It seems to me as if the days of eventually owning your own being the ultimate American dream are dwindling away as more and more people are turning to renting and a lot of them never make the transition to owning their own place. I think there are a number of reasons for this to be happening but I think that the biggest reason these days is the increasing prices of living, taxes, and other costs of inflation while wages seem to be completely stagnant and even lowering for the majority of workers out there today.
Banks Are NOT Your Friends
The banks also play a huge role in this struggling economy in my opinion as well. I think they lay out a 30 year loan to their “customers” (or as I like to call them, victims) and work them in ways that make them seem affordable to absolutely anyone and those who don’t know better fall victim to the low monthly rate while premiums and interests are through the roof when you sit down and crunch the numbers.
So now we have hundreds of families who are locked into these loans that are designed to lock people into debt and when coupled with costs of living increasing to record highs and pay for workers looking like they are at all time lows when compared to inflation you are left with millions of Americans owning homes and locked into contracts that they cannot pay off.
Back in my home country when I worked for Harbour Edge Apartments, business was decent but nothing like the apartment market here in America today. I want to look at different apartment options that are out here in America and some pros and cons of going with renting VS. owning.