What happens when housing prices soar to the point that first time buyers, or people who actually work for a living, can't buy a house?
They get pissed.
Think about a new college grad, making $35,000 a year. Think about that young family, two earners, making $80k total, 30 years old, with a kid on the way.
For a lot of folks, this bubble and financial madness has killed the dream of owning a house. Luckily for some, they smartly are still holding off. vs. buying right now, post-peak.
Well, in the UK, a non-profit has started to raise awareness for the need of affordable housing. The bubble bursting, the Ponzi scheme ending, may do the trick. But if government gets involved, as they sometimes do, to control an asset price decline (hello Ben - getting chicken about raising rates? hello congress, thinking twice about getting rid of the home interest exemption?), are they really doing the country a favor?
Sure, the baby boomers cashed in (or so they think). But future generations who got left out in the cold are gonna be pissed. And they vote. And they won't buy these houses at these stupid prices.
Are you Priced Out?
Struggling to buy your first home? Next rung of the property ladder moved out of reach? Not prepared to over stretch your finances just for the sake of buying? You are not alone.
Thanks to runaway house price inflation UK homes are the most unaffordable they have ever been. The number of first time buyers are at their lowest recorded levels for 25 years as an increasing amount of people are priced out of more and more areas. For homeowners the gaps between the rungs have never been so large.
PricedOut.org.uk is the new national campaign for affordable house prices. Find out more about us here
May 12, 2006
The "priced out" strike back
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16 comments:
It won't work. It will just turn into yet another ponzi scheme. Communities are talking about the lack of housing for their teachers, firemen and cops.
We make a good amount of money but we still can't afford these astronomical prices.
Who cares about the teachers fireman cops. Fireman and cops are overpaid and barely work. They get tons of 0/t instead of hiring more people. Who said these professions were supposed to get rich. They get more benefits then the average person from 100% healthcare, pension, lots of vacation time. Teachers barely work any hours. teachers get every holiday summers etc. I vote against every bonds measure that goes to these people. The average guy works his whole life with no pension or healthcare benefits paid by the company.
"Communities are talking about the lack of housing for their teachers, firemen and cops."
In CA there are special programs for public employees to get property at a discount while the remaining have to pay full price.
And btw, home ownership is at record highs, proving that homes are more affordable now then they have ever been!
the numbers are warped. Don't forget you can manipulate a statistic. Home ownership is at record highs thanks to our Hispanic neighbors buying a home and living 2-3 families in one. The average(single family unit) 1st time buyer is priced out and has been for a while.
Holy cow! You mean a Hispanic can afford a home but I can't? What is this world coming to!?
I forget, they are uneducated and probably took out an I/O to buy that shack for 400 thou. Wait, isn't that what everyone else is doing?
But you gave me a good idea, I think I'll move in with my mother, brother and sister. Brilliant! Why didn't I think of that? thud.
Why should civil servants be given an advantage to home ownership above the average guy. They get great pensions,healthcare, vacation days. all the civil servants i've encountered are the biggest slackers. Go to a jail and see whatsheriffs get paid for what they do. Vote no on every bond measure. For the average guy how often have you needed police, fire dept, and as we pay more per student there test scores have went down. DMV costs have went up but you wait longer then ever.
hehehe.. it will be a civil servant who will more than likely pick up your carcass and take you to your favorite funeral home. Geez Luize guy, you have no idea do ya?
At this point, I'm just glad I'm not alone... It's a bit depressing that all my friends have managed to buy and I have not. I always thought the difference was these friends who could afford to buy had lots of help from parents. Unfortunately, I get no help from my parents. The reality is, even with help, my friends overspent. In the mean time, I'm saving like crazy, have zero debt. *sigh* Just trying to remain patient!!
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