Why the U.S. Needs to Fall Out of Love With Homeownership

Home ownership can be a great thing, but it requires a lot of money or a very stable income, people need to only buy well within their means and when they intend on staying and when they belive they can afford the payment long term.

Many people were buying homes that were way beyond what they could pay with the plan of refinancing or selling within a few years. That is a silly get rich quick scheme that backfired on many people, and harmed many responsible people.

I have made a lot of money in the last 8 years by selling when it made sense and renting for the 4 worst years, then buying when it made sense again... but I was mobile because I never owed more than my homes were worth and I could afford to move and rent.

I expect my current house to be a home for many years, where I am going to raise my children, but according to current estimates and comparisons to other houses in the hood, I have made 66% on its value.
 
Rana said:
Yeah, we can all just rent from them, lol

I owe my soul to the company store...
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Or we can buy from them. They don't make any profit off that? Actually, I think the economic history shows that they are more able to gouge buyers due to speculative bubbles.

Home ownership may or may not be a good deal for the individual.
 
And the more home ownership glides out of the reach of the middle class, the richer landlords will be. By very definition. I think it's time for another Colorado "DUH" here.
 
Darla said:
And the more home ownership glides out of the reach of the middle class, the richer landlords will be. By very definition. I think it's time for another Colorado "DUH" here.
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You clearly haven't owned investment property if you think it automatically makes you richer.
 
"Rich" is a matter of perspective and its important to know that. I often fall into the trap of wanting to become "Rich". It is important to remember that for 99.9999% of us, "rich" is a capitalist lie that is in place to keep as many people enslaved as possible.

Financial wealth is all about expectations and learning to live happily at a wide range of financial situations. I have a nanny for my kids, she comes from Costa Rica and I don't pay her any huge salary. I always considered her pretty poor. She and her husband and her grown son live in a small trailer. They are some of the happiest people I know.

She was thanking me for making her "rich" the other day. She is so happy she can send so much money home to her other 5 children and they consider her wealthy.

I consider myself very middle class, but according to her, I am extremely wealthy. And according to the kids she sends money to, she is extremely wealthy. We both had a laugh about that perspective a few weeks ago.
 
Who gets to define what constitutes "rich"?

Is there something wrong with being "rich"?

Does the liberal distaste for the "rich" extend to liberals who are financially comfortable, or are those folks exempt from self-loathing leftist economic class hatred?

Just asking.
 
Jarod said:
Home ownership can be a great thing, but it requires a lot of money or a very stable income, people need to only buy well within their means and when they intend on staying and when they belive they can afford the payment long term.

Many people were buying homes that were way beyond what they could pay with the plan of refinancing or selling within a few years. That is a silly get rich quick scheme that backfired on many people, and harmed many responsible people.

I have made a lot of money in the last 8 years by selling when it made sense and renting for the 4 worst years, then buying when it made sense again... but I was mobile because I never owed more than my homes were worth and I could afford to move and rent.

I expect my current house to be a home for many years, where I am going to raise my children, but according to current estimates and comparisons to other houses in the hood, I have made 66% on its value.
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Precisely!

People began treating their homes like they did their cars...trading them in on a newer, larger "model" every few years while cashing in on the increased values of the home they were selling.
 
Jarod said:
I have a nanny for my kids, she comes from Costa Rica and I don't pay her any huge salary. I always considered her pretty poor. She and her husband and her grown son live in a small trailer. They are some of the happiest people I know. She was thanking me for making her "rich" the other day. She is so happy she can send so much money home to her other 5 children and they consider her wealthy. And according to the kids she sends money to, she is extremely wealthy.
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How patronizing you seem.

Is she an illegal alien?

Do you pay her a "living wage" of $15 an hour?
 
cawacko said:
You clearly haven't owned investment property if you think it automatically makes you richer.
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Yes we all know that a lot of stupid schmucks who read too many Horatio Alger stories and swallowed a lot of delusional horseshit, put themselves into deep debt during the housing bubble in order to mortgage homes they were then going to rent out to schmucks too stupid to read Horatio Alger, and "get rich"...and how they were wiped out.

The guys left standing will be the landlords. The rich get richer, anyone who isn't already isn't getting rich in this modern economy.
 
Darla said:
Yes we all know that a lot of stupid schmucks who read too many Horatio Alger stories and swallowed a lot of delusional horseshit, put themselves into deep debt during the housing bubble in order to mortgage homes they were then going to rent out to schmucks too stupid to read Horatio Alger, and "get rich"...and how they were wiped out.

The guys left standing will be the landlords. The rich get richer, anyone who isn't already isn't getting rich in this modern economy.
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WELL SAID!
 
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