Most Americans too broke to buy a Home.
from My Budget 360
Owning a home is symbolic with having a piece of the American Dream. The stereotypical picket white fence with a nice lawn is easily conjured up in the minds of many. Yet for many, this is only a dream because it will never become reality. The American Dream has imploded with many other areas of the economy. We have hit another low when it comes to the homeownership rate. Americans are too broke to purchase homes even with record low interest rates. Home prices have increased hand and hand with the stock market but the problem is, most of the gains have gone to big investors and not families purchasing a place to live. The big bet from Wall Street was to convert many foreclosures into rentals and push rents higher. This is all interconnected like an intricate spider web and the public is the fly trying to break free. The only problem is the housing market has transformed into another trophy for big money investors.