住房所有权失去作用作为关键人物的美国梦

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六月是全国住房所有权月。 房地产经纪人,房屋建筑商,债权人和政府官员 庆祝 它2003以来,当美国前总统乔治·W·布什指定六月一个月,以纪念住房拥有在建立财富和创造强大和稳定社区的作用。

但考虑到经济条件,许多美国人继续面临为2007 - 2009经济衰退的结果,住宅产业化有什么理由在此刻庆祝购房。

不再拥有房屋起着美国人的生活,它在过去同样的作用。 而且很显然,许多中等收入的美国人不能真实地渴望很快成为房主。

定义财务上的成功

直到最近,美国人觉得他们已经取得财务上的成功,如果他们拥有一个家,可以通过大学把自己的孩子,有安全稳定的退休收入,不得不向上流动。 然而,最近的民意测验和调查表明,对于许多美国人来说,拥有住房不再是美国梦的核心组成部分。

最近 调查 发现,大多数美国人现在更关心的是有足够的钱退休不是要成为一个房主舒适。 住房所有权是经济上的成功只有11%谁被注册会计师美国研究所调查的成年人的顶部指标。 超过两倍多(28%)认为,有足够的钱退休舒服是最重要的,23%投入能够在列表的顶部,给孩子一个自由的债务大专以上学历。

As we head into National Homeownership Month, the good news for the housing industry is that the results of a separate 调查 indicate that most millennials prefer and intend to buy a single-family detached home. Likewise, as rents continue to increase, some renters may choose to buy a home rather than continue to pay ever-rising rents.

Still, the bad news about homeownership by far outweighs the good. Even though most millennials desire to own, more than 40% 相信 they cannot afford to make a down payment or pay for the costs associated with buying a home, and 47% doubt that their credit is good enough for them to qualify for a mortgage.

Millennials are not the only renters worried they cannot afford to buy. The New York Federal Reserve recently released results from its 2015 Survey of Consumer Expectations, which shows that 64% of all renters indicated it would be hard for them to obtain a mortgage.

Americans of all ages are renting rather than buying, mostly because wages have been stagnant for all workers except the highest earners for about three decades, and because wages have not kept pace with home prices. In addition, potential first-time home buyers and those with blemished credit are being shut out because stricter lending standards make it harder for them to qualify for a mortgage loan.

Less owning, more renting

The US homeownership rate has now reached a 20-year low. At the same time, the rental rate has risen to an almost 30-year . Americans, and particularly younger adults, are avoiding homeownership for a number of reasons.

Many millennials watched their parents lose their homes during the housing crash, while others witnessed home values plummet during and after the recession. Given the massive wealth losses families suffered, younger Americans are understandably more cautious when deciding whether buying a home is worth the long-term commitment and risk.

Millennials are also less likely to be (or aspire to be) homeowners because so many of them are buried in student loan debt – making them less credit-worthy for a mortgage.

最近 报告 indicates that Americans born between the early 1980s and early 2000s account for about 60% of student debt, yet they do not have higher wages to repay it. The Standard & Poor’s report notes that, since the end of the recession, student debt has surged at a pace more than six times that of hourly wages.

Most wage gains since 1979 have gone to the highest-paid workers, while wages for middle- and lower-income workers have barely kept pace with inflation, according to the Economic Policy Institute, a nonpartisan think tank.

Even Americans who can afford to buy homes are now avoiding homeownership. The Apartment List Renter Confidence Survey polled 18,000 renters and 发现 that most – especially those who are younger, lower-income and less educated – are not optimistic about the direction of the US economy. And those fears about the economy made them less optimistic about the benefits of homeownership than older or more educated Americans.

Only 56% of renters who said the economy is on the wrong track planned to buy homes, according to this survey. While 65% of renters with college diplomas planned to become homeowners, only 59% of high school graduates and just half of those who lacked a secondary degree intended to buy homes.

When will the housing market recover?

The millennials who report that they hope to be homeowners one day are delaying 买回家 at rates that exceed those for baby boomers and prior generations at their age.

As they are now the largest cohort of American workers and, thus, the biggest group of potential new home buyers, the housing market will never fully recover until they start buying homes.

And while many Americans may aspire to own a homes, homeownership will not rise until wages increase. Homeownership rates are positively correlated with income: the more renters earn, the 更有可能 they are to plan to buy a home.

During National Homeownership Month last year, the then-Secretary of Housing and Urban Development 强调 the need to reaffirm the role that “home” plays for middle-class Americans and their neighborhoods and announced the Obama Administration’s commitment to “preserving the dream” of homeownership. This year, however, fewer Americans seem convinced that the dream of homeownership is worth pursuing.

Until renters become more optimistic about their economic future, they will not be convinced to buy homes. And until they buy homes, there will be little reason to celebrate homeownership.

关于作者谈话

Mechele Dickerson is Professor of Law at University of Texas at Austin.

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