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National Homeownership Month is saying PRECISELY that owning a home is what enables your kids to do better than the kids of the schlub who rents - because they are comparing the children of owners with the children of renters of the SAME AGE, RACE, AND INCOME.
the actual owning of the home isnt what makes your kids do better. it is the mentality of the person that purchases a home vs rents a home.
Please expand on that. If what you say is correct, shouldn't we place a high priority on getting more families into home ownership?
who exactly is we? we are all individuals, if you think home ownership is going to improve your lot in life, then you should focus on achieving it. there is no "we" here.
I'm not seeing an answer to my question in your post.
Two people A and B can be the same age and race, and have the same income, and sometimes A can afford a home and B can't afford a home (e.g. because of debt or credit/qualifying issues). My question is, how do A and B differ socioeconomically?
I'm not seeing an answer to my question in your post.
Two people A and B can be the same age and race, and have the same income, and sometimes A can afford a home and B can't afford a home (e.g. because of debt or credit/qualifying issues). My question is, how do A and B differ socioeconomically?
??? ??? ??? ??? Not everyone can afford it - just because someone can afford to own a home does not mean they were able to afford to buy it. e.g. some inherit their homes or get inside deals from family...some are veterans who were able to get VA loans they would never have been able to get if they were not veterans.
Those people would be interesting to study and we could learn a lot from them.
You did not just go there.
They got VA loans because they served our country. You should have tried it, perhaps.
SES is not solely defined by income; it also encompasses wealth, education level and occupational prestige. Take two semi-fictitious families (okay, one of them is us) with the same age, same income, and same number children, for example:
Family A: One spouse (white, high school grad) works a steady blue collar job, while the other (white, GED) works off the books to keep their reported income low enough to qualify for various entitlements (subsidized child care, Medicaid, free breakfast and lunch at school, heating assistance). They have one new car and one older car and live in an adequately-sized apartment. Homeownership is not a possibility for various reasons, so they use their disposable income for annual trips to Disney World, expensive birthday parties, nice phones, multiple activities for the kids (gymnastics, karate, football). Saving for tomorrow is not realistic because it would cut into their eligibility for entitlements and tax credits.
Family B: both parents (one white, one white-Hispanic) went to college and work white collar public sector jobs, with pensions and comprehensive health benefits, making the same as Family A, drive one old car, and live in a smaller apartment so they can save money toward the down payment to buy a home in the next year or so. The kids’ needs are all taken care of, but because they are saving for a home, there isn’t much room in the budget for extracurriculars or vacations. They live frugally enough to put most of one of their incomes (after taxes and childcare expenses) in savings each month, and will be able to allow room in the budget for extras once they buy their home. They will be able to help their children pay for post-secondary education, provide a room for elderly parents, if needed, as well as fund a comfortable retirement for themselves.
Two families. Same income. Different SES.
I don't think the families can exist. Specifically, I don't think family A can be married ("one spouse...") because to qualify for Medicaid, their income would have to be so low as to make family B unrealistic is B is to have the same income as A. Perhaps family A is unmarried, in which case A and B could have equal income with custodial parent A qualifying for Medicaid and subsidized child care while unmarried.
I have everything I need to make $100K a year except adequate space.
In other words you have everything you need to be successful except the ability to be successful.
You've been babbling about the potential of this business of yours for years now on this forum, apparently there is some alternate reality where it is wise to spend a decade pursuing a business plan that completely ignores the logistics side, attempting to overcome those challenges with constant chants of "if I had..." instead of actually throwing effort at something that can be proven to be achievable.
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