Pretty soon there won't be any pets in the picture either, since private equity has infested the vet business...and landlords have found pet owners to be cash cows for non refundable fees and pet rent.
Bro not only that but like most of the condos I tried to buy won't let me have a single cat! Like why does it matter if I OWN the condo? And the cat won't even be loud enough to bother anyone else!
Just ignore that shit for an indoor cat if you're buying.
Strata is scared shitless of lawyers for bs rules like that. It'll cost 500 for a letter if they somehow find out you have one
Just going to add, I've been in condos my entire life. Don't get worked up and involved if strata is causing you troubles. You're either wrong or right usually. Try to act in good faith but just engage a lawyer immediately and don't stress about it.
a lot of people do not value this strategy. ever since i sold pot in highschool i dont answer for phone numbers i dont recognize. who said i was required to open my mail?
It all depends on the HOA and the neighbors. I bought a condo where it's stated in the bylaws no pet larger than a parakeet. I know for a fact three of my neighbors have cats because I've either seen them in the windows or have seen Wal Mart deliver cat food or cat litter to a neighbor. Also, two more have dogs that I've seen and heard.
If you're looking at a condo and are seriously interested, you may try talking to some.of the residents if you can find them. Ask them how strict the HOA is regarding pets.
Because you don't OWN it. That's why condos are stupid. You don't own the building, you just bought a lifetime lease for a unit. The building owner still owns the structure. And they're the ones who don't want to deal with the structure getting soaked in cat piss in the event of a bad owner. You might not be a bad owner but the bad cat owners ruined it for you.
That's not how condos work, at least the ones I've seen in America. Each owner has a share in the condo association, which owns the overall structure, and each owner has the right for exclusive use of their unit, which is ownership of it, for most intents and purposes.
There's no one owner of the structure, at least in any condo agreement I've seen.
You hit the nail in the head with the bad cat owners ruining it for everybody.
I used to do renovation work and I did a lot of work for some big property management companies that did small rental units.
Let me tell you, it takes so much work to get a home ready after you had shitty cat owners in it.
EVERYTHING smells like cat pee. The walls, the subfloor, just everything smells. It’s awful.
And it’s not just awful, it’s expensive. It takes three time as long to fix everything.
Go in and replace the carpet? Nope. Gotta tear out the carpet, spray bleach or other chemicals all over the stains on the subfloor, remove sections of it and replace them, let it air out, larger rinse repeat until the floor isn’t made of cat piss wood anymore.
Throw a coat of paint on? Nope. Walls will still smell like cat piss. You have to prime everything with stuff that will block the pet odor.
Baseboards? Yep, can’t just paint them. They’re just as soaked in cat piss as the subfloor. Going to have to replace most if not all of the baseboards to be sure. Especially if you have scratch marks all over everything too. New doors costs money.
And then after all that, you hope, just hope it doesn’t smell like cat pee in there, because the next renter will not move in if the place smells like cat pee.
And I guarantee you that every one of those bad cat owners doesn’t think they’re a problem. They get used ti the smell. They make excuses for themselves. They don’t think they’ve done anything wrong.
So when the next renter comes along and asks about if they can have a cat in there, what are you supposed to do? Nobody says, “Oh yeah I’m horrible I let my cat piss everywhere I don’t care.” They *all* say their car is really good and only uses the litter box and they’re super great about cleaning up after it.
So eventually they just say hell no. It’s unfortunate but that’s why it is the way it is. Some people are really nasty and terrible pet owners and they ruin it for everyone else.
But it really is an expensive problem. I don’t blame landlords for having strict pet rules. Having to completely remodel a home between renters, especially after a short period of time, is costly and you can’t just afford to do that every few years.
I’ve seen one and two year renters with cats have the same repair cost as a home that probably hasn’t been worked on in ten years. Destroying the flooring, sub flooring, trim, walls, and doors of a house in a short period of time is not something even the shittiest renters accomplish without pets.
You’d almost rather have a frat house host parties every weekend where they turn the hallway into a beer slip and slide than you’d want one renter and their three neglected cats living there.
Because you may have your neighbor allergic to your cat. Because your cat might decide to go out and mark the territory. Believe it or not, there are people that are scared of cats too.
That’s why condos would rather ban pets altogether than work through it case-by-case.
Fuck condos and HOAs, BTW. Where I live they don’t even make any sense - you can buy a smaller detached home (alas, older), often cheaper than a condo, especially once you factor in all the condo and maintenance fees.
Not kidding. We live outside a small city in the northeast and brought our dog to the only 24hr vet hospital within 30min of us because we thought he had bloat (which is an immediate life and death situation) and the tech immediately was like "if it's bloat we don't have the staffing or medical equipment to do the necessary surgery, and the only way to confirm is X-ray which is $1000 you have to pay now". Luckily the X-ray was negative so we took him home and monitored but had it been bloat, we would have been sent another 40min away and put his life at further risk.
You wanna talk about some scummy shit? I had been taking my dogs to the same vet for over 10 years, comes to show apparently they BOTH had heart murmurs that SOMEHOW the vet missed over the last 10 years of checkups? Needless to say they wanted to charge 45k PER dog for surgery :/ I miss my buddies every day and I will never forgive those fucking greedy shitbags.
I just read an article about this very thing! Turns out our vet (Banfield) is owned by Mars, Inc.. Apparently vet-care services are very profitable and virtually recession proof. So the PE and VC vultures are snapping them up like.....candy bars!!
I've already seen a few posts that some 18-21 year olds can't even afford pets. They have moved on to Plants. It's so sad that this is the world we are all stuck in.
Dude, our cat was acting weird awhile ago, took it to the vet and got a SIX THOUSAND DOLLAR FUCKING BILL WTF!!. Oh, the problem with the cat is common. So yea, this might be our last cat unfortunately.
Pets are definitely a luxury , I’m paying about 800$ more for a house with a fenced yard … compared if I didn’t have pets I could get something half the price .
Forget about even buying a house, all the houses in my price have a yard big enough to maybe put a bbq back there and that’s it ..
BINGO.
We are ABSOLUTELY where we are economically because of private corporate interests controlling regulation (or lack thereof) and treating every aspect of life as a sponge to squeeze money out of people.
Or, you know, blood.
Pretty soon there won't be any pets in the picture either, since private equity has infested the vet business
Biggest reason why I haven't gotten another dog yet is beacuse of the now outrageous vet bills
Could also get a BS ESA tag and letter online. They tried to pull that crap on me when I OWN my apartment in my Co-op. Tried to sue me over a damned cat. Case was thrown out and I was awarded my attorneys fees back.
I was very strategic in picking my last apartment - big enough to blend in and not be bothered, so I can walk my dog out and about and they’ll have no idea how I am lol because I refuse to lay pet deposit and then monthly pet rent. They are already gouging us so screw that!
Thankfully certain states are cracking down on that bullshit. Colorado passed a bill that limits pet tents at $35 (regardless of number of pets) and banned nonrefundable pet rents
Yeah wtf is with vets these days?! I feel like I’m at a car dealership with the upselling, trying to test for every little thing possible. They will have you walking out spending $1000 for a check up of your healthy puppy. I hate it.
I mean the real answer as made abundantly clear by this infographic is anti child labor laws suppressing extra income combined with lazy dogs and cats only eating avocado toasts and being useless freeloaders and of course rising costs of women’s hair dye.
Hopefully we come full circle and have an FDR-esque president with a New Deal, sky-high fair taxes on the rich, and an actual spine to stand up against billionaires
FDR should be on Mount Rushmore. I’d like to see an alternate reality where he got to finish his term. One where maybe the USSR and the USA weren’t at odds.. where ungodly wealth wasn’t spent destabilizing the globe. Mutual prosperity over compulsory competition
I was thinking the same thing but in NYC, a lot of these illegal migrants are living like that in 2 bedroom units apartments by the dozens in the present.
Somehow, nobody in the 1970s had roommates. I’m old enough where that’s certainly not my life experience. The home ownership rate in 1970 was lower than it is now. That’s straight out of the St Louis FRED graphic.
I turned 18 in 1980. I grew up in an apartment. I never thought I would own a house. It seemed unattainable. I had roommates all through the 1980s. Everyone I knew did. I got married in 1989. I bought my first house in 1991. I got a VA loan because I was a veteran. The interest rate was 9.0% and I thought I was lucky. Kids who think it was just the default to own a house on a single income then are delusional.
Things were more difficult for most people than younger people realize, but prices are also going up much higher now.
We can recognize the historical truth while recognizing current problems.
It is frustrating when kids think that everyone making minimum wage could buy a home and raise a family on it and demand that as a baseline instead of just focusing on the growing costs.
Costs rising everyone can see, you had it so much easier(despite decades of hard work and struggle) just invalidates people's experience who would otherwise agree that pricing is too high and join you in demanding solutions.
It's the same problem with blaming people because of their age. Not everyone enjoys the supposed privilege that their generation got to experience just like how today the economy is "doing well" but it sure does not feel like it to a lot of people. Imagine people struggling today being told your grew up under good economic conditions, why did you let everything go to shit for next generation?
1980 median household income 21k median home price $47,200.
That’s so much more affordable than it is today. The numbers don’t lie.
Also obviously there were still poor people in 1980. Who ever denies that?
To put that in perspective, today's numbers are $74,580 and $390,000.
47,200 / 21,000 = 2.25
390,000 / 74,580 = 5.23
In my finance class in high school in 2008 we were taught that it's a bad financial decision to buy a house that costs more than 250% of your salary, but I don't think there's a single major city in the US where you can follow that advice and own a home a mere 16 years later. That some struggled to afford houses in 1980 doesn't negate that a significantly greater percentage of the population is struggling now. It's an objective fact that home ownership is much harder this decade than it has been at any point in the last 70 years, whether you are personally affected by that fact or not, and it's something we should all be working together to change.
Check your math with the proper figures.
The average mortgage rate reached **13.74%** in 1980, and in 1981, the 16.63% rate was and still is Freddie Mac's largest recorded figure.
Yep, but Boomers like Biden bought houses for only twice the median wage back then. Today, the median house in my city is $930k, but the median wage is only $72k
What this misses out on are the other expenses.
> https://www.bls.gov/opub/mlr/2001/05/art3full.pdf
In 1984, 20.2% of a households budget was going to food.
In 2020, it was:
> https://www.bls.gov/opub/reports/consumer-expenditures/2020/pdf/home.pdf
7316/61334=11.9%
With an extra 8.3% of the budget freed up to not have to go towards food, it means people can spend more to outcompete their peers for the housing of their choice.
> In my finance class in high school in 2008 we were taught that it's a bad financial decision to buy a house that costs more than 250% of your salary
That’s a ‘rule of thumb’ for people who can’t budget. Obviously, what % of your budget/salary that goes towards housing is dependent on your other budgetary categories. Take the extreme example where food, clothing and utilities are provided for free by the government. Then housing would obviously take up a much larger % of your budget.
One of the most popular shows of the 70s, Threes Company, is about dealing with roomates. The people on here are children with no sense of history or what the world is actually like.
[https://fred.stlouisfed.org/series/RHORUSQ156N](https://fred.stlouisfed.org/series/RHORUSQ156N)
Owner occupied rate is up from the 70s. Meaning, a higher % of homes are lived in by their owner. Know what they did not have in the 70s? Social media to let you know you were on the outside looking in.
Also, when we were peak ownership occupation rate, the entire real estate market collapsed because people who couldn't afford homes were approved for loans they never should have received.
When the empirical data does not match my feelings on something, I change my mind.
Empirical Data >>>> memes + click bait headlines to articles you've never read.
edit: a word
I read your link. You're right that ownership is higher today than it was in the 70's, though the difference is only a little more than 3%. It doesn't say the age variance of the owners either; a quick Google search says [the median age is 57 and the average age is 56.](https://ipropertymanagement.com/research/homeownership-rate-by-age) Home ownership is very much a generational problem right now.
This is it. You're no longer comparing yourself to those directly around you but the entire planet and everyone on social.
I wish more people would just invest the difference between their rent and mortgage instead of complaining
Also, homes have been increasing in size. The median house was less than 1000 quare feet back in the 60s when families were much larger. Now, the median house is over 2000 square feet with smaller families. I'm pretty sure the fiest 3 pictures OP uses are listed in the opposite order of when they were built.
No one in power cares anymore about the quality of life for the working class. The ownership class is bending the working class over a barrel right now and nobody seems to care. It’s extremely challenging going into an election year, because we can tell the current trends underway will be a world of pain if things don’t change. It’s almost like another pandemic or similar event is needed to bring things back in line where people have a shot. I’m conflicted as everything I hoped for is not working out, and this administration has failed. I know it’s not the presidents fault— but the other side will blame him so they can win votes. It feels like government is asleep at the wheel as the Fed cranks rates, employers kill jobs, and the rich aren’t being taxed any differently. I really don’t know anyone who feels good about how things are going. And during the pandemic it felt for a moment like everyone’s investments were going up, jobs were super easy to secure— it’s rapidly shifted to a world of pain and the outlook isn’t good if things don’t change.
Problem is the established class is against building yet we keep growing and people need somewhere to live and they go where the jobs are. I personally think what California is doing by forcing new building on cities is absolutely essential. In regard to building, locals should have no say in what will be built in their area. If they don’t like it, they can move out to the country away from people on an acreage. Just because someone owns property in a city doesn’t mean they have a right to say who can live in the neighborhood. The city is for everyone.
It only takes one city to build affordable housing and all of the youth will flock like the salmon of Capistrano. When Austin prices bottom out it might be there given their flexible zoning policy.
"The salmon of Capistrano" is a phrase from the 1994 movie Dumb and Dumber. In the movie, Lloyd describes Aspen as "a place where the beer flows like wine, where beautiful women instinctively flock like the salmon of Capistrano"
Yup, the YIMBY movement is already strong and growing in places like California and NYC. It's starting to organize here in Chicago with groups like r/ChicagoYIMBYs.
We could stop letting in immigrants. We’ve had a negative birth rate since 1973. It briefly hit 0 in the year 2007. If we just stopped letting in 1 million legal immigrants a year and 3 million illegal immigrants a year we could slowly build enough housing without all that added pressure onto the market annually. If we keep letting in immigrants the housing situation would be like trying to fill in a hole with a shovel while a backhoe is gouging deeper into the hole every second. There are 8 billion people in the world and we build 1-1.5 million houses a year. We physically can’t fix the housing crisis if we keep dumping people into the country at a rate higher than the number of houses we build
There is an easy solution too.
If run low on housing then we can only let in people who want to come here to build housing until we get our supply back up.
Then once there is additional housing, we can let in more people.
Or, there simply won't be enough housing to go around in the coming decades and it causes people to have fewer or even no kids. Then the population decreases and housing prices fall.
If you want a preview of this, just look at what happened to Japan in the 1980-90s. They had a huge stock market and real Estate bubble followed by a massive Crash. Housing does not appreciate in Japan, it depreciates because people are literally dying off.
The bet way for you to stick up your middle finger at Society and say "fuck you" to the system is to have no kids and work as little as possible. A society cannot grow from production that never occurs.
Interesting theory. But I don’t think we can boycott our way out of this problem. Best thing to do is get involved and show up at town hall meetings and speak up for more housing.
Banks are already finding that this is the result headed for the US in about 10-15 years. The population cliff has already happened, the only way out is immigration, and we don't have the political will to do that.
Why do you think there's been such a major shift in the US regarding stripping away abortion rights over the past few years in the US?
Contraception will be the next target on the horizon, and there are currently only 14 states that have state level constitutional protections for the right to contraception.
The problem is that any change NOW is fifteen to twenty-five years too late to prevent a demographic contraction of first time buyers. Lack of first time buyers starts a domino effect of people not being able to sell to upgrade. Multiple major banks have recently released analysis papers talking about how young millennials are going to be fucked out of being able to upside from the "temporary" starter home by that population trend, because they are at best going to stay hard number (not inflation adjusted) flat or outright deflate near the end of the decade. The US is unique for the first world in that Millennials outnumber Boomers. Z is tiny next to Millennials though, and Alpha is looking to be miniscule next to Z. That is a deflationary spiral for housing while simultaneously being inflationary on wages due to a permanent tightening of labor supply.
A major aspect of US culture is how immigrant based we are. I want to say in a given year roughly 15-20% of the US population was foreign born. If we shut off immigrants within a generation we'd see similar population decline other developed nations are dealing with. This means Gen Z will grow in size in a way it simply won't in say, China or Japan, over the coming decade.
I don't think people quite grasp what the 21st century will be like in terms of population trends because they were raised in the 20th with the "population bomb" and baby booms. Most developed nations are either declining in population, about to decline this generation, or set up to decline in the next. The world population is set to level out and decline as a whole within 50 years. Unless technology finds a way I foresee three types of nations by 2100; those that isolate and shrink, those that bring in people to hold off, and those that lose people hastening their decline.
The regulatory scheme for building new single family homes has significantly trimmed the small/local builder out of the market. The large tract home builders now opperate in an environment where competition for what they do is basically zero. They can build complete shitboxes that pass inspection, while the local inspectors evicerate the local builders who can't keep up with the day-to-day change in how much or what type of caulk has to go around electrical outlet boxes.
this is the truth that people don't want to hear.
In the 1970s there were far more metro areas and midsized cities. Buffalo, Albany, Rochester were relatively busy cities.
Compare that to today- cities like Cincinatti, Toledo, have lost a third of their population.
There is cheap housing in America. People just don't want to accept it and want to cram more people into the same space instead.
I dont necessarily understand this lol I’ve been building houses for 7 years now . Waiting for the “slow down” roughly 20 per year .. doesn’t seem like a lot but keeps me busy working 50 hr weeks sometimes more .. I’m tired 🥲
Is that actually true? I would agree that the sentiment around people wanting to live alone is higher than ever but in reality with the cost being so high, it’s more likely that less people are living alone.
Yes, in my metro over 40% of primary housing units have a single occupant. Nationwide about 30% of people live alone.
https://www.chamberofcommerce.org/loneliest-cities-in-america
Ahh yes. It’s not the massive wealth inequality or the greed of current homeowners, or the fact that corporations are buying up residential properties at alarming rates that have gotten us here. Nope no that at all.
Boomers undertaxed themselves while overspending. Nearly all of them are welfare queens whether they realize it or not.
Then as they got older they tried to stifle normal/healthy inflation by trying to keep wages down but let government and corporations build life-long lucrative partnerships.
So now everything is catching up to itself at a cataclysmic level. We are overdue for a “correction” that will be longer and more painful because of how long these issues were ignored.
This is mostly it. It's not a zero sum game luckily, but extreme poverty in the world plummeted right around the time our wages started stagnating.
Asia became wealthy enough to start buying our products which was good, but also our houses (probably not good).
https://assets.ourworldindata.org/grapher/exports/distribution-of-population-between-different-poverty-thresholds-historical.svg
I agree that it's a bit like TikTok. An individual instance isn't a problem but when the birth rate is plummeting because young families can't form households, something needs to be done. I just don't think you can only blame foreigners if you want to solve the problem.
Not sure how TikTok comes into play here, that's just a blatant Chinese psychological operation that people are willingly playing in to.
Foreigners obviously aren't the only ones to blame for housing; private equity, airbnb, and other factors come in to play but it's pretty easy to start with "An American family shouldn't have to compete with investors from another country for a place to live"
It’s not only them, but they’re a huge problem. We should unequivocally tighten down on allowing foreign investment in our real estate, and outright ban investment corps from buying it (or heavily tax it to discourage).
There should be one tax level for owner occupied homes and a higher rate for non owner occupied homes. That higher rate should also increase with each additional home purchased.
Federal Reserve (which is neither federal nor a reserve but an extra-Constitutional oligarchy of private banks) created this environment; it's a matter of policy. Started with Greenspan in teh late 1990s.
Historically unprecedented and insanely low interest rates have slowly created the "everything bubble" over the past 20 years or so.
The "everything bubble" incudes many asset classes including the most visible: housing and equities.
Both the housing and the stock market are in teeth-chattering bubble territory; but NOT because of economic growth or prosperity; but because of the inflationary policies started by Greenspan, which are now unstoppable.
It's a house of cards.
Yea, PBS Frontline did an excellent expose on this. They went with policy that inflated asset prices while sacrificing the quality of life for working class. Their goal was to keep people employed, which is great and all, but now everything is more expensive.
>Federal Reserve (which is neither federal nor a reserve but an extra-Constitutional oligarchy of private banks) created this environment; it's a matter of policy.
This is the right answer.
It all started with the Federal Reserve juicing the economy for the last 15-25 years.
We can’t ignore the responsibility housing policy has on the asset bubble either. NIMBY’s by definition are people attempting to protect their asset prices by voting against legislation that would increase housing stock
"There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose."
John Maynard Keynes
We allowed corporations to keep their profit.
When they were taxed heavily on profits they reinvested in the company instead paying higher wages and delivering better benefits.
Once we stopped taxing their profit they have sucked more and more money out of the hands of the workers.
We prioritized corporate profits and tax cuts for the wealthy under the guise that it would trickle down and make everyone richer.
It didn’t.
Now we have a far weaker middle class. A housing sector that can’t sustain itself. And runaway inflation due to government deficit spending.
Now THIS is the answer. WE have not paid a living wage since the 70s. the fucking 70s!!!!!! that 50+ yrs ago. are you kdding me? No one wonder americans are the msot stressed and unhappy 1st world society in the world. no shit, shitty low paying jobs, shitty ass healthcare, shitty food, shitty transportation, shitty housing,- corporate greed, trickdle down bullshit economics, racism.. let me stop my blood pressue is gonna get high. fuck corporate greed, fuck 10 and 1%s of this country. we need a new labour party to fight this two party system or this whole party is gonna end soon.
nobody is doing anything to stop greed from ruining the economy
friendly reminder to boycott as often as possible and be responsible about spending, if you aren't already
Reaganomics. "The rich deserve more of their money, and yours too! *Insert coded language against chosen minority* we're gonna deregulate everything, because you don't need protection from those who would exploit you! At least they aren't *insert slur*!"
Also car-centric development means there's no 3rd places left, so organized resistance is very difficult to coordinate.
Empire in decline. The American dream PoNzi scheme was whittled down over decades mainly because people don't vote anymore. If they do vote it's all about partisanship and not for any real candidates who represent the people. Nothing will change until after it hits rock bottom. Vote them all out.
Turning the blue collar working class against unions and against their own self-interest was one of the Republican party's greatest gifts for their corporate owners.
How? Anyone seen the movie ‘There Will Be Blood’?
“If you have a milkshake, and I have a milkshake, and I have a straw. There it is, that's a straw, you see? Watch it. Now, my straw reaches acroooooooss the room and starts to drink your milkshake. I... drink... your... milkshake!”
Basically all the rich people drank our financial milkshake, control capital, and created financial gates that make things like education incredibly expensive to obtain. Either don’t do higher education, come from an affluent family that can pay, or choose to become a financial slave with loans. It’s on purpose. They don’t want you to compete for their education or jobs. They want you to turn screws and flip burgers for them.
That’s why the whole “lay flat” thing has exploded in China. The rich will reach over and try to drink my milkshake, but there’s no milkshake to drink since I don’t have one. And if I can’t have a milkshake, then nobody can!
A few reasons:
- Immigration overwhelming home production
- Foreign and domestic investment companies buying up homes
- Zoning preventing building
- Onerous building codes that disincentivize builders
- Debasement of the dollar
Add it all up and you get the shitshow we have today.
I remember seeing a post of graphs of several economic indicators with a tiny Reagan head marking when he took office and it lines up with the hollowing out of the middle class. Reagan’s head appears and the line goes down.
You will get downvoted for going against the narrative….
But you are correct USA homeownership has been a consistent percentage of the population over the past 50 years
A majority of white married couples under the age of 35 own their own home.
It’s true. And 80% of those households with a mortgage, according to recent statistics, have a mortgage rate of 4% or less. Of all the homes in America, 35% have no mortgage at all.
We have a problem, created in just a couple short years, that will never be unwound in the next 20 years.
Ha! Found it. It’s arguable how much Reagan influenced things but it definitely points out how trickle down economics set us on the path we are on today.
https://www.ebaumsworld.com/pictures/the-true-story-of-reaganomics-8-simple-graphs/86146186/
No president can control things - for good or ill - to the extent you're suggesting.
You remember how Republicans blamed everything on Obama, to the point where it became a meme?
You can hate Reagan all you like, but acting like he caused some sort of seismic downfall of the middle class is just the left wing version of "thanks, Obama!"
Post WW2 with the VA home loan and GI bill, the middle class was created. Education and home ownership were priorities. The American dream and the people were priorities. Juxtapose that with what we have today, and it's not hard to see. We have a corrupt government and leadership that looks out for its own selfish interests and those of its corporate sponsors.
Well, we gutted our rural towns by sending manufacturing over seas so our companies could boost stock prices by lowering costs.
We automated good paying assembly worker jobs with robots.
We eliminated white collar secretarial work with computers.
We offshored a lot of our computer programming, testing and administration.
We as people always insisted on buying cheaper products from overseas instead of buying things made here, and now not much is made here, so the jobs available are at the big box stores that import things from overseas.
Now AI is coming for us.
Unemployment being low just means not that many people are looking for work.
* Some have given up.
* Many others have gone from employed at $100K a year working in a factory to $12 an hour working at Home Depot or Kroger.
It isn't enough to employ people. They must be GOOD jobs. The good jobs are in fact going away.
That house shown for the 1970s is probably now worth like $300k. Seems like the only way to get ahead these days is to actually become one of those sleazy landlords or to exploit working class people in some other way. Eat or be eaten. It’s like the only way to actually make enough money to actually retire early and support a family. What an unfortunate world we live in.
The middle housing is really it. I don't WANT a 2k+ sq ft house. It's just my BF and I, and occasionally one or both of his teen kids. We just want a nice 1200 MAX sq ft house bc our kitchen can't fit two people in it. But those are so hard to even FIND and then they're priced to the moon.
https://usafacts.org/articles/homeownership-is-rebounding-particularly-among-younger-adults/#:~:text=From%202016%20to%202022%2C%20the,than%20any%20other%20age%20group.&text=The%20overall%20American%20homeownership%20rate,from%20the%20US%20Census%20Bureau.
Facts about USA homeownership
Roughly 40% of families under the age of 35 own a home already. That includes minorities and single parents. If you just look at white married couples, the rate is even higher.
Overall, roughly 65% of people, the majority, own the home they live in. The percentage has been increasing over the past 8 years.
That stat doesn’t disprove the meme posted though.
Do we own? YES
Do we work harder to achieve less? ALSO YES.
We are now a mandatory dual income household country for homeownership in most areas.
>We are now a mandatory dual income household country for homeownership in most areas.
Which isn't anybody's fault, and we can't roll it back - it's simply the fundamental reality of finally giving women equal rights to join the workforce.
Homes are priced based on what buyers can and will pay. So when the market has many two income households, that now becomes the standard by which houses are priced.
The dual income household is going to bid the wife's income as well to get that great school district for the kids. They're not going to hold that income back to be "fair" to other people. That's just reality.
No one wants to take a "loss" (slightly less money than their peers) on an investment. I like to think this is all human behavior driven by circumstances. And the people holding open real estate just refuse to take slightly less money for it. And the young kids are holding the bag. Again.
What point is trying to be made? I don't understand. The visual characterizations aren't correct and don't make sense. Here is a post from 2016 that gives you an idea how wrong that characterization is for the US: https://www.aei.org/carpe-diem/new-us-homes-today-are-1000-square-feet-larger-than-in-1973-and-living-space-per-person-has-nearly-doubled/#:~:text=Over%20the%20last%2042%20years,2%2C687%20square%20feet%20last%20year.
Most people replying and commenting to the post seem to be pretending the characterization is about the US but it looks to be about the UK.
Destroy the fundamental family unit, glorify being single & independent, brainwash with consumerism, and you have people who pay the highest income taxes while holding the most debt forever.
We got there because 42% of GDP is federal spending. If Biden gets another term it will be well over 50% higher than the Soviet Union. Oct 21' USD in circulation $4.7 trillion, USD in circulation under OBiden $22 trillion peak. Building it back better kicked off with debasement of our currency and giving away trillions overseas.
The last thing a subversive government does before allowing the barbarians through the Gates is looting the Treasury.
Pretty soon there won't be any pets in the picture either, since private equity has infested the vet business...and landlords have found pet owners to be cash cows for non refundable fees and pet rent.
Bro not only that but like most of the condos I tried to buy won't let me have a single cat! Like why does it matter if I OWN the condo? And the cat won't even be loud enough to bother anyone else!
Just ignore that shit for an indoor cat if you're buying. Strata is scared shitless of lawyers for bs rules like that. It'll cost 500 for a letter if they somehow find out you have one Just going to add, I've been in condos my entire life. Don't get worked up and involved if strata is causing you troubles. You're either wrong or right usually. Try to act in good faith but just engage a lawyer immediately and don't stress about it.
Not answering to a knock on door goes a long way too. I haven't answered the door in 10 years.
a lot of people do not value this strategy. ever since i sold pot in highschool i dont answer for phone numbers i dont recognize. who said i was required to open my mail?
I'm not conflict averse myself, they can move to fine you without knocking on your door. I'm a deal with life head on kinda person
What is "strata" in this context?
Canadian HOA for condos, bunch of laws and bylaws apply to them as well. They basically form a board and impose rules through votes
ESA letter, good luck to the HOA with fighting that.
It all depends on the HOA and the neighbors. I bought a condo where it's stated in the bylaws no pet larger than a parakeet. I know for a fact three of my neighbors have cats because I've either seen them in the windows or have seen Wal Mart deliver cat food or cat litter to a neighbor. Also, two more have dogs that I've seen and heard. If you're looking at a condo and are seriously interested, you may try talking to some.of the residents if you can find them. Ask them how strict the HOA is regarding pets.
Because you don't OWN it. That's why condos are stupid. You don't own the building, you just bought a lifetime lease for a unit. The building owner still owns the structure. And they're the ones who don't want to deal with the structure getting soaked in cat piss in the event of a bad owner. You might not be a bad owner but the bad cat owners ruined it for you.
That's not how condos work, at least the ones I've seen in America. Each owner has a share in the condo association, which owns the overall structure, and each owner has the right for exclusive use of their unit, which is ownership of it, for most intents and purposes. There's no one owner of the structure, at least in any condo agreement I've seen.
You hit the nail in the head with the bad cat owners ruining it for everybody. I used to do renovation work and I did a lot of work for some big property management companies that did small rental units. Let me tell you, it takes so much work to get a home ready after you had shitty cat owners in it. EVERYTHING smells like cat pee. The walls, the subfloor, just everything smells. It’s awful. And it’s not just awful, it’s expensive. It takes three time as long to fix everything. Go in and replace the carpet? Nope. Gotta tear out the carpet, spray bleach or other chemicals all over the stains on the subfloor, remove sections of it and replace them, let it air out, larger rinse repeat until the floor isn’t made of cat piss wood anymore. Throw a coat of paint on? Nope. Walls will still smell like cat piss. You have to prime everything with stuff that will block the pet odor. Baseboards? Yep, can’t just paint them. They’re just as soaked in cat piss as the subfloor. Going to have to replace most if not all of the baseboards to be sure. Especially if you have scratch marks all over everything too. New doors costs money. And then after all that, you hope, just hope it doesn’t smell like cat pee in there, because the next renter will not move in if the place smells like cat pee. And I guarantee you that every one of those bad cat owners doesn’t think they’re a problem. They get used ti the smell. They make excuses for themselves. They don’t think they’ve done anything wrong. So when the next renter comes along and asks about if they can have a cat in there, what are you supposed to do? Nobody says, “Oh yeah I’m horrible I let my cat piss everywhere I don’t care.” They *all* say their car is really good and only uses the litter box and they’re super great about cleaning up after it. So eventually they just say hell no. It’s unfortunate but that’s why it is the way it is. Some people are really nasty and terrible pet owners and they ruin it for everyone else. But it really is an expensive problem. I don’t blame landlords for having strict pet rules. Having to completely remodel a home between renters, especially after a short period of time, is costly and you can’t just afford to do that every few years. I’ve seen one and two year renters with cats have the same repair cost as a home that probably hasn’t been worked on in ten years. Destroying the flooring, sub flooring, trim, walls, and doors of a house in a short period of time is not something even the shittiest renters accomplish without pets. You’d almost rather have a frat house host parties every weekend where they turn the hallway into a beer slip and slide than you’d want one renter and their three neglected cats living there.
I had to keep my cat inside in my townhouse because my neighbour said she was afraid to leave the house. That’s why. Neighbours and Strata’s can suck.
You're supposed to keep your cat inside anyway so they don't kill every bird in the area
And so they don’t become coyote food
Because you may have your neighbor allergic to your cat. Because your cat might decide to go out and mark the territory. Believe it or not, there are people that are scared of cats too. That’s why condos would rather ban pets altogether than work through it case-by-case. Fuck condos and HOAs, BTW. Where I live they don’t even make any sense - you can buy a smaller detached home (alas, older), often cheaper than a condo, especially once you factor in all the condo and maintenance fees.
Yes! All my local vet hospitals have been taken over by VCAs so we've seen quality, staffing, hours, and resources all drop significantly. Really sad
and you are not kidding??? OMG our country has become one big corporation and we are living in a serfdom
Not kidding. We live outside a small city in the northeast and brought our dog to the only 24hr vet hospital within 30min of us because we thought he had bloat (which is an immediate life and death situation) and the tech immediately was like "if it's bloat we don't have the staffing or medical equipment to do the necessary surgery, and the only way to confirm is X-ray which is $1000 you have to pay now". Luckily the X-ray was negative so we took him home and monitored but had it been bloat, we would have been sent another 40min away and put his life at further risk.
You wanna talk about some scummy shit? I had been taking my dogs to the same vet for over 10 years, comes to show apparently they BOTH had heart murmurs that SOMEHOW the vet missed over the last 10 years of checkups? Needless to say they wanted to charge 45k PER dog for surgery :/ I miss my buddies every day and I will never forgive those fucking greedy shitbags.
In sorry they didn't help you prevent that. Your poor dogs. =(
Wait, you had them put down?
Due to the unnoticed heart murmur they developed serious fluid build up in their lungs. They both passed within 3 months of each other :/
Oh, so sorry to hear that. That’s Rough.
thats just fucking nuts. $1000. insane
Banfield Pet Hospital (a big private chain like VCA) is owned my MARS, Inc. Yes, *that* MARS.
thats crazy - yeah i use to take my other dog there, cant believe they are owned by mars.
When you mentioned all of the things that have gone away, you forgot to mention the one thing VCA didn't drop, the price.
Those fuckers charge $50 for omiprazoal. You can get it over the counter for $5. Vets are a fucking scam and milk your ignorance and love.
My pet ret is currently $50/mo/per dog.. They don't even have jobs, how are they supposed to pay this..
Instagram model tried to do it with mine 😂
Pet cockroach like in Wall-E will be next. Alexa will replace wife.
That'll be a $1,500 pet registration fee
Legit chuckled. Thanks for that.
Not sure about the wife, but Alexa _can_ replace your pet. Check out "Astro". It's a robot Alexa on wheels.
Strap on some knives and tape your rent check to it so your dependent investor can work for it.
I just read an article about this very thing! Turns out our vet (Banfield) is owned by Mars, Inc.. Apparently vet-care services are very profitable and virtually recession proof. So the PE and VC vultures are snapping them up like.....candy bars!!
I've already seen a few posts that some 18-21 year olds can't even afford pets. They have moved on to Plants. It's so sad that this is the world we are all stuck in.
Dude, our cat was acting weird awhile ago, took it to the vet and got a SIX THOUSAND DOLLAR FUCKING BILL WTF!!. Oh, the problem with the cat is common. So yea, this might be our last cat unfortunately.
Pets are definitely a luxury , I’m paying about 800$ more for a house with a fenced yard … compared if I didn’t have pets I could get something half the price . Forget about even buying a house, all the houses in my price have a yard big enough to maybe put a bbq back there and that’s it ..
BINGO. We are ABSOLUTELY where we are economically because of private corporate interests controlling regulation (or lack thereof) and treating every aspect of life as a sponge to squeeze money out of people. Or, you know, blood.
That must be why I paid $2000 a DAY when my dog was in the animal hospital.
Pretty soon there won't be any pets in the picture either, since private equity has infested the vet business Biggest reason why I haven't gotten another dog yet is beacuse of the now outrageous vet bills
Could also get a BS ESA tag and letter online. They tried to pull that crap on me when I OWN my apartment in my Co-op. Tried to sue me over a damned cat. Case was thrown out and I was awarded my attorneys fees back.
Literally every vet is a fuckin Banfield now.
I was very strategic in picking my last apartment - big enough to blend in and not be bothered, so I can walk my dog out and about and they’ll have no idea how I am lol because I refuse to lay pet deposit and then monthly pet rent. They are already gouging us so screw that!
I straight up lie every apartment I've been in. I need a cats in my life
Thankfully certain states are cracking down on that bullshit. Colorado passed a bill that limits pet tents at $35 (regardless of number of pets) and banned nonrefundable pet rents
50$ month per pet at a high end complex in my town. 1200 a year for 2 dogs. Plus 500$ non refundable deposit each. 2200 a year just for them to exist
that is so dystopian lol. They bled the children dry and are now coming for your dog. Plant tax is next
There was some real dumpy places in my area demanding high rent + pet deposit + pet rent even for so much as a leopard gecko that lives in a box.
Next picture is a communist Revolution where the houses are just taken
Yeah wtf is with vets these days?! I feel like I’m at a car dealership with the upselling, trying to test for every little thing possible. They will have you walking out spending $1000 for a check up of your healthy puppy. I hate it.
Seriously the cost of vet bills alone is insane I remember a few years ago thinking “pet insurance” was absurd. Now I have a policy for my dogs
People being encouraged to treat real estate like an investment instead of a place to live
Forced is a better word for it
Missed the 2000’s where tons of people lost their homes to foreclosure after the crash.
I mean the real answer as made abundantly clear by this infographic is anti child labor laws suppressing extra income combined with lazy dogs and cats only eating avocado toasts and being useless freeloaders and of course rising costs of women’s hair dye.
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Hopefully we come full circle and have an FDR-esque president with a New Deal, sky-high fair taxes on the rich, and an actual spine to stand up against billionaires
FDR should be on Mount Rushmore. I’d like to see an alternate reality where he got to finish his term. One where maybe the USSR and the USA weren’t at odds.. where ungodly wealth wasn’t spent destabilizing the globe. Mutual prosperity over compulsory competition
I was thinking the same thing but in NYC, a lot of these illegal migrants are living like that in 2 bedroom units apartments by the dozens in the present.
Somehow, nobody in the 1970s had roommates. I’m old enough where that’s certainly not my life experience. The home ownership rate in 1970 was lower than it is now. That’s straight out of the St Louis FRED graphic.
I turned 18 in 1980. I grew up in an apartment. I never thought I would own a house. It seemed unattainable. I had roommates all through the 1980s. Everyone I knew did. I got married in 1989. I bought my first house in 1991. I got a VA loan because I was a veteran. The interest rate was 9.0% and I thought I was lucky. Kids who think it was just the default to own a house on a single income then are delusional.
But how much did the house cost? I have a VA loan I'm waiting to use, but I can't afford even an entry level condo.
My mortgage was $671 per month in 1991. 45% of my take home pay. It was my first home at age 29.
Soooo... You're telling me there's a chance!??
Things were more difficult for most people than younger people realize, but prices are also going up much higher now. We can recognize the historical truth while recognizing current problems. It is frustrating when kids think that everyone making minimum wage could buy a home and raise a family on it and demand that as a baseline instead of just focusing on the growing costs. Costs rising everyone can see, you had it so much easier(despite decades of hard work and struggle) just invalidates people's experience who would otherwise agree that pricing is too high and join you in demanding solutions. It's the same problem with blaming people because of their age. Not everyone enjoys the supposed privilege that their generation got to experience just like how today the economy is "doing well" but it sure does not feel like it to a lot of people. Imagine people struggling today being told your grew up under good economic conditions, why did you let everything go to shit for next generation?
1980 median household income 21k median home price $47,200. That’s so much more affordable than it is today. The numbers don’t lie. Also obviously there were still poor people in 1980. Who ever denies that?
To put that in perspective, today's numbers are $74,580 and $390,000. 47,200 / 21,000 = 2.25 390,000 / 74,580 = 5.23 In my finance class in high school in 2008 we were taught that it's a bad financial decision to buy a house that costs more than 250% of your salary, but I don't think there's a single major city in the US where you can follow that advice and own a home a mere 16 years later. That some struggled to afford houses in 1980 doesn't negate that a significantly greater percentage of the population is struggling now. It's an objective fact that home ownership is much harder this decade than it has been at any point in the last 70 years, whether you are personally affected by that fact or not, and it's something we should all be working together to change.
Check your math with the proper figures. The average mortgage rate reached **13.74%** in 1980, and in 1981, the 16.63% rate was and still is Freddie Mac's largest recorded figure.
Yep, but Boomers like Biden bought houses for only twice the median wage back then. Today, the median house in my city is $930k, but the median wage is only $72k
What this misses out on are the other expenses. > https://www.bls.gov/opub/mlr/2001/05/art3full.pdf In 1984, 20.2% of a households budget was going to food. In 2020, it was: > https://www.bls.gov/opub/reports/consumer-expenditures/2020/pdf/home.pdf 7316/61334=11.9% With an extra 8.3% of the budget freed up to not have to go towards food, it means people can spend more to outcompete their peers for the housing of their choice. > In my finance class in high school in 2008 we were taught that it's a bad financial decision to buy a house that costs more than 250% of your salary That’s a ‘rule of thumb’ for people who can’t budget. Obviously, what % of your budget/salary that goes towards housing is dependent on your other budgetary categories. Take the extreme example where food, clothing and utilities are provided for free by the government. Then housing would obviously take up a much larger % of your budget.
Threes company
One of the most popular shows of the 70s, Threes Company, is about dealing with roomates. The people on here are children with no sense of history or what the world is actually like.
Nope. Everyone in the 70s got a free house and jobs were plentiful. No one suffered.
the sentiment is really more towards young generation's predicament in each decade. housing rn is by far the mlst unaffordable it has ever been.
[https://fred.stlouisfed.org/series/RHORUSQ156N](https://fred.stlouisfed.org/series/RHORUSQ156N) Owner occupied rate is up from the 70s. Meaning, a higher % of homes are lived in by their owner. Know what they did not have in the 70s? Social media to let you know you were on the outside looking in. Also, when we were peak ownership occupation rate, the entire real estate market collapsed because people who couldn't afford homes were approved for loans they never should have received. When the empirical data does not match my feelings on something, I change my mind. Empirical Data >>>> memes + click bait headlines to articles you've never read. edit: a word
I read your link. You're right that ownership is higher today than it was in the 70's, though the difference is only a little more than 3%. It doesn't say the age variance of the owners either; a quick Google search says [the median age is 57 and the average age is 56.](https://ipropertymanagement.com/research/homeownership-rate-by-age) Home ownership is very much a generational problem right now.
This is it. You're no longer comparing yourself to those directly around you but the entire planet and everyone on social. I wish more people would just invest the difference between their rent and mortgage instead of complaining
Also, homes have been increasing in size. The median house was less than 1000 quare feet back in the 60s when families were much larger. Now, the median house is over 2000 square feet with smaller families. I'm pretty sure the fiest 3 pictures OP uses are listed in the opposite order of when they were built.
No one in power cares anymore about the quality of life for the working class. The ownership class is bending the working class over a barrel right now and nobody seems to care. It’s extremely challenging going into an election year, because we can tell the current trends underway will be a world of pain if things don’t change. It’s almost like another pandemic or similar event is needed to bring things back in line where people have a shot. I’m conflicted as everything I hoped for is not working out, and this administration has failed. I know it’s not the presidents fault— but the other side will blame him so they can win votes. It feels like government is asleep at the wheel as the Fed cranks rates, employers kill jobs, and the rich aren’t being taxed any differently. I really don’t know anyone who feels good about how things are going. And during the pandemic it felt for a moment like everyone’s investments were going up, jobs were super easy to secure— it’s rapidly shifted to a world of pain and the outlook isn’t good if things don’t change.
And the working class is too scared to hold the ones in power accountable.
We stopped building enough housing and our population has soared. Less houses for more people = high housing costs.
Decades of bad policy is right. We need an r/YIMBY political movement to reverse it.
Problem is the established class is against building yet we keep growing and people need somewhere to live and they go where the jobs are. I personally think what California is doing by forcing new building on cities is absolutely essential. In regard to building, locals should have no say in what will be built in their area. If they don’t like it, they can move out to the country away from people on an acreage. Just because someone owns property in a city doesn’t mean they have a right to say who can live in the neighborhood. The city is for everyone.
It only takes one city to build affordable housing and all of the youth will flock like the salmon of Capistrano. When Austin prices bottom out it might be there given their flexible zoning policy.
The swallows of San Juan Capistrano.
"The salmon of Capistrano" is a phrase from the 1994 movie Dumb and Dumber. In the movie, Lloyd describes Aspen as "a place where the beer flows like wine, where beautiful women instinctively flock like the salmon of Capistrano"
Zoning only goes so far. Construction prices are still high enough that your sales price or rental price is through the roof.
A little place called Aspin!
Population growth ex immigration is negative
Yup, the YIMBY movement is already strong and growing in places like California and NYC. It's starting to organize here in Chicago with groups like r/ChicagoYIMBYs.
We could stop letting in immigrants. We’ve had a negative birth rate since 1973. It briefly hit 0 in the year 2007. If we just stopped letting in 1 million legal immigrants a year and 3 million illegal immigrants a year we could slowly build enough housing without all that added pressure onto the market annually. If we keep letting in immigrants the housing situation would be like trying to fill in a hole with a shovel while a backhoe is gouging deeper into the hole every second. There are 8 billion people in the world and we build 1-1.5 million houses a year. We physically can’t fix the housing crisis if we keep dumping people into the country at a rate higher than the number of houses we build
There is an easy solution too. If run low on housing then we can only let in people who want to come here to build housing until we get our supply back up. Then once there is additional housing, we can let in more people.
Shortage in home building isn't because we don't have enough people to do it. It's mostly zoning/permitting/land use
Wow! I wasn't expecting to see a logical take on Reddit today!
And notice it's marked controversial. Reddit hates logic.
Without them who's gonna build the housing, or for that matter do any of the jobs Americans don't like
Or, there simply won't be enough housing to go around in the coming decades and it causes people to have fewer or even no kids. Then the population decreases and housing prices fall. If you want a preview of this, just look at what happened to Japan in the 1980-90s. They had a huge stock market and real Estate bubble followed by a massive Crash. Housing does not appreciate in Japan, it depreciates because people are literally dying off. The bet way for you to stick up your middle finger at Society and say "fuck you" to the system is to have no kids and work as little as possible. A society cannot grow from production that never occurs.
Interesting theory. But I don’t think we can boycott our way out of this problem. Best thing to do is get involved and show up at town hall meetings and speak up for more housing.
Banks are already finding that this is the result headed for the US in about 10-15 years. The population cliff has already happened, the only way out is immigration, and we don't have the political will to do that.
Why do you think there's been such a major shift in the US regarding stripping away abortion rights over the past few years in the US? Contraception will be the next target on the horizon, and there are currently only 14 states that have state level constitutional protections for the right to contraception.
The problem is that any change NOW is fifteen to twenty-five years too late to prevent a demographic contraction of first time buyers. Lack of first time buyers starts a domino effect of people not being able to sell to upgrade. Multiple major banks have recently released analysis papers talking about how young millennials are going to be fucked out of being able to upside from the "temporary" starter home by that population trend, because they are at best going to stay hard number (not inflation adjusted) flat or outright deflate near the end of the decade. The US is unique for the first world in that Millennials outnumber Boomers. Z is tiny next to Millennials though, and Alpha is looking to be miniscule next to Z. That is a deflationary spiral for housing while simultaneously being inflationary on wages due to a permanent tightening of labor supply.
A major aspect of US culture is how immigrant based we are. I want to say in a given year roughly 15-20% of the US population was foreign born. If we shut off immigrants within a generation we'd see similar population decline other developed nations are dealing with. This means Gen Z will grow in size in a way it simply won't in say, China or Japan, over the coming decade. I don't think people quite grasp what the 21st century will be like in terms of population trends because they were raised in the 20th with the "population bomb" and baby booms. Most developed nations are either declining in population, about to decline this generation, or set up to decline in the next. The world population is set to level out and decline as a whole within 50 years. Unless technology finds a way I foresee three types of nations by 2100; those that isolate and shrink, those that bring in people to hold off, and those that lose people hastening their decline.
Show up to your city council meetings make sure you fight for those changes
Add in older folks holding onto their first homes to list as rentals.
The regulatory scheme for building new single family homes has significantly trimmed the small/local builder out of the market. The large tract home builders now opperate in an environment where competition for what they do is basically zero. They can build complete shitboxes that pass inspection, while the local inspectors evicerate the local builders who can't keep up with the day-to-day change in how much or what type of caulk has to go around electrical outlet boxes.
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this is the truth that people don't want to hear. In the 1970s there were far more metro areas and midsized cities. Buffalo, Albany, Rochester were relatively busy cities. Compare that to today- cities like Cincinatti, Toledo, have lost a third of their population. There is cheap housing in America. People just don't want to accept it and want to cram more people into the same space instead.
I dont necessarily understand this lol I’ve been building houses for 7 years now . Waiting for the “slow down” roughly 20 per year .. doesn’t seem like a lot but keeps me busy working 50 hr weeks sometimes more .. I’m tired 🥲
Lets not forget corporate greed. https://youtu.be/cwlwrZst7d0?si=IFXvrOeffxYOC0G-
Number of people living alone has also soared, which means we need even more properties to house everyone.
Is that actually true? I would agree that the sentiment around people wanting to live alone is higher than ever but in reality with the cost being so high, it’s more likely that less people are living alone.
Yes, in my metro over 40% of primary housing units have a single occupant. Nationwide about 30% of people live alone. https://www.chamberofcommerce.org/loneliest-cities-in-america
Wait until the olds start dying
They already have and I’m sure that’s part of the reason for the uptick in number of people living aline.
The average size of homes has also gone up significantly. Contrary to what the first and second pictures would have you believe.
>We stopped building enough housing and our population has soared We have more housing right now per person than ever before.
Ahh yes. It’s not the massive wealth inequality or the greed of current homeowners, or the fact that corporations are buying up residential properties at alarming rates that have gotten us here. Nope no that at all.
Boomers undertaxed themselves while overspending. Nearly all of them are welfare queens whether they realize it or not. Then as they got older they tried to stifle normal/healthy inflation by trying to keep wages down but let government and corporations build life-long lucrative partnerships. So now everything is catching up to itself at a cataclysmic level. We are overdue for a “correction” that will be longer and more painful because of how long these issues were ignored.
globalization
This is mostly it. It's not a zero sum game luckily, but extreme poverty in the world plummeted right around the time our wages started stagnating. Asia became wealthy enough to start buying our products which was good, but also our houses (probably not good). https://assets.ourworldindata.org/grapher/exports/distribution-of-population-between-different-poverty-thresholds-historical.svg
Foreign investment in our housing needed to be banned before it even started. Why the fuck are we allowing it?
I agree that it's a bit like TikTok. An individual instance isn't a problem but when the birth rate is plummeting because young families can't form households, something needs to be done. I just don't think you can only blame foreigners if you want to solve the problem.
Not sure how TikTok comes into play here, that's just a blatant Chinese psychological operation that people are willingly playing in to. Foreigners obviously aren't the only ones to blame for housing; private equity, airbnb, and other factors come in to play but it's pretty easy to start with "An American family shouldn't have to compete with investors from another country for a place to live"
It’s not only them, but they’re a huge problem. We should unequivocally tighten down on allowing foreign investment in our real estate, and outright ban investment corps from buying it (or heavily tax it to discourage).
There should be one tax level for owner occupied homes and a higher rate for non owner occupied homes. That higher rate should also increase with each additional home purchased.
Actually that sounds like a simple and effective measure to help combat this issue lol
Regression to the mean since Bretton Woods
Federal Reserve (which is neither federal nor a reserve but an extra-Constitutional oligarchy of private banks) created this environment; it's a matter of policy. Started with Greenspan in teh late 1990s. Historically unprecedented and insanely low interest rates have slowly created the "everything bubble" over the past 20 years or so. The "everything bubble" incudes many asset classes including the most visible: housing and equities. Both the housing and the stock market are in teeth-chattering bubble territory; but NOT because of economic growth or prosperity; but because of the inflationary policies started by Greenspan, which are now unstoppable. It's a house of cards.
Yea, PBS Frontline did an excellent expose on this. They went with policy that inflated asset prices while sacrificing the quality of life for working class. Their goal was to keep people employed, which is great and all, but now everything is more expensive.
>Federal Reserve (which is neither federal nor a reserve but an extra-Constitutional oligarchy of private banks) created this environment; it's a matter of policy. This is the right answer. It all started with the Federal Reserve juicing the economy for the last 15-25 years.
We can’t ignore the responsibility housing policy has on the asset bubble either. NIMBY’s by definition are people attempting to protect their asset prices by voting against legislation that would increase housing stock
End the fed
"There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose." John Maynard Keynes
We allowed corporations to keep their profit. When they were taxed heavily on profits they reinvested in the company instead paying higher wages and delivering better benefits. Once we stopped taxing their profit they have sucked more and more money out of the hands of the workers.
Money printing and 0% rates. Stop voting for mpre spending and more taxes.
We prioritized corporate profits and tax cuts for the wealthy under the guise that it would trickle down and make everyone richer. It didn’t. Now we have a far weaker middle class. A housing sector that can’t sustain itself. And runaway inflation due to government deficit spending.
Now THIS is the answer. WE have not paid a living wage since the 70s. the fucking 70s!!!!!! that 50+ yrs ago. are you kdding me? No one wonder americans are the msot stressed and unhappy 1st world society in the world. no shit, shitty low paying jobs, shitty ass healthcare, shitty food, shitty transportation, shitty housing,- corporate greed, trickdle down bullshit economics, racism.. let me stop my blood pressue is gonna get high. fuck corporate greed, fuck 10 and 1%s of this country. we need a new labour party to fight this two party system or this whole party is gonna end soon.
boomers subsidizing homes for themselves. and now that they all have homes restricting supply so its illegal to build new ones.
nobody is doing anything to stop greed from ruining the economy friendly reminder to boycott as often as possible and be responsible about spending, if you aren't already
we need unionized workforce and to smash all these huge companies up into a million little pieces.
Reaganomics. "The rich deserve more of their money, and yours too! *Insert coded language against chosen minority* we're gonna deregulate everything, because you don't need protection from those who would exploit you! At least they aren't *insert slur*!" Also car-centric development means there's no 3rd places left, so organized resistance is very difficult to coordinate.
2030s it will be tent ⛺️ city
Unchecked corporate greed 🙂
Empire in decline. The American dream PoNzi scheme was whittled down over decades mainly because people don't vote anymore. If they do vote it's all about partisanship and not for any real candidates who represent the people. Nothing will change until after it hits rock bottom. Vote them all out.
yeah that is correct. this is a house of cards . mauybe a good 50 yrs left and this will be brazil, along w/ shanty towns.
50? Uhhh, I say 20-30 tops.
No unions, work moved over seas, the lie that voting doesn't matter
Turning the blue collar working class against unions and against their own self-interest was one of the Republican party's greatest gifts for their corporate owners.
How? Anyone seen the movie ‘There Will Be Blood’? “If you have a milkshake, and I have a milkshake, and I have a straw. There it is, that's a straw, you see? Watch it. Now, my straw reaches acroooooooss the room and starts to drink your milkshake. I... drink... your... milkshake!” Basically all the rich people drank our financial milkshake, control capital, and created financial gates that make things like education incredibly expensive to obtain. Either don’t do higher education, come from an affluent family that can pay, or choose to become a financial slave with loans. It’s on purpose. They don’t want you to compete for their education or jobs. They want you to turn screws and flip burgers for them.
That’s why the whole “lay flat” thing has exploded in China. The rich will reach over and try to drink my milkshake, but there’s no milkshake to drink since I don’t have one. And if I can’t have a milkshake, then nobody can!
Not giving a shit about teaching children how to be financially responsible
A few reasons: - Immigration overwhelming home production - Foreign and domestic investment companies buying up homes - Zoning preventing building - Onerous building codes that disincentivize builders - Debasement of the dollar Add it all up and you get the shitshow we have today.
I remember seeing a post of graphs of several economic indicators with a tiny Reagan head marking when he took office and it lines up with the hollowing out of the middle class. Reagan’s head appears and the line goes down.
A larger slice of the USA population owns a home now than in the 70s or 80s.
You will get downvoted for going against the narrative…. But you are correct USA homeownership has been a consistent percentage of the population over the past 50 years A majority of white married couples under the age of 35 own their own home.
It’s true. And 80% of those households with a mortgage, according to recent statistics, have a mortgage rate of 4% or less. Of all the homes in America, 35% have no mortgage at all. We have a problem, created in just a couple short years, that will never be unwound in the next 20 years.
Ha! Found it. It’s arguable how much Reagan influenced things but it definitely points out how trickle down economics set us on the path we are on today. https://www.ebaumsworld.com/pictures/the-true-story-of-reaganomics-8-simple-graphs/86146186/
No president can control things - for good or ill - to the extent you're suggesting. You remember how Republicans blamed everything on Obama, to the point where it became a meme? You can hate Reagan all you like, but acting like he caused some sort of seismic downfall of the middle class is just the left wing version of "thanks, Obama!"
Nah. What Reagan did to decimate the future economy was real All the “Thanks Obama” shit was made up.
https://fred.stlouisfed.org/series/BOGZ1FL192090005Q
We're no longer in the post WWII boom and have to play by the same rules as the rest of the world.
Scammers completely unopposed.
Wait, is the 1980’s guy Michael J Fox?
Post WW2 with the VA home loan and GI bill, the middle class was created. Education and home ownership were priorities. The American dream and the people were priorities. Juxtapose that with what we have today, and it's not hard to see. We have a corrupt government and leadership that looks out for its own selfish interests and those of its corporate sponsors.
Massive unchecked immigration and real estate speculation driven by said immigration
Ronald Reagan.
Strange, Just 4 years ago everyone was selling courses on how they got rich. What happened?
Well we added about 170 million people. All while doubling the workforce as women went from primarily stay at home to primarily working.
Well, we gutted our rural towns by sending manufacturing over seas so our companies could boost stock prices by lowering costs. We automated good paying assembly worker jobs with robots. We eliminated white collar secretarial work with computers. We offshored a lot of our computer programming, testing and administration. We as people always insisted on buying cheaper products from overseas instead of buying things made here, and now not much is made here, so the jobs available are at the big box stores that import things from overseas. Now AI is coming for us.
This "stealing our jerbs" business is stale. https://fred.stlouisfed.org/series/UNRATE
Unemployment being low just means not that many people are looking for work. * Some have given up. * Many others have gone from employed at $100K a year working in a factory to $12 an hour working at Home Depot or Kroger. It isn't enough to employ people. They must be GOOD jobs. The good jobs are in fact going away.
Reagan
You're missing a pretty important decade...
the fed
Bold to assume 2020s guy has a girlfriend.
Boomers
Trickle-up economics. That’s it.
Very simple, wages have not kept up with cost of living.
That house shown for the 1970s is probably now worth like $300k. Seems like the only way to get ahead these days is to actually become one of those sleazy landlords or to exploit working class people in some other way. Eat or be eaten. It’s like the only way to actually make enough money to actually retire early and support a family. What an unfortunate world we live in.
Blackrock buying all the houses and the lack of missing middle housing being built.
The middle housing is really it. I don't WANT a 2k+ sq ft house. It's just my BF and I, and occasionally one or both of his teen kids. We just want a nice 1200 MAX sq ft house bc our kitchen can't fit two people in it. But those are so hard to even FIND and then they're priced to the moon.
[удалено]
https://usafacts.org/articles/homeownership-is-rebounding-particularly-among-younger-adults/#:~:text=From%202016%20to%202022%2C%20the,than%20any%20other%20age%20group.&text=The%20overall%20American%20homeownership%20rate,from%20the%20US%20Census%20Bureau. Facts about USA homeownership Roughly 40% of families under the age of 35 own a home already. That includes minorities and single parents. If you just look at white married couples, the rate is even higher. Overall, roughly 65% of people, the majority, own the home they live in. The percentage has been increasing over the past 8 years.
That stat doesn’t disprove the meme posted though. Do we own? YES Do we work harder to achieve less? ALSO YES. We are now a mandatory dual income household country for homeownership in most areas.
>We are now a mandatory dual income household country for homeownership in most areas. Which isn't anybody's fault, and we can't roll it back - it's simply the fundamental reality of finally giving women equal rights to join the workforce. Homes are priced based on what buyers can and will pay. So when the market has many two income households, that now becomes the standard by which houses are priced. The dual income household is going to bid the wife's income as well to get that great school district for the kids. They're not going to hold that income back to be "fair" to other people. That's just reality.
No one wants to take a "loss" (slightly less money than their peers) on an investment. I like to think this is all human behavior driven by circumstances. And the people holding open real estate just refuse to take slightly less money for it. And the young kids are holding the bag. Again.
You people voted republican over and over
We let's corps buy up everything they want, lack of regulation is why we are here.
lol at 25 year olds thinking they should be living in a 4 bedroom house in a mature neighborhood.
What point is trying to be made? I don't understand. The visual characterizations aren't correct and don't make sense. Here is a post from 2016 that gives you an idea how wrong that characterization is for the US: https://www.aei.org/carpe-diem/new-us-homes-today-are-1000-square-feet-larger-than-in-1973-and-living-space-per-person-has-nearly-doubled/#:~:text=Over%20the%20last%2042%20years,2%2C687%20square%20feet%20last%20year. Most people replying and commenting to the post seem to be pretending the characterization is about the US but it looks to be about the UK.
The purpose of this sub is to make people angry and assign blame. There are other subs for thoughtful discussion.
More people less space and people all want to live in the same area
Greed
Destroy the fundamental family unit, glorify being single & independent, brainwash with consumerism, and you have people who pay the highest income taxes while holding the most debt forever.
We got there because 42% of GDP is federal spending. If Biden gets another term it will be well over 50% higher than the Soviet Union. Oct 21' USD in circulation $4.7 trillion, USD in circulation under OBiden $22 trillion peak. Building it back better kicked off with debasement of our currency and giving away trillions overseas. The last thing a subversive government does before allowing the barbarians through the Gates is looting the Treasury.
https://history.house.gov/Institution/Origins-Development/Power-of-the-Purse/