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Bye Bye Middle Class: The Rate Of Homeownership In The United States Has Hit The Lowest Level Ever

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Abandoned House - Public DomainThe percentage of Americans that own a home has fallen to the lowest level ever recorded.  During the second quarter of 2016, the non-seasonally adjusted homeownership rate fell to just 62.9 percent, which was exactly where it was at when the U.S. Census began publishing this measurement back in 1965.  This is not what a “recovery” looks like.  All throughout the Obama years, the percentage of Americans that own a home has gotten smaller and smaller and smaller.  The reason for this, of course, is that the middle class in America is dying.  Last year, we learned that middle class Americans now make up a minority of the population for the first time ever.  In order to have a high rate of homeownership, you need a thriving middle class, and you can’t have a thriving middle class without good paying middle class jobs.  This is why I write about the evisceration of the middle class so extensively, because the U.S. economy is systematically being hollowed out and most Americans don’t understand what is happening.

Traditionally, owning a home has been a sign that you have arrived as a member of the middle class, but under Barack Obama the percentage of Americans that own a home has fallen every single year.  In the past, we have talked about how it had fallen to the lowest level in decades, but now it has officially fallen to the lowest level ever.  The following comes from CNBC

After rising just over a decade ago to its highest level ever, the nation’s homeownership 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.”

So why is this happening?

Well, according to Wolf Richter analysts are blaming many factors…

  • Rising home prices in an economy of stagnant wages (for the lower 80%) have pushed entry-level homes out of reach for many people.
  • Lower priced homes in many urban areas entail a huge and costly ($ and time) commute every day. And even then, these homes may be too much of stretch for big parts of the population in expensive urban areas.
  • First time buyers are having trouble saving for a down payment since they spend their last available dime to meet soaring rents.
  • Millennials have been blamed. They always get blamed for everything. They saw their parents deal with the American Dream as it turned into the American Nightmare, and they learned their lesson early in life.
  • The super-low interest rate environment hasn’t made homes more affordable because home prices, in response to super-low interest rates, have soared, and in the end, mortgage payments are higher than they were before.
  • Higher home prices entail other costs that are higher, including taxes, brokerage fees, and insurance.

Certainly all of those points are legitimate, but the truth is that what we are facing is much broader than all of that.  The middle class in the United States has been dying for decades, and in recent years the long-term trends that have been slowly eating away at the middle class like cancer have accelerated significantly.  Just consider these numbers…

-In America today, nobody has a job in one out of every five families.

-At this moment, 102 million working age Americans do not have a job.

-According to the Social Security Administration, 51 percent of American workers currently make less than $30,000 a year.

-In 1970, the middle class brought home approximately 62 percent of all income. Today, that number has plunged to just 43 percent.

-The Federal Reserve says that 47 percent of Americans could not pay an unexpected $400 emergency room bill without borrowing the money from somewhere or selling something.

-One recent survey discovered that 62 percent of all Americans have less than $1,000 in savings.

-If you currently have no debt and you also have ten dollars in your pocket, that gives you a greater net worth than about 25 percent of all Americans.

-According to Kathryn J. Edin and H. Luke Shaefer, the authors of a book entitled “$2.00 a Day: Living on Almost Nothing in America“, there are 1.5 million “ultrapoor” households in the United States that live on less than two dollars a day.  If you can believe it, that number has doubled since 1996.

-Back in 2007, approximately one out of every eight children in America was on food stamps. Today, that number is one out of every five.

-Things continue to get worse for the middle class as we head into the second half of 2016.  Gallup’s U.S. economic confidence index just hit the lowest level so far this year.

I could keep quoting numbers at you all day, but hopefully you are getting the picture.

The middle class in America just keeps getting smaller and smaller and smaller, and our politicians just keep on conducting business as usual.  They don’t seem to care that they are strangling the life out of what was once the largest and most thriving middle class in the history of the planet.

And things could soon get much worse for the middle class as this new global economic crisis accelerates.  In fact, highly respected economist Peter Schiff believes that a major downturn in the U.S. is imminent

HERE IS THE REALITY: The world has caught on, and the gig is up. Under Obama’s stewardship, the U.S. national debt has gone from $10 Trillion, to what will be $20 Trillion by the time he leaves office, with nothing more than 100 MILLION Americans out of work, and 50 MILLION in poverty and on food stamps. That’s what cheap money bought for us. It was all “borrowed” cheap money too, making it infinitely worse, and the world is tired of lending.

There are so many families out there that are really struggling right now, and more than two-thirds of all Americans believe that the country is on the wrong track.

I would like to tell you that happy days are here again and that the best times for America are just around the corner, but unlike the politicians at the Republican and Democratic national conventions, I am not going to lie to you.

Very rough times are coming, and things are going to get much harder for the middle class.

Plan accordingly, and get prepared while you still can.

  • gfmucci

    Here is another factor:

    Only those with great credit ratings, i.e. 800 or higher, get the best mortgage interest rates. A large number of home buyers, especially first time buyers, have scores in the 6 or 7 hundreds. Rates for people with those scores may be a point or two (or more) higher than the great rates that are advertised.

    • rentslave

      The biggest reason is lack of deductibility for rent.Congress still thinks that singles are all living in Ma Bailey’s boardinghouse.

      • gfmucci

        The biggest reason for “fewer homeowners” is lack of deductibility for rent? Please elaborate, because what you just said does not make sense to me.

        • rentslave

          They can’t save for a downpayment because of non-deductibility.Over a few decades,it adds up to tens of thousands.The game has been rigged since 1946 when Congress decided to take care of GI Joe without thinking everything through.

          • Roger Smith

            All the government incentives designed to promote home ownership have nothing to do with helping the homeowner….they are in place to help the bankers, tax lawyers, insurance companies and realtors line their pockets…oh yeah..AND the government. The homeowner is the one usually stuck with this over-valued, maintenance demanding, over-taxed, heavily insured, dead horse to be drug around for 30 years. The homeowner is nothing more than a new world indentured servant to the previously mentioned entities.

          • Guest

            Roger you’ve either been burned bad in a home ownership situation or it’s the exact opposite and you’ve never owned! I say this because your statement doesn’t ring true to me or a lot of people I know. My wife and I have a half paid off home, owned it two years so far, and have a mortgage of $500 a month. Maintenance is minimal, and we are paying less than half compared to rent.
            Maybe we are crazy but we bought way below our means and home ownership seems easy and breezy! Not to mention the equity we’ve gained in two years($50G).
            Home ownership isn’t for everyone but it’s not the doom and gloom you try to paint it out to be.

          • Roger Smith

            You’re obviously among the small percentage of people who are doing it right…as am I. I own mid-range to higher-end rental property with very little left on the mortgage…..as well as a very modest home (VERY modest), which is completely paid off. I’m speaking about the vast numbers of (used to be middle class) homeowners who have swallowed the blue pill and bought into the con of “buy as much house as you can afford” or “your house is your biggest investment”……Puh-Leeez. I know dozens of these people….. BTW, you have the deal of the century if you were able to procure a decent home and only have $500/mo. payments. My property tax alone is $395/mo…..One last thing: knowing how to fix things REALLY takes a lot of pain out of owning. Unfortunately for them, lots of people can’t fix anything these days. Those people should rent. It’s their best option.

          • Dee

            I agree with your last three statements 100%. My husband and I have owned three homes over the course of our 35 years together. Allowing for some exceptions, there is a whole generation that seems to have never heard of the words “sweat equity”. And that same generation who was raised with the Internet seems to have little interest in learning how to obtain it. A simple search on YouTube for guidance on how to fix most of the common home ownership breakdowns would give the information, but that information goes to waste if the work ethic, and the simple willingness to fix it oneself, isn’t there.

    • john

      you don’t need to own a home anymore. with play station Vr you can be in any home… even live in the white house

  • rentslave

    I welcome a few more to my side.I’ve been paying rent since 1968.

    • gfmucci

      Renting vs. owning is a lifestyle or financial planning decision for many.

      • rentslave

        Not if you live in Hudson County.As Perry Como sang:”It’s Impossible.”

      • Chris

        Thinking the mortgage deduction is a great deduction is just poor math. If someone buys a home to have a mortgage deduction that tells me they know nothing about basic math and investing! Better to pay a home off and then invest instead of using a mortgage deduction.

        • anonymous

          Just like some people still buy things from TV infomercials. I’d rather see a product and feel it in my hand before I buy it. I think some people like the idea of a home but have no idea what the actual cost is going to be. You can own it now for only 350 payments of $2,000 a month. Ridiculous, the median price for a single family home is $700,000 where I live.

  • df NJ

    Oh, so now you believe the government reported data!

    Here in New Jersey, my best friend runs a title company with about 10 employees. I asked if he was busy. He says the business has been crazy busy. He said he’s making lots of money and the business is doing very well.

    • TtT Engine

      Yes I see that also, but I believe these are micro-spikes in the economy before the election. The overall economic indicators are frightening. Oil was $41/barrel today. The DJ is 18.5->heavy manipulated Fed money. Personal Bkrpts , foreclosures remain way up.

    • Just Say no

      Your dope dealing friends don’t count.

  • ALWAYSTOMORROW

    I own a home and a condo. It takes considerable money to keep both well maintained.

    My daughter rents an apartment with zero dollars spent by her on maintenence. It works well for her.

    There is nothing wrong whatsoever with renting..

    Not everyone wants or needs a home.

    • CASTIEL

      Sometimes its better to rent….we can always move to other locations like if i lose my job and i get a new one in another city,…and create debt by purchasing a house is one more step to slavery and stress in these times.

      • ALWAYSTOMORROW

        I am scared, kind of a a creepy feeling, being the only ALWAYSTOMORROW here today. Where are my clone admirers?

        • CASTIEL

          Probabily taking a nap..they will be back :)

          • ALWAYSTOMORROW

            It is the fool who thinks he cannot be fooled.

          • CASTIEL

            fooled by you? i dont think so…..

          • ALWAYSTOMORROW

            You’ve proven my point.

          • ALWAYSTOMORROW

            It is the fool who thinks he is fooling evryone.

          • ALWAYSTOMORROW

            Indeed

        • ALWAYSTOMORROW

          Liar Liar pants on fire! YOU are the clone!

        • Plextt Plextt

          Mommy punished them, so now they must remain in the computer free basement until tomorrow.

      • ALWAYSTOMORROW

        True. I wonder if when Mike quoted Peter Schiff he knows that Peter thinks owning a home is unwise and rents himself and certainly not because he can’t afford it.

        • john

          this is why tiny house is the next big thing!

          • alan

            Tiny homes are just a repackaged single wide trailer, but a little pricier.

          • L. A. McDonough

            I would like a small house lets say around 1300 sq.ft. Tiny houses are too extreme, cramped. but a camper would really beat a tiny house, more roomy. Folks, become a minimalist and ditch or sell your junk and downsize to your comfort level. Have more freedom and time for fun things.

          • Jerry C

            Debt-free = Freedom

        • ALWAYSTOMORROW

          Mikes busy looking for a new avatar.

      • anonymous

        I agree.

      • Chris Sky

        Renting is insanity. You’re literally THROWING MONEY DOWN THE TOILET.

        Home Ownership is the easiest way to make money as well as it goes up ALWAYS (with obvious short term come downs.)

        The only people who pretend like “renting is a good idea” are those who can’t afford to own a home.

        there’s definitely no “advantage” to renting. it’s one of the most costly, ignorant things a peasant can do for their whole life…. throwing away the BULK of their income when they could be not only saving it… but watching it grow.

        Americans need to learn a llittle more about managing money…

        • CASTIEL

          i already have a house and a farm but in the country that actualy i live i dont want to buy a house….So tell me genius is better to make a loan for a house and in the end pay almost the double caused by interests…at least in France you must pay taxes to live in your own house and taxes for owning that property and then the loans….if the house costs 150 thousand in the end you will pay 270 thousand or more depend the kind of debt you have….what happens if you lose your job Einstein?So you can afford a house without making debt? You really need to learn more about managing money…..

          • Chris Sky

            “I need to learn more about managing money” … meanwhile I own my home MORTGAGE FREE… because i was smart enough to 1) wait till i had a big enough down payment so I wouldn’t be carrying a ridiculous mortgage.

            2) I took advantage of the tax laws that allow a HOME OWNER to sell their personal residence and keep 100% of the profits TAX FREE.

            3) I moved homes 3 times, making money each time, and shriking my mortgage each time until surprise… I’m on my third home and I am mortgage free.

            “What happens if you lose your job” you get another job…

            That’s like saying “I’m not gonna drive a car to work, i’d rather walk, because “what if I get into a car accident”

            so lets make STUPID choices, because of the “what ifs”

            lol so you rent for 10 years and have nothing to show for it vs paying your mortgage for 10 years and having EQUITY in your house.

            You’re the classic double digit IQ moron, who thinks people who are successful did something illegal or had some other “Trick” because you’re too stubborn and stupid to understand the very basics, of money.

            but go ahead and insult your intellectual, and financial superiors… it “proves” you really know what you’re talking about 😀

          • Jerry C

            You’re confusing an asset to an investment; which a house is an investment that you HOPE will increase in equity. During the Great Depression in the 1930’s & this one since 2008, most home owners have LOST equity in their homes by as much as 30-40% and many have lost their homes from losing their high-paying jobs. Have a little more compassion for your brothers & sisters who aren’t so blessed.

          • Chris Sky

            lol even in a “depression” home values drop TEMPORARILY… you can’t look at any time in history and see home prices LOWER than they were 10 or 15 years ago… so even if there is a temporary “correction” Real estate, being finite, and population, constantly growing means that over the LONG TERM. real estate ALWAYS goes up in value.

            a house is an asset…. when you OWN it.

            a house is your biggest liability… when you’re RENTING.

            nuf said.

          • CASTIEL

            OH….the typical moron that thinks he is superiour to everyone else….did i tell you that i was renting for 10 years smartass?if i prefer rent by now its because i decided accord to my style of life..i learn enough in this life that money its not all..as i said i have a farm and a house why i should buy another house if i m happy with i have? oh if i lose my job i get another job….do you know how many people i know that since 2008 they lost their jobs and couldnt find another one and lost their houses? You sir are a donkey IQ its not even applyed to animals like you….People who are succesful have a big companies…that dont applies to you…so get down of your imaginary big horse be more humble and have more respect for the opinions of others.

          • Chris Sky

            “have respect for others opinions” see when somebody pretend like “opinions” carry weight in FACTUAL arguments… you can’t have a rational, intelligent conversation.

            Rent = LOSING MONEY EVERY TIME.

            Owning = making money most of the time.

            nobody “prefers” to rent. people rent because

            1) they have no choice
            2) they are ignorant.

            most renters fall into category 1 and WISH they could own a home and invest in their future, instead of throwing money down the toilet.

            so ya, please tell me how it’s an “opinion” that your in a better position as an OWNER than a RENTER. lol lol lol that’s like saying it’s better to be the employee than the employer… that’s not an “opinion”… there’s a FACTUALLY CORRECT Answer…. and the answer is

            Owning is ALWAYS better than Renting, financially. ALWAYS. even if circumstances arise like a “lost job”… the FACT remains… that person was better off owning their home, selling and downsizing… than being stuck renting, and literally throwing every penny down the drain.

            denying this fact.. just makes you stupid. it doesn’t make your “opinion” valid.

          • CASTIEL

            If you have all the money to pay a house without mortage and then rent the house is a good deal if you are lucky and they dont torn apart whyle they live there…otherwise the interests and taxes you pay you will loose more than renting…..I f i already have a house why create more debt to buy another?????????AND I PREFER TO RENT…I pay 400 dollars for a small apartment…. why pay 1500 dollars a year and 200 dollars a month just for taxes to live on my house and taxes for owning property and also the interests when you make debt????..Who the hell are you to tell me that i am stupid? You think you know everything Einstein? I know a lot of people like you that sooner or later life give them a few lessons :)

          • Chris Sky

            if you’re “Renting” a house short term in a different country that’s DIFFERENT STORY! it’s kinda hard to purchase real estate in other countries…. let alone manage that real estate!

            you’re in a unique situation.

            the IDEAL situation for somebody just “starting out” is to buy a home, live there, but still rent part out to somebody else… (to help you pay your mortgage and get to owning your home faster.) if you pay off your mortgage many years earlier than the 25 or 30 year limit (by using rental income, or selling the property for a profit.) you negate the vast majority of interest you WOULD have paid on the mortgage…. taxes on a property each year are minute compared to rental costs on a property each year… not to mention the vast majority of properties go up in value between 7-10% per year as construction costs, land costs, taxes, development charges etc always go up.

            if you’re looking at something “short term”
            or in another country… ya renting makes sense.

            if you’re looking to do what’s best for your financial future long term… Renting is the worst thing you can do.

            it really is that simple.

          • jaxon64

            $1500 is about 600 square feet of rental space where I live…monthly.
            Maybe things are different where you live but annual rent totals are multiples above the property taxes throughout the USA.
            In general, a studio apartment is about $800-1000 a month here. A single room in a group house with friends is about $600 a month ( the cheapest option if you don’t mind sharing bathroom, kitchen and living areas with friends/strangers/acquaintances…renting a basement of someone’s house or garage apartment with the added autonomy is about $1200… renting a 2-3 bedroom apartment is over a grand depending on how shabby and old they are and up to $10k per month in prime buildings….renting a small 3 bedroom 2 bath home in the burbs is $2500-$3600 on average…
            My mortgage was $1100 and an extra $150 per month or so in taxes and another $100 in insurance….essentially what it would cost to have my family renting someone’s basement or a run-down apt in mid-crime level burbs………but to each their own.
            PS: Haven’t had a NEW car or payments in 30 years and still own a flip phone and $20 a month phone bill and no cable bill…..I guess it’s just priorities. I prefer to spend my free time in the evenings outside on my land, building things in MY barn and planting and landscaping MY yard.

          • CASTIEL

            A single room its 600 dollars? Damn…. but where do you live? In the countryside must be less expensive….but 600 dollars for just a room….its more expensive than France…in Portugal even in a city you could rent a room for 100 dollars or a studio for 280…

          • lmarkievich

            You’re lucky! I think the scope of the writing was US only. To get cheap rents in the US like that, you’d be living in a very dangerous area.

          • L. A. McDonough

            You are wrong on one point: older retirees are free of maintenance with house and yard and some have health issues and want to simplify and rent, but if house and yard is small, they hire it done. My parents got old and sold their house and rented in Sun City because of this. Big houses are hard to keep up! Just wait till you get old with arthritis and back problems.

          • Chris Sky

            you could always sell your “Big Home” make money, and purchase a smaller home or a condo with much less maintenance, or use the left over money to hire some help 😉

            still makes NO SENSE to rent and throw away money. if you can “Afford” it… that’s fine… doesn’t mean it’s “smart” or “right”

            Renting = stupid unless you don’t have a choice.

        • Soft Serve

          True. But if someone is “literally” throwing money down the toilet then they need to get a piggy bank or a big jar to put it in.

          • anonymous

            Unless inflation gets so bad that toilet paper is more valuable than the currency. Then i will be using that greenback on my stink crack. Maybe wash them first….and then reuse. Going green one dollar at a time.

          • sistersoldier

            Raw humor! but still funny.

        • Joann

          Younger people especially need to learn a lot about managing money. Doesn’t mean you will be able to sock away a fortune, but at least get the most out of what you have.

          • ONE WHO KNOWS

            Is it managing money or managing a belief system?

        • K

          Once, I would have agreed with you. But things have changed. I have always owned my own place. But before I retired. I did not have a job, I had a career. Knowing the permanence of my work, I could buy. Not many jobs like that anymore. Some workers today, are virtual nomads. They really have no other logical choice, but to rent.

        • Bill G Wilminton NC

          When the interest rates go up the housing prices will drastically collapse…..all this has happened before.

          • sistersoldier

            Nothing new under the sun.

        • JC Teecher

          There are two advantages to renting today, if it is affordable and in a decent part of the county/city.

          Mobility and no property taxes.
          Look for property taxes to double under a billery administration because the amount of federal reimbursements to states and counties will drop like a hot rock.
          Those funds have to come from somewhere, and it is easy to tack on another 20% increase to property taxes.

          If the average annual property tax payment is $1600.00 now, just add on another $400.00 or about another $40.00 monthly expense.

          I can’t see paying a $200.00 a month payment for Real Estate, personal, and vehicle taxes, but plenty of people do.

          • sistersoldier

            Afternoon JC. There are most certainly some positive advantages to buying a home and also to renting for those who need or like to remain mobile.

            The downside of renting is that you are making someone else rich by paying off their mortgage(s) and the downside of home ownership or having a mortgage is its meaning and the never paid in full tax debt. The root word mort is Latin for death and gage = means loosely to pledge something valuable. It’s real meaning is a death contract. The devil is in the details. But you probably already knew that. :)

          • JC Teecher

            Oh yea.

            We own, and I bought my first property at 19. A used mobile home, but with good appliances and taken care of…not a cheap-o. Paid for a lot rental for years while in college.

            As soon as i finished college I was looking for property, with a small acreage to move the mobile unit to and remodel and older home or build a new one as i got the $$. Then when finished, sell the mobile.

          • sistersoldier

            Nice planning ahead! You could teach the young ones a few lessons.

          • Plextt Plextt

            “Those funds have to come from somewhere, and it is easy to tack on another 20% increase to property taxes.”
            And take a wild guess about which party is going to pay for it. The renters=)

          • JC Teecher

            Well, you are right. And, we don’t have to guess about who is going to pay for it.
            Whomever is listed as “owner”. or “lessee/tenant/renter”, will be responsible for paying increases in property taxes.

            There is no escaping taxes on properties, or at least, not for very long.

          • GV

            “There are two advantages to renting today…Mobility and no property taxes….”

            wrong on property taxes, your rent is paying it

        • L. A. McDonough

          Home ownership (getting a good deal) best if person is staying in community for life. We had to move out of state in ’82 for a job. We rented three years for reasonable price, Retirees downsizing may want to have less to keep up, sell out and rent. Not all houses increase in value like they once did in the 70’s and 80’s. depends on location and lots of jobs. Young people don’t want commitments as people they know were foreclosed on incl members of their family or friends.

          • sistersoldier

            Good points! Also homes prices like automobiles today are way overvalued! But if you are fortunate enough to pay for it in cash, which few are able to do today, then your blessed.

            The next generation for all intents and purposes is uninterested in committing to such a long term obligation and yes they may be gun shy from what they have seen their parents or grandparents suffer because of housing crisis.

          • Jerry C

            And your old nice neighbors can leave & horrible ones to replace them. You. Cannot. Pick. Your. Neighbors. Get a lot of land between them as a security buffer.

        • ALWAYSTOMORROW

          Complete BS! So, the utilities bill,the food bil,the gas bill you paid last month was “money down the toilet.” What do you have to show for it? You may think you “own” however it’s NOT yours. Try not paying taxes on it and you’ll see what I mean. Have you heard of underwater mortgages? Now THAT is ” money down the toilet” Go ahead and preach to the “peasants” some day you will realize a roof over your head is just that, not an investment.

        • Daniel Preece

          Well, OF COURSE, people who can’t afford to buy a home think renting is okay. The only other option is be homeless. So that’s not really any kind of argument (beyond saying water is wet). And you are wrong about no advantage to renting. Renting is cheaper and usually means you don’t have to conduct or pay for repairs. If you don’t have the time, money, and/or skill for home repair, then renting’s a good choice. If you don’t plan on living in a place more than a couple of years, then buying a house is a huge burden (especially when trying to sell it). If you have a job with erratic income (say, acting) then a mortgage is a terrible idea. I think your position is based only on your own preferences, disregarding any other world view. Not everybody obsesses over watching money “grow.” Money and homes are just possessions to some, mere tools of life to others, not meant to be hoarded or treasured but rather simply used. There’s more to life than what you own.

          • Chris Sky

            “not everybody obsesses with watching money grow”

            ya i know.. .we call them “Renters” the “99%” “Sheep” “losers” “people who live pay cheque to pay cheque” or people on government assistance.

            the rest of the world “obsesses” with making money, so they have freedom and less stress, and aren’t dependent serfs…. and actually can provide a future for their family, instead of allowing their children to inherit their debt and bad habbits. 😀

      • Joann

        If you need to move around for jobs then renting is better. Houses take time to sell, etc. I for one hate the idea of renting. We’ve always owned our own home, never paid a lot (fixer upper was our first), never went for the biggest and fanciest.

      • Jerry C

        Rent while you’re young while you work & save to pay off the house you intend to retire to. Just my advice. I used to advise buying a starter house & selling it within 5 years & using the proceeds on a little bigger house & repeat, but not in this environment. Better safe than sorry.

    • rentslave

      Everyone wants a home.Some of us can’t take the heat of Las Vegas due to lack of melanin.

      • ALWAYSTOMORROW

        I don’t have your ability to speak for everyone and melanin allows you to tan and has nothing to do with heat tolerance. Any yes I knoe Vegas homes are cheap.

    • Icarus the Drone

      Perhaps you should write a book, I’m sure it’ll do better than books written by he who must not named for fear of receiving the dreaded “ban”
      Then you can make common core math errors to your advantage.

      • ALWAYSTOMORROW

        Hmmmm. ALWAYSTOMORROW, author. I like the sound of that.

    • anonymous

      They may want and need a home, but not everyone can afford to buy. Like you said, “It takes considerable money to keep a home and condo well maintained.” People don’t realize the hidden costs of owning a home, then they can’t afford to keep up with their mortgage and end up in foreclosure. “It works well for her,” because she may have no other choice.

    • ALWAYSTOMORROW

      The maintenance cost and property taxes are rolled into the rent. Nothing is free.

    • SnohtBlossom

      I’m sick of renting. So many real estate games. Trying to get RE people to respond, not being able to get lien info, everything going to auction sites that offer less secure deeds, etc.
      I’m not happy that the house I was trying to buy went to a 70yo flipper who offered less than I did.

      • anonymous

        I think that’s part of the problem. Many younger people would like to buy. Older generations are worried about their retirement income and so they buy income properties which artificially drive up demand. Also, wealthy foreign investors, bankers. I’m just waiting until this housing bubble bursts again. Home prices drive up rental prices, soon I won’t even be able to afford to rent. Sad. Sad. Sad.

        • alan

          Thats what I did, took everything out of my 401k and used it to fix up a house I bought to rent. I only paid 35k for the place, its a win win.
          Get an agent and tell them what you want and go after those places that come up for bid. Some are nice and may only need cleaning up, others probably need to have an accidental attic fire.

          • anonymous

            Smart. I would like to do that, although I have no 401k. I know an agent, she wants me to buy in another city. Not willing to sit through 4 hours of traffic a day. The median price for a single family home is $700,000 where I live. Born and raised in Honolulu, Hawaii. It’s paradise if you’re visiting, a nightmare if you stay.

          • Jerry C

            You’d really better be prepared to be a landlord and going through all the rift rafts that come through trying to scam you & destroy the house they rent.

        • sistersoldier

          It’s a vicious cycle. The pendulum swung so far in the other direction after the housing crisis that the credit crunch left many people who wanted to buy locked out of the illusive American dream. Investors then seized on the opportunity by snatching up foreclosures and then jacking up the rental prices to exorbitant costs in the new “renting bubble” if you will. Which in turn spawned an increase in homelessness.

          The dark side is that the banks are holding a non-disclosed number of home repossessions also known as “shadow inventory” as they have been instructed by the fed not to release the housing stock back into the market. This is done to prop up the artificially inflated home values and it keeps the “false” recovery alive. Unfortunately its killing the prosperity of consumers who drive the markets.

          • anonymous

            well said.

      • Joann

        And they charge astronomical rates for renters as well. Flippers are buying and selling. But then there is the other group looking to make a fortune renting out properties. There is an older manufactured home on the property next door to us. They are getting $1000/month for a place that needs work,is poorly insulated, and, has crappy well water (wasn’t dug deep enough for the better water).

      • ALWAYSTOMORROW

        Hook up with a 70 yo flipper. Better yet a 90yo flipper. Buy a good life insurance policy for him for Christmas then stat the c0untd0wn. Problem solved. :-)

        • SnohtBlossom

          lol.. he can sell higher but has to wait 90 days.. that makes September.

    • SunShine

      Very true.

    • Jerry C

      No one said it was wrong.?! There are advantages & disadvantages one must consider. The bottom line is if you own it, you’re responsible for it; if you rent, it’s someone’s problem.

    • ALWAYSTOMORROW

      I think it’s about time you gave your true Identity.

      • Fellowship of the blog gang

        We know it’s female, angry, clever, frugal and married to a failed author. This limits the filed of suspects.
        It has also grown tired of eating freeze dried and dehydrated food items because they are high in sodium and making her hair fuzzy, her nails brittle and her heart palpitate.

        Can you use this profile to come up with a list of potential suspects?

        • Right to remain silent

          Yes, it’s only fitting that her name be a type of warning or notification of rights…

        • ALWAYSTOMORROW

          Yes, thank you. This narrows it down. Certainly he/she was bottle fed. Likely an only child which explains the self centered narcosis posts.

    • What’s in a name

      It’s poking at you again, I guess it need frequent validation while hubby is out of town peddling the doom and gloom wares and trying to line-up speaking engagements so they can buy more preps.

  • Bill

    The shift to rentals may be due to economic factors, but equally significant is the complacency derived from a generational paradigm shift in responsibility for ones well being. The elite have bombarded the millennials with psychological dependency. This allows, the elite to stay at the top of the food chain, the destruction of the middle class, and the creation of one huge dependent peon class.

    • df NJ

      Google “openbuildinginstitute org”. They teach you how to build your house by manufacturing your own building materials.

    • anonymous

      Psychological dependency, bone crushing debt, aging workforce that can’t retire, broken families, demoralizing culture, incentives to stay unemployed, drug dependency, jobs being shipped overseas, inflation, rising property taxes, rising home cost, rising education cost, rising fuel prices, mergers and acquisitions, layoffs, bankruptcies, racism, sexism, religion, to name a few….

      • sistersoldier

        That just about covers it.

      • Jerry C

        poisoned drinks, GMO chemical “food” & chem-trails to kill you off before you retire to get the benefits you earned.

  • rat28

    Blame it on the GOP congress for not passing Obama proposal to forgive student loan and giving student free college tuition. Imagine the economy boom if trillion dollar of debt are free up to buy house by the Millennials generation .

    • 1776wascool

      Its idiotic reasoning like yours, and probably you voting for idiotic politicians that have idiotic policies; which has helped put our economy in this situation. Nothings free dude, they steal that money from other people for your free lunch. People agreed to pay back their loans. Your crap socialism isnt going to fix anything.

    • Idiot tamer

      You are an idiot, if this is the first time you’ve heard this I suggest you punch your parents (both sets), spouse (or live in economic partner) and friends (people that keep you around so they feel smart) in the face for not bringing this to your attention.
      You’ve most likely been accommodated by everyone around you for years and you’ve never been responsible for paying your way through life.
      If so, then you wouldn’t expect others to pay for your existence.
      Now go as you people to visit.

    • alan

      Why stop at student debt, declare a jubilee and wipe it all out and start over. Thats about what it will take.

      • anonymous

        Maybe that is why we have a collapse every seven years, God’s way of reminding the elite of the laws they don’t live by. No forgiveness anymore. I’ve even heard that bad credit is no longer wiped off your credit history after seven years. I guess the Bible verse is true, “the rich rules over the poor,
        and the borrower is the slave of the lender.” Debt free is the way to be. Even mortgages…….IMHO

        • sistersoldier

          Well said.

      • sistersoldier

        Amen.

      • Jerry C

        It’s coming & you know it. My gut says that to receive the Mark of the Beast to get all your debts forgiven will be an easy sell to most of the world.

    • watchmannonthewall

      Perhaps they need at least part of the college loan money money back so they won’t have to borrow quite as much for the food stamps, SS, new college loans, military hardware and dozens of other things, and many useless make work programs.
      If they go slow, like they are, they might fool a few more people into thinking they can actually pay back the debt, while drawing more people into the debt slavery net.

      • anonymous

        You are right. They keep the debt from a simmer to a slow boil so the frog doesn’t jump out of the pot. Slowly turn up the heat until……nice knowing you Kermit.

  • TtT Engine

    Traditional marriage and the birth rate is the elephant in the room. The war against God/ life/ traditional family is the cause and home ownership is the symptom. God told us to “be fruitful and multiply”. Lucifer wants free sex and abortions. The Left is doing the work of the devil. Christi Fidelis !

  • alan

    Single wide mobile homes will be back in style. Bunk beds are cheap so you can pack the kids in like fire wood. Everything will be fine. If a mobile home is out of your price range then a shipping container might be the answer.

    • gfmucci

      That’s the way my parents made it work for a couple of years when they moved from Massachusetts to Florida in 1950. A family of 5 lived in a 27′ Zimmer trailer until they could get a house. And that wasn’t even their first home.

      The expectations of first time homebuyers today is WAAAAY greater, multiple times greater than the less brainwashed homeowners of a generation or two ago. Today, even first time buyers require AC, granite counters, garage, and dozens of other amenities in their house that were never considered or even existed 50 years ago. In addition, building codes require things like substantial insulation, double pane windows and electrical and plumbing features that add a considerable amount to the cost of a home.

      • anonymous

        Funny but true. I like the way you think…

        • SnohtBlossom

          Yeah,.. Trailer Trashy thinking :)

          • anonymous

            Is it always black and white? Opulence or trailer trash? This is why we are losing the middle class. Too many rules. Let’s stick to the ten commandments of God. You don’t need to tell me….you don’t believe in God. Got it. I love you anyway SnohtBlossom.

          • gfmucci

            It is typically liberals/democrats/socialists who go to the extreme of calling those who don’t agree with them “trailer trash.” That demonstrates their own elitism better than anything else they could say or do. And further, that makes the prejudiced assumption that all who choose lesser housing are somehow inferior to the “elite.” Disgusting.

          • SnohtBlossom

            Actually, you just annoy me.. so the trailer trash label seems apropros.

          • Rented hole in the wall

            Lowly renter….Ha.

          • Jerry C

            Maybe the reason, for you losing out on the house you wanted to buy by the guy who bid less, was not so much about the money?

          • SnohtBlossom

            I don’t deserve your love :) but ty anyway.

          • Bill G Wilminton NC

            Smooch We Lob You….

          • Prepare the catapult

            More like, we can lob her over future President Trumps fence to the South…

          • Bill G Wilminton NC

            Ha ha lol… oh man you just keeeeeled me mon.

            How far can the catapult toss would she hit Guatemala….

      • alan

        I seem to remember trailers as a stepping stone. You moved out of the house at 18 into an apartment for a couple years. Then bought a trailer and lived in it a few years. then sold the trailer for a down payment on a house.

    • anonymous

      Yeah, they’re called FEMA shelters. You just can’t own anything. Maybe now is the time to invest in self-storage businesses. I’ve thought of living in a self-storage unit. Depending on where you live there might be rules against that sort of thing. #nomadlife

      • alan

        LMAO! Never thought about a storage unit. I like that idea.

        • anonymous

          Thank you. My wife isn’t to keen on the idea though…maybe if I was single with no kids.

          • SunShine

            Some people buy railcar containers and convert to a home. One of my uncles converted an old city bus into a home for four people. They lived in that thing for years.

          • Your gene pool is a cesspool

            Hippies

          • SunShine

            Lol. My uncle and his family wanted to make a difference. They sold all they had to purchase and convert the bus into a mobile home help out a small community in need in California just along the border of Mexico. They essentially poured all they had into the community. As for the railcars some people can’t afford anything else. They cut out windows and doors. Gotta do what you can to survive.

  • greanfinisher .

    How can this be? Why only tonight Hillary Clinton told everyone at the Democratic Convention that the Democratic Party was the party of the working man.

    • watchmannonthewall

      It is really sad when people get old but still look at the world as if it stopped changing when they were just 10 years old. That or she just isn’t smart enough to realize how rich she has become as a dem while pretending to help the common working man.

      • greanfinisher .

        Help the common working man? I should live that long.

    • anonymous

      She knows she has the welfare crowd in the bag, just trying to capture that “working man” vote. Just like Trump is trying to capture the “women” vote by having his wife and daughter speak. Playing us all for fools. Both sides.

      • greanfinisher .

        Amen.

      • Bill G Wilminton NC

        I Believe that Trump Is For Real……….

        • greanfinisher .

          You would have absolutely nothing to lose by voting for the man, but I’m afraid that the casino magnate is simply exploiting people’s fear and desperation.

          • Bill G Wilminton NC

            I Think That a More Applicable Word Would Be FRUSTRATION Watching The Dem and Repub NWO “Globalist” Elites Take Down This Once Great Nation….

            Trump Uses The Words of a NATIONALIST ….words like; borders, wall, illegal aliens, sovereignty, fair trade,etc etc etc etc…. these words are not used by GLOBALISTS.

            The people are more peed off, angry, and fed up than fearful and becoming more and more aware of dem and repub globalist elites are two wings of same bird….and this bird by design is flying right into a wall at 100 mph.

          • JC Teecher

            Agreed, Mr. Bill.

            But she might steal it.

          • Bill G Wilminton NC

            Good Point …..But Trump Victory Will Be A Landslide Victory.

            A percentage of the 93 million voters who did not vote in the LAST election is what gave Trump the highest totals ever recorded in Repub Primary….a certain percentage (lots n lots ) will be out for the Pres Election and VOTING FOR TRUMP !

            These fed up, peed off, angry angry voters are gonna come out like HORNETS….by the way these voters dont show up in polls etc as many many of these hornet voters have not voted in many years 30 to 40 !.

            Shalom

          • SnohtBlossom

            How much prior political experience does Trump have?
            NADA!!! ZIP!!!! ZILCH!!! ZERO!!!
            He talks the talk, but never walked the walk.
            But hey.. it’s only THE PRESIDENCY!
            Maybe next we’ll grab people off the street w/no medical training to do surgery!

            Neither did Ulysses Grant or Dwight Eisenhower have a prior politcal position, though both had a strong military background. Dwight being ” The Supreme Commander of Allied Forces in World War II”
            and Grant “Commanding General of the United States Army”

            How much military background does Trump have? NADA!!! ZIP!!!! ZILCH!!! ZERO!!!
            “no major U.S. company has filed for Chapter 11 more than Trump’s casino empire in the last 30 years.”
            He has filed four business bankruptcies. Maybe he thinks it’s just as easy to file bankruptcy w/the entire government and walk away.

          • Bill G Wilminton NC

            The People Do Not Want A Politician But A Businessman………

          • Daniel Preece

            No, YOU want a businessman. Don’t assume we all want what you want. And if I did want a businessman, it wouldn’t be a junk tv celebrity like Trump.

          • Bill G Wilminton NC

            Trump Has Developed Properties All Over The World……And Provided Jobs At Every Property……

            He Has Received The Highest Amt Of Votes EVER In A Repub Primary….

            93 Million Voters Did Not Vote In The Last Election….The Polls Are Showing That Their Coming Out To Vote Trump For President Just Like In The Republican Primary !.

          • JC Teecher

            Agreed1

          • Bill G Wilminton NC

            Will someone please explain to Snotty that:

            The people do NOT want a POLITICIAN The people want a BUSINESS MAN.
            The people want a NATIONALIST.
            The people do not want a GLOBALIST.
            The people say ALL LIVES MATTER.
            The people WANT THEIR GUNS
            The people say:
            Global Cooling oops,
            Global Warming oops,
            and now CLIMATE CHANGE “BS”

            It is becoming more and more obvious that this election will be a LANDSLIDE TRUMP VICTORY

          • GV

            Orlov:
            “…Patriotism is one’s love of one’s native land and people. It is a natural, organic result of growing up in a certain place among a certain people, who have also grown up there, and who pass along a cultural and linguistic legacy that they all love and cherish. This does not imply that those not of one’s family, neighborhood or region are in any way inferior, but they are not one’s own, and one loves them less….”

          • GV

            Orlov:

            “…Nationalism is a synthetic product generated using public education and is centered around certain hollow symbols: a flag, an anthem, some yellowed pieces of paper, a few creation myths and so on. It is supported by certain rituals (parades, speeches, handing out of medals) that comprise a civic cult. The purpose of nationalism is to support the nation-state. Where nationalism serves the needs of one’s native land and people, nationalism and patriotism become aligned; when it destroys them, nationalism becomes the enemy and patriots form partisan movements, rise up and destroy the nation-state….”

          • Bill G Wilminton NC

            What a flock of ” Cut and Paste ” BS…….

            Trump Is A Nationalist !
            Hillary Is A Globalist !

            The voting public supporting Trump know the difference even if it leaves you confused !.

          • GV

            whoa Bill, don’t get your blood pressure up.

            so sad you didn’t undertand what Dmitry Orlov wrote

          • Bill G Wilminton NC

            grrrrrrrrrr grrrrrrrrr

          • Daniel Preece

            GWBush was supposed to be a “businessman.” Still trying to dig out from that disaster.

          • Bill G Wilminton NC

            Bush Family is Total NWO Globalist Elites Of The Highest Order Going Back To Grandpa Prescott.

            ” W ” Bush Business Ventures All Flopped So He Decided To Go Into Politics……

        • GV

          ROFLOL, so did the Obama voters who finally woke up

          • Bill G Wilminton NC

            Whoever the Repub and Demo Elites and Main Stream Media are against is who ya want…. That is Trump !.

          • GV

            you’re falling for Trump, hook, line and sinker

          • Bill G Wilminton NC

            I fell for Yeshua hook, line and sinker….Trump is just a man !.

    • Bill G Wilminton NC

      BS……….

      • greanfinisher .

        There was certainly no shortage of that in the ol’ bag’s speech.

    • Bill

      She will say anything for a vote.

      • greanfinisher .

        Virtually any political aspirant will.

      • Daniel Preece

        She hasn’t gone to the depths that Trump has gone, so she has that going for her.

    • Jerry C

      Of course it’s the party of the working man because they have to keep working to pay for all the free benefits!

  • ali

    In the end it all comes down to how you manage your finances. Stay out of debt and unnecessary accessories which you are made to think are essential to live. I try to do that and at 35 now I own a piece of land. If things coninue the way they are then in next 3 years I will have enough to start building my home. Stop competing with others to have it all and be content at what you have…

    • anonymous

      Land ownership….just don’t buy any coastal properties.

    • Scott Comin

      I agree, with one caveat. you must have enough finances to manage to manage those finances. Sadly, many hard working people working more than one job cant earn enough.

      • L. A. McDonough

        Husbands and wives must work for most folks. Kids are out of the Q, too expensive. I’m finding more people even in their forties who are too busy to stop and have a kid or two. for lower incomes kids are a luxury unless living on welfare is their goal. We are retired and we are child free. Took an early retirement and saved more than average and topped out the 401k and saved. Most people fail as parents anyway, ones I thought were ideal weren’t. Young people have one nite stands or hook ups online or in bars anyway, have no interest in forming a family or marriage and would rather rent.

  • anonymous

    I rent and it works for my family. I never feel like you really own a home anyway. The bank owns it for 30 years until you pay it off. Then if you fail to pay property taxes the government can take it away from you. The idea of home ownership just doesn’t give me the security I feel it should. Ironically, I am a carpenter/handyman and repair peoples homes for a living. Not to mention, the median price for a single family home is $700,000 where I live.

    • Paul Anders

      Property taxes are part of the payment…or rent. Don’t pay your rent and you’ll still be homeless. This simple concept shows why we are in such decline.

      • anonymous

        If you’ve paid off the mortgage you still pay property taxes every year. If it was so simple then there would be no homeless. There is a growing homeless epidemic in my city. Most people choose to ignore it because it could never happen to them. Our decline is a complicated one, nothing simple about it.

    • jaxon64

      After 22 years my home was paid off–and I now have a $500,000 + ASSET for my retirement. My annual property tax is less than $5k a year.
      I have planted fruit trees and berry bushes without needing permission from a landlord. I grow enough vegetables to eat all summer and fall and canning for the winter ( plus extra harvest for the local charities). I have landscaped an area of backyard with various annuals/perrenials, have a gazebo with deck alongside a small above-ground pool. The stables have been turned into chicken pens with walk-out and a goat pen for the pet, dwarf Nigerians.
      If I had rented throughout I would own ZERO and my net worth would have increased ZERO for real estate ownership…and by the way, if you can get a rental of a 4 bedroom home on 5 acres of land for $400 a month ( my annual property tax broken down into monthly payments) then I want to move where you are to retire….

      • sistersoldier

        You are very fortunate and blessed unlike many who are searching for their next meal or deciding between keeping the utilities on or paying for their monthly prescriptions.

      • jaxon64

        I would like to add that although my wife and I have worked hard and long hours for years to reach our level of comfort as we near our final 15 to 20 years of working, I am eternally grateful for all God has blessed me with. There have been tough times, some lean years where we scraped by, some uncertainty with job changes, children, and even times where I barely saw my wife (and now a grandchild living at our home)–all Glory goes to God for enabling a screw-up like myself to achieve a modicum of material success in this life……

        • sistersoldier

          Praise God! What an awesome testimony and demonstration of humility. I simply respect what you have said.

          • SnohtBlossom

            there is no god

          • sistersoldier

            Oh Sunny………

        • BlissfulScribbler

          Your stupid god doesn’t exist and humble-bragging ‘aw shucks’ screw-ups like yourself have probably done more to lock future generations worth of people out of things like homeownership, steady jobs, etc… than you even know.

          My wife and I are two people who’ve never screwed anything up and, somehow, things like having children, owning a house, stable careers, etc… are all completely out of the question.

          • anonymous

            The problem is that some believers say the believe in God but don’t live by his principles. I’m guilty of this. I agree the post was a little braggart. Some people don’t see outside of their own problems or make their possessions a god. It’s the love of money that is the root of all evil. You cannot have two masters. As Christians we know this, but it doesn’t mean we can’t be deceived. Jesus is worth more than all the treasures of the world. I hope you get to know Him.

      • Mike

        just curious, where do you live with a home worth 500K and property taxes less than 5K? I ask because I live in the NE, have a home worth a little more than 500k but my property taxes are $14k/year

        • Alison Poole

          I live in Connecticut and own my own home. You can appeal your assessment. That is what I did a few years back, and I saved on property taxes.

    • Health Fitness Cafe

      Agreed. You never really own your home. We should have a right to own our home outright without fear that if we fell on bad times, it would be taken away. Property taxes should be a set amount, set number of years only, or replaced with a consumption (except food) for flat tax.

    • Jerry C

      True. And then come the HOA rules & City/State property laws (Smart Meter, Utility Lines, Energy Efficient Appliances & Home Devices, etc…) that they create to force “property owners” to become compliant.

      “You ain’t no man; unless you own some land.”-Oh For Where Art Thou.

      Best dang quote I heard & I’m working on getting my land, but this mortgage is killing me.

  • anonymous

    Obama says,”We don’t have time for a meeting of the Flat Earth Society.”

    We’d better make time for a meeting of the Flat Earth Society.

  • billtheguy

    There’s a couple with two children building a new home in my neighborhood. It appears to be about 2000-2200 sq. ft. Americans believe they need more or deserve more. When I was a kid, Mom Dad and my three siblings lived in a home 1200 sq. ft. (rented I might add) Every home that I see being built (very few) is in this square footage range. Americans always want more.

    • anonymous

      I think it’s human nature in general to want more. Not just an American trait. True socialist ideology would work if everyone played by the same rules. Problem is that people do not remain content with the minimum acceptable living arrangements, jealousy, greed, covetousness is built into our character. Some call it sin, some call it human nature, some call it character defects. What happens when the population reaches critical mass? Keep downsizing? Mercy killing? This is not just an American problem.

    • Jerry C

      If they can afford it, who cares? Who are you to judge? As for me, I want hundreds of acres away from my nearest neighbors. I’d like hundreds of thousands of acres but I’m being realistic.

  • anonymous

    America is an oligarchy pretending to be a constitutional republic, using democratic conventions. Figure that one out.

  • Chris Sky

    Obama’s America: where Americans have “never had it better”!

    • Bill G Wilminton NC

      LOL….

    • sistersoldier

      Hope and Change. Hope for a better life or pray that it will change. What’s wrong with that? (sarcasm)

  • Thomas D Guastavino

    Some day the middle class will realize that is was government policies that destroyed them.

    • anonymous

      Hopefully before the election. If nobody voted that would send a louder message than voting for either of the two clowns available. I will vote for a candidate who upholds the constitution, dismantles the federal reserve system and restructures congress. Give the power back to the people. What an idea….

      • Afi Keita James

        jfk tried to do that and he got killed by the illuminati.

        • anonymous

          Yup……

    • sistersoldier

      Yes, hopefully before its too late.

    • kid_you_not

      A government pandering to the Obamaphone scumbags.

  • Scott Comin

    Dr Paul Craig Roberts and ‘the creature from jeckyl island’ book enlightened me on the truth of this economy and government. thank you Michael for your great work, although I don’t believe Obama has anything to do with anything, he is a mouthpiece like Bush and Clinton were and like Trump will be. the shadow government run by the bankers runs the whole show I believe.

    • Bill G Wilminton NC

      We Pray That Trump Will Be A Godly Man….He Is Trying But I Do Not Think There Yet…..I Believe That God Has His Hand On Trumps Shoulder….Sometimes I wish God Had HIS Other Hand Over Trumps Mouth.

      Shalom

      • Lorelei Vision

        Like you, I give the benefit of the doubt to Trump but have my reservations like many others. No one, and I mean NO ONE is going to pull us out of this hole we have buried ourselves in. God is desperately needed, but many Americans will not embrace Him. If Trump is elected, I believe we may stave off the inevitable for a small time; with Hillary as President, she’ll commence with the ObamaCare Death Panels, the disarming of Americans and the re-education camps post haste. Either way, Judgment is Here. Stay Close to God during these trying times. God Bless…

        • Bill G Wilminton NC

          Trump at the helm may make the collapse more orderly and safe……but it is coming.

          Also God may have given Trump the job of getting the 2 million Jews out of NY and to Israel after the collapse and pandemonium

          • GSOB

            LOL
            Better yet…. Otto over in the North Korean, hard labor prison camp and the other American prisoner most likely to get released.
            Not all of Israel is Israel…..

          • Bill G Wilminton NC

            Are you drinking again……

        • GSOB

          Right. No choice without risk.

    • Bill G Wilminton NC

      Yup ” the creature from Jekyll Island ” explains it all….20 years ago while living in Ft Lauderdale I used to give this book out to people….Trump has a possibility but there is no other choice….before voting for that scumbag corrupt traitor Hillary just put a gun to your head and fire when ready…..

  • Bill

    How did you pass censorship with a link so quickly?

    • No idea. I figured the idea itself would have been censored. Immigration is the root of most of America’s economic problems, but it never gets discussed as such.

      There’s a chart floating around which shows a bunch of indicators under our current POTUS and how they’ve done, but really it’s the increased flood of immigration which has made things so much worse. Foodstamps, debt, healthcare costs, labor force participation, median family income, and homeownership are all directly touched by immigration. Money printing is a function of debt. Blacks who work are displaced by the immigrants who work. Maybe even student loans are touched due to preferential treatment of non-White applicants.

      And of course most of the rise in homeownership under Shrub was a housing bubble predicated on predatory loans by (((bankers))) made to POCs, many of whom were immigrants.

      A long-term look at national homeownership rates shows that the current rate is very comparable to the rates during Nixon, late Reagan, Elderbush, and early Clinton administrations, DESPITE the influx of immigration since then. So … where’s the problem?

      Also, I don’t think homeownership *per se* is a meaningful economic indicator at all. the landless class is not new and is not a (((modern))) invention, **it is the natural state of the European lower classes and the mass of people to be landless**. In many cases it’s actually better to have labor not tied to land, so that fluctuations in crops, famines, etc., will hit the upper classes harder than the peasants who can relocate, and certainly as industry changes it’s advantageous to have companies or capitalists provide living quarters (the “mill village” of northern Georgia during the textile boom period).

      It’s actually the push for widespread homeownership as part of the “American Dream” which is a (((modern))) invention, and it came with a mortgage that was issued by (((banks))).

      The above is not to say that the middle class isn’t suffering or shrinking – **IT IS!** – but two points need to made, first, that homeownership isn’t directly related or even germane to the conversation, and second, that the root cause of a lot of the middle class’s problems is IMMIGRATION, which isn’t even addressed by the author of the article.

  • Robert

    As boomers die off, what people are going to buy their homes. The middle class housing market will be in for a long term collapse. For my part, the joy of home ownership is nuts. Houses are a continual financial drain. Renting has its own problems too. Too many landlords are slum lords refusing or delaying repairs etc. HOAs raise their fees and you get nothing in return. No ideal situation.

  • JC Teecher

    With the youngest of the boomer generation just now at, or near, 52 years old, there are plenty of boomers coming along, ready to retire, to fill the void of those that die out. There is no question that the middle class is shrinking, but how many have been sitting on hundreds of thousands of dollars in 401k and pension accounts?

    Believe it or not, many of these boomers that will come into retirement over the next ten years, have been living frugal, and have invested wisely.

    If the PTB do not pull the plug on the banksters, and the economies of the world keep plugging along, there will be plenty of folks ready to snatch up those houses for a bargain.

    IF, IF, IF…..that is the key to what transpires. Time will tell. A crash this Fall, could easily cut the number of middle class in half again.

    Doom and gloom is on the horizon for the sheeple playing ostrich, and those that are greedy for another buck. I know first hand because my brother of 56 years old is one of them. all his eggs are in the basket of over priced/ over valued, Wall Street paper. If it crashes, he could be left with 30 acres of land he has to pay taxes on, and 100k worth of toys he can’t sell, because everyone else is in the same boat.

    • Lorelei Vision

      Your money isn’t as safe as you think it is. I know many retirees who lost their entire savings (401K’s, etc) due to the crash in ’08. They didn’t stop working, they could NOT stop working because their nest eggs were stripped from them. Just because you have money, nice and tidy in a 401K (or something akin to it) doesn’t mean that it is going to be there when you retire. The system is filled with FIAT Currency, useless money that isn’t even worth the paper it’s printed on. That 19 Trillion Dollar Debt is going to come home to roost and the 700 Trillion Dollar Derivative Casino is going to go belly up leaving everyone holding the bag. No one is going to be immune to the fallout, when it does fall. It isn’t a matter of IF, but WHEN. That is a certainty…

      • JC Teecher

        Yes you are correct. That was my whole point that there is a good possibility that it will all be gone in a matter of days.

        If any can be retrieved, it will be a mass exodus for the sell off and withdrawals.

        The dominoes will fall.

        • JC Teecher

          We cashed out a few years ago, and don’t even keep more than a few hundred in a bank at any given time. If we can’t touch it, we don’t 100% own it.

  • TheMeMeMeHasToStop

    The seriousness of the Me Me Me age has come to a breaking point.
    People want to blame the “elite”, or government, fiat money, or any other BS excuse. Ask yourself why they are there and you aren’t. Now go ask your parents about the bad decisions they made in life.
    If you are low income, unemployed, or otherwise a victim in your own mind of the greatest forward advancing society on the planet, take a look at yourself, and your lineage.
    We have come to a point where everyone cares about the newest TV more than they care about setting up the next generation for success.
    As soon as I had kids, nothing else mattered. If I advance my monetary situation just the littlest bit, they will be better off than I am. And I will also teach them the same lesson.
    I was raised by a family in charity. We literally had nothing. For my Grandfather, the American dream was helping others advance further than him. He didn’t understand, take some-give some. He gave all.
    I chose to change that for my family. All it took was a little motivation and the understanding that my life was less important than MY next generation.
    I worked hard and got out of CC debt. I kept working hard until I had the money to buy a house. Do I have a big screen TV? No. Do I have a bookshelf filled with every President’s biography? Yes. I buy things that will advance MY next generation. By the way: The books and the bookshelf together was less than your new Ipad you had to have.
    We need to get rid of the idea that technology is great and the things that really matter are a moot point. Your life, and your things, don’t matter one bit unless it advances YOUR next generation.
    As long as my kids follow my lead, it will be a short amount of time before someone down the line owns a business, owns multiple real estate properties, becomes a Statesman, or in anyway shape or form is free from the discipline it took to get to the top. From then on, the family is set. As long as the same lessons are passed on.
    Then the Me Me Me can start for myself. Because I will be remembered as the family member who started building the ladder to monetary freedom.
    How will your family remember you? Will your great-great grandkids even know your name without clicking a green leaf on a website?

    • ONE WHO KNOWS

      Great post.

    • anonymous

      Keep patting yourself on the back. Let me know how your library of presidential biographies helps you when the “elite” or government turn our fiat currency into toilet paper. You complain about “me, me, me” while you capitalize and emphasize on the word “MY.” Do you realize how ironic that is?

  • A Dodgy Bloke

    This will get worse. HRC is planning on a massive tax hike and my guess judging by history it wont rake in nearly the cash she’s thinking. The US is 20 trillion in debt, a few trillion over GDP. Japan is over 200% GDP in debt. It’s only a matter of time before something happens, a TBTF bank collapses, a sovereign debt default nobody saw coming, A major retirement plan goes bust, or a terrorist attack that kills a few thousand people. All of those events are possible. Cheep money is the only thing keeping this party going. If Trump gets elected he might be able to rig a soft landing, if HRC gets elected God Help us.

  • VigilanteCaregiver

    There’s one more thing left out of you reasons, Mike. More and more people are not creating traditional families. Normal family’s need homes to rear more than 2 children. All the homes on the market with lots of beds and baths simply cost too much from the other reasons mentioned ( along with artificial price inflation), and the buyers are going for smaller homes as they really don’t need the space.

    Older folks and retirees are finding their equity is useless as younger families are not buying their nest and cashing their nest egg for ’em. There’s another part of the financial crisis.

    • Rotten nest egg

      Excellent points!

  • Jerry C

    Let’s be clear and define our words.

    A “home” is not an asset. An asset is something you own 100% free-and-clear which a “home” is not because even after paying off the mortgage you still have to pay property taxes.

    Therefore, by definition, a “home” is a Liability. More technically, it’s a Long-Term Liability using a 20-30 year mortgage in the HOPES that it’ll be paid off at the end of it.

    Let that sink in. A person spending most of their entire adult working life to pay off one Liability while assuming no unforeseen major problems 30 years into the future. It’s the biggest scam besides the Federal Reserve.

    • ALWAYSTOMORROW

      Mort. According to the English Dictionary means DEATH! MORTgage= until you DIE! Banker laugh as you sign the deed!

  • Cell Tower Joe

    The answer is to keep importing in more illegal Mexicans and unskilled labor.

  • AnotherLover

    Call me crazy, but shouldn’t owning a home be something more akin to a… right? What animal on Earth “dreams” of owning a home? Only people. Homes last so long, there’s no reason every person can’t own one. They would have to maintain it, and that’s it. The only reason we all don’t own homes is the bankers are stealing all the wealth and the government’s taking what’s left. I can see a one-time tax on a home purchase, but a lifelong burden that increases should the value of the home increase? That’s a sick joke.

    I have a platform for any 3rd party or Independent:
    1)Home ownership is a right/ end of property taxes
    2)No TPP
    3)End the Fed. Return to Gov-issued currency.
    4)Don’t worry about minimum wages, etc — home ownership for all will transform our society overnight.
    5)Increase urban farming initiatives — give land and water
    6)The big one: return wealth from natural resources to the people. This model needs to be exported worldwide, but in the meantime, natural resources belong to the people, not to someone that clawed them out of the Earth. Wealth gained from such a transformation will be immediately used to start housing everybody. It will be used for infrastructure thereafter.
    7)Fight to spread the practice of returning the resource wealth to the people throughout the Middle East and the rest of Africa and the world.
    8)Encourage robotics manufacture
    9)And crowdsource the rest.

    Of course step 10 might be to build a nuclear bunker, because the elite would rather see the world go down in ashes than lose their wealth from natural resources and the Federal Reserve.
    And this is more of a 2020 thing at this point, I suppose.
    At any rate, keep the Hell-Beast out of office, please! That dumbell-flinging war-hag needs to go on out to pasture. There, there, now, Bess. Go wander around in the field where you can’t harm anybody.

  • JC Teecher

    In 2002, I was still very much in the work force and driving around the country, getting paid for hauling stuff from point A to point B. What a wonderful job, but came with risks and limits as to my income, and there was no chance of promotion in the field of Truck Driving, but; It sure beat the crap out of sitting at a desk all day, kissing a non-appreciative boss’s but, and breathing stale air. I did that for many years in the banking business until I got tired of wiping brown stuff off my nose every evening after coming home. Screw that.

    All those years behind a glass windshield, I noticed a trend that settled in my brain as people thinking without a brain. That trend was bigger and bigger houses, everywhere I turned. More square footage meant higher heating and cooling costs. Bigger and nicer meant higher property tax values. As a realist and prophetic scripture follower, I saw things from the perspective of people “living above their raising”, but more importantly, I saw people that were idolizing their houses and cars and worth. I heard people from every walk of life talking about how much they had, or was gonna have, and how much they made or was expecting to make as far as income. I didn’t hear people saying they were thankful for all their stuff, I heard “we want more stuff”.

    That term “living above your raising”, can have two different meanings.
    One is living bigger with better things than what one grew up with. There is nothing wrong with improving one’s life and having nice things, a better education, better job, better car,better house, better food, etc.

    The other meaning is “not’ living a down to earth, or simple lifestyle. Living a life full of pride and prestige, is living above one’s raising from the perspective of what it meant to live life in the 1800’s and early 1900’s, for the average American.

    The point is, I saw that the “American Dream”, had turned into the American “scheme”. Scheming and planning, to acquire all those things that pointed to success and prestige, and bigger and better, than the Joneses, down the street, by whatever means possible. “Keeping up with the Joneses” was the other idiom that came into play.
    Keeping up with the Kartrashians comes to mind.

    Anyways, for a lot of those worldly thinking people, the chickens are coming home to roost, and when they come, the banks own the houses and nobody is living there.

  • GV

    bilge

  • abinico

    Middle class died a long time ago, thanks to deals like NAFTA, and prior to NAFTA free trade mentality.

  • Diane Dina

    Warning: Broad Brush Micro-aggression Ahead.

    Every generation since World War III has been less industrious, less religious, and more self-absorbed than the previous. Looking at the early Snowflakes you can rest assured that they will not disappoint.

    Why should we be surprised that Millennials rent (or live off their parents) instead of buying homes? They are lazy narcissists. They could save enough for a home with what they squander on gadgets, toys and frivolous pursuits. But they lack the self-discipline. The only wealth that they will see is that earned by their parents. That will soon disappear.

  • Alison Poole

    The fact that the U.S. home ownership rate has fallen to record lows is going to exacerbate the already serious retirement crisis.

  • Alison Poole

    “This is why I write about the evisceration of the middle class so extensively, because the U.S. economy is systematically being hollowed out and most Americans don’t understand what is happening.” I think the majority of American’s do understand what is happening. Drive outside any of the top ZIP codes into the “real” America and you can see what is going on. And certainly the Trump and Sanders political revolutions are directly attributable to “what is going on.” The problem is that there is wide, and sharp divide over causes and solutions. Trump and Sanders disagree on many causes and solutions. But the dire language used by Trump and Sanders speaks to American anxieties, whereas, Clinton espouses the view that the status quo just requires tinkering around the edges. Well, what else is she going to do, blame eight years of Obama for this mess!?

  • Alison Poole

    Another point not mention in this article is that, according to a May 2015 report by the Federal Reserve, 50% of U.S. household had bad credit such that they could not qualify for a mortgage or had insufficient savings or earnings to be able to afford a down payment.

    • I’m trolling you “Alison”; hope you don’t mind. How can the middle class afford a downpayment in places like NYC, LA, SF, Seattle, Denver, Portland? I’d have to come up with $100k downpayment on the house I rent. This is all bubble economy crap created by cheap money. It keeps the middle class–the working class–down.

      • Alison Poole

        How indeed? Nevertheless, the facts remain the facts.

  • energizedmortal

    There is so much greed, corruption, uncertainty and we are witnessing multiple generations of honest hard working people losing everything. Disturbing.

    The american nightmare! Rent- make someone else rich and end up with nothing but at least you’ll have mobility. If you are blessed enough to own the home you must pay taxes and that roof leak will cost you some more! Want to rent it out? Good luck finding some one that is financially stable. 102 million don’t even have a job.

  • Verly Olivier

    I live in Belgium and I can tell you that here, the disappearance of the middle class is a reality !! Only in recent years the purchasing power is reduced dramatically

  • Daniel Preece

    It’s hard to take this article seriously when it blames Obama. This is something only the Congress can address, and this Congress has steadfastly–and admittedly–refused to allow anything get passed that might make Obama and the Dems look good, regardless of how much it will help the country.

  • Daniel Preece

    You vote in millionaires, you get millionaire laws. The 1% is doing GREAT. The 99% are declining because they keep voting for and voting in the 1%–who do nothing for anyone but themselves. VOTING YOUR INTERESTS isn’t evil, it’s how democracy works, but you gotta understand and vote YOUR interests…not the interests of the people who are exploiting you.

  • Dominick Perez

    Don’t bet on it, most voters are idiots… The evil lying Witch is counting on it.

  • Guest

    Sadly owning a home is no longer a reality in reach for many, property taxes are a continual burden since a home completely paid off can be seized if you owe as little as $1 in arrears in property tax…some have had to make the sad choice to sell their home rather than risk losing it.

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