Posted on 03/12/2024 12:50:08 PM PDT by ChicagoConservative27
Most Americans still dream about owning their own home but over 60 percent don’t think they will ever be able make that dream come true, according to a new survey from market research firm The Harris Poll.
The 2,047-person survey shows while 81 percent of U.S. adults would like to own a home in the future, 61 percent don’t think they will ever be able to do it.
A sizeable number of Americans — 42 percent — believe that no matter how hard they work they will never be able to afford a home they really love.
For most Americans, the biggest barrier preventing them from purchasing their own home is not enough money for a down payment.
According to the survey, 51 percent of American adults said they don’t have enough capital for a down payment — an 11 percent increase from 2022 numbers.
Meanwhile, 50 percent said high mortgage interest rates were the biggest obstacle they faced in owning a home.
(Excerpt) Read more at thehill.com ...
And they never will as long as democraps are in charge...
Down payments today are 40,000+ it can be a tough nut to crack if you have kids!!
Not if you're spending $50-100/week on uber eats instead of putting that into a compound interest investment for 10-15 years to save for a down payment. And I'm not counting $50/week for your starbucks....I could go on.
Granted we are in a pricey market right now. But the real estate market goes up and then it goes down. In the 23 years I have been in my current home which I picked up as a fixer upper for $115,000 in 2001 the value has dropped as low as $75,000 to a current high of about $335,000.
So young people should be stockpiling money now to take advantage of the next low market.
They’re not a scam.
They’re yet another means to impoverish the middle class.
“The power to tax is the power to destroy.”
John Marshall and Daniel Webster
Gee, well on the way to Klaus Schwab’s plan: Own nothing....
Now all they need is the “Be Happy” part.
Give me a break with your Boomer entitlement mentality.
This “starter house” is in the next block on the street where I grew up.
This is the price effect of mass immigration plus Chinese criminal money driving up prices.
https://www.realtor.ca/real-estate/26531209/1942-whyte-avenue-vancouver
That’s nice.
Some people don’t.
The rest should have the option if they want to own.
Too much instant gratification for young people to sacrifice like that to achieve a along term goal.
My daughter is one of the smart ones.
VERY well disciplined with money.
Yes. It’s an individual choice. No right or wrong.
I moved every 3 or 4 years from 25 to 45. Didn’t want to deal with buying and selling.
End of the Homestead Act, government backed loans and subsidies, to name a few.
“Try not paying property tax and see what happens.”
try living in a rented dwelling and not pay the rent and see what happens ...
not only does rent include the cost of property taxes of their rented dwelling, but their rent must include the property insurance, property maintenance, and the mortgage payments the building owners must repay when they borrowed the money to build the rental property in the first place ... PLUS the rental property owner’s profits!
thus renters must pay their landlords everything they would pay if they owned a dwelling themselves, otherwise their landlords would go broke ... PLUS the landlord’s profits ...
moreover, the renter is also generally subject to market driven or even arbitrary rent increases, as well as being at the mercy of the property owner for the timing (if ever) of repair of critical maintenance issues ...
and worse, the renter forgoes key benefits of owning property, namely capital gains on the property and tax benefits of owning property ...
I think rents are even more than buying a home. If they put the rent money into a home, they can do it. They may have to pay that PPI or whatever it is for a few years, but it’s doable if you buy a reasonable home. Most first time buyers don’t need that 20 percent.
Not many tax advantages anymore. Maybe when the tax cuts go away next year. But it’s hard to find 28,000 in write offs today.
I consider townhomes and condos the same as renting due to HOA fees and no land ownership.
“Not many tax advantages anymore”
YUGE mortgage interest and property tax deduction for personal dwelling ownership for those who itemize ... YUGE ...
....as someone who has built several thousand living units (houses, apartments, condos) over the past 50 years, I can tell you that “government” alone, all by itself, is responsible for up to half of the cost of a new 2024 house.
So, to all you whining renters, wake up, educate yourself, quit listening to RINO’s and Marxist Democrats.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.