Never misinterpreted James's post.
I knew Werd would take a shot at me. No big deal. I'm not in my parents' basement my any means. My father bought and moved into a new house about 15 years ago, but still owns the house I grew up in. The tenants moved out last month, and I've moved in.
That exchange between myself and Werd had a lot more than he posted here, but I won't drag this place down by posting what he said and thereby caused me to say what I said.
Again, not in my parents' basement. I'm fixing the place up out of my own pocket, and will help pay the taxes. One hand washes the other. There's a light at the end of the tunnel. Just hope it's not a freight train coming my way!
Anyhow...
The middle class is shrinking everyday. Where I was living previously, the only people in their 30's that are married and have children that can buy a home are the people who have parents who gave them the downpayment, inherited the house, or were given the house. Or they're millionaires.
I honestly can say I didn't know a single person who bought a home on their own without moving into their patents's house for about 2 years rent free. That's just pathetic. My wife and I almost bought a co-op for $300k, but couldn't afford the down payment and closing - it would have been $75k in cash! What middle class married with a child 30 somethings have $75k in cash?
Speaking with my old landlord put things into perspective...
My rent of $1600 per month didn't cover his taxes (it's a 2 family house where he lived downstairs). He said without reservation that if he hadn't bought the house for what he paid in '78, there's no way he'd be able to afford to buy it now.
Its actually easier to buy a home if you're below the supposed poverty line. My department's secretary's husband works for the county's affordable housing department. They build and sell homes that would have a market value of about $600k. If you qualify for the program, they cost $125k. To qualify, you need to have a household income of less than $30k. So basically, my wife and I have almost 4 master's degrees between us. We have important jobs - teachers - and would have been better off at the end of the day if we worked at McDonald's. How do I know we'd have been better off? A friend's sister works at McDonald's, her husband is too lazy to get a job, and they bought one. In a pretty nice neighborhood and a nicer house that's brand new than anyone I know in my demographic.
The middle class is going the way of the dinosaur. We were told to go to college, work hard, and we'll attain the American Dream. Funny how that's working out.
While there's a lot of clowns occupying Wall Steet and similar places, a lot of them are in the same situation I'm in. I'd rather work than sit there and complain about it though. Then again, I guess I can complain about it everywhere else!
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