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  • cgshumway

Property Prophet says that fewer transactions will lead to what?

Oops here it is What are the younger generations going to do? Home ownership is very expensive. In the younger generations if you own a home it won't be long before you are considered among the wealthiest of Americans if things continue as they are.

What that means is that we will see more people renting, or being "renters" longer. In fact right now the average rent is cheaper than the average mortgage for purchasing your average home. But here is a controversial take: you should never buy a home to get rich!

Your personal property is not an investment property. It is a place for you to live. You should be looking for a home if you want a place where you are free to make it your own, you are looking for a sense of accomplishment and pride of ownership, and you want to build roots and connection in a community and a neighborhood. Home owners on average have a higher net worth but the driving force should be about having a place to live that works for your lifestyle and your family situation.

America was founded on the idea that we are created equal under the law and the idea that anyone can pursue home ownership. You don't have to be a lord or nobility to own land. Those are the reasons you should pursue home ownership even if it takes some work and some financial perseverance.

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