary tales.

“Homeownership Lowing Role As Lynchpin Of American Dream” – The Conversation

Advertisements

3 thoughts on “Home Ownership Fades In America

  1. I still think home ownership is key to a healthy retirement. If you secure a fifteen year or less mortgage and pay it off early, retiring mortgage free is a huge benefit. As long as people refrain from using their home as an ATM machine.

    Like

  2. Wow! Things certainly have changed. Some areas in the US are much more expensive than others. I used to live in Odenton, MD and my house, a 3 level townhouse, which I updated prior to moving in a couple of years ago for 270K. Not bad for that area. Time went by, and due to my wife’s job we had to relocate to Boston, MA and I was truly surprised at the prices of the houses, how little they were updated, and the sky high HOA. It is more difficult, much more, to buy a house in Boston, MA than it it in Odenton, MD. Will I buy in the future? Probably, but it won’t be any time soon. Could you imagine how much the real estate in NY is going for right now? A lot of us would have to opt to rent, period.

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s