I'm calling it homeownsership was just a historical blip my great+ grandparents didn't own homes and neither will I or my descendents
If rent prices and landlords weren't so tyrannical, I would not give a single fuck.
Just do what I did and have your rich family buy one for you.
Increase in house value earned more than median worker income last year. Most workers don’t own their own homes. The two titles say different things, the headline being false.
Alternate headline: capital outpaces you yet again, work till you die.
It also doesn't account for the grand majority of people who finance their homes and have only partially paid that off. If the bank can kick you out of your home with the violence of the state should you fail to make a couple of payments, then I'm not really sure how genuine it is of us to call that "home ownership." Sure, both in practice and in principle there are differences in the way mortgaged property vs rented property works, but I find it suspect after the 2008 crash and we realized just how many "homeowners" were in a more tentative position than they thought.
The hard part of homeownership is clearing the downpayment and mortgage approval.
After that it's literally cheaper than renting, and only half of what you pay is lost to the bank.
so i keep wondering what the main underlying cause for this is, since it seems to be happening much the same throughout the western world... its clearly not just supply and demand for actual housing to live in cos number of ppl vs number of homes seems to stay pretty static as far as ive seen
is it just trpf and financialisation and excess capital with nowhere productive to go, being pushed instead into lower-return non-productive assets? and then forming a self-reinforcing bubble as the prices continue to rise? or is there something else going on?
of course the mainstream answer in australia is always "its chinese people" with zero further thought
Honestly seen this in action in Houston. Californian retirees, investors, and developers snap up real estate as fast as it goes on the market during good years.
Lots of surplus capital and nowhere else to put it. Also, as technology makes the price of other necessities cheaper in the long run, workers can "afford" to have more money sucked up by landlords because they're spending less on food, clothing, etc.
It's the bubble thing. In bourgeois economics language, Interest rates were too low for too long and it meant that it was dumb to buy bonds so investment banks and funds and shit put their money in real estate instead which is nearly as safe but with a much better return.
:bruh-moment: what stopping each worker reselling their home each year and just coast through, nothing could go wrong in this home exchange scheme
Hang on, I am not claiming to be an economist but wouldn't an economy where the value of housing massively outstrips the earning power of workers be amazingly unhealthy and prone to devestating collapses with severe long term effects on workers that are never redressed for fear of completely destroying the value of homes creating a horrific cycle of... oh.
This shit is gonna pop soon enough rent will hit a point where jobs for the non home owners cant afford newer rents job inflation will effect because its imposed by price makers, The x factor is if the stock market can handle quantive easing spigot being dampened as the price of money goes up. In other words if the money you dumped into the stockmarket on land assets from the fed at 2% intrest returns at 5% and now the price of money goes to 6% and slowed return on investment due to current economic material conditions. I cant tell you when this Jenga tower falls I hope we can all survive it.
Not a economist either
First time I've seen the suicide coaster emote, we really do have an emote for everything don't we folks
It's a newer meme, and we aren't getting new emojis until the codebase is synced with mainstream lemmy
If you bought at the top of the market in '19 and the market plungers 20% by the end of the year, you still made money over the last three years.
The Fed won't let investors lose money. Its their top priority.
This is obviously yet another example of a perfect equilibrium.
Wow, those are some really hard-working homes, such productivity
:so-true:
What was the thing about the landlords and Mao and redistribution?
The Maoist revolution was the most comprehensive proletarian movement in history and led to almost totally-equal distribution of land among the peasantry
the maoist uprising against the landlords was the largest and most comprehensive proletarian revolution in history, and led to almost totally-equal redistribution of land among the peasantry
