5 ms·

My comment didn't speak to the pre-WWII era, but going back to the nineteenth century, the U.S. has always had a robust workforce more-often-than-not offering o

My comment didn't speak to the pre-WWII era, but going back to the nineteenth century, the U.S. has always had a robust workforce more-often-than-not offering opportunity for upward mobility for those motivated enough to take on the work. What's significantly different now is that we have a much bigger safety net for the retired, young, ill and disabled. But what's also different is the very recent lack of upward mobility. People born after the 70's are coming in behind their parents unless they inherit land or equity holdings. Does a worker stop paying rent to a landlord in order to build that "nest egg" as you admonish them to do so? It's hard to save for retirement when the landlord keeps coming back every year with a $300/month rent increase - because they can, because every landlord is doing it, and because elected officials and courts give them cover to do so.

sremani 10y ago
There is nothing to west of Oregon (technically pacific ocean), most of the 19th century is because of west-ward expansion. People can go to Montana and get homestead etc. Again, this is not beating up on people who are down on luck, My inspiration in life has been Helen Keller, who is blind, deaf and mute, she wrote damn fucking awesome books. You are trying to shoot the messenger, your argument is similar any thing that is worthy has already been discovered. Upward mobility is hard, it usually is and has been and historically there are only few times, when a raising tide rose all the boats, but there is a thing about tides, they raise and fall.
- vertex-four 10y ago
  Your entire post is nonsensical - fact of the matter is that unlike Silicon Valley tech workers, the vast majority of the country doesn't get paid six figures for sitting on their arses all day, and the vast majority of what they are paid goes to necessary expenses. Building enough savings to survive for two decades is simply not possible unless you're decidedly upper middle class.
  - sremani 10y ago
    I disagree with your assessment. I do not live in Silicon Valley nor do I make 6-figure salary.
lettergram 10y ago
That's actually why most financial advisers will tell you not to rent long term if at all possible. Purchasing a home (on average) will cost you nothing in the long term because you can refinance later in life or use it as an asset for other investments. Essentially, not a single dollar paid to a landlord comes back to you. At least a percentage of every dollar will come back to you with a mortgage. Not to mention if you buy a home, you'll often pay less than you would renting. This makes perfect sense if you think about it, the landlord is trying to make money. Point being, buying a home is a "nest egg" which is why 0-5% down was and is a thing. If you don't like landlords move, and buy your own home. It's really that easy and will benefit you in the long run.
- brianvan5155 10y ago
  The average sales price of a home in my county is $2,000,000 The lowest county average sales price within a commuting hour of my workplace is probably $700,000, to live somewhere fairly isolated and dead. It would only be "that easy" if I made $150k a year. That is still a top-10% salary in 2016, and yes my current salary is location-dependent, so I'm stuck between a rock and a hard place on that. I would start planning for a purchase 10 years out, but my down-payment savings money pretty much flies out the window toward debt and utilities. And most of the homes in my area sell in instant cash deals anyway, down payments are a joke. (Thanks, anonymous LLCs representing foreign wealth!) I'm in a very particular situation with a lot of unusual disadvantages, but I'm also a web dev working for a large consultancy in one of the big US cities. Every one of my peers in the workplace is struggling with suburban homebuying expectations; while every one of my urban social peers holding less-prestigious jobs is almost certain to be working poor by age 50. The grind is already happening. There needs to be more political support for regulation and infrastructure projects that create the opportunity for working-class home ownership investments. It sounds like you support this, and your efforts are needed in politics too.
  - wolfgke 10y ago
    > The average sales price of a home in my county is $2,000,000 Why not buy a single apartment? Or buy and afterwards inhabit a house together with a small group of friends so that the amount of money is shared between the group?
deleted 10y ago
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sremani 10y ago

There is nothing to west of Oregon (technically pacific ocean), most of the 19th century is because of west-ward expansion. People can go to Montana and get homestead etc. Again, this is not beating up on people who are down on luck, My inspiration in life has been Helen Keller, who is blind, deaf and mute, she wrote damn fucking awesome books. You are trying to shoot the messenger, your argument is similar any thing that is worthy has already been discovered. Upward mobility is hard, it usually is and has been and historically there are only few times, when a raising tide rose all the boats, but there is a thing about tides, they raise and fall.

vertex-four 10y ago
Your entire post is nonsensical - fact of the matter is that unlike Silicon Valley tech workers, the vast majority of the country doesn't get paid six figures for sitting on their arses all day, and the vast majority of what they are paid goes to necessary expenses. Building enough savings to survive for two decades is simply not possible unless you're decidedly upper middle class.
- sremani 10y ago
  I disagree with your assessment. I do not live in Silicon Valley nor do I make 6-figure salary.

lettergram 10y ago

That's actually why most financial advisers will tell you not to rent long term if at all possible. Purchasing a home (on average) will cost you nothing in the long term because you can refinance later in life or use it as an asset for other investments. Essentially, not a single dollar paid to a landlord comes back to you. At least a percentage of every dollar will come back to you with a mortgage. Not to mention if you buy a home, you'll often pay less than you would renting. This makes perfect sense if you think about it, the landlord is trying to make money. Point being, buying a home is a "nest egg" which is why 0-5% down was and is a thing. If you don't like landlords move, and buy your own home. It's really that easy and will benefit you in the long run.

brianvan5155 10y ago
The average sales price of a home in my county is $2,000,000 The lowest county average sales price within a commuting hour of my workplace is probably $700,000, to live somewhere fairly isolated and dead. It would only be "that easy" if I made $150k a year. That is still a top-10% salary in 2016, and yes my current salary is location-dependent, so I'm stuck between a rock and a hard place on that. I would start planning for a purchase 10 years out, but my down-payment savings money pretty much flies out the window toward debt and utilities. And most of the homes in my area sell in instant cash deals anyway, down payments are a joke. (Thanks, anonymous LLCs representing foreign wealth!) I'm in a very particular situation with a lot of unusual disadvantages, but I'm also a web dev working for a large consultancy in one of the big US cities. Every one of my peers in the workplace is struggling with suburban homebuying expectations; while every one of my urban social peers holding less-prestigious jobs is almost certain to be working poor by age 50. The grind is already happening. There needs to be more political support for regulation and infrastructure projects that create the opportunity for working-class home ownership investments. It sounds like you support this, and your efforts are needed in politics too.
- wolfgke 10y ago
  > The average sales price of a home in my county is $2,000,000 Why not buy a single apartment? Or buy and afterwards inhabit a house together with a small group of friends so that the amount of money is shared between the group?

deleted 10y ago

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