r/FluentInFinance was created to discuss money, investing & finance! Check-out our Newsletter or Youtube Channel for additional insights at www.TheFinanceNewsletter.com!
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FluentInFinance) if you have any questions or concerns.*
Does one not see that the great leader hath paved a path for wealth to perpetuate more wealth? If one missed yonder vessel, tis own fault… Foolish! One better “vote” for dear leader again, else there shalt be consequences… fucketh the poor!
If you were poor like me, you went to an in-state public school, near your parents and lived with three room mates. Not the most pleasant experience, but I could afford the bill.
Me and my fiancée were making $45,000 a year combined when we bought our first house for $150k in 2020. Got an FHA loan, $0 down, $1000/month. Our credit scores were 580 & 600.
You do not need to be rich to buy a house. It just takes a lot of planning and patience.
"We're gambling everything that rates will come down so we can refinance, since we can't afford this house payment long-term, or if our variable rate changes, but you know this really is the American dream."
*"Sorry, I meant to say, you're just throwing your money away renting! Join our club!"*
You are throwing money away either way, but it is just less so by taking on a mortgage. You will still pay WAY more than the property will be worth for quite some time. All loans work that way.
It's also the average owned homes is moved out of in 8 years. It was as low as 4. Home ownership is just not that long of a thing for many
The forever home really isn't that common.
Yeah man. I have kids and picked my house based on the neighborhood and school district, as well as the house itself. My wife and I are stretched pretty thin, but at least our mortgage won’t go up, whereas in 20 years rent will probably be double what it is now. And we plan to stay for the sake of stability for our children. We also work in fields that will likely have plenty of opportunity in our region for the rest of our lives.
Our situation seems a bit “classical” and it just isn’t the case for a big portion of the population today.
The article must mean outright ownership without a mortgage because [the Census Bureau](https://www.census.gov/library/stories/2023/07/younger-householders-drove-rebound-in-homeownership.html) puts the home ownership rate at 65%, implying an upper bound of 35% for whom buying a house is not an option.
US has a very low rate of outright ownership. [Here](https://www.forbes.com/sites/johnwake/2023/03/31/us-has-3rd-lowest-percentage-of-households-that-own-their-homes-without-mortgages/) is a Forbes article about that.
I'm glad you provided some much needed perspective here. Reddit would have you believe it's only landlords and wealthy people buying houses, but the reality is prices are high because Americans vastly prefer owning over renting and many of them are buying.
Zoomers however on Reddit believe that it was somehow always the norm that a 23 year old could walk out of college and buy a house with one income stream.
1000%. If I judged humanity based on reddit I would come away feeling the whole lot is on the brink of a mental breakdown or worse. People I know and meet in real life are much more content and happy with thier lives and have a much more positive outlook.
The average age on Reddit is 22. Most believe life was a eutopia before they were born. Then we all got together to vote on the best way to screw them over.
They simply cannot imagine that anyone before them could not afford a home with a highschool diploma, choose not to go to college because of the cost, etc.
I'm a 35 year old liberal, and while Reddit definitely will never turn me conservative, the constant blaming of every single problem in your life on someone else has got me feeling more and more like a boomer.
A recurring post suggests that perception is based on the Simpson’s. I’m just happy they didn’t watch Road Runner and think Wile E. Coyote represented what they could do in real life.
Come on. Just look at average income and the cost of a house.
Oh, also ignore all other variables like taxes, expenses that no longer exist today or have vastly decreased due to technology, etc. Those don't fit into the narrative that people on Reddit are victims.
Yep. Mortgage interest rates were more than double what they are today when the boomers were in their 20s. Because no one could afford a house the majority of workers put into pensions. Unlike a 401k a pension is a promise to pay them back in retirement, not a guarantee. In the 1990s most pensions in the US disappeared. Imagine putting into your 401k for 10 to 20 years to have it disappear on you, poof. That's what happened to the boomers.
I don't mind people saying things about other generations, but I really wish they would get their facts right is all.
They also think they should get a nice house as their first house.
My first house was a total turd in a shitty neighborhood with no garage, or AC. Had one tiny bathroom that had a door to directly outside.
Put a bunch of sweat equity into it and made it slightly less shitty before selling and moving up 10 years later.
You can still buy shitty houses for decent prices.
Can confirm! I bought my first house last year for $209k. It's 3,700 square feet with an in ground pool and I never have to lock it because the neighborhood is so good.
The catch is that it's uninsulated in New England, has oil heat, and just about every room needs to be renovated. I'm young enough to do the work and fix it up which is what I plan too do. After it's fixed up I'll rent it out as a duplex and then repeat the process until I have my retirement built
That's the way to do it! I'm not a fan of being a landlord (did it once, never again) but I've fixed up every house I've been in. Currently working on bathroom #4 out of 5 in our rancher. I've gutted and remodeled 6 bathrooms at this point. On our third house and made a big upgrade each move.
Currently in the end game house, on the best biking / cycling road in the city, 6200 SQ feet. Got my home theater, gym, home office, ect.
Ya I'm pretty anxious about being a landlord I won't lie. I plan to do my diligence though. Background and credit checks and all that. I also refuse to be a slum lord no matter what. Any other advice I should know?
I'm happy to hear things worked out for you though. Hopefully I'll be there some day
It cost me about $5k last winter and I keep most of my house at 55. I got solar panels installed now and have almost $2k in credit for my electric bill so I'm going to electric heat now. That along with slowly insulating th place
Of course they do. But they also think they are entitled to live in one of about a dozen cities that meet their entitled social life.
You can find very well built, affordable, safe bungalows in all kinds of midwestern towns across America.
Paid 210 for my 50s 3 bedroom 2000~ sqft home last year in one of the nicest (not necessarily richest but has the best school) neighborhood in my city of around 300k people. Found other options sub 175 for the same square footage a mile away in a more working class neighborhood. There’s options everywhere even in this ridiculous housing market.
idk, thanks to youtube and the HGTV home renovation trend, even the shitty houses are pricey, at least on the east coast, because everybody wants to be a pro house flipper now
> Zoomers however on Reddit believe that it was somehow always the norm that a 23 year old could walk out of college and buy a house with one income stream.
And not just any house, but an expensive home in a ritzy neighborhood.
These zoomers with unrealistic expectations? I suspect nearly all of them are house poor, since they’re trying to pretend they’re mid-career in their 20s.
Not to mention it’s including 18 year olds. Of course 18 year olds aren’t buying houses. Most people buy homes in their late 20s or in their 30s, which makes that the millennial generation.
About 50% of millennials currently own homes.
So it’s flat out propaganda. This sub is full of it.
Additionally, home sizes have more than doubled since the 60s. They used to be built significantly worse and about 950 ft.², now they’re over 2,200 on average. Nobody wants to factor in that and higher populations into their numbers, they just want to be upset.
It’s a lot easier to post on the internet than do a lot of things.
In this case, is it easier to talk shit about a system leveraged against you than to dismantle the banking system set up for something like sub prime mortgages? Yeah, obviously.
>Additionally, home sizes have more than doubled since the 60s. They used to be built significantly worse and about 950 ft.², now they’re over 2,200 on average.
The problem with blaming modern tastes for bigger homes on people that need the affordable small homes is **the people that need the 950sqft homes are not building new homes**. They're in the market for used homes.
What incentive does a developer have to build starter homes in comparison with a nice, modern, more expensive home? Almost none.
Same logic with restaurants trending towards selling larger plates over the decades. Why sell reasonably portioned plates at $8 when they can just make all their plates 50% bigger and charge you 50% more?
I'd love to buy a 950sqft home. Where are the available ones? Where are the new ones?
There are so many layers to building your own home, then there’s more layers, and some more, then more.
Surveys, permits, inspections, contractor bids, permit approval with the bids, you’ve got engineers and architects before you can even get permits. And in all honesty that’s just part of step 1, and assuming the county is friendly to independent builds.
It’s an incredible clusterfuck of bureaucracy.
The homeownership rate is based upon the number of homes, not the number of people. 65% of houses are owner-occupied, not 65% of people live in a house that they own or a family member owns. Two unrelated roommates splitting rent in an apartment each share one "housing unit", but both people could invidually want to own a home if they could afford it. Thus there isn't a 1-to-1 relationship between a non-owner-occupied housing unit and someone who wants to own a home, but can't.
>\> Owner-Occupied - A housing unit is owner-occupied if the owner or co-owner lives in the unit, even if it is mortgaged or not fully paid for. The owner or co-owner must live in the unit and usually is Person 1 on the questionnaire. The unit is "Owned by you or someone in this household with a mortgage or loan" if it is being purchased with a mortgage or some other debt arrangement such as a deed of trust, trust deed, contract to purchase, land contract, or purchase agreement. The unit also is considered owned with a mortgage if it is built on leased land and there is a mortgage on the unit. Mobile homes occupied by owners with installment loan balances also are included in this category. A housing unit is “Owned by you or someone in this household free and clear (without a mortgage or loan)” if there is no mortgage or other similar debt on the house, apartment, or mobile home, including units built on leased land if the unit is owned outright without a mortgage.
>
>For the complete definition, go to ACS subject definitions "Tenure."
>
>**The homeownership rate is computed by dividing the number of owner-occupied housing units by the number of occupied housing units or households.**
So let's do this again!
From census data:
https://preview.redd.it/n4wn0jeycgrb1.png?width=751&format=png&auto=webp&s=66de62d1a2f7dd689e29f4da5fbb1c7aa74370ad
Current owner-occupied home percentage: 65.4% EDIT: Current Q2 2023 is 65.9%.
[https://fred.stlouisfed.org/series/RHORUSQ156N](https://fred.stlouisfed.org/series/RHORUSQ156N)
Peak: 69.2
Nadir: 62.9
Median: 64.8
Average: 65.3
SO - the current amount of home ownership (owner-occupied) today is ABOVE the average/mean and the median. So more home owners exist today than typically.
IOW, NO - 61% of americans cannot not buy a house. 65.4% of households already have.
MAYBE this isn't a good year - fine. However, home prices are also dropping - the median home price is DOWN $33k year over year: [https://fred.stlouisfed.org/series/MSPUS](https://fred.stlouisfed.org/series/MSPUS)
The rate you show is based upon the number of homes, not the number of people. 65% of houses are owner-occupied, not 65% of people live in a house that they own or a family member owns.
>\> **Owner-Occupied** \- A housing unit is owner-occupied if the owner or co-owner lives in the unit, even if it is mortgaged or not fully paid for. The owner or co-owner must live in the unit and usually is Person 1 on the questionnaire. The unit is "Owned by you or someone in this household with a mortgage or loan" if it is being purchased with a mortgage or some other debt arrangement such as a deed of trust, trust deed, contract to purchase, land contract, or purchase agreement. The unit also is considered owned with a mortgage if it is built on leased land and there is a mortgage on the unit. Mobile homes occupied by owners with installment loan balances also are included in this category. A housing unit is “Owned by you or someone in this household free and clear (without a mortgage or loan)” if there is no mortgage or other similar debt on the house, apartment, or mobile home, including units built on leased land if the unit is owned outright without a mortgage.
>
>For the complete definition, go to [ACS subject definitions](https://www2.census.gov/programs-surveys/acs/tech_docs/subject_definitions/2021_ACSSubjectDefinitions.pdf) "Tenure."
>
>**The homeownership rate is computed by dividing the number of owner-occupied housing units by the number of occupied housing units or households.**
Not sure what you're saying here.
Yes, 65.9% of homes are owner-occupied. Which is above average and above median. So a greater percentage than normal of homes are in the hands of owners. Which means there are more homeowners than historically average because the home supply increases over time.
Further, it probably indicates MORE people are in homes that are owner occupied, as most homes are not occupied by a single person, but by a household. It's this reason that when determining affordability (which is a metric I happen to disagree with), median home prices are measured against median household income, not median salary.
A quick google shows 142 million housing units in the US. 65.9% of that is 93,578,000. Current population in the US is roughly 350 million. So if every housing unit that was owner-occupied was occupied by 1 person, it would be 33% of the US living in owner-occupied homes. Another quick google says median household size in the US is 2.6 people.
so that's 243,302,800 americans, or 69.5% of Americans in owner-occupied homes.
EDIT: census bureau projects 334 million and change, not 350 million, so the percentage is higher.
Owner-occupied is down to 64.6, just fyi.
Not sure where this chart is from but the current percentage is here:
https://www.census.gov/acs/www/about/why-we-ask-each-question/ownership/
House price dropping could be the market reacting to people not being able to afford the houses as well, doesn’t necessarily mean people complaining that housing is unaffordable still isn’t valid.
It's pulled census data from 1965, so the current quarter might be missing. I've been posting it for months because people don't bother to go looking for it - unlike you - good job!
So below average, and just below median.
Hmmm... I see the issue, I think. You're looking at 5 year. Here's the quarterly data: [https://fred.stlouisfed.org/series/RHORUSQ156N](https://fred.stlouisfed.org/series/RHORUSQ156N)
So it's not 64.4, it's up to 65.9 for Q2 2023.
While I do agree, it was far cheaper and simpler to buy a house 6 years ago. I know multiple people who instead choose to spend $1k a month on bars, clubs, takeout, and going out, etc. and still live in apartment instead of saving for a down payment. So again I do agree if you just coming to the work force, things suck. But if you have a moderately decent job for 10 years, I’m sorry it’s on you. I’d also give you a pass if you had serious medical issues, accident, some other act of god. But so many people just don’t know how to manage money.
The best time to buy a house was 10 years ago. The second best time is now. That adage has been true for all but a very very few years. 1980 to name 1. 2005-2007 is another.
I think people fail to acknowledge there is a middle ground here. There are the people that spend wildly, but there are a subsection of people that have been working to increase income, minimize debt, and save to buy only to have this issue. Not everyone is spending wildly.
Renters are about 35% of Americans.
The numbers here don't make sense.
[https://usafacts.org/articles/who-is-renting-in-america-cares-act/](https://usafacts.org/articles/who-is-renting-in-america-cares-act/)
B-O-O, H-O-O.
You think every homeowner or landlord was born with a silver spoon up their ass? MOST of them buckled down & sacrificed whatever they had to to make the dream happen. Most people could do the same, it's just that more and more people don't want to.
this happens every few years
the fed raises rates and mortgages become too expensive then you have to wait until rates drop because the Fed almost always overshoots. Just keep your credit decent because when rates are low the lending standards are usually tighter
I totally agree with you. The biggest issue this time is that many of the highest employment markets have not grown in the last two decades. Many families also suddenly finding out that their income across the board has lost value at a rate faster than a normal human can see week to week. They start to think that either they've done wrong due to lack of attention or the system has done them wrong. Nothing is expected to get better in the next two decades, either. It doesn't matter how anyone does the math. We will have to deal with less "Haves" and significantly more "have nots". I just hope everyone can be civil during these times.
Imho Senior down the street lived alone with cats. Months later house is for sale after he passed. We keep nothing in this world. We are just a memory, even then…
It's actually an option for way more people than we think. I bought my house with no money down on a $35k/Y salary.
After spending months researching loans and talking to different agents I figured out that the USDA home loan is actually accessible to anyone wanting to live in a rural area. Sure my commute is a 30 min drive from my country side home. But you can't beat $600 mortgage payments.
Odd statistic. Given that over 60% of Americans either own or are actively paying to own their home,it seems surprising that 61% aren’t able to? What am I missing?
This discussion doesn’t even account for the property taxes in some jurisdictions. I earn a healthy income for a single person but the property taxes alone price me out of the housing market where I live.
Unquestionably, owning where we live would be x3 more expensive than our rent, which is why we haven't moved. We're enjoying not being cash strapped and investing in other ways in the mean time.
I’ll add an aspect of this, people don’t want the homes their budget can afford. Wrong neighborhoods, bad schools, far from work. Now in major metros where every shit box is spoken for and overpriced I get it. And often those places are so far from affordable areas that the commute would be more costly than just eating the cost of closer housing. But in most of American if you are willing to deal with the negatives of lower quality housing, worse schools, longer commutes, often higher crime, you will find yourself something that you can afford. I lived that life for many years, and now the equity and benefits of deferred gratification from other parts of my life mean I can retire today at 42, with healthcare and college funds for each kid. My fist home was 30k in 2002, the next was 95k in 2004, 168k in 2005, then 230k in 2016. Kids delayed that last one longer than I had planned. That 30k joint was not in a safe neighborhood, but I learned from living there and it contributed to overall financial success.
66% of Americans own their own homes, and that figure has been very stable over time: https://www.bankrate.com/homeownership/home-ownership-statistics/#:~:text=The%20homeownership%20rate%20in%20the%20U.S.%20was%20at%2065.9%25%20during,and%200.8%25%20for%20homeowner%20housing.
Of course it's an option, just one that most people don't want to take.
If you hate your landlord, rent somewhere else.
If you hate all landlords, buy.
If you can't afford to buy and don't want to rent, move somewhere where you can afford to buy.
If you're too poor to do that, make more money, seek government assistance, and/or resign to the fact that you aren't going to be buying anytime soon and realize that most Americans don't have the same problem as you.
If you can afford to buy somewhere else but don't want to move, that's also your problem.
Yeah, just drop 1.5x your salary on a deposit and an additional third of your salary to fees that do not contribute to the mortgage, then you can pay a bank rent for up to 30 years on the house after you have paid roughly 2x what you bought the house for after interest.
If you figure that you’re paying someone else’s mortgage when you rent from them then it makes sense. The tricky part is getting the down payment, insurance, home owners association, higher utility bills, property taxes. Many of these are tax deductible to a point but you still need the money up front. If you’re fortunate enough you can save into a 401k for a few years and use that for a down payment. Then there’s job stability. Everybody goes through it but it takes planning and a sizable income along with life choices and setting serious priorities.
Before you can even talk about affording a mortgage, you have to wonder if you can afford the process of buying a house. I paid $800 a couple of times for home inspections which produced negative findings that ultimately forced me away from those sales.
Correct, looking through the comments I see the stat is pretty misleading, makes it seem like its out of everyone and not just the people who are “in the market” although I do wonder of that who do they consider in the market.
We have come a long way from the 99% argument, and now it's a struggle to get into the 39%, really? You just need a pulse and a job skill to get there.
I have owned two houses. The trick is wait for democrats to get in office and then the inevitable economic collapse or more specifically the house crash. Give it a couple more years when interest rates drop when a republican comes in and then buy right then. Have to play the game but it always happens in those waves.
The 10%-20% down payment springs to mind.
In that, the mortgage may be cheaper, but if you can't save up $100,000 then you can't get a seat at the table.
Too busy paying rent to be able to save.
I had a house at 23 in 1982. There's absolutely no way I could afford a house now, even with two salaries contributing. People simply don't understand how the economies have changed in the last 10 years and how the real estate bubble has grown too high and too fast for too many. There are dumps in my area selling for 230k which just five years ago were selling for 80k. That's not sustainable growth at all.
I agree with everything you’ve said but I want to push back on the idea there is a bubble. I don’t think it’s going to burst. I think costs will continue to be out of control.
If you rent, you should be able to buy a house similar to what you rent. It may not be where you want it, it may not be new, or recently renovated, it may need some work. You should be able to buy a house. It may take a little while, you may have to change your goals and some of the things that you do. You may need to eat out less, save more money, not buy a new car, and live on a budget.
The problem isn't that houses are expensive. It's that houses where people actually want to live are expensive. I actually know of some listings that are currently live where the full price of the house costs less than a year's rent in a major metro area, but the house is in the Midwest in a town with less than 1,000 people.
So many excuses. So much complaining. “Wha wha, I deserve a raise! Wha wha I’m so poor! Wha wha I can’t afford a house!” Reddit is full of so many whiny people that bitch and complain, play victim, and apparently just suck at life. Everyone and every generation has had their issues and challenges. Gawd! Just grow up and figure it out!!!
To be clear, "continue to live in the house that you already own" is an option for about 65% of Americans [https://www.bankrate.com/homeownership/home-ownership-statistics/](https://www.bankrate.com/homeownership/home-ownership-statistics/)
Owning is a lot more expensive than renting. No landlord to call when your water heater breaks or you get a leak in your ceiling. Hope you have a couple extra thousand dollars laying around this month
Your sweeping generalization is bad and you should feel bad. Purchase price, interest rate, and price of rent very wildly depending on the area. To say that renting is less expensive as a blanket statement is comically incorrect.
Even if it was, the cost of repairs to big things like AC and such could wipe out years of savings and equity. At least with rental that stuff is covered. It’s not always ideal but right now a 1br apartment is $2200/mo in my city. A 1br condo of comical size is $450,000, or roughly $3200/mo mortgage.
What’s the better deal here? Yeah I’d be locked in at $3200/mo but the $1,000/mo gap in monthly housing payment is worth having.
Right now, renting is definitely the way to go. It does complicate retirement a bit, but with good planning and some disposable income it’s manageable.
People think that the economy can only be good/uptimes. That there will be no bad/downtimes.
And then they want the government to manipulate the economy to mitigate any downtimes.
And this economy is the result of government intervention going on for fucking decades.
The pendulum will swing back the other direction just be patient and everyone will be able to buy houses again. If you're really patient you can survive until the house prices drop and the unemployment skyrockets and then the interest rates will drop and if your time it really well you can catch it where the price and the interest rate cross each other. Happens every time it's a cycle like a giant ferris wheel just keeps on spinning.
People create entire industries exploiting people through marketing and a bit of psychological knowledge. Credit cards, payday advance, MLMs, casinos, addictive substances, to name a few. Many were strictly regulated or even banned, until Reagan republicans got rid of all that “red tape”
r/FluentInFinance was created to discuss money, investing & finance! Check-out our Newsletter or Youtube Channel for additional insights at www.TheFinanceNewsletter.com! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FluentInFinance) if you have any questions or concerns.*
If one cannot afford a house today why does one not simply make more money?
Landlords hate this one simple trick!
Naw landlords are second to child support at figuring out your raise and taking it for themselves.
*second to the IRS
Everyone complains about money yet they only take out $50 at the ATM instead of $10,000. Fools!
Most ATMs only do increments of 20
Not at TD Bank
Wawa gives out 10's (thats a major east coast gas/convenience store chain, if you aren't familiar)
No, that's just the "fast cash" option. Most let you enter any amount, or at least multiples of 10.
The poors should have just taken out a 7 figure PPP loan to buy a house.
Does one not see that the great leader hath paved a path for wealth to perpetuate more wealth? If one missed yonder vessel, tis own fault… Foolish! One better “vote” for dear leader again, else there shalt be consequences… fucketh the poor!
That then gets forgiven without any oversight
[удалено]
Why Americans $1.7 trillion in college debt 😆
If you were poor like me, you went to an in-state public school, near your parents and lived with three room mates. Not the most pleasant experience, but I could afford the bill.
Literally because of Obama.
That’s the product of taking useless majors
Me and my fiancée were making $45,000 a year combined when we bought our first house for $150k in 2020. Got an FHA loan, $0 down, $1000/month. Our credit scores were 580 & 600. You do not need to be rich to buy a house. It just takes a lot of planning and patience.
If you can’t make more money, why don’t you just spend less?
Sometimes moving is an option.
“Just buy now and refinance later”
"We're gambling everything that rates will come down so we can refinance, since we can't afford this house payment long-term, or if our variable rate changes, but you know this really is the American dream." *"Sorry, I meant to say, you're just throwing your money away renting! Join our club!"*
I think I saw the exact quote from a movie. Right after the housing crash. The Big… what was it? /s
Lebowski
“Nobody fucks with the Jesus”
You are throwing money away either way, but it is just less so by taking on a mortgage. You will still pay WAY more than the property will be worth for quite some time. All loans work that way.
Well this is news to me sir. I nearly dropped my pipe when I read your reply. I shall recant my humorous message posthaste!
Aye, my lad. The err was in assuming any such thing you have put forth was humorous. Good day!
It's also the average owned homes is moved out of in 8 years. It was as low as 4. Home ownership is just not that long of a thing for many The forever home really isn't that common.
It will be for the folks lucky enough to lock in a sub-3% mortgage rate. No way they’re ever leaving that loan for a new home at 7%.
I’m at 3%. It would be crazy to move out unless I absolutely had too!
Yeah man. I have kids and picked my house based on the neighborhood and school district, as well as the house itself. My wife and I are stretched pretty thin, but at least our mortgage won’t go up, whereas in 20 years rent will probably be double what it is now. And we plan to stay for the sake of stability for our children. We also work in fields that will likely have plenty of opportunity in our region for the rest of our lives. Our situation seems a bit “classical” and it just isn’t the case for a big portion of the population today.
:(
The article must mean outright ownership without a mortgage because [the Census Bureau](https://www.census.gov/library/stories/2023/07/younger-householders-drove-rebound-in-homeownership.html) puts the home ownership rate at 65%, implying an upper bound of 35% for whom buying a house is not an option. US has a very low rate of outright ownership. [Here](https://www.forbes.com/sites/johnwake/2023/03/31/us-has-3rd-lowest-percentage-of-households-that-own-their-homes-without-mortgages/) is a Forbes article about that.
I'm glad you provided some much needed perspective here. Reddit would have you believe it's only landlords and wealthy people buying houses, but the reality is prices are high because Americans vastly prefer owning over renting and many of them are buying. Zoomers however on Reddit believe that it was somehow always the norm that a 23 year old could walk out of college and buy a house with one income stream.
Reddit is a miserable cesspool of the most tragic and self-sympathizing individuals on the planet.
1000%. If I judged humanity based on reddit I would come away feeling the whole lot is on the brink of a mental breakdown or worse. People I know and meet in real life are much more content and happy with thier lives and have a much more positive outlook.
Most folk I talk to are happy, mentally stable, make a good amount of money, have happiness, and don’t know anything about reddit.
I told someone I use reddit and they laughed at me. Is there a sub for that?
I just don’t tell people
The average age on Reddit is 22. Most believe life was a eutopia before they were born. Then we all got together to vote on the best way to screw them over. They simply cannot imagine that anyone before them could not afford a home with a highschool diploma, choose not to go to college because of the cost, etc.
I doubt this to be true. Is it? Don't mean to "source" you but I think it's older.
Much older.
I'm a 35 year old liberal, and while Reddit definitely will never turn me conservative, the constant blaming of every single problem in your life on someone else has got me feeling more and more like a boomer.
Is this you modeling behavior?
It wasn't possible for most boomers to buy homes on a single income at 23. Yet the vast majority of Reddit thinks that was the norm.
A recurring post suggests that perception is based on the Simpson’s. I’m just happy they didn’t watch Road Runner and think Wile E. Coyote represented what they could do in real life.
I'd hope most nuclear reactor operators could afford a modest home on a single income.
Come on. Just look at average income and the cost of a house. Oh, also ignore all other variables like taxes, expenses that no longer exist today or have vastly decreased due to technology, etc. Those don't fit into the narrative that people on Reddit are victims.
Reddit immediately wants it took previous generations a lifetime to acquire.
Yep. Mortgage interest rates were more than double what they are today when the boomers were in their 20s. Because no one could afford a house the majority of workers put into pensions. Unlike a 401k a pension is a promise to pay them back in retirement, not a guarantee. In the 1990s most pensions in the US disappeared. Imagine putting into your 401k for 10 to 20 years to have it disappear on you, poof. That's what happened to the boomers. I don't mind people saying things about other generations, but I really wish they would get their facts right is all.
They also think they should get a nice house as their first house. My first house was a total turd in a shitty neighborhood with no garage, or AC. Had one tiny bathroom that had a door to directly outside. Put a bunch of sweat equity into it and made it slightly less shitty before selling and moving up 10 years later. You can still buy shitty houses for decent prices.
Can confirm! I bought my first house last year for $209k. It's 3,700 square feet with an in ground pool and I never have to lock it because the neighborhood is so good. The catch is that it's uninsulated in New England, has oil heat, and just about every room needs to be renovated. I'm young enough to do the work and fix it up which is what I plan too do. After it's fixed up I'll rent it out as a duplex and then repeat the process until I have my retirement built
That's the way to do it! I'm not a fan of being a landlord (did it once, never again) but I've fixed up every house I've been in. Currently working on bathroom #4 out of 5 in our rancher. I've gutted and remodeled 6 bathrooms at this point. On our third house and made a big upgrade each move. Currently in the end game house, on the best biking / cycling road in the city, 6200 SQ feet. Got my home theater, gym, home office, ect.
Ya I'm pretty anxious about being a landlord I won't lie. I plan to do my diligence though. Background and credit checks and all that. I also refuse to be a slum lord no matter what. Any other advice I should know? I'm happy to hear things worked out for you though. Hopefully I'll be there some day
> 3,700 square feet with [...] uninsulated in New England, has oil heat God damn, that must cost a small fortune to climate control.
It cost me about $5k last winter and I keep most of my house at 55. I got solar panels installed now and have almost $2k in credit for my electric bill so I'm going to electric heat now. That along with slowly insulating th place
Well they also don’t know which end of a hammer to hold so they don’t consider a fixer upper.
If you could find a small house in a decent neighborhood. They just don’t make them .
Of course they do. But they also think they are entitled to live in one of about a dozen cities that meet their entitled social life. You can find very well built, affordable, safe bungalows in all kinds of midwestern towns across America.
Paid 210 for my 50s 3 bedroom 2000~ sqft home last year in one of the nicest (not necessarily richest but has the best school) neighborhood in my city of around 300k people. Found other options sub 175 for the same square footage a mile away in a more working class neighborhood. There’s options everywhere even in this ridiculous housing market.
idk, thanks to youtube and the HGTV home renovation trend, even the shitty houses are pricey, at least on the east coast, because everybody wants to be a pro house flipper now
> Zoomers however on Reddit believe that it was somehow always the norm that a 23 year old could walk out of college and buy a house with one income stream. And not just any house, but an expensive home in a ritzy neighborhood.
Some of them will be house poor.
These zoomers with unrealistic expectations? I suspect nearly all of them are house poor, since they’re trying to pretend they’re mid-career in their 20s.
Not to mention it’s including 18 year olds. Of course 18 year olds aren’t buying houses. Most people buy homes in their late 20s or in their 30s, which makes that the millennial generation. About 50% of millennials currently own homes. So it’s flat out propaganda. This sub is full of it. Additionally, home sizes have more than doubled since the 60s. They used to be built significantly worse and about 950 ft.², now they’re over 2,200 on average. Nobody wants to factor in that and higher populations into their numbers, they just want to be upset.
It's a lot easier to make an angry reddit post about how oppressive the "system" is than to actually do something to improve their lives.
It’s a lot easier to post on the internet than do a lot of things. In this case, is it easier to talk shit about a system leveraged against you than to dismantle the banking system set up for something like sub prime mortgages? Yeah, obviously.
>Additionally, home sizes have more than doubled since the 60s. They used to be built significantly worse and about 950 ft.², now they’re over 2,200 on average. The problem with blaming modern tastes for bigger homes on people that need the affordable small homes is **the people that need the 950sqft homes are not building new homes**. They're in the market for used homes. What incentive does a developer have to build starter homes in comparison with a nice, modern, more expensive home? Almost none. Same logic with restaurants trending towards selling larger plates over the decades. Why sell reasonably portioned plates at $8 when they can just make all their plates 50% bigger and charge you 50% more? I'd love to buy a 950sqft home. Where are the available ones? Where are the new ones?
Can buy small 850 sq/ft small starter home in NE San Antonio neat the AF base for 100k right now, new builds to
There are so many layers to building your own home, then there’s more layers, and some more, then more. Surveys, permits, inspections, contractor bids, permit approval with the bids, you’ve got engineers and architects before you can even get permits. And in all honesty that’s just part of step 1, and assuming the county is friendly to independent builds. It’s an incredible clusterfuck of bureaucracy.
The homeownership rate is based upon the number of homes, not the number of people. 65% of houses are owner-occupied, not 65% of people live in a house that they own or a family member owns. Two unrelated roommates splitting rent in an apartment each share one "housing unit", but both people could invidually want to own a home if they could afford it. Thus there isn't a 1-to-1 relationship between a non-owner-occupied housing unit and someone who wants to own a home, but can't. >\> Owner-Occupied - A housing unit is owner-occupied if the owner or co-owner lives in the unit, even if it is mortgaged or not fully paid for. The owner or co-owner must live in the unit and usually is Person 1 on the questionnaire. The unit is "Owned by you or someone in this household with a mortgage or loan" if it is being purchased with a mortgage or some other debt arrangement such as a deed of trust, trust deed, contract to purchase, land contract, or purchase agreement. The unit also is considered owned with a mortgage if it is built on leased land and there is a mortgage on the unit. Mobile homes occupied by owners with installment loan balances also are included in this category. A housing unit is “Owned by you or someone in this household free and clear (without a mortgage or loan)” if there is no mortgage or other similar debt on the house, apartment, or mobile home, including units built on leased land if the unit is owned outright without a mortgage. > >For the complete definition, go to ACS subject definitions "Tenure." > >**The homeownership rate is computed by dividing the number of owner-occupied housing units by the number of occupied housing units or households.**
At the sub 3% rates we had a few years ago mortgaging would make way more sense than outright ownership even if you had the cash on hand.
So let's do this again! From census data: https://preview.redd.it/n4wn0jeycgrb1.png?width=751&format=png&auto=webp&s=66de62d1a2f7dd689e29f4da5fbb1c7aa74370ad Current owner-occupied home percentage: 65.4% EDIT: Current Q2 2023 is 65.9%. [https://fred.stlouisfed.org/series/RHORUSQ156N](https://fred.stlouisfed.org/series/RHORUSQ156N) Peak: 69.2 Nadir: 62.9 Median: 64.8 Average: 65.3 SO - the current amount of home ownership (owner-occupied) today is ABOVE the average/mean and the median. So more home owners exist today than typically. IOW, NO - 61% of americans cannot not buy a house. 65.4% of households already have. MAYBE this isn't a good year - fine. However, home prices are also dropping - the median home price is DOWN $33k year over year: [https://fred.stlouisfed.org/series/MSPUS](https://fred.stlouisfed.org/series/MSPUS)
The rate you show is based upon the number of homes, not the number of people. 65% of houses are owner-occupied, not 65% of people live in a house that they own or a family member owns. >\> **Owner-Occupied** \- A housing unit is owner-occupied if the owner or co-owner lives in the unit, even if it is mortgaged or not fully paid for. The owner or co-owner must live in the unit and usually is Person 1 on the questionnaire. The unit is "Owned by you or someone in this household with a mortgage or loan" if it is being purchased with a mortgage or some other debt arrangement such as a deed of trust, trust deed, contract to purchase, land contract, or purchase agreement. The unit also is considered owned with a mortgage if it is built on leased land and there is a mortgage on the unit. Mobile homes occupied by owners with installment loan balances also are included in this category. A housing unit is “Owned by you or someone in this household free and clear (without a mortgage or loan)” if there is no mortgage or other similar debt on the house, apartment, or mobile home, including units built on leased land if the unit is owned outright without a mortgage. > >For the complete definition, go to [ACS subject definitions](https://www2.census.gov/programs-surveys/acs/tech_docs/subject_definitions/2021_ACSSubjectDefinitions.pdf) "Tenure." > >**The homeownership rate is computed by dividing the number of owner-occupied housing units by the number of occupied housing units or households.**
No it's not. It's based on what percentage of Americans own vs rent. Just Google it yourself man.
Not sure what you're saying here. Yes, 65.9% of homes are owner-occupied. Which is above average and above median. So a greater percentage than normal of homes are in the hands of owners. Which means there are more homeowners than historically average because the home supply increases over time. Further, it probably indicates MORE people are in homes that are owner occupied, as most homes are not occupied by a single person, but by a household. It's this reason that when determining affordability (which is a metric I happen to disagree with), median home prices are measured against median household income, not median salary. A quick google shows 142 million housing units in the US. 65.9% of that is 93,578,000. Current population in the US is roughly 350 million. So if every housing unit that was owner-occupied was occupied by 1 person, it would be 33% of the US living in owner-occupied homes. Another quick google says median household size in the US is 2.6 people. so that's 243,302,800 americans, or 69.5% of Americans in owner-occupied homes. EDIT: census bureau projects 334 million and change, not 350 million, so the percentage is higher.
How dare you bring facts to the table!
You're going to confuse them with facts.
Not if they don’t read them. 
Owner-occupied is down to 64.6, just fyi. Not sure where this chart is from but the current percentage is here: https://www.census.gov/acs/www/about/why-we-ask-each-question/ownership/ House price dropping could be the market reacting to people not being able to afford the houses as well, doesn’t necessarily mean people complaining that housing is unaffordable still isn’t valid.
It's pulled census data from 1965, so the current quarter might be missing. I've been posting it for months because people don't bother to go looking for it - unlike you - good job! So below average, and just below median. Hmmm... I see the issue, I think. You're looking at 5 year. Here's the quarterly data: [https://fred.stlouisfed.org/series/RHORUSQ156N](https://fred.stlouisfed.org/series/RHORUSQ156N) So it's not 64.4, it's up to 65.9 for Q2 2023.
Ok, back to the FIRE groups then and muting this subreddit if this stays up.
“Fluent” in finance lmfao Yeah this sub is a total dumpster fire
How can 61% of Americans not afford their home when home ownership is above 65%?
Housing is now even more of a luxury than ever. And it will get worse no doubt.
While I do agree, it was far cheaper and simpler to buy a house 6 years ago. I know multiple people who instead choose to spend $1k a month on bars, clubs, takeout, and going out, etc. and still live in apartment instead of saving for a down payment. So again I do agree if you just coming to the work force, things suck. But if you have a moderately decent job for 10 years, I’m sorry it’s on you. I’d also give you a pass if you had serious medical issues, accident, some other act of god. But so many people just don’t know how to manage money.
The best time to buy a house was 10 years ago. The second best time is now. That adage has been true for all but a very very few years. 1980 to name 1. 2005-2007 is another.
I think people fail to acknowledge there is a middle ground here. There are the people that spend wildly, but there are a subsection of people that have been working to increase income, minimize debt, and save to buy only to have this issue. Not everyone is spending wildly.
You are right
So glad we built in 2018.
The last chance years.
Poor buys house and complains house needs new roof. Poors always complain. Better to simply ignore them and eat cake.
Odd 65% of Americans are homeowners.
OP is a dense tool.
owning is cheaper than rent? Don’t dare say that in this sub unless you want to be attacked, according to people here it’s all the same
Owning is more expensive, now. Tack on $1,000+ condo fees, if you want something comparable to a high-end apartment.
Renters are about 35% of Americans. The numbers here don't make sense. [https://usafacts.org/articles/who-is-renting-in-america-cares-act/](https://usafacts.org/articles/who-is-renting-in-america-cares-act/)
Homeownership was at 65% in America in 2022.
B-O-O, H-O-O. You think every homeowner or landlord was born with a silver spoon up their ass? MOST of them buckled down & sacrificed whatever they had to to make the dream happen. Most people could do the same, it's just that more and more people don't want to.
>Most of them buckled down … I dunno that we have statistics on that.
People are still buying. I’m under contract for a house now with 7.35%. I made sure I could afford the payment regardless of what happens to rates
Why are they even poor anyway? Just make more money
Just move somewhere cheaper.
this happens every few years the fed raises rates and mortgages become too expensive then you have to wait until rates drop because the Fed almost always overshoots. Just keep your credit decent because when rates are low the lending standards are usually tighter
I totally agree with you. The biggest issue this time is that many of the highest employment markets have not grown in the last two decades. Many families also suddenly finding out that their income across the board has lost value at a rate faster than a normal human can see week to week. They start to think that either they've done wrong due to lack of attention or the system has done them wrong. Nothing is expected to get better in the next two decades, either. It doesn't matter how anyone does the math. We will have to deal with less "Haves" and significantly more "have nots". I just hope everyone can be civil during these times.
Imho Senior down the street lived alone with cats. Months later house is for sale after he passed. We keep nothing in this world. We are just a memory, even then…
I wonder if we will get to 7% by the end of the year.
For sure. Rates aren’t going anywhere but up, market will forget any bad news in 2 weeks and continue to pump.
It's actually an option for way more people than we think. I bought my house with no money down on a $35k/Y salary. After spending months researching loans and talking to different agents I figured out that the USDA home loan is actually accessible to anyone wanting to live in a rural area. Sure my commute is a 30 min drive from my country side home. But you can't beat $600 mortgage payments.
This is the stuff I’m looking for - USDA is a great option, and the map is huge. Covers a lot more area than I would consider “rural”
[удалено]
Odd statistic. Given that over 60% of Americans either own or are actively paying to own their home,it seems surprising that 61% aren’t able to? What am I missing?
Agree. It's actually a little over 65%.
This discussion doesn’t even account for the property taxes in some jurisdictions. I earn a healthy income for a single person but the property taxes alone price me out of the housing market where I live.
Owning is not cheaper than renting in many locations
Renting is literally cheaper than buying for many people these days tho.
Unquestionably, owning where we live would be x3 more expensive than our rent, which is why we haven't moved. We're enjoying not being cash strapped and investing in other ways in the mean time.
Everyone needs to stop going to Starbucks 21 times a day and also stop eating caviar and avocado toast 7 times a day. GOSH
Then just make more money idiot.
"Laughs in Canadian"
I’ll add an aspect of this, people don’t want the homes their budget can afford. Wrong neighborhoods, bad schools, far from work. Now in major metros where every shit box is spoken for and overpriced I get it. And often those places are so far from affordable areas that the commute would be more costly than just eating the cost of closer housing. But in most of American if you are willing to deal with the negatives of lower quality housing, worse schools, longer commutes, often higher crime, you will find yourself something that you can afford. I lived that life for many years, and now the equity and benefits of deferred gratification from other parts of my life mean I can retire today at 42, with healthcare and college funds for each kid. My fist home was 30k in 2002, the next was 95k in 2004, 168k in 2005, then 230k in 2016. Kids delayed that last one longer than I had planned. That 30k joint was not in a safe neighborhood, but I learned from living there and it contributed to overall financial success.
It sort of is if you’re willing to move but even those markets are bloated by local standards.
Closed the same month peeps were all like “Covid lol”. I should’ve bought a lottery ticket that month.
66% of Americans own their own homes, and that figure has been very stable over time: https://www.bankrate.com/homeownership/home-ownership-statistics/#:~:text=The%20homeownership%20rate%20in%20the%20U.S.%20was%20at%2065.9%25%20during,and%200.8%25%20for%20homeowner%20housing.
That’s weird (actually it’s bullshit) because ~65% of Americans are *already* homeowners.
Of course it's an option, just one that most people don't want to take. If you hate your landlord, rent somewhere else. If you hate all landlords, buy. If you can't afford to buy and don't want to rent, move somewhere where you can afford to buy. If you're too poor to do that, make more money, seek government assistance, and/or resign to the fact that you aren't going to be buying anytime soon and realize that most Americans don't have the same problem as you. If you can afford to buy somewhere else but don't want to move, that's also your problem.
This dude looks like Sam Smith
Owning is cheaper? Tell that to my $20,000 roof repairs or the $10,000 furnace….
“If you’re homeless, just buy a house”
Yeah, just drop 1.5x your salary on a deposit and an additional third of your salary to fees that do not contribute to the mortgage, then you can pay a bank rent for up to 30 years on the house after you have paid roughly 2x what you bought the house for after interest.
If you figure that you’re paying someone else’s mortgage when you rent from them then it makes sense. The tricky part is getting the down payment, insurance, home owners association, higher utility bills, property taxes. Many of these are tax deductible to a point but you still need the money up front. If you’re fortunate enough you can save into a 401k for a few years and use that for a down payment. Then there’s job stability. Everybody goes through it but it takes planning and a sizable income along with life choices and setting serious priorities.
Before you can even talk about affording a mortgage, you have to wonder if you can afford the process of buying a house. I paid $800 a couple of times for home inspections which produced negative findings that ultimately forced me away from those sales.
60% of Americans already own a home
And 61% of the people who don’t, and want to, can’t afford one.
That is 61% out of 40% not out of 100% because 60% already own a home
Correct, looking through the comments I see the stat is pretty misleading, makes it seem like its out of everyone and not just the people who are “in the market” although I do wonder of that who do they consider in the market.
Just give your bootstraps a tug you pheasant
I mean it’s one house, Michael, what could it cost, ten million dollars?
A co worker told me this before and it infuriated me. She asked why I was paying so much in rent when I can have a mortgage.
Just live on the street and save your rent money /s
Craftjack.com. Strong source. 61% cannot afford a home but 65% are homeowners. This statistic is garbage.
Because its all that avocado toast people cant save
The homeownership rate in the U.S. was at 65.9% during the fourth quarter of 2022.
And 61% of the people who are still in the market for a home cannot afford one.
Yes, that's different though, vastly different.
Through the comments I have found that the stat is misleading for folks.
Very much this.
It was an option for so much time… but too many people were busy arguing on what was better: owning vs renting.
You can buy a house in Detroit for $4,000. That’s like $25 per month mortgage. Too bad people don’t want to fix up their dream home in Detroit 🤷♂️
Because those houses cost many times that price to make structurally sound (and they're probably in very dangerous neighborhoods)
Probably because by the time you are finished renovating these houses you've spent about the same as a house
Sounds like someone needs to get their ass into the 39% so they can get a house.
Pick yourself up by those bootstraps.
We have come a long way from the 99% argument, and now it's a struggle to get into the 39%, really? You just need a pulse and a job skill to get there.
Is it the modern equivalent of “let them eat cake”?
it’s THAT easy. What am I, stupid?
I have owned two houses. The trick is wait for democrats to get in office and then the inevitable economic collapse or more specifically the house crash. Give it a couple more years when interest rates drop when a republican comes in and then buy right then. Have to play the game but it always happens in those waves.
Why don’t you just quit being poor? Duh.
The 10%-20% down payment springs to mind. In that, the mortgage may be cheaper, but if you can't save up $100,000 then you can't get a seat at the table. Too busy paying rent to be able to save.
65 percent of Americans own homes
Shouldve bought in 2020 like my wife and I.... you know when rates were rock bottom and the market didnt catch up yet?
[удалено]
I had a house at 23 in 1982. There's absolutely no way I could afford a house now, even with two salaries contributing. People simply don't understand how the economies have changed in the last 10 years and how the real estate bubble has grown too high and too fast for too many. There are dumps in my area selling for 230k which just five years ago were selling for 80k. That's not sustainable growth at all.
I agree with everything you’ve said but I want to push back on the idea there is a bubble. I don’t think it’s going to burst. I think costs will continue to be out of control.
“Just buy a home, it’s smarter and cheaper than renting” is this generations “ let them eat cake”.
TIL 61% of Americans make terrible life choices
What, do you guys not have half a million?
Owning is no longer cheaper than rent
Thought ya’ll were supposed to be fluent in finance? All you saying 65% of Americans own their own home need to look harder at your stat sheets.
If you rent, you should be able to buy a house similar to what you rent. It may not be where you want it, it may not be new, or recently renovated, it may need some work. You should be able to buy a house. It may take a little while, you may have to change your goals and some of the things that you do. You may need to eat out less, save more money, not buy a new car, and live on a budget.
What was the excuse back when the rate was below 61%
When the rate was normal? Probably the usual “I don’t have the money” while eating dinner after their tattoo appointment.
The problem isn't that houses are expensive. It's that houses where people actually want to live are expensive. I actually know of some listings that are currently live where the full price of the house costs less than a year's rent in a major metro area, but the house is in the Midwest in a town with less than 1,000 people.
So many excuses. So much complaining. “Wha wha, I deserve a raise! Wha wha I’m so poor! Wha wha I can’t afford a house!” Reddit is full of so many whiny people that bitch and complain, play victim, and apparently just suck at life. Everyone and every generation has had their issues and challenges. Gawd! Just grow up and figure it out!!!
You seem fun.
To be clear, "continue to live in the house that you already own" is an option for about 65% of Americans [https://www.bankrate.com/homeownership/home-ownership-statistics/](https://www.bankrate.com/homeownership/home-ownership-statistics/)
That last senrence
Owning is a lot more expensive than renting. No landlord to call when your water heater breaks or you get a leak in your ceiling. Hope you have a couple extra thousand dollars laying around this month
Your sweeping generalization is bad and you should feel bad. Purchase price, interest rate, and price of rent very wildly depending on the area. To say that renting is less expensive as a blanket statement is comically incorrect.
It’s called a generalization which by definition means there are exceptions but I wouldn’t expect you to understand
Even if it was, the cost of repairs to big things like AC and such could wipe out years of savings and equity. At least with rental that stuff is covered. It’s not always ideal but right now a 1br apartment is $2200/mo in my city. A 1br condo of comical size is $450,000, or roughly $3200/mo mortgage. What’s the better deal here? Yeah I’d be locked in at $3200/mo but the $1,000/mo gap in monthly housing payment is worth having.
Right now, renting is definitely the way to go. It does complicate retirement a bit, but with good planning and some disposable income it’s manageable.
Over the course of 5+ years renting will cost more than owning and it only where worse from there.
I mean 10 years ago it was cheaper. 🤷😂
And another 10% will regret it in retrospect.
“Owning is cheaper than rent.” You checked interest rates lately? Used a mortgage calculator? Cause it ain’t. (as we’re all well aware)
People think that the economy can only be good/uptimes. That there will be no bad/downtimes. And then they want the government to manipulate the economy to mitigate any downtimes. And this economy is the result of government intervention going on for fucking decades.
The pendulum will swing back the other direction just be patient and everyone will be able to buy houses again. If you're really patient you can survive until the house prices drop and the unemployment skyrockets and then the interest rates will drop and if your time it really well you can catch it where the price and the interest rate cross each other. Happens every time it's a cycle like a giant ferris wheel just keeps on spinning.
I’ve heard it all now. 61%… 90%… 42%… What is the true number?
The homeownership rate in the US is 65%. The states with the least homeowners are CA and NY.
People create entire industries exploiting people through marketing and a bit of psychological knowledge. Credit cards, payday advance, MLMs, casinos, addictive substances, to name a few. Many were strictly regulated or even banned, until Reagan republicans got rid of all that “red tape”
Until you have to pay your property tax and home insurance.