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One more impediment to a housing recovery
Wednesday, February 11, 2009
Depicted below is an important factor that is probably not yet factored in to the various plans being proposed to stimulate the nation's housing industry (via Miami Condo Forum).
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4 comments:
No kidding. Make sure CR sees this one...
The 30 something who haven't bought yet and aren't secure in their jobs sure aren't going to buy, unless they need the tax break like we did as 25 year old home buyers in the 80s bust.
And the upcoming 20 somethings who would be next in line have no jobs that would get them anywhere near the income to buy yet... and can't get into or afford the universities to boot, so goodness knows what they are going to do.
And mommy and daddy's equity lines are busted, so they can't afford to pay for college, either.
We are so screwed. All my sons' 20 something friends have no clue what they are going to do, except stay in school if they or their parents can somehow afford it.
It's true though, you hit a certain age or stage in life and maybe you start thinking "buy a house". And yet you are priced out for years and years, and maybe the impulse just passes eventually.
hey, that isn't from patrick.net! I remixed that cartoon myself using photoshop. It made more sense than the original version!
Here is the original link:
http://www.miamicondoforum.com/?p=696
That's where I saw it... the citation has been updated.
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