I am in the older generation, and there is no mortgage on the house. But stagnant wages, constantly increasing living expenses, not the least of which is TAXES on everything, are causing it to become less and less affordable to even keep up, without having any mortgage or car payments. And I am not susceptible to the fancy cell phone packages, cable TV add-ons, satellite radio, or many of the other “monthly plans” that are tempting to the younger generation.
One of the biggest problems is utilities, with minimums, service fees, new charges every month.
If I ever move again, I'd definitely rent. Or take cheap cruises full time.
I’m with you on that!
I own everything I have personally and in my own business. I owe no businesses or individuals anything.......except......TAXES on my property (real and personal) and the Insurance needed due to the failure of tort reform and for hurricanes and natural disasters.
However, these taxes have risen dramatically over the past 15 years and insurance costs have gone through the roof...even though that roof is getting older and older each year.
We are truly having our financial blood sucked away by businesses and entities that exist for no other reason than the government will let them get away with it...and of course...the government is the worst offender.
I’m old enough to realize that I don’t have many years left and lay awake at night thinking of the spectre of my wife trying to live in our house, drive our vehicles and pay all of these taxes and fees plus maintenance on both.
It hurts to know that eventually she will not be able to afford these things and have to liquidate them and move into an apartment. What a shame!
My favorite saying to someone who does not actually own property is: “If you think you own your property and house, don’t pay your taxes and you will soon find who actually owns it!”...and it won’t be you.
Thank you.
Both of my kids want to get married and own a home. But neither of them see it in their future.
Right now, hubs and I are shopping for our retirement home and my daughter and her boyfriend have made us a deal. But a place with enough land, let them put a trailer or a small house on a corner, and they’ll help us put in a fence, do landscaping, do property maintenance and pay their part of the taxes. (They’re planning on getting married next year)
They’ve been looking at national trends and the cost of home ownership in different areas of the country and have discovered that they simply cannot - and will not ever - be able to afford to buy in most cities. When you look at the cost of a house vs the income of that place, it doesn’t add up.
Neither of them have a TV. They both have the cheapest cell phone plans out there and neither have a house phone. My daughter shops at goodwill and my son wears his clothes until they fall off. Neither plays video games.
Our kids have no future and they know it.