The American Dream no longer exists.

[FilingOnMyOwn]

Its unbelieveable how much it costs to buy a house these days. I am just now realizing that I will never be able to afford one, probably in my lifetime. Doing some basic research on where I live, here is what it costs to buy in my zip code: Average Home Price: $350,565.14
Median Income: 33,400.

Thats simply impossible.

Go a few blocks away, and it gets worse.
Average Home Price: $461,225.69

Go 10 miles, and you're really screwed:
Average Home Price: $675,729.45
Median Income: 49,800

How does a household making 50k a year, pay out 60k in mortgage payments a year? I just don't understand, where is all this money coming from?

[AMISLANDER]

I can't figure it out either...there's no way a house is a reality anymore on a basic salary...be nice so you can inherit!

[robivi3]

Filing, it's the same here... Average older home where i live is a 2/2 1100 to 1300 square feet, one car garage now topping 300,000.00 75x100 lot. Newer homes (3/2's) 350,000 to 450,000. unreal. Our TH's (4/2's 1500 sq. ft), Concrete on the sides, frame front and rear are selling for 250,000. Unreal. 8 years ago a 2/2 was 89,900.00. I paid 86,000 for my TH in 2001.

[BassBoy]

It's disgusting isn't it? Where we used to live, it was just ridiculous. A 3/1 slab ranch (about 1100 sq. ft.) would go for as much as $200K, depending what part of the developement it was. AND THESE WERE 35 YEAR OLD HOMES TOO! It's just plain ridiculous. You can build a 3/2.5 or 4/2.5 colonial with a full basement for that kind of money in our area.

[FilingOnMyOwn]

I did some brief calculations. By the time the federal minimum wage reaches $7-8 an hour, the national average median home price could be over a million dollars. Talk about home ownership being impossible. Eventually, being wealthy in america will be defined as whether someone owns their home or not. And the upper 10% of the population of course will own all the rentals.

[Minnymouth]

I have to agree, the American Dream has just about died!!!

1. Average person cannot buy a home................
2. Small business owners are becoming extinct......
3. Our english language is turning into SPANISH......
4. Our doctors are all starting to be foreigners.....
5. In God We Trust, our religious guidelines our Nation was founded on are gradually being removed.....
6. Our Nation is made up of immigrants - many who are here illegally.....(yet use all of our social services).....
7. Our large corporations are closing down here and sending their work overseas..............(then shipping back to USA)
8. Our crime rate continues to go up...... (now a lot of our children are criminals).

I cannot SEE that any of the above is a GOOD THING!!!

My thoughts,

[SinkingFast]

I don't get why owning a home is considered the "American Dream". We've owned 3 houses. But the reality of the situation was 3 houses owned us.

You guys sound like you're located on a coast. California, Florida, up East. It's not any better in the midwest. Housing price to income ratio is better, but,....

Even tho we had the down payment, and qualified for monthly payments, other life and homeowner expenses pushed us over the edge.

I seriously doubt we'll ever purchase another house. EVER!! I've had my fill of being owned by a thing.

Plus, you have no mobility. If you have a life changing event occur, job loss for example, you can't just drop the house and move to another state. You can't just drop the house and move to a place that costs less per month.

Houses are millstones tied around your neck holding you back when you need to move forward.

[debtisbad]

Amen!

[Minnymouth]

I enjoy owning my own home, the idea of knowing it belongs to me and its the roof over my head.

All the added expense does not out weigh the feeling though..... it's so expensive to own you own home now days....

Repairs are not cheap, and major repairs can be devastating to the pocketbook...

And your right, you get the itch to go somewhere else to live, and there you sit with a house to sell and no buyers!!

Normally you NEVER get out of one what you put into it!!!! You usually always take a loss......

Yeah, owning one is not cracked up to what it used to be!

My thoughts,

[edwards2]

Minny - I love owning a home too. It is our haven. I dont care if you have to make repairs...that's life. My house reflects my style. Granted we live in Tennessee and houses are affordable here. We could in no way qualify for a house in the upper $200k range...fortunately, we had our house built 15 years ago; it is worth many thousands of dollars more today but I dont want to sell...at least not now. My sister lives in Naperville, Ill. The housing market there is off the chart. My sister has a nice house; they paid $170,000k...years ago.

[FoolAndHisMoney]

Dreams not over! Just out of sight for now for some. What will most likely happen is there will be a correction in most home prices to be in line with wages. I don't know anyone that can afford the houses and property taxes in my area and for that reason they will come down in price. The "get rich quick" house flippers will get burned since they are mostly driving up the prices artificially. The last correction was 10 to 15 years ago and we are due. With tougher bankruptcy laws, tougher rules on student loans less people will take out riskier loans of any kind and eventually drive college and consumer costs down. If large companies keep sending good jobs overseas then NO ONE will buy their products with very little disposable income. We're Americans, we never surrender!

[FoolAndHisMoney]

I have to agree, the American Dream has just about died!!!

1. Average person cannot buy a home................
2. Small business owners are becoming extinct......
3. Our english language is turning into SPANISH......
4. Our doctors are all starting to be foreigners.....
5. In God We Trust, our religious guidelines our Nation was founded on are gradually being removed.....
6. Our Nation is made up of immigrants - many who are here illegally.....(yet use all of our social services).....
7. Our large corporations are closing down here and sending their work overseas..............(then shipping back to USA)
8. Our crime rate continues to go up...... (now a lot of our children are criminals).

I cannot SEE that any of the above is a GOOD THING!!!

My thoughts,

It remains to be seen just what they do to resolve this problem. In post September 11th America it's disgusting to know that both political parties continue to ignore this one. This illegal immigration issue should have been higher priority then bankruptcy reform.

[Minnymouth]

Just recently spanish immigrants began marching in our streets for "their rights" as illegal citizens in our USA....
What rights? They are illegal!!! They don't want to learn the english language!!! Many don't want to work!!!

Why should I support them with my taxes?

They are not coming from a war-ravaged nation! They are not "running for their lives!!!" They are coming from a nation that our large companies are going there establishing work places.... Work that is being taken away from our citizens and sent to foreign countries.....

Don't get me WRONG............

Come to our Nation - Come Legally............

Bring your crafts, your talents, your ideas, your desire to work, bring the young minds of your children......
Learn, Work, Prosper..........but do it legally...........

Do not sneak into our nation in the middle of the night expecting us to support you, feed you, clothe you, tend to your medical needs, educate your children, speak YOUR language as ours, etc.

Our nation has always "welcomed" with open arms those from foreign countries...... that's what our nation is all about!!!

BUT do not sneak in - in the middle of the night - like a theif stalking their prey! And then wonder why you are not welcome!

ASK to be a part of our Nation.............sneak in we'll send you back!!!

We don't want your rapists, your killers, your drug trafficers, your gangters, your society that will contribute NOTHING to our society or your new homeland.

Spanish is NOT OUR NATIONAL LANGUAGE - ENGLISH IS!

My thoughts today,

[Minnymouth]

And DON'T MIS-UNDERSTAND ME when I speak out about this............ many of my friends here in KY are from Hondurus.......but they are also legal........
Fine people, hard working, all struggling to learn english....
Some have been here 10 years......

So I am not a prejudice person. God created all mankind, not just little ole "white" me!!!

Minny

[Minnymouth]

Gosh - Guess I'm Thru Venting For The Afternoon.............!!!!!!