- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Why are homeownership rates precipitously declining?
Posted on 8/30/16 at 3:43 pm to Paul Allen
Posted on 8/30/16 at 3:43 pm to Paul Allen
quote:
Why are homeownership rates precipitously declining?
Ownership is declining because household income among the people who buy the most homes, i.e., young people starting families, is declining in real terms. For college grads add a staggering amount of student debt that further erodes their purchasing power.
This post was edited on 8/30/16 at 3:46 pm
1
Posted on 8/30/16 at 3:45 pm to setinways12
People realize housing prices are still over inflated and a correction will be devastating. I understand this reasoning.
People who are mobile through employment see no need to buy. Maybe people are waiting to see where they'll put down roots before planting seeds.
People who are mobile through employment see no need to buy. Maybe people are waiting to see where they'll put down roots before planting seeds.
Posted on 8/30/16 at 3:46 pm to DoUrden
quote:
I no longer want to do yard work and don't want to do R&M on a house.
It always bugs me when people tell me that owning an apt is like throwing away money. For most homeowners, a big part of that mortgage payment is interest, and there are typically several hundred dollars a month in additional utilities, internet (which can sometimes be gotten for free at an apartment complex), homeowners insurance, termite insurance, flood insurance, maintenance costs, paying for replacement of big items like the roof, lawn care, etc., not to mention how much of your time is put into maintaining everything.
And that's not even counting that just to close on a house you gotta cough up $2500 minimum. AND the fact that there is absolutely no guarantee that your house won't depreciate in value while you own it due to factors entirely outside of your control.
With the money you save on the above items you can come close to (if not ahead of) breaking even by renting, and you get a ton of free time (and peace of mind) in return. For people who don't have large families or don't plan on staying in one area a long time, apartments or duplex rentals can make a lot of sense.
Posted on 8/30/16 at 3:48 pm to Paul Allen
I am closing on my first house tomorrow. Luckily working through college and graduating debt free paid off.
We should have everything moved in to watch kickoff at 2:30 on Saturday.
We should have everything moved in to watch kickoff at 2:30 on Saturday.
Posted on 8/30/16 at 3:51 pm to gorillacoco
quote:
It always bugs me when people tell me that owning an apt is like throwing away money. For most homeowners, a big part of that mortgage payment is interest, and there are typically several hundred dollars a month in additional utilities, internet (which can sometimes be gotten for free at an apartment complex), homeowners insurance, termite insurance, flood insurance, maintenance costs, paying for replacement of big items like the roof, lawn care, etc., not to mention how much of your time is put into maintaining everything.
And property taxes.
I live in a loft apartment so no neighbors and a garage under my apartment, granted I am not married and don't have kids. The A/C goes out, phone call, toilet breaks, phone call, but I don't like it if those people that cut the grass wake me up early in the morning though.
Posted on 8/30/16 at 3:59 pm to setinways12
quote:
like this reasoning since its a positive one. Walkable cities and shti
you must not have children.
My son in Seattle has tons of friends and neighbors with kids that have never owned a house and a car, lot of other areas with similar lifestyles.
Posted on 8/30/16 at 4:06 pm to setinways12
quote:
you must not have children
Praise Jesus!
Posted on 8/30/16 at 4:06 pm to gorillacoco
quote:
With the money you save on the above items you can come close to (if not ahead of) breaking even by renting, and you get a ton of free time (and peace of mind) in return. For people who don't have large families or don't plan on staying in one area a long time, apartments or duplex rentals can make a lot of sense.
I am retired and have owned eight homes in my life, I would have to do a lot of arithmetic before I could positively say home ownership has been a significant financial benefit. Within 5-6 years we plan on selling this place and rent the rest of our time on earth. Tired of maintenance and repairs, and want the freedom to pack up and move to a different city without a lot of hassle.
Posted on 8/30/16 at 4:08 pm to Paul Allen
Quality jobs aren't there, so you have some people holding off until their lives become stable at 30+ years old
Posted on 8/30/16 at 4:10 pm to Paul Allen
Short answer, I can't afford it.
Edit-do you think that statistic includes nonresident Chinese owners?
Edit-do you think that statistic includes nonresident Chinese owners?
This post was edited on 8/30/16 at 4:12 pm
Posted on 8/30/16 at 4:11 pm to Paul Allen
Trending upward here in north la.
Sorry baw.
Sorry baw.
Posted on 8/30/16 at 4:13 pm to Layabout
quote:
young people starting families,
less and less young people are pairing up
Posted on 8/30/16 at 4:13 pm to gorillacoco
quote:
For most homeowners, a big part of that mortgage payment is interest,
That and property taxes and insurance are tax deductible which helps.
quote:
paying for replacement of big items like the roof
Insurance pays for that when a hail storm rolls in.
quote:
not to mention how much of your time is put into maintaining everything.
Its not much time.
quote:
lawn care
I have a low maintenance native plant yard. I water a couple of times a year and mow 5 or 6 times a year.....although we have had a lot of rain this summer so I've had to mow a few more times than normal. My prairie lawn grasses (side oats gramma mostly) are starting to bloom now which means as a bonus I get to see my anal neighbor seethe.
quote:
With the money you save on the above items you can come close to (if not ahead of) breaking even by renting,
I understand people wanting to rent. But my house has appreciated about 175% since I've owned it. Even during the financial/ real estate freefall of 2008-13 it really never depreciated. So it is an investment that will pay off in the long run.
Posted on 8/30/16 at 4:25 pm to Paul Allen
This post was edited on 11/8/20 at 12:59 pm
Posted on 8/30/16 at 4:26 pm to Paul Allen
It's probably due to several reasons, but part of it is due to this:
1. Young people want to live in cities.
2. Real estate in cities is typically expensive.
3. Young people basically need an education to get a "good" job. A lot of young people also go to graduate school, which means that they are older when they start their careers.
4. Young people people often have student debt which stunts their ability to buy properties in cities, which makes them older when they are financially viable to own a home.
1. Young people want to live in cities.
2. Real estate in cities is typically expensive.
3. Young people basically need an education to get a "good" job. A lot of young people also go to graduate school, which means that they are older when they start their careers.
4. Young people people often have student debt which stunts their ability to buy properties in cities, which makes them older when they are financially viable to own a home.
Posted on 8/30/16 at 4:31 pm to Paul Allen
Because it's expensive as frick.
I make very good money and have a fairly modest house with no yard to speak of and I can barely afford that fricking thing.
I make very good money and have a fairly modest house with no yard to speak of and I can barely afford that fricking thing.
Posted on 8/30/16 at 4:31 pm to setinways12
quote:sorry you can't afford to live in the city
you must not have children.
Posted on 8/30/16 at 4:32 pm to Paul Allen
20% down payment is hard for people that don't save money, while spending money that they don't have.
Posted on 8/30/16 at 4:34 pm to tigerfann83
quote:millennials do
Nobody saves money
Page 2 of 6
Popular
Back to top
Follow TigerDroppings for LSU Football News