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Interesting article about declining interest in perpetual ownership

WinniWoman

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And it's the same with school and property taxes. They just keep going up and up and up, and in many areas of the country the value of the home keeps going down the older it gets. You never really "own" the home. Your kids won't want it and probably can't afford it even if they did want it. And, it becomes harder and harder to sell because of the taxes. Then, even if you do sell it for nothing, you cannot purchase anything else because maybe where you want to move to costs a lot more money then you got for your house. If you are lucky, maybe you can find a rental, but even those costs are out of sight.

Maybe home ownership should go the way of renewable interest timeshares. After 25 years, you can renew or give back to the town and walk away.
 
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vacationhopeful

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Home ownership is a product of the GI Bill after WWII. Before hand, the majority of the US population lived in rental spaces. And often in a heavily dense groupings and in today's view, marginal living standards. Shared kitchens and bathrooms; all the kids in a bedroom and sharing beds; parents living in the living room; multiple generations functioning as one family unit. And people had way fewer clothes, too. Less consumer products, too.

Would I want to go back to THAT? No ... but can we afford to live in McMansions for 1 to 5 people?
 

WinniWoman

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Home ownership is a product of the GI Bill after WWII. Before hand, the majority of the US population lived in rental spaces. And often in a heavily dense groupings and in today's view, marginal living standards. Shared kitchens and bathrooms; all the kids in a bedroom and sharing beds; parents living in the living room; multiple generations functioning as one family unit. And people had way fewer clothes, too. Less consumer products, too.

Would I want to go back to THAT? No ... but can we afford to live in McMansions for 1 to 5 people?


Heck-soon we all can't afford to live in 1500 square foot homes.
 

bogey21

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Let me say upfront that I am retired and no longer own a home but with most of the younger generation not having traditional Pension Plans and not saving adequately for retirement, maybe owning a fully paid for home and being able to use a stream of payments from a Reverse Mortgage to supplement Social Security when no longer able to work could be a good thing.

George
 
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vacationhopeful

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Heck-soon we all can't afford to live in 1500 square foot homes.

My first home at age 22 was a 1206 sq ft rancher for $28,500. Don't think I have not thought about downsizing to a similar house, as I have.

And when I think about spending part of the winter else where ... I think about moving into a smaller apartment ... instead of a house with sidewalks and needing to be heated while I am playing snowbird.
 

WinniWoman

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My first home at age 22 was a 1206 sq ft rancher for $28,500. Don't think I have not thought about downsizing to a similar house, as I have.

And when I think about spending part of the winter else where ... I think about moving into a smaller apartment ... instead of a house with sidewalks and needing to be heated while I am playing snowbird.

Yup! Lol! My first house was $25,000 and 1300 sq. feet- a ranch- and I was 21! Must have been on the same life path then! Ha! Ha! :D
 
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