Is home ownership still the classic American dream?
This full-page ad from the Sept. 21, 1953 Lorain Journal made the case that buying a home in Lorain was a worthy and obtainable goal. It notes, "Home ownership is the key to your lasting happiness. Ask any of the thousands of Lorain's home owners about the greater sense of security that they enjoy. See for yourself the terrific amount of money you save when you own a home of your own. Right now you can buy more value, convenience and security than at any time in the past."
The ad was sponsored by the Lorain County Builders - Contractors Association and includes a roll call of contractors with many well-known names listed, including R. S. Shinski, Anthony J. Murello and Vladimir Nickoloff.
But is home ownership going down or up?
I naturally assumed that the trend would show it going down – but I was wrong. According to census.gov, "The U.S. homeownership rate in 2022 was even higher than before the COVID-19 pandemic – 68% compared to 64.6% in 2019 – a rebound driven largely by those age 44 and younger, according to the Census Bureau's Current Population Survey/Housing Vacancy Survey."
I'm not sure how the current high interest rates and inflation will affect things, but it is encouraging that younger households are still striving to get into their own home – and accomplishing that goal.
I know that after getting married late in the 1980s, we were determined to get into a house, and only spent a couple years in an apartment. Like many, we had a 'starter house' – one that needed some work. But it was a good way to get used to home ownership (as well as learn how to fall asleep with the burden of a 30-year mortgage dominating your thoughts).
But I never built a house, and I still feel a little bad about it. My parents were given their first house (by Dad's grandfather) and they built two new homes – one on W. 30th Street in the 1950s and the one on Skyline Drive about ten years later.
But I like my condo, and even though it's the equivalent of a critter moving into another's one's nest (or hole, if you prefer), it suits me fine.
Had I not married and had kids there is no way that I would've ever owned a house.
ReplyDeleteTake out a loan.
Pay back *at least twice* of what you borrowed in interest.
Pay property taxes.
Pay all the repair and upkeep.
Worry about all the maintenance.
Where's the "freedom" in that?
Of course, maybe my attitude has been colored by the houses we've owned.
1 - An abandoned VA Repo - requiring a complete interior/exterior renovation.
2 - A house untouched from the '60s - requiring a complete interior make-over.
3 - A '50s ranch - requiring a complete interior renovation/remodel.
And we did most of that work ourselves.
I'd be a Kondo-Kid, just like my hero, Dan.
Housing in this area is relatively inexpensive. About 15 years ago my employer wanted me to move to New York City. My wife was in favor of it until I pointed out to her that we could live in a nice house around here or a one-bedroom apartment in NYC for the same cost to us.
ReplyDeleteIn reference to the home ownership rate, Lorain County is higher than the national average, which could be related to affordability. Per Google:
"The homeownership rate in Lorain County, Ohio was 72.5% in 2020. This is up from 72.3% the previous year. The 5-year estimate for the homeownership rate in Lorain County was 74.35610 in 2021."
It's cheaper to own a home instead of renting anymore.When people want $800-$1200 for a tiny apartment in a seedy part of town and then you can get a home for maybe a couple hundred bucks more a month,people are stupid not to go for the house.So that's what they are doing even though everything is still too high.If people had common sense that tiny apartment would be $400 a month and the house would be $700.All people have to do is wait it out and everything would drop in price.Homes, apartments,cars,etc.But we all know Americans want instant gratification.
ReplyDelete