Do you remember when it was normal for American families to own two houses?

a reply to: Bybyots

Sweden is where? Oooh you thought i was russian? Listen bro when you crash, oh boy, we are gonna exploit you like termits on a wooden house.. Cheap labour!!

a reply to: Bybyots

And no, something i love about you Americans, you talk sooooo much, when it comes down to business.. nothing... empty words..

a reply to: Kantjil

Sweden

Dead Man Walking (politically, that is.).

Interest rates, lack of savings, lack of purchase power, lack of wages that match cost of living, wild speculation of real estate appraisers, hype and bubbles.

When I was 15 in 1989 I worked for the Census Bureau as a clerk.

I made more than many adults do today...in 2016.

I had my own desk, my own line, and had 3 people under me. At 15.

In the 1980s and 1990s we had money to burn...those days are over drastically.

I would be ok with just having one property. It doesn't have to be big, just a 1200 sq ft house to call my own. But speculation in the real estate markets, inflation, the fed and government propping up the housing market has made most of these things beyond the reach of the younger generations. Younger people don't have theincome to housing ratio that our parents and grandparents had.

Home ownership in the US is now about 63.8%. During the peak of the housing bubble in 2004 it was at a record 69%. Through the 1980s it was 64.4 and 1990s it was 64.2. It declines more as we go back in time. 62.9% in 70s, 61.9% in 60s, 55% in 50s, 43.6% in 40s. Cencus housing table

So looking at those rates I would it is unlikely that people owned more that two homes at higher rate now, with the possible exception of the tip of the housing bubble. Those number would in fact suggest that this generation is more like to own a home or two more than others before it.

Also, gas, food, energy, were cheaper...(% wise)

Clothes were the same cost, electronics were more expensive but lasted longer.

Rent was average 25% of what you earned, so you could save $.

Interest rates were higher so your money grew in savings. 14-17% at times.

You didn't worry that going to the supermarket would break you. If you were behind in rent because you partied too hard, a week of overtime would usually catch you up.

And we partied more. Way more

Yea up here in northern Canada in my town it seems everyone has a second residence one in town the other a lake cottage. Very common still up here!


a reply to: Atsbhct

a reply to: Bybyots

Nope, you would not understand, real world works different.. In fantasies anything works

Here is the deal on this subject...

People have just changed. I know very few people who might have had two houses with one being a vacation house, and they were mostly upper middle class or higher. My family on my dad's side did have a house on a lake in New York, but it was paid for and upkeep by multiple related families. Outside of that I know of no one, so I do not think it was common as the OP suggests.

If you actually lived back then, as I have, you would know there wasn't many other options about vacations, but today there are unlimited options outside of just having a vacation house somewhere. My wife and I have talked about it and we have come to the conclusion why have a vacation house when we can just rent an appt or condo 6 months or a year at a time and live in many parts of the world or US and not get stuck going to the same place year after year.

When my kids are all out of our house, and I retire, I plan on selling my big house now and buying a small place in a vacation area as my home base. Then we will just travel, living a year or so at a time anywhere we would like to visit.

The bottom line is people have so much more to choose from today and taste has changed from the OP's model of vacation.

My parents owned one house, until my grandmother died. Then my dad owned half of another house (shared with his brother). I now own 1/5th of it and 1/10 of the land it's on.

I briefly owned two houses on my own and it drained me until I managed to sell one at a loss.

"Normal" to own two houses? No.
But then, it wasn't really uncommon. Nor is it now.

a reply to: Phage

sell the house buy the land

No I didn't know anyone like that at all.
ONE house was fine.

a reply to: Kantjil
I can't. Brothers and sisters and cousins.

a reply to: MrSpad

How do they come to conclusion that Millenials are more likely to own more houses?

www.forbes.com...

Even as the share of first-time buyers in today’s market continues to increase (34 percent of those who bought a home in the past two years were millennials, according to Redfin), millennials are moving into homeownership at a far slower rate than their parents did at their age.

So Millenials are less likely buying houses period let alone more than one.

originally posted by: onequestion
So Millenials are less likely buying houses period let alone more than one.

The family structure has changed too. Many people are just not getting married, or if they do decide to marry they decide to not have kids. We do not see many related families all living close to one another either and so that big "clam bake" just doesn't happen much anymore.

My friends today seem to all go to their parents timeshare in Aruba, as example, each year...hehe

originally posted by: onequestion
a reply to: MrSpad

How do they come to conclusion that Millenials are more likely to own more houses?

www.forbes.com...

Even as the share of first-time buyers in today’s market continues to increase (34 percent of those who bought a home in the past two years were millennials, according to Redfin), millennials are moving into homeownership at a far slower rate than their parents did at their age.

So Millenials are less likely buying houses period let alone more than one.

To be fair, millennials are too young to really own homes right now. Those on the upper end of that age group will quite likely never own homes as fallout from 2008, and those on the lower end just haven't spent enough time working yet.

originally posted by: onequestion
a reply to: MrSpad

How do they come to conclusion that Millenials are more likely to own more houses?

www.forbes.com...

Even as the share of first-time buyers in today’s market continues to increase (34 percent of those who bought a home in the past two years were millennials, according to Redfin), millennials are moving into homeownership at a far slower rate than their parents did at their age.

So Millenials are less likely buying houses period let alone more than one.

Because the trend has been up ward over all. The housing bubble of course skews the numbers when you compare millennials to their parents who buying in a time when banks were handing out loans to anybody with a pulse. The data however overall shows a continued growth from decade to decade in home ownership. The millennials simply have do it the way people were doing it before the insanity of the housing bubble.

I'm pretty sure when a lot of you were kids the worlds population was only 50% of what it is now.

a reply to: BatheInTheFountain

And lack of blue collar jobs that used to pay enough to support a family - sent away to other countries by our largest corporations.

We lost industrial jobs that made tangible things and employed low and middle class workers - the spenders who could boost the economy with their spending power. This mostly service based economy is NOT sustainable.

All the things you point out in your post, somehow everyone has forgotten and they blame it on welfare recipients, people needing a huge TV, etc. The real reason is that we were sold out by our "job creators" when they decided to take their business into the global arena and outsource everything. You're a horrible "socialist" or something when you mention unions but somehow it's A-OK for corporations out outsource all their work to a Communist country consequently growing THEIR economy while ours flounders??