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Why stop there , why not allow us all to sell off rooms in our house . there are zoning laws for reasons.
What is a valid non-classist reason a lot cannot be split and/or a guest house sold to a new owner? The standard practice in zoning codes is that ownership of an "accessory dwelling unit" (e.g. guest house) "shall not be segregated" from that of the "primary" dwelling or structure.
I can kinda relate to their point. In my area housing is either a 250k, 2500 square foot home, or a small house in a rough area. Most of the affordable houses go to the lower income bracket who in my area commit a great deal of crime. Number 1 in the State in crime! Woop woop!! Anyways you CANT buy a smaller home in a nicer area here because that simply doesn't exist.
Crime is driven largely by males 16-24 who are not in school and not employed.
But fair housing laws say you cannot discriminate.
You continue to repeat this over and over after it has been addressed already.
Any references?
The point is that all consideration or even discussion of things like opportunity costs and return on investment in equities is meaningless to the millions of renters who cannot buy.and who do not have sufficient resources to make those other investments.
References you ask? For starters (#1 Google hit, national story, emphasis in source):
In cities across the United States, millions of people will be kicked out of their homes this year.
(snip)
Rents have risen 7% in the past year, while incomes have inched just 1.8% higher -- making it that much harder for people to afford their housing payments
The point is that all consideration or even discussion of things like opportunity costs and return on investment in equities is meaningless to the millions of renters who cannot buy.and who do not have sufficient resources to make those other investments.
References you ask? For starters (#1 Google hit):
Rents have risen 7% in the past year, while incomes have inched just 1.8% higher -- making it that much harder for people to afford their housing payments
Not everyone can get a high-paying job; millions of college graduates are underemployed. I've taken the best jobs I could get; the most I have earned in a year is $17K ($8.50 per hour full time). I work for a small group of convenience stores and at any given time about 20 percent of our employees (most at minimum wage, a few within 25 cents per hour of minimum wage) have college degrees. Did they choose low paying fields?
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Join Date: Feb 2011
17,844 posts
This shows how you have been spending your time since February 2011 and probably before the time you discovered CD.
Spend less time here on CD and more time developing your skills/education and you might get somewhere in life. It's seldom too late to start.
Property values go down in exceptional circumstances such as after the bubble burst several years ago, and in places that fail such as Detroit.
Even then, owning beats the pants off renting. Rents are skyrockketing today in many markets and Detroit has the most overpriced rental market relative to owning.
And YES I consider owning your home a crucial DEFENSIVE strategy especially for low earners. Appreciation is never guaranteed and should not be expected, but stabilizing your housing costs with an eventual end to mortgage payments is for may low earners the difference between being able to retire with a modes standard of living and never being able to retire at all.
So, what are YOU going to do to get YOURSELF into a position where YOU can become a homeowner?
I was not born a homeowner. I became one on purpose. That is generally how it happens.
This shows how you have been spending your time since February 2011 and probably before the time you discovered CD.
Spend less time here on CD and more time developing your skills/education and you might get somewhere in life. It's seldom too late to start.
Education is financially not an option. I have a skill selling online in a niche category but my $10K inventory is in a storage unit and I can't sell from home due to a dysfunctional living situation and a resident drunk.
Nonsense. You will create more wealth by renting and investing the difference if renting is cheaper. If owning is cheaper then that is what a person should do, but owning itself is not what creates wealth. My rent is $2K/month and is cheaper than buying, but when my contract is up the rent will be more than owning will be by about $500/month. Did I lose wealth by renting instead of buying? No! I gained wealth. In addition to not having to pull any money out of my trust I saved money each and every month I rented.
That argument has been proven false over and over again but people keep using it. If you rent then A. You gain no equity. B. Your rent continues to increase every year. C. Your mortgage stays fixed every year (traditional mortgage). Such that in 30 years your mortgage costs FAR less than it does today due to inflation where your rent in 30 years is FAR greater than it is today. Moreover people do not have the financial discipline to invest the difference. D. Repair costs in these analysis are always way overstated and include optional upgrades that are controllable. E. In many areas owning is half the price of renting, so whats this magical difference number that youre supposed to invest? In that argument you could invest the HALF youre saving by NOT renting, then occasionally dip into the fund when repairs are needed.
Millions cannot become homeowners in an unfree market where a person who cannot buy X is prohibited from buying 0.5X. (Imagine if you could buy milk only in gallons and not in quarts of if you could buy 25 watt incandescent bulbs but not 100 watt incandescent bulbs. Oh wait...)
And yes it's $250K for a single person but the vast majority of homeowners are married.
There is nothing unfair about being unable to buy a home you cannot afford.
Yet again, if homeownership is your goal, get yourself in a position to become a homeowner.
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