Posted on 07/28/2016 1:21:21 PM PDT by GuavaCheesePuff
After rising just over a decade ago to its highest level ever, the nation's home ownership rate fell to match its all-time low and could drop even further in the months to come.
In the second quarter of this year, the rate fell to 62.9 percent, not seasonally adjusted, which is the same as it was in 1965, when the U.S. Census started tracking the metric. During the epic housing boom in the mid-2000s, the rate soared as high as 69.2 percent. That was when politicians touted the so-called "ownership society."
(Excerpt) Read more at nbcnews.com ...
Why buy a house when Mom and Dad will let you live with your GF in the basement. I mean come on dog.
Yeah, and Obozo will somehow spin this as a good thing.
This is a consequence of the student loan scam.
Herewith, the Millenials’ national anthem, by Lorde:
I’ve never seen a diamond in the flesh
I cut my teeth on wedding rings in the movies
And I’m not proud of my address,
In a torn-up town, no postcode envy
But every song’s like gold teeth, grey goose, trippin’ in the bathroom
Blood stains, ball gowns, trashin’ the hotel room,
We don’t care, we’re driving Cadillacs in our dreams.
But everybody’s like Cristal, Maybach, diamonds on your timepiece.
Jet planes, islands, tigers on a gold leash.
We don’t care, we aren’t caught up in your love affair.
And we’ll never be royals (royals).
It don’t run in our blood,
That kind of luxe just ain’t for us.
Yup, that combined with the Depression-level job situation.
Their “first house” debt load was spent on college instead, and they aren’t making enough money to even pay that off, on average.
And I suppose it should also be noted that housing prices are still insane - not quite bubble insane, but still about three times the historical norm.
Their parents and grandparents sawed off the bottom rungs on the ladder and saddled them with tons of deadweight. They ain’t climbing anywhere.
I also think it is attributable to dismal situation for full-time jobs over the past 7 years, and a very low confidence in keeping a job for any length of time.
Gee, why isn’t our monetary central planners Zero Interest Rate Policy working?
Meanwhile, most people still haven’t learned when and when not to use apostrophes....even when the proper form of “its” is found in the headline at the source of this article....
Also, the nature of the economy today is more nomadic, where sometimes it is better to move to where jobs are at.
Finally, young gen does not see a house as a big deal as prior generations, and that is sometimes overlooked.
Bernie to the rescue. He’ll designate all basements a part of the Millennial Autonomous Zone (MAZ), under control of a new branch of the federal government.
Also, all poke stands, restaurants serving quinoa, artisanal bakers, and fixie bike dealers.
Everything’s free! Parents and other mean people have no authority in the MAZ.
What could go wrong?
The Obama recession has reduced the available jobs for graduates, assuming they wanted to work for a living given the alternative of free basement living.
There, fixed it for ya!
Maybe the foreigners who own our housing stock get a better return from renting it to illegals.
Not to mention the Obama economy.
” Really “ thats what is most important on this post ?
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