The American Dream typically includes a home with a white picket fence, but what happens when younger generations can only afford the fence?
A new research paper has found the millennial generation is giving up on the thought of ever buying a house with experts estimating fewer will live out the American Dream of becoming homeowners.
Economists Seung Hyeong Lee of Northwestern University and Younggeun Yoo of the University of Chicago recently published a paper looking at homeownership rates of Americans born in the 1990s and how their attitudes toward homeownership may affect their behavior.
Lee and Yoo estimate just about 74% of people born in 1990 will become homeowners by retirement, a 9.6% decline from the nearly 84 percent of people born in 1950 who have bought a house.
Its gonna keep happening too.
For years I’ve been getting spam cold calls/texts from investment groups trying desperately to buy my house.
Everyone with a mortgage gets them, long before anyone starts thinking of selling.
What we need is common loyalty. Everyone to refuse to sell existing homes to any bank/corp regardless of how much they’re offering.
A single person always loses against banks and corps, that’s why they spend so much keeping us divided
But the truth is the only reason there’s a homestead exemption is less than a century ago when banks would try to repo a house, the whole community would be waiting for them with rifles.
The people changed the math on the risk/reward for seizing housing, we’d have never got that homestead exemption codified into law without the legitimate threat of violence.