I've been reading a lot and listening to some financial podcasts, mainly about real estate and how rents are going up. A lot hinges on whether its smart to actually own a home vs just renting your whole life. In terms of finance, it all depends on rates, rent payment, and the amount you can save.
I feel its almost becoming a new idea that its dumb to own a home for a variety of reasons; more difficult to move, taxes, have to make your own repairs. However, America is a nation of people who are bad at savings, so a home is really just a way of forced savings for people in a good way.
Would like to hear everyone's thoughts.
In terms of the "American Dream" as it's been classically defined in the post-WW2 period, it's still very much the mentality. It was also the mentality for a lot of immigrants coming into the US in that period. Whether it's a good financial decision is another debate and really depends on things you've stated. This can devolve into a political debate very quickly, but basically it'll be a question going forward how increasing urbanization will affect people's ability to purchase homes.
I do feel like the "American Dream" is definitely being eroded, but land ownership is central to whatever is left of it.
If we want to talk about what is practical given market conditions at a specific time, that is a different story, but I think owning land is one of the most basic and fundamental forms of developing wealth.
I agree. Might be me just reading too much and listening to too many podcasts about people going counter culture.
Would you like to piss outside on your own property without the cops being called?
"You will own nothing amd be happy"
Oh wait, screw those guys. Property ownership is a huge win for life goals and family. Why else is ownership viewed as one of the definitive items of generatial wealth transfership?
It is, and should remain so. To an American, a car represents freedom to go anywhere in our vast nation on your own timetable, as you please. Similarly, owning one's own home represents stability and safety, along with the ability to do what YOU want on YOUR land.
I think a transition to broad rentership would represent a serious erosion of our national psyche.
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