Here’s the number one concern for us Americans. Homeownership rate among young Americans is considerably lower than it was during the baby boomer era

[WTH_Progs?]

The main point of the "picture" is that there is a gap between wages/income (1970 to 2023) and the cost of housing in the same time span.

You have to figure in interest rates to determine cost of housing.

 

[WEATHER53]

Libs want Feds to mandate lower house prices rather than lower rates
Punitive governance

 

[ReinyDays]

lol!, you sound like one of my GC's Reiny.....~S~

That was a career path I could have taken ... I had the bucket full of money to get insured ... but I was offered a bucket full of money to take over managing an old run-down apartment complex ... one was 12-hours days, maybe a vacation every 5 years ... the other was full time 4 months a year and 2 hours a day the other 4 months; with 4 months paid vacation every year; early retirement; and all the tax breaks the Rich get ... that last is what sold me ...

Plus I got to start with two buckets of money ...

 

[Dadoalex]

Me?

I’m a traditional Democrat. ...

At least when Trump was in office we had lower prices and a better country with no major foreign wars.

Sure you are.
Like every other "traditional democrat" who turned to the GOP when DEMOcrats started actually caring about the people they serve.
I'm sure you know the overwhelming majority of elected Republicans in the south in 2000 were former Republicans.

 

[Blues Man]

Because they can’t afford it.

“In fact, the median cost of a typical 20% down payment was about 85% of the average millennial household's salary last year. That's considerably higher than the 75% for Gen X and 64% for baby boomers when they were the same age.

Sure they can.

I've seen 1200 sf homes for sale in my state of VA for under 200K and believe it or not a modular home can be cheaper to build than buying.

I know a young woman who built a house right before Covid and she was only making 35K a year.

It's all about priorities.

I remember when people would actually get a second job to help save for a house

 

[DBA]

Which again, is out of reach for most people now that Republicans demolished the middle class.

Not out of reach in my area. In blue areass, quite possibly. But you idiots get what you vote for. Live in relative squaller, but hey, at least you can abort babies up until the moment of birth. I guess you have to take the good with the bad.

Wow, you keep repeating THAT lie.

The CRA didn't anything but end the practice of banks refusing to loan in certain neighborhoods. That was it. Also, it was passed in 1977, not during the Clinton years by that scary gay man.

FRB: FEDS Notes: Assessing the Community Reinvestment Act's Role in the Financial Crisis

The Federal Reserve Board of Governors in Washington DC.

www.federalreserve.gov

A number of researchers have investigated whether the CRA could be responsible for the subprime boom and riskier lending in general. Three key findings suggest the CRA did not have an important role in the subprime mortgage boom, either through banks' direct originations or their secondary market purchases.

First, Bhutta and Canner (2009) analyze 2005–2006 mortgage origination data from the Home Mortgage Disclosure Act (HMDA) and find that just 6 percent of all higher-priced loans (a proxy for subprime loans) were "CRA-related"--that is, were originated by depositories to either lower-income borrowers or lower-income neighborhoods in the banks' CRA assessment areas. The small share of subprime lending in 2005 and 2006 that can be traced to the CRA suggests that the CRA is unlikely to have played a substantial role in the subprime crisis.

Second, in follow-up work using loan performance data matched to 2006 HMDA origination records, Bhutta and Canner (2013) find that CRA-related loans experienced a delinquency rate that was less than half the overall rate for loans in lower-income neighborhoods and was actually lower than the overall delinquency rate across all 2006-vintage mortgages.4

Avery and Brevoort (forthcoming) and Ghent et al. (forthcoming) also find no evidence that the CRA drove up mortgage default rates during the housing bust, showing that default rates in neighborhoods that just meet the CRA definition of "lower-income" are nearly identical to those in neighborhoods just outside the lower-income definition.5 Relatedly, in preliminary work, Ringo (2015) finds that the CRA increased refinancing opportunities in lower-income neighborhoods that were added to a bank's assessment area by the Office of Management and Budget's redefinition of statistical areas between 2003 and 2004. By lowering homeowners' mortgage payments, the increase in refinancing reduced default rates.

I am not going waste any more time on this. I don’t care that Frank was gay, but evidently it made a difference to you. Yes, the changes to CRA had a large effect on the banking crisis and it wasn’t simply related to loans by Fannie Mae and Freddie Mac nor just loans that met the criteria for a CRA loan. The standards were lowered and Clinton increased the number of CRA loans some banks were required to make. In short, the quota was increased because in the Democrat’s mind, it just wasn’t fair that some people couldn’t afford homes or couldn’t get loans due to bad credit. Per the norm, everyone is a victim. Loosening of loan requirements led to banks thinking that if they can do it for low income, risky folks, why can’t we do it for prospectors and the like. We can make more money and still sell our loans off because those busing the loans aren’t nearly as diligent as they once were. No, they shouldn’t have done this, but again, we live in the real world, not some theoretical fantasy land.

As usual, Democrats have grand plans but don’t think ahead. They are one-step, Utopian, ideological thinkers. Democrats are less successful in general for a reason and this is just one of them.

 

[sparky]

Plus I got to start with two buckets of money ...

reminds me of an old addage

how does one make a bucket of $$$ farming?

start out w/two buckets......

~S~

 

[citygator]

We are in the best housing market ever for sellers because there is a low supply. Has nothing to do with anything else. The reason housing prices are holding up in this artificially high interest rate time (useless Fed) is directly because of the low supply. Enjoy it if you own a home. If you dont you will need to spend more until the supply goes up. That is non-political non-government problem.

 

[JoeB131]

they dont have the costs of ten million lawyers suing for every muslim, homeO, tranny. Govt regulations, insurance bogging them down. They can just operate, produce more easily & cost effective.

Except...those aren't really cost drivers.

Yes, I want a workplace where my employer can't abuse me or ignore safety. I suppose you'd rather work in a Chinese factory where they lock the employees in during Covid Outbreaks, and they are so stressed out they are killing themselves.

 

[JoeB131]

The main concerns for Americans are:

1) Massive illegal immigration, with Islamic terrorists getting in
2) Skyrocketing crime
3) A middle class that can’t afford to buy groceries and gas

Immigration isn't a problem, our dumb policies are. I'm up to page 64 of the documents I have to provide for my wife to change her work visa to a marriage visa. Sneaking under a fence is still free.

Maybe you should talk to your fellow Jewish factory owners about all the illegals they are hiring.

Crime is actually from where it was in 2020 under Trump Plague.

Gasoline isn't that big a part of the family budget, unless you are driving a big honking SUV that gets 10 miles to the gallon, and then that's your own damned fault.

 

[JoeB131]

Not out of reach in my area. In blue areass, quite possibly. But you idiots get what you vote for. Live in relative squaller, but hey, at least you can abort babies up until the moment of birth. I guess you have to take the good with the bad.

The middle Class in your part of the country has a nicer double wide than Bubba. Hard Pass. Do I need to post the poverty map again? The South would be a third-world country if it wasn't part of the United States.

I am not going waste any more time on this. I don’t care that Frank was gay, but evidently it made a difference to you.

Then why do you keep bringing him up as shorthand, especially for a policy he didn't create?

Yes, the changes to CRA had a large effect on the banking crisis and it wasn’t simply related to loans by Fannie Mae and Freddie Mac nor just loans that met the criteria for a CRA loan. The standards were lowered and Clinton increased the number of CRA loans some banks were required to make.

Actually, it had very little effect because the CRA banks were more closely regulated to make sure they weren't ripping people off. The housing crisis was caused by Stupid White People buying McMansions, hoping to flip them in a couple of years. In short, it was a top-down crisis, not a bottom-up one. I live in an area where they just stopped working on the McMansions, and the shells sat half-completed for years.

In short, the quota was increased because in the Democrat’s mind, it just wasn’t fair that some people couldn’t afford homes or couldn’t get loans due to bad credit. Per the norm, everyone is a victim. Loosening of loan requirements led to banks thinking that if they can do it for low income, risky folks, why can’t we do it for prospectors and the like. We can make more money and still sell our loans off because those busing the loans aren’t nearly as diligent as they once were. No, they shouldn’t have done this, but again, we live in the real world, not some theoretical fantasy land.

Um, guy, here's the thing. George W. Stupid kept the policy up. In fact, he considered it one of the greatest accomplishments of his administration that home ownership hit all time high. He bemoaned the fact that a lot of people couldn't come up with a down payment.

As usual, Democrats have grand plans but don’t think ahead. They are one-step, Utopian, ideological thinkers. Democrats are less successful in general for a reason and this is just one of them.

Yet the Blue states are wealthier than the red states. Why is that?

 

[DBA]

The middle Class in your part of the country has a nicer double wide than Bubba. Hard Pass. Do I need to post the poverty map again? The South would be a third-world country if it wasn't part of the United States.

Again, a middle class family in my area has a far better standard of living than a middle-class family in yours. You can believe that they live in double-wides, but that is simply untrue. You obviously have never actually done any research on middle to upper class areas of the South or you would know quite differently.

Actually, it had very little effect because the CRA banks were more closely regulated to make sure they weren't ripping people off. The housing crisis was caused by Stupid White People buying McMansions, hoping to flip them in a couple of years. In short, it was a top-down crisis, not a bottom-up one. I live in an area where they just stopped working on the McMansions, and the shells sat half-completed for years.

And the race thing again. No, idiot, the “stupid white people” didn’t force the banks to give them loans. The banks gave them loans because they knew they could sell them off with little scrutiny. Were the banks greedy? For certain. Were Democrats too dumb to realize that banks were going to likely take advantage of their ill-advised modifications? Absolutely.

Um, guy, here's the thing. George W. Stupid kept the policy up. In fact, he considered it one of the greatest accomplishments of his administration that home ownership hit all time high. He bemoaned the fact that a lot of people couldn't come up with a down payment.

I am not a fan of GWB. He was basically a RINO. You should have been sending him love letters.

Yet the Blue states are wealthier than the red states. Why is that?

Yes, people in large cities make more money on average. Some make a lot more money. Just because a garbage collector in NYC makes as much as an engineer in a smaller town in a red state doesn’t mean he has a better standard of living. In fact, far worse.

 

[ReinyDays]

You obviously have never actually done any research on middle to upper class areas of the South or you would know quite differently.

Now go look at your impoverished areas ... that's really really bad compared to other places ... I live in the bad part of my town and the streets are clean, neighbors friendly and and just the one violent crime this year (cops had to put down a crazy homeless guy) ... this is typical in any rural county seat in the Upper Midwest ... Nebraska, North Dakota, Indiana ... Republicans of the Earth ...

Jackson's water supply collapsed ... the STATE CAPITAL OF MISSISSIPPI ... no water ... "way to go, Fitz, way to go" ...

 

[BothWings]

It's not just about property and tax costs. These people also don't want any responsibility of their own. They want a landlord to offset much of that. Just look at the government row-houses they have in Britain. Some people are perfectly happy living under the wing of a landlord and depending on public transportation and other people's stewardship all their lives.

 

[Nobody911]

Baby boomers, when they were younger owned homes at a considerably higher rate compared to today’s generation of young Americans. And that should be the number one concern for politicians in this country. Fix our horrible economy.


Substantially fewer of those born between 1981 and 1996 are homeowners today than Gen X and baby boomers were at the same age. Housing affordability is taking a toll on all generations, but the lack of entry-level homes and the dearth of new builds are particularly impacting millennials.”
…
“In fact, the median cost of a typical 20% down payment was about 85% of the average millennial household's salary last year. That's considerably higher than the 75% for Gen X and 64% for baby boomers when they were the same age.”

Millennial Homeownership Still Lagging Behind Previous Generations

Millennials are buying homes at a lower rate than generations before, with high housing prices, the lack of entry-level homes, and the dearth of new builds particularly impacting millennials.

www.investopedia.com

see the numbers don’t lie. The coronavirus lockdowns which were totally unnecessary helped to worsen this problem along with Biden inflation.

Politicians want us to give all our money away to foreign countries for their wars. There are still some politicians democrat and Republicans who care…. Few and far between it seems like though.

This country ain’t what it used to be and we have work to be done. There will be those who will claim “there’s plenty of jobs to be had”, might be true but looks like they don’t make any difference. Sure people can get a job at McDonald’s or Walmart. It ain’t nothing man. Back in the day you could get a job at a steel plant Be proud of yourself contribute to this country….. and be set for life. We’ve lost millions of those jobs and they haven’t been replaced.

Only 14% believe their finances have improved, a survey shows

What do Americans expect from that OLD PRESIDENT?

However, those will surely feel richer if they get the jobs in arms companies! lol.

Sources:
1. Most Americans feel poorer under Biden – poll — RT Business News – Most Americans feel poorer under Biden – poll
2. As the war rages on and military spending booms, the US arms industry is a big winner in Ukraine - ABC News – The war in Ukraine continues to rage on, but there's already one clear winner

 

[initforme]

Young people have to lower their expectations, as well. When I was 25, I was renting a studio apartment. Nowadays, the 25-year-olds want to stay in their parents’ houses or, if the parents can afford it, subsidize 1-bedroom luxury apartments.

If a young person is working full time and living at home I see zero problem with that. They are saving money and not out carousing with other young people causing issues. If they aren't sitting around and are working who cares if they are living at home? It helps keep them out of debt which is smart. We don't need them renting apartments.

 

[Lisa558]

If a young person is working full time and living at home I see zero problem with that. They are saving money and not out carousing with other young people causing issues. If they aren't sitting around and are working who cares if they are living at home? It helps keep them out of debt which is smart. We don't need them renting apartments.

Depends on the age. Living at home at age 30 does not go along with the independence and self-support one should have at that age, and it doesn’t bode well for the future.

 

[JoeB131]

Again, a middle class family in my area has a far better standard of living than a middle-class family in yours. You can believe that they live in double-wides, but that is simply untrue. You obviously have never actually done any research on middle to upper class areas of the South or you would know quite differently.

Again, I've been to the South. It was like visiting a third-world country.

And the race thing again. No, idiot, the “stupid white people” didn’t force the banks to give them loans. The banks gave them loans because they knew they could sell them off with little scrutiny. Were the banks greedy? For certain. Were Democrats too dumb to realize that banks were going to likely take advantage of their ill-advised modifications? Absolutely.

No, they didn't have to force them.. the banks were happy to do so. Because the banks are fucking evil. You guys got all the bank deregulation you wanted and you are surprised when the banks gave mortgages to people who couldn't afford them, lied about the value of those mortgages and then sold those mortgages off as investments, which is why they tanked the economy in 2008. You see, after the 1989 crash, the Banksters should have been kept on a tighter leash, with a few of them tossed into big boy jail with a well-endowed cellmate and a jar of vaseline. Instead, they got bailouts, again. They got to keep their bonuses, again, and those poor dumb white people who overbought (and even a few of us who bought sensibly) were stuck with underwater mortgages.

I am not a fan of GWB. He was basically a RINO. You should have been sending him love letters.

Right. GWB was a RINO, His dad was a RINO. Romney is a RINO, McCain was a RINO. Everyone is a RINO except for Trump, who wasn't even a Democrat 20 years ago.

Yes, people in large cities make more money on average. Some make a lot more money. Just because a garbage collector in NYC makes as much as an engineer in a smaller town in a red state doesn’t mean he has a better standard of living. In fact, far worse.

Depends on your point of view. Problem with rural areas in general is that there just isn't a lot to do. The food sucks, there's no cultural life beyond NASCAR and Country Music, (Ugh) I'd much rather live in a diverse, multicultural big city.

 

[Unkotare]

Wetbacks are Americas biggest problem…...

Shitbag pussy cowards like you are America's biggest problem.

 

[Unkotare]

Again, I've been to the South. It was like visiting a third-world country.
....

They were far more tolerant and advanced than you, LOSER.