Re:66% of renters say homeownership is ‘hopeless’
by nradov on Friday May 05, 2023 @01:44AM
(#35825604)
As a Silicon Valley resident since 1997 I would advise young people starting their careers to not move here in the first place, unless perhaps they get an exceptionally good job offer that requires being physically present. I am kind of stuck here due to personal circumstances but if I had fewer attachments I would would have left years ago. The combination of broader macroeconomic and technological circumstances plus the negative effects of authoritarian leftist state and local governments has really driven the place downhill. There are many better places now to launch a career and build a life.
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Re:66% of renters say homeownership is ‘hopeless’
by adave on Friday May 05, 2023 @07:54AM
(#35828088)
For example?? Without practical answers this reads like an old fart complaining about good old times.
Texas might be the only reasonable alternative for home ownership, even then salaries are lower and we all know about their current situation especially in smaller localities.
Re:66% of renters say homeownership is ‘hopeless’
by nradov on Friday May 05, 2023 @08:48AM
(#35828534)
Texas is hardly the only reasonable alternative. Several other states make it much easier to own your own home. Look around and find somewhere you like.
https://ipropertymanagement.com/research/homeownership-rate-...
Re:66% of renters say homeownership is ‘hopeless’
by than3 on Friday May 05, 2023 @09:29AM
(#35828962)
I agree, its a tradeoff wherever you go and takes careful planning.
You can either have high overall income taxes, or you have high property taxes (and low overall cost of living).
Ironically, for those who won't retire before 2030, we'll probably never see social security benefits despite paying into it for most of our life (15% tax).
Re:66% of renters say homeownership is ‘hopeless’
by nradov on Friday May 05, 2023 @10:40AM
(#35829832)
You will see some Social Security benefits. There will likely be some benefit cuts and perhaps a further increase in retirement age, but there is no political appetite to eliminate the program entirely. As long as you survive to retirement age you will receive something but it might be less than what you paid in.
Re:66% of renters say homeownership is ‘hopeless’
by than3 on Friday May 05, 2023 @03:47PM
(#35834264)
While it is true there is no political appetite to eliminate it, that has little to do with whether you'll get a reasonable amount of benefit from it.
Currently, mandatory spending which includes Medicare and Social Security go over a cliff where the interest exceeds projected GDP ~2032 (before factoring in inflation; it gets worse with inflation).
There was a congressman trying to bring attention to the issue for newly elected politicians who did a C-SPAN presentation on it.
Link: https://www.youtube.com/watch?v=6ut1yQg2qA4&ab_channel=Forbe...