Cold War Posted June 25, 2016 Share Posted June 25, 2016 Some numbers can't be spun or manipulated. The U.S. Homeownership Rate Falls Again, Nearing a 48-Year Low - Real Time Economics - WSJ Discussing this last week. Will home ownership be a thing of the past? Will it go the way of car ownership........Americans will own nothing ? Quote Link to comment Share on other sites More sharing options...
Ebsell Posted June 25, 2016 Share Posted June 25, 2016 Don't know about in the US but around here our population is aging and many are moving into apartments. No upkeep,lawns and driveways are looked after and they are renting close to town where healthcare and stores are close by. Quote Link to comment Share on other sites More sharing options...
Edmo Posted June 25, 2016 Share Posted June 25, 2016 Lot of the younger folks in my family buying condos. They don't want the responsibility a house brings. Ain't got time for that :lol:. Quote Link to comment Share on other sites More sharing options...
racinfarmer Posted June 25, 2016 Share Posted June 25, 2016 I couldn't live in an apartment or condo again, so that doesn't leave many other options. On the plus side, our mortgage is under $800/month, so we got that going for us... Quote Link to comment Share on other sites More sharing options...
Cold War Posted June 25, 2016 Author Share Posted June 25, 2016 (edited) Owning a home used to be a symbol of achieving the American dream and a pretty damn good investment. None of our friends that have 20 something kids own homes, most are still living at home, despite being fully employed. I think some of it has to do with young people no longer getting married and having no house hold skills. No credit or bad credit. Edited June 25, 2016 by Cold War 1 Quote Link to comment Share on other sites More sharing options...
soupkid Posted June 25, 2016 Share Posted June 25, 2016 Home sales in most parts of canada are just retarded. Open bidding for houses, many sold way above asking price. home not even making it to market before being sold. Thing I don't get is how the fuck can a 20 something couple afford a 700 k house , 2 cars, and toys. I know what the wife and I make and it's not easy for us. Quote Link to comment Share on other sites More sharing options...
Zambroski Posted June 25, 2016 Share Posted June 25, 2016 10 minutes ago, Cold War said: Owning a home used to be a symbol of achieving the American dream and a pretty damn good investment. None of our friends that have 20 something kids own homes, most are still living at home, despite being fully employed. I think some of it has to do with young people no longer getting married and having no house hold skills. No credit or bad credit. I think it still probably is, but it is in no way what it used to be or really, the "investment" it was touted to be by banks and mortgage firms. When it collapsed, it showed all of us real quickly what the realities are of poor government oversight and horrific government led policies that determined that everybody should get what they want can grow to a point of deadly infection. And I think the 20 somethings you mentioned were old enough to see the nightmare that home ownership brought to many...nothing but a nightmare. I think it will grow back, but it's gonna take these youngsters getting confident in their career and jobs in the us before they start making a leap like that. Funny, I see the same thing, young kids driving their new $45k vehicles.....parking in "Ma and Pa's" driveway at night. It's a DIRECT REFLECTION of consumer confidence. Not the shit we see from clothing store sales that we get from the Democratic sink-holers. Quote Link to comment Share on other sites More sharing options...
Im4snow Posted June 25, 2016 Share Posted June 25, 2016 (edited) 2 hours ago, Cold War said: Owning a home used to be a symbol of achieving the American dream and a pretty damn good investment. None of our friends that have 20 something kids own homes, most are still living at home, despite being fully employed. I think some of it has to do with young people no longer getting married and having no house hold skills. No credit or bad credit. The "normal" sequence keeps moving out, later into life. My generation finished college first, then maybe slow rolled into marriage and the necessary home. Now kids are not only completing undergrad, increasingly they're going for the Master's or more. Can't blame them if they want to be competitive in today's job market, but it requires they push off home ownership, maybe marriage, and kids...further and further. But in general it seems the younger folks don't value "ownership" like their previous generations. Personally I think ownership is critical (who washes a rental car, or takes great care of a rented apartment?) to a good community/society. Maybe they simply can't afford to own stuff due to inflation and/or so much wealth tied up in the education (and therefore less $$ available for the tangible stuff). Times are a changin'. Edited June 25, 2016 by Im4snow Quote Link to comment Share on other sites More sharing options...
TheHobbit Posted June 25, 2016 Share Posted June 25, 2016 Young kid I know, 21, just bought his first house. Quote Link to comment Share on other sites More sharing options...
Ebsell Posted June 25, 2016 Share Posted June 25, 2016 3 hours ago, soupkid said: Home sales in most parts of canada are just retarded. Open bidding for houses, many sold way above asking price. home not even making it to market before being sold. Thing I don't get is how the fuck can a 20 something couple afford a 700 k house , 2 cars, and toys. I know what the wife and I make and it's not easy for us. Wait until those kids mortgage come due for renewal after 10 years and interest rates jump a few percent. It will be like the early 80's all over again. Their payments will near double and they will be forced to walk away. Quote Link to comment Share on other sites More sharing options...
1jkw Posted June 25, 2016 Share Posted June 25, 2016 I find many younger people are more impressed by phones, tablets, brew pubs and high end coffee shops than homeownership, not all mind you but a high percentage it seems. Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 25, 2016 Share Posted June 25, 2016 3 hours ago, Ebsell said: Wait until those kids mortgage come due for renewal after 10 years and interest rates jump a few percent. It will be like the early 80's all over again. Their payments will near double and they will be forced to walk away. I would not take a ARM! Quote Link to comment Share on other sites More sharing options...
Mainecat Posted June 26, 2016 Share Posted June 26, 2016 Kids will just move up a floor when their parents croak. Quote Link to comment Share on other sites More sharing options...
Anler Posted June 26, 2016 Share Posted June 26, 2016 I was reading an article a while ago about wealthy people and home ownership. We have been brainwashed into thinking buying a home is an investment. But if you think about it, it is a money pit. With interest most people will pay for their homes 3 times before they pay off their mortgages. And think about all of the money you spend in improvements, maintenance, landscaping, furniture, appliances, furnishings, etc... when all is said and done it is anything but an investment. An investment would be if you bought and then rented, because then someone else is paying for it. I don't view my home as an investment any more. It's just where I live. Quote Link to comment Share on other sites More sharing options...
Zambroski Posted June 26, 2016 Share Posted June 26, 2016 1 minute ago, Anler said: I was reading an article a while ago about wealthy people and home ownership. We have been brainwashed into thinking buying a home is an investment. But if you think about it, it is a money pit. With interest most people will pay for their homes 3 times before they pay off their mortgages. And think about all of the money you spend in improvements, maintenance, landscaping, furniture, appliances, furnishings, etc... when all is said and done it is anything but an investment. An investment would be if you bought and then rented, because then someone else is paying for it. I don't view my home as an investment any more. It's just where I live. You forgot taxes. The big screw job. Quote Link to comment Share on other sites More sharing options...
Anler Posted June 26, 2016 Share Posted June 26, 2016 2 minutes ago, Zambroski said: You forgot taxes. The big screw job. Yup, and property taxes in Chicago land are some of the highest in the country. Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 26, 2016 Share Posted June 26, 2016 I dunno..our house is paid for now..we may pay 8k a year for taxes ..but thats less then 700/month for 2500 sq.ft. and 5 acres. Quote Link to comment Share on other sites More sharing options...
snopro31 Posted June 26, 2016 Share Posted June 26, 2016 Not many are buying and some have no intentions too. Im going onto my second house and some think im nuts. But then again they havent moved out of their parents place and they work full time and are almost 30. Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 26, 2016 Share Posted June 26, 2016 1 minute ago, snopro31 said: Not many are buying and some have no intentions too. Im going onto my second house and some think im nuts. But then again they havent moved out of their parents place and they work full time and are almost 30. You're on the right track..fawk renting all your life to pay for someone else's house. Good on you! Quote Link to comment Share on other sites More sharing options...
snopro31 Posted June 26, 2016 Share Posted June 26, 2016 Just now, Capt.Storm said: You're on the right track..fawk renting all your life to pay for someone else's house. Good on you! My goal is to shot an elk off my deck lol Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 26, 2016 Share Posted June 26, 2016 Just now, snopro31 said: My goal is to shot an elk off my deck lol I could shoot lots of deer off of mine,,but no elk around..lol. Man..watching the baby deer play is a freaking riot. Quote Link to comment Share on other sites More sharing options...
snopro31 Posted June 26, 2016 Share Posted June 26, 2016 1 minute ago, Capt.Storm said: I could shoot lots of deer off of mine,,but no elk around..lol. Man..watching the baby deer play is a freaking riot. i have deer, bear, elk, moose, wolf and coyotes. Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 26, 2016 Share Posted June 26, 2016 I don't think the ones in their 20's want a house.payment..that would cut into their i phone and coffee shop money too damn much. Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 26, 2016 Share Posted June 26, 2016 (edited) 6 minutes ago, snopro31 said: i have deer, bear, elk, moose, wolf and coyotes. Cool..We have deer,rabbits ..a stray fox here and there and them damn pesky woodchucks..man they piss me off..been undermining our in ground pool for a few years now..we have killed a few but i still think there one sneaky fawker left..i know there is. I have live trap right in the pool area where he gets under the fence.stood right next to it eating something off some bush the wife as there..i don't dare shoot..afraid i'll hit the damn pool..lol. I did catch a raccoon in it awhile back though..damn. Edited June 26, 2016 by Capt.Storm Quote Link to comment Share on other sites More sharing options...
snopro31 Posted June 26, 2016 Share Posted June 26, 2016 12 hours ago, soupkid said: Home sales in most parts of canada are just retarded. Open bidding for houses, many sold way above asking price. home not even making it to market before being sold. Thing I don't get is how the fuck can a 20 something couple afford a 700 k house , 2 cars, and toys. I know what the wife and I make and it's not easy for us. location location. i just bought a property that would fetch over 5 million (could be more) in some parts of Ontario. here....paid under 300k Quote Link to comment Share on other sites More sharing options...
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