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Millennials Cause Home Ownership to Drop to It's Lowest Level Since 1965
NBC News ^ | July 28, 2016 | Diana Olick

Posted on 07/28/2016 1:21:21 PM PDT by GuavaCheesePuff

After rising just over a decade ago to its highest level ever, the nation's home ownership rate fell to match its all-time low and could drop even further in the months to come.

In the second quarter of this year, the rate fell to 62.9 percent, not seasonally adjusted, which is the same as it was in 1965, when the U.S. Census started tracking the metric. During the epic housing boom in the mid-2000s, the rate soared as high as 69.2 percent. That was when politicians touted the so-called "ownership society."

(Excerpt) Read more at nbcnews.com ...


TOPICS: Business/Economy; Culture/Society
KEYWORDS: economy; housing; jobs; millennial; millennials; obamanomics; obamegacy
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To: IYAS9YAS

Heh, heh, I would never have heard of Lorde or Royals without hearing Weird Al’s version.

Too old for today’s young people music but I have enjoyed Weird Al’s parodies ever since “Like a Surgeon”.

BTW...why do so many twentysomething women have tatoos? Ruining their young perfect skin with ink, I don’t get it.


41 posted on 07/28/2016 2:23:11 PM PDT by elcid1970 ("The Second Amendment is more important than Islam. Buy ammo.")
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To: Jack Hydrazine

They are covering up more than that. FHA is the one bringing back the subprime mortgage.Dems couldn’t handle the democrat voters not having homes.You can have a 500 FICO score,a gift as down payment and you could own a home..They will let you put a small down payment on the new house,even if half your salary will go to mortgage.People who have a bankruptcy can still buy a home..The good news is they don`t go through the big banks anymore..So,no shorting the housing market this time..When it all blows up,once again taxpayers will pay..This time the Obama administration set it up this way.


42 posted on 07/28/2016 2:28:02 PM PDT by Hambone 1934
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To: GuavaCheesePuff
Another Socialist/Islamo/Elitist hit piece on "Millennials".

What about all those dying "Greatest Generation" types, why aren't they buying houses instead of burning through SS and Medicare dollars?

And what's up with those selfish, obese Boomers expecting to retire? Why not another retirement cottage? Who do they think is going to pay taxes to keep the whole thing going?

What about those little post millennials demanding an education and causing school taxes to rise? Daring to be born and pushing housing prices beyond the reach of Millennials?

MSM Divide and conquer.

Damn them all.

43 posted on 07/28/2016 2:28:27 PM PDT by MrBambaLaMamba ( Evil preaches tolerance until it is dominant, then it tries to silence good.)
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To: al baby

More than I need.

Got a great wife, a paid off house and good health and a half dozen really good basses and guitars; who needs more than that? Not me :-)

I’ve got friends for whom being ‘rich’, nice car, big house, is important, God bless ‘em; a 15 year old truck and 12 year old Sportster and a 900 square foot house if fine by me.


44 posted on 07/28/2016 2:30:12 PM PDT by RedStateRocker (Better questions that can't be answered than answers that can't be questioned.)
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To: Bubba Gump Shrimp

If living in your bank’s house workd for you, you are doing the right thing.

I own my home the same as I own the shoes I am wearing. Mortgaging the roof over your head is gambling, and a bet I refuse to make against my future. You are betting that you will have a steady, uninterrupted, ever increasing income stream. Some people (mostly government workers) have that luxury, but more than half of all Americans never are in that position.

I have been laid off several times from very good jobs as a result of economic downturns, but did not have any outstanding debt at all any of those times.

My health has taken a dump and I can not work more than an hour or so a day. I have friends that developed cancer, and others that have had other life changing medical events. 0bamacare doesn’t pay your mortgage payment, or even your car payment, as I am sure you are driving the bank’s car, as well.

My wife and I do not worry about mortgage payments as the economy is imploding. And my home NEVER had a mortgage, I paid cash as I built it board by board and nail by nail.

It is really very sad that Americans have been indoctrinated by the banking system that the only way to buy a house, or car, is to take out a loan to buy it.


45 posted on 07/28/2016 2:30:41 PM PDT by wrench
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To: HIDEK6

I’m happy, I sold my home here in Los Angeles two months ago. Still own the one I live in.

I owned it for just a few years and made a terrific return on it. Property in LA is at a record high. Available homes are in short supply. Rentals are at a record high and building is going on non-stop.

I don’t think millennials can afford to buy a home. Little two bedroom cottages here at a million and over in most areas. You need to leave the city to see those prices lower


46 posted on 07/28/2016 2:36:05 PM PDT by BunnySlippers (I Love Bull Markets!!!)
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To: kearnyirish2

I live in North Texas and investors are snapping up homes as soon as they come on the market. They are turning around and renting the houses for two to three thousand dollars a month in my neighborhood. My son lives down the street in a neighborhood with much more expensive homes and the same thing is happening there. The younger generation, my children at least, tend to move around more and it makes more sense to rent.


47 posted on 07/28/2016 2:36:36 PM PDT by heylady
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To: ilovesarah2012

Makes our side look stupid and illiterate...two of the most popular right-wing websites I know of CONSTANTLY blow it in that department. Then there are the conservatives who keep expressing concern about marshall(sic) law....barf


48 posted on 07/28/2016 2:40:35 PM PDT by IChing (Nuke Mecca already)
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To: Steely Tom

“Millennials Cause Home Ownership to Drop to It’s Lowest Level Since 1965”

Ain’t their fault entirely....If OBUMSTER had created any jobs, they’d be employed and renting an apt. someplace...

Not that there are not a bunch who’d be home in the baement anyway....


49 posted on 07/28/2016 2:40:42 PM PDT by litehaus (A memory toooo long)
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To: Theoria
"Finally, young gen does not see a house as a big deal as prior generations, and that is sometimes overlooked."

This is quite true. I'm in my early twenties, and I would say that 75% of people in my age-range (that I interact with, at least) are not interested at all in home ownership, but seem to view travel as the big goal.

I imagine I'll buy a house at some point, but I'd want to make sure I've found the perfect spot before I tie myself to it.

50 posted on 07/28/2016 2:41:27 PM PDT by Wyrd bið ful aræd (Police Lives Matter)
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To: Theoria

It isn’t even concealed anymore; here in NJ Americans retrieving their children from school can’t help but notice how many children and parents there aren’t Americans. NJ is an unofficial sanctuary states; American taxpayers (and employees) are fleeing in droves...


51 posted on 07/28/2016 2:44:49 PM PDT by kearnyirish2 (Affirmative action is economic warfare against white males (and therefore white families).)
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To: Wyrd bið ful aræd

“I imagine I’ll buy a house at some point, but I’d want to make sure I’ve found the perfect spot before I tie myself to it.”

You will be looking till the day you die. Nothing is perfect.


52 posted on 07/28/2016 2:48:16 PM PDT by wrench
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To: heylady

Here in NJ it is horrible; investors will buy/rent out homes if there are jobs that would allow worthwhile tenants to rent them, but since we’ve lost so many jobs the demand is primarily Section 8 types (who don’t rely on a “job market”).

Anyone buying a detached single-family home here in NJ is immediately on the hook for $700+ per month in property taxes alone (primarily in public school taxes); few people want to buy into that racket (especially if they don’t need schools), so a blind eye is turned as old single-family homes that used to house families with children are converted to multi-family houses for childless worker drones. This results in far too many cars on the streets (when 95% of the residents are independent adults), and the quality of life really suffers...


53 posted on 07/28/2016 2:49:08 PM PDT by kearnyirish2 (Affirmative action is economic warfare against white males (and therefore white families).)
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To: HIDEK6

The article is correct that there are a lot of factors at play. Hubby and I are middle-aged and going through hell to get our retirement house.

My daughter and her husband are under contract right now, but it’s been tough. Just *finding* the right house is a nightmare. The same stale listings just sit there for months. When a new property comes on the market, it’s like chucking a mouse into the hen house. Total pandemonium.

Both of us have been looking for almost a freaking year. Hubs and I gave up and are having ours built. Daughter stumbled onto the right house, at the right place, for the right price, but the mortgage hoops are bigger than anything hubs and I had to go through the last time we bought ten years ago.

I’m so freaking tired of the fight.

We’ve got tons of properties that are overpriced and just sitting there. Nobody reduces. I’m talking more than a year.

One mortgage broker that I spoke to said that it’s the banks. It’s better for them to keep a foreclosed house on the books because it looks like they’ve got an asset. So the banks have thousands of overpriced houses listed that keep the local market artificially inflated so that they look solvent.

The fact that their ‘asset’ has a rotting roof and a crumbling foundation is never brought up.

(We actually tried to buy a foreclosure, but the mortgage company said that they wouldn’t put a dime toward that house)

The real estate market is a complete mess right now.


54 posted on 07/28/2016 2:53:31 PM PDT by Marie (The vulgarians are at the gate! MAGA!)
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To: GuavaCheesePuff

Why buy a home when you may have to move for employment or cost of living reasons and you have to face paying 20K to sell your house over the matter of a couple of months.


55 posted on 07/28/2016 2:56:20 PM PDT by castlegreyskull
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To: thoughtomator

Wow, let me respond to many of the responses here
U 1st
First off we older folks didn’t saw any rung off for you to grow in America.
Fact is I’ve been to college and degrees for such and such don’t matter.
Here’s the deal, in the real world I admit it surely is in who you know.
But, here in the real real world is what you know.
It’s a crying shame that those regular manufacturing jobs that kids could follow their fathers are gone.
I like Trump’s tariffs on those foreign manufacturers. Sure things will be more expensive but bringing back our jobs will definitely help the inner city black folks who moved north in the first place.


56 posted on 07/28/2016 2:58:49 PM PDT by Undecided 2012
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To: PGR88

monetary central planners”

It is working great and as intended, the people starve and the money-changers get rich.

But seriously, all of this can be traced right back to LBJ and his War on the Family in 1964, the Coinage Act of 1965 and the Declaration of Bankruptcy by Nixon in 1971. We have been on a constant devaluation cycle ever since in the hopes of achieving a Mathematical Impossibility.


57 posted on 07/28/2016 3:00:33 PM PDT by eyeamok (destruction of government records.)
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To: Hambone 1934

Yes, I know they are covering up a lot more than just that. Another one is the CPI which they started messing with back in 1983. All of the commodities, bond, and stock markets are manipulated, too.

I look at it as on onion of layers of lies upon lies that have been added on over the decades.

Why do you think I call DC the District of Criminals?


58 posted on 07/28/2016 3:00:35 PM PDT by Jack Hydrazine (Pubbies = national collectivists; Dems = international collectivists; We need a second party!)
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To: heylady

Yep it’s crazy. We just closed on a new rental property here in North Texas, and if you don’t make an offer literally the day it goes on the market, it won’t be there tomorrow.


59 posted on 07/28/2016 3:03:20 PM PDT by dfwgator
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To: kearnyirish2

I have the problem with too many cars parked up and down my street too cause by multi-generational households. I look out my front window and feel like I am living in a parking lot.


60 posted on 07/28/2016 3:06:15 PM PDT by heylady
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