Posted on 08/10/2014 8:03:28 PM PDT by SeekAndFind
America’s wealth is concentrating in fewer hands, and while the rich are getting super rich, the once vital middle class is nearing extinction.
[SNIP]
But today, after decades of expanding property ownership, the middle orders—what might be seen as the inheritors of Jefferson’s yeoman class—now appear in a secular retreat. Homeownership, which peaked in 2002 at nearly 70 percent, has dropped, according to the U.S. Census, to 65 percent in 2013, the lowest in almost two decade. Although some of this may be seen as a correction for the abuses of the housing bubble, rising costs, stagnant incomes and a drop off of younger first time buyers suggest that ownership may continue to fall in years ahead.
The weakness of the property owning yeomanry comes at a time when other classes, notably the oligarchs and the Clerisy, have gained power and influence. Over twenty years ago Christopher Lasch argued that “the new class” was arising that “begins and ends with the knowledge industry.” For this group, the rest of society, he suggested, exists only “as images and stereotypes.” Progressive theorists, such as Ruy Texerira, have suggested that, in the evolving class structure, the traditional middle and working class is of little importance compared to the rise of a mass “upper middle class” consisting largely of professionals, tech workers, academics, and high-end government bureaucrats.
(Excerpt) Read more at thedailybeast.com ...
RE: If you can find renters.
If they don’t rent, then they own homes. I thought the premise of this article is that people can’t afford it anymore.
My FIL has a nice pile of rental houses. We have a few. And no debt.
He does not rent to those with Section 8 vouchers.
Step daughter is a IT specialist, hers was a dead end job, for a idiot who worship krisna, she got fed up and quit. But she had a plan, start her own business.
Started her own business just as 0 started destroying the American Economy. When companies let their IT departments go, she was there to fill the void. Now she is ready to hire a PT person, she has built up such a good strong repeat business clientele. And continues to grow her business with great service. She is smart and trades IT service for repair work on her home, or doing her books.
No one was doing in home IT work for seniors, she is filling that niche too. She will come in and set up your TV, computer, and sound system and for most home computer users she recommends free proven software like Malware or AVG.
She is single, has been in her own home for over a decade, buys her own cars, pays for her health care, home repairs, her dad can’t do any more.
People can’t afford either these days. People bunching up. Elderly living in vans and rvs.
In most jurisdictions in Alaska, there is no property tax (AKA the King's Rent).
In 2000 it was 66%.
Some people are not fit to get out of bed and tie their shoes in the morning, let alone own property.
I thought just yesterday when I saw one such group, "this is definitely due to the "new normal".
Mike Rowe of Dirty Jobs has been talking about how much many skilled trade jobs / blue collar jobs now pay because a whole generation went to college and took low wage office jobs. From diesel technicians to CNC programmers to running the robots, you make 40K, 50K or even 100K for some dirty, demanding positions. It is a middle class income for less schooling than a 4 year degree, but kids think it is unacceptable or untenable.
We are very close to the tipping point of producers vs parasites...and we may already have passed it.Once it is passed,in earnest,this nation will undergo a decline steep enough and complete enough that it will make Argentina's look like a picnic in the park by comparison.
Even if you found renters you shouldn’t rent to them because the very fact that they are renting and don’t own their own home means they’re idiots.
All renters, at least according to the conservative folks around here, suggest that all renters are idiots just because they are too stupid to own their own homes.
You shouldn't be renting to anyone. Cuz they're all idiots.
Carlyle, probably the most politically well-connected private equity group, is buying trailer parks.
That tells you all you need to know about where the smart money sees the future of US housing.
http://www.zerohedge.com/news/2013-10-18/carlyle-group%E2%80%99s-latest-investment-trailer-parks
I’m buying vans and properties down by the river.
They ILs are really good at weeding out idiots so extreme you don’t want them renting a house from you. Their system works.
There are conservatives who would not be able to engage in the type of business they do if everyone followed their advice, i.e. people who buy rental property would have no renters to rent to if everyone followed their advice and purchased their own homes.
True conservatism envisions a society where thoughtful people make very different decisions. It is sometimes a very good decision for someone to rent. It is good for conservatives that own rental property that some people need to rent that property.
However if you listened to the words coming out one side of the mouths of some conservatives you might wonder why that side is undermining what the words coming out the other side are saying, i.e. it can't be the case that it is both stupid for people to rent and a good idea to own rental property. If it is stupid to rent and everyone is rational and decides not to rent, then owning rental property would be stupid.
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