I came across this topic when I saw how the pandemic maybe going to create a massive wave of homelessness especially among young adult, renters who lost their jobs, and young families. This predication is due to the common practice that landlord can and will evict faster than a bank.
The state of New York opens the window for evictions today is why the subject matter came to mind. It only applies if the tenant owes rent. However, this states has lots of programs in place to aid people and I pray no one faces an eviction in the midst of this uncertain pandemic. We don’t need another death wave.
Those who wasn’t born yet to buy a house or too young or wasn’t allowed to cash in on the golden age of house buying during 1950’s to the 1960’s [Happy Days Era] has been shut out. This home security bubble burst in the late 1970’s to 1980’s and it’s been pretty difficult for anyone coming of age during and afterward to own a home. If your families didn’t have the money to give you for a down payment. It’s difficult, next to impossible to save for the down payment with the yearly increasing cost of rent. How were anyone to save up for a down payment with the stagnant wage and increasing rent?
The ridiculous deregulation of the 80’s created the housing crash of the 2000’s. The over inflate prices kept rising.
I have noticed those who were alive and able to cash-in on home ownership during the golden window of opportunity years often do not understand the plight of others. That others have been systematically locked out. It’s not that they are lazy, do not want to work, can’t manage money, or any of the other discriminatory malarkey that’s often spurt as to why the younger generation isn’t doing as well as their grandparents.
Discriminatory lending practices and outright fraud kept a lot of African American World War II vets from using the GI bill to buy houses in 1950’s and 60’s. It’s a shame considering that three out of every four black men born between 1904-1924 fought in that war. The draft age was 21-42. Yap, the very old black guy you may see sitting on a porch in a deteriorate black community could possible be a World War II vet who was denied the opportunity of home ownership.
Now, this is the kind of stuff that I find to be depressing as hell— in my opinion.
The Changing Math Behind Home ownership in the U.S.
|Year||Median Home Value||Median Rent||Household Median Income|