Quote:
Originally Posted by mikemhg
Our folks lived in a much better time than we do, brother. Our folks were paid better in relation to the cost of living than we do. Our folks also lived through one of the best economics times we have had in history. It was viable in our parents time to have only one source of income in a household, and still own a home. Nowadays that idea is completely out the window, unless you are raking it in, it's very difficult to own property on a single income household.
The economic future will be a lot more unstable for our generation, there is no doubt in that. If we have another crash (which they predict will almost certainly happen at some point), it will make 2009 look like a cakewalk, if interest rates go up, most people will be completely screwed.
Like I said, I'm not discouraging anyone from buying, but I think it's a retarded argument to say that "buying" is better than "renting" because it equals some type of mythical security that you own that said property.
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No offense but I can't take you too seriously with such a blanket statement. My parents came here in the 70's with nothing but the shirts on their backs. Through hard work, a single income bought their first home. When the market turned to shits in the 90's, they were forced to sell cause they were not able to make the payments with a family of 5 and only a single income.
My wife's family has a similar story. Her parents came here in the early 80's and through hard physical low paying work, long hours, no vacay's, and luckily for them family help, they were able to buy their first home and struggled but eventually paid off their mortgage.
Really, it wasn't until the early 2000's when the market took off so I don't know where you are getting the idea that our parents lived through some of the best economic times.
Looking at Jason's example, if that person was as smart as he claimed to be, he wouldn't have bought 20 houses, toys and vacays. Cut back on a few things and he could have been fine. Of course, all this is based on what Jason has told us.