Who Can Afford The American Dream? “Rental Rates Have Reached Apocalyptic Levels”

Thursday, January 28, 2016
By Paul Martin

Mac Slavo
January 28th, 2016
SHTFplan.com

Skyrocketing costs and shrinking opportunity are meeting head on with full on economic disaster. The Dude, Where’s My Stuff? generation doesn’t have much motivation to go on for growing up and getting their life together these days.

Record numbers are out of the work force; record numbers are living with their parents in the basement; record numbers are losing the battle of return on investment with higher education – purchased with burdensome loans – in order to attain better employment and stability. Rising costs are hitting home owners and renters alike, with a real squeeze coming down on those just starting out.

And all of that is driving the economy to the brink.

That American Dream thing is a going up in smoke. Upward mobility has stalled, and stagnation is setting in.

It is becoming apparent that a lost generation is upon us, and the Americans of tomorrow may not even have a meager concept of what this country stood for, because their lives will be so completely desolate and controlled.

A Forbes columnist asked the question: Can Millennials Afford The American Dream? Forbes’ Kerri Zane writes:

The local radio news station in Los Angeles recently reported that the rental rates in this city have reached apocalyptic levels. So it stands to reason the next best step is to purchase a home. Easier said than done, particularly for millennials.

At the end of last year my 25-year-old daughter and I were discussing this issue. She and her live-in boyfriend had been exploring the notion, but with the median home price in Los Angeles exceeding $500,000.00, it is completely out of reach for them. Between juggling school loan payoffs and each working in the freelance world of entertainment, saving for a down payment and/or qualifying for a mortgage, in this day and age, is tough.

[…]

Over the last 20 plus years I have watched as the cost of living in the U.S., and more specifically Los Angeles, steadily climbed. It became apparent, without a doubt, that if my daughters (I have two) were going to have a home, it would be up to mom to help them.
Before you rush to judgement about my children’s work ethic or my parenting style… look at the stats… home affordability will decline through-out 2016 by 4 to 5%. We all know that at the end of 2015 the feds increased mortgage rates, and real estate pundits predict home prices will continue to appreciate at 3 to 4%… the cost of in-state tuition and fees at public four-year institutions have increased at an average rate of 3.4% per year beyond inflation.

The Rest…HERE

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