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Employers trying to screw people over and pay as little as possible?
They've never paid more! Liveable wage starter jobs flipping burgers... with health insurance!
No... I think home ownership is thriving. There are places where it is easier or more achievable... and careers that make it much easier... But I think if people put down the pipe... they can find a place to own a home and live the American Dream still.
I LOVE IT - "Put down the Pipe" and that is very true.
The American dream is owning your own successful business, not going into life-long debt on wage income, not even a very good job.
The American dream is owning your own successful business.
No, the American Dream is home ownership. 9 out of 10 startup businesses fail, hardly anyone’s dream.
Quote:
Originally Posted by CapitalBat
Many people right here in this country can not afford to move. You’re right that being able to move is a privilege and that’s why I find the notion that someone should HAVE to so appalling. Moving across the country is a financial and logistical nightmare and people who live paycheck to paycheck can not afford to be moving every time their area becomes popular with rich white folx
Living paycheck to paycheck is often due to Americans over extending themselves on debt. They have no one to blame but themselves or they major they studied in college.
It largely depends on what the "young people" are aiming for. If their pipe dream is a five-bedroom, five-bath, 4000-sq-ft house with a pool and a three-car garage in a fancy gated community, then yes, their pipe dream probably isn't viable.
However, if they are willing to start out with a three-bedroom, 2-bath house in a working class neighborhood, one that needs a little TLC, then yes......pipe dreams full speed ahead.
One of the problems I see today is that so many young'uns think they should be able to live on the same standard their parents are, right away. None of this "start out small, work your way up" stuff for them. Nope, mortgage yourself to the hilt for the show home and then struggle like mad to keep up with the payments.
A young couple in my family two years ago bought a small 3-bedroom, 1-bath house. They plan to save money like heck and in a couple of years add on a master bathroom and walk-in closet addition and enlarge the kitchen. They bought in a blue-collar area after researching that the area is rising in value faster than the surrounding areas. In five years, they might be able to sell the house for twice or even three times what they paid for it and move up to a larger home.
It seems to me, and this is anecdotal, that many millennial are avoiding the following:
1. Far out suburbs or "exurbs" in favor of inner ring suburbs, or parts of the city where mass transit is available.
2. McMansions - no matter where they are built, and to a lesser degree, owning any large house that does not have rental income to defray or pay the mortgage.
3. Homes that require too much upkeep. This age group enjoys international travel.
4. If not urban living, then country living in a smaller dwelling where they can grow some, or most, of their own food.
5. Those who are buying, appear to be looking for small apartment houses, so that travel is a possibility.
Student loans are over stated. None of my sons owed more than $25,000. We helped them and all but one, has their loans payed off.
This "student loan hysteria" is nothing more than Right Wing propaganda, designed to scare middle class and under class students away from a college education.
Do not fall for it! Choose colleges carefully. There are colleges and universities that award large grants to students with talent.
Owning a home is a huge expense and you increasingly need a VERY good job in order to get one. However, with the way employers and business' keep trying to screw over and pay as little as possible it's difficult just getting a decent apartment and paying all the other bills.
Do you think home ownership for young people today and in the future is just a pipe dream for most?
I was 27 when I bought my first house and that was 3 years ago . I never went to college and own my own business . No student scam debt
Student loans are over stated. None of my sons owed more than $25,000. We helped them and all but one, has their loans payed off.
This "student loan hysteria" is nothing more than Right Wing propaganda, designed to scare middle class and under class students away from a college education.
Do not fall for it! Choose colleges carefully. There are colleges and universities that award large grants to students with talent.
THANK YOU! So true. Every college I know accepts cash. Loans are not mandatory. Go to community college. Use the Pell grant and work. McDonald's and Starbucks now offer education benefits. Many ways to fund college without debt.
45 year mortgages. If you cant afford it just borrow over more time. I never thought we'd see 7 year car loans now, if you want an expensive car, just have good credit and qualifying income. Now you can get a 144 month loan on exotics. The next step is 80 month loans to sub prime.... oh wait we are already there.
Houses will become the same. 45 year loans will be the norm with asking prices north of 350k. The payment stays the same but the term gets longer to absorb the higher cost. Of course the banks don't give a crap, they know few people are going to pay the house off anyway and if they default they can still get money out of the asset.
I live in the premier town of a low income area. Median home price is around $220k with median household income a nose over $40k. Small college metro that is the only pocket of nice for an hour in any direction.
Sure, if you have above average jobs and don't need "middle American suburban housing," it's fine. For the average person on a $12/hr role, it sucks. Nearby towns offer financial relief, but they suck from several different aspects.
There are 2 Americas. One where most 30 something are working just to pay the rent and food and scrape by and unfortunately retail and small business jobs just don't pay a six figure salary or even close to that.
The other America, if you finished school and lucky enough to get a living wage job at a corporation then chances are in 5 years or so you'll be making six figures or so if you do well.
There's always folks in the middle that are making $50k -75k but still scraping by because of debt and high cost of living.
Gig economy doesn't pay as well as most people think and more businesses are hiring temps for a few gigs than hiring full-time workers.
Without a well paying full-time job, health insurance, mortgage, and large expenses are not affordable for most workers that perform temping or doing gigs here and there.
Owning a home is a huge expense and you increasingly need a VERY good job in order to get one. However, with the way employers and business' keep trying to screw over and pay as little as possible it's difficult just getting a decent apartment and paying all the other bills.
Do you think home ownership for young people today and in the future is just a pipe dream for most?
If I wanted an apartment that I could afford on the $25.27 a day I get, my only chances would be apartment for ill, where pushing fatal drugs is routine, or to live in a town of a few hundred that doesn't even have a convenience store, let alone any health care.
We can't stop the multi-billionaires from buying as many houses as they want to invest in, nor can we make a law on how much rent they can charge. Or might there be something I've never thought of? Best wishes.
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