Posted by Opie2 on August 21, 2017, 3:54 pm, in reply to "Who will be left?"
Well let's see. We bought homes we could afford. We didn't need 4,000 square feet. We didn't need three car garages, pools and the like. We stayed in our homes and paid them off.
In other words, we were smart. Today's young couples think they need all of the above so they can impress the Jones's. They both get jobs to afford a big mortgage. Someone forgot to tell them about fluctuating tax rates, emergency repairs and heating and cooling bills. Suddenly they miss a payment to the bank. Oh well, just put it on a credit card. Oops, "we maxed those to go to Mexico for a vacation we couldn't afford to pay cash for". Damn the luck. Now the couple begins arguing about her clothes and his cars and before you know it, divorce court. Of course, it's easier to walk away from the big mortgage because it only hurts the bank that carried our paper.
Now the bank sells that house for what they can get out of it. Interest rates go up because the bank can't eat that loss.
Yes, let's blame seniors for getting a property tax break even though they paid said taxes for thirty or more years.
Here's an idea. Youngsters, work hard. Settle for what we old farts call a starter home. Improve it, enjoy it and someday, sell it for a big profit. Then instead of touring Europe, use the equity to buy that bigger home you want so bad. If you're still together, you'll know you have worked for something worth having.
Most "baby boomers" I know of live in a home free of mortgage. They may drive a new car but most have one two or three years old. They pay their bills, live within their means and typically stay together.
Seems like an easy choice unless you're a young, greedy, spoiled little b###h that mommy and daddy protected too long.
on August 21, 2017, 3:54 pm, in reply to "