Too Damn Broke to Afford a House

Americans are largely missing out on home equity gains and there is little they can do about it.

from My Budget 360

The housing market is once again too expensive for most American families. During the last housing bubble, many Americans were able to partake in the mania and enjoy equity gains even if they were as fleeting as a petal in the wind. This time around most of the gains are going to investors and large institutional buyers that have crowded out the regular buyer. This is a first in history at least on this large of a scale. The homeownership rate is the lowest in a generation as many young people saddled with student loan debt are living at home. Home prices surging with incomes being stagnant is a recipe for problems down the road. We recently saw a report showing total wealth in the U.S. is at a record level again. Too bad most of the gains are in the hands of the very few. And even fewer Americans own homes today. Why? Because they are too damn broke to buy a home.

Continue Reading at…