Posted on 09/12/2009 7:12:18 AM PDT by Son House
As you may have guessed, rising unemployment accounts for many home foreclosures. That's turning many people from homeowners to renters.
Judy Heller and her husband spent 24 years in their Rochester home, raising their kids. But they're moving out soon.
"It's too expensive, we can't afford to stay here and my husband had looked for a job around Rochester but most of them are minimum wage, and you can't survive on minimum wage now," Says Heller.
They're moving to an apartment in the Twin Cities, where her husband's found a job.
Down sizing means living in a smaller place, and letting go of possessions they've had for decades.
“When you move from a 6 bedroom house to a one bedroom apartment, you don't take a lot with you," she says.
Heller's story is not uncommon.
Landlord Jeff Allman owns the "Residences of Old Town Hall" apartments off East Center Street near downtown Rochester.
He's seeing layoffs hit people first-hand.
"We've had some people lose their jobs and we had to help em' find an exit strategy to complete their lease," says Allman.
He says now some families are "doubling up" in apartments.
"We had some situations where a single mother and two kids in a two bedroom apartment - brought in her sister and her 2 kids," Allman says.
More and more homeowners are turning back into renters; people like Judy Heller.
She says the toughest part is something very practical.
"Just getting used to living so close to other people, I've never lived in an apartment so it's a big change."
A tough change she and many others are making, because they have to.
They want the luxury of blaming Bush, when it has been their tax and spend policies, including their 'Stimulus bill' that continue to have a negative effect on the economy.
The problem has been exacerbated with a Democrat President who is signing onto their fiscally irresponcible tax and spend policies, including their failing Stimulus Bill.
Democrats have the luxury of having a press that continues to follow their mantra of blaming President Bush, when it has been Democrats in the House of Representatives responsible for the budget.
Our neighbors are suffering because of the lack of jobs in the free market. Job opportunities directly diminished because of Government taxation and regulation.
Nothing wrong with renting. It may be the most rational choice for a lot of people.
They should have moved away from Rochester in relative good times when they had a chance to sell their house. But no, most people wait till the bad times come, then they are forced to move and get nothing for their home.
You have to look forward. It doesn’t take a genius to see that some areas of the country have been growing and some shrinking for the last 20 years.
You don’t want to be the last one out when they turn off the lights, you need to be one of the first ones out when you notice the party is starting to wind down.
The wind down in states like NY started at least 20 years ago.
We’re renting a 5 bedroom house for $1600 a month plus utilities that total an average of $500 a month. We’re empty nesters.
We are having a garage sale this weekend.
End of the month we are moving to a $1000 a month condo with $35 a month utilities. It is fiscally irresponsible to continue to live in this house, especially since we just bought that 13 acres with a new house in Kentucky as our “Galt’s Gulch”.
We are having a HUGE moving sale this weekend. We’ve also sold a ton of stuff on Craigslist.
We were homeowners for over 20 years and rented for 12. I liked renting better, except for the inability to do things like custom install our video projector. The biggest problem with the move is that my two bands used my garage as a recording studio and practice space. It still doesn’t justify the extra $1,000 after tax dollars per month.
Oh, and my new place is literally across the street from th corporate headquarters where I work.
The home we have been renting the last several years would have cost around $3,500 a month to own. That’s crazy.
I am trying to figure out how someone can have their home for 24 years and not have it all but paid off.
Unless they foolishly pulled the equity out.
Well, the problem is that most people believe they *need* to buy a home and then start making bad economic decisions. If they would start off in an apt from the beginning they would have the money to buy a home.
Liberals find so much to complain about. The glass is always half empty.
In many cities it makes sense to rent. It can cost half of what it would to buy.
Becoming more like EUROPE every day. Home ownership is a rarity there.
Judy Heller and her husband spent 24 years in their Rochester home, raising their kids. But they’re moving out soon.
Yes, you should live within your means. My point would be renting should be by choice for most, not by lack of job opportunity brought on by wrong way Democrat legislation
Well meaning friends and family spread the myth that home ownership is a good investment. It may be, it may not.
I heard this argument a hundred times:
Why send your rent down a rat hole when you can put your money into equity in a house.
Course 99% of people borrow the money to buy the house and send rent on that money down a different rat hole.
That said, I own a house now. Having kids changes many of life’s equasion.
Agreed.
“Economy is Having an Impact on Renters[Homeowners Turning Into Renters, Thanks Democrats!]”
All is going to plan per Obama. Eventually, if unchecked, the government will be the only landlord and we’ll all be renters.
In my city they are still putting moochers in mortgages and house purchases they can’t afford.
It feels like there is a big rush to get the moocher class in houses before public outrage shuts down the handouts.
Meanwhile, working class people around here are still losing their homes every day.
I lived in apartments when I was younger, in my experience it sucked.
Now my wife and I and the tax assessor own this home I live in.
My wife and I paid off a 15 year mortgage in a little over 8 years and as I noted before, we and the tax assessor now own it.
Too late... we already are. Try not paying your property taxes and see what happens....
I hate articles that leave the reader wondering. Hopefully they got something positive like helping their kids pay for schooling,,
There are also good deals on rent-to-own, or lease-purchase deals. If you opt to stay, you eventually don’t have to pay rent. If you opt to leave, you’ve spent no more than you would have on any other rental.
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