Ongoing problems with housing market, economy and jobs continue to affect many aspects of American life. It seems that Americans are not only losing their homes but also not buying homes. New home construction is down below replacement levels, although it is not necessarily a bad thing in the current housing market. It does not however end there. Apparently first time buyers are losing interest in owning a home according to recent surveys. American Dream seems to be losing its appeal at least on the housing front in recent hard times.
According to reports, surprisingly occupancy rates are falling as well. It seems that more and more people are doubling up to live together. Especially younger generation is sharing homes in higher numbers in each property. House sharing increased from two or three a property to four or five a property recently. This naturally increases the number of vacant properties.
Homeownership among young people is falling as well. Recently it has dropped about four percent from 2005 levels back to about thirty nine percent. Clearly young Americans are shunning away from home ownership. Current record low mortgage rates do not seem to change things much. It may be because of the still existent problems within the housing market. They may be wisely waiting to see the housing market stabilized before they get their confidence back and start buying again.
Older generation seems to be affected the least from all these problems. That may be due to the fact that many of them own their home outright to care about mortgages or house prices any more. Probably there is a message here to take. Pay your mortgage as fast as you can when you have the means. The future might deliver unexpected twists which would be easier to handle if you have the resources.
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