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05.26.08, 20:57 PM General Topics
4 replies
Homeownership is at a historic high, but people actually own less of their home than they used to. Does owning a home not mean what it once did? the average [new] American house size has more than doubled since the '50s -- it's now at more than 2,300 square feet. [ Reply | Watch | Flag ]
General Topics 05.26.08, 08:57 PM Flag
 

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The house is the crux of the middle-class identity. Of course if you're a middle-class family, you can afford a home. That almost defines what middle-class is in this country. So people will stretch themselves beyond what they can afford to get themselves in a home. [ Reply | More
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General Topics 05.26.08, 08:58 PM Flag
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Homeownership no longer means stability? No, in order for it to provide stability and for it to be an asset that you can fall back on, you have to actually own it. You can't have this enormous amount of debt hanging over it, or you have a real chance of losing it. [ Reply | More
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General Topics 05.26.08, 08:58 PM Flag
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There is a whole rhetoric in this country that the more you make the better you are. People really fall for that. They feel ashamed that they don't have enough money, especially as they get older, because as you get older you're supposed to get more financially stable, and you aren't supposed to make the kind of foolish choices that you're allowed in your 20s. We feel like we have failed, and that we're doing something wrong, and we hide it. So, we don't admit to friends and family that we have a huge amount of debt, or that we're having trouble paying our mortgage. [ Reply | More
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General Topics 05.26.08, 08:59 PM Flag
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And I think also because people then don't talk about it. We don't understand that this is a widespread phenomenon. We're all saying: "How are people making it? Other people seem to make it, and I'm not. What's going on?" What I found is that the way that other people make it is that they're turning to two things. They're either getting help from their families, and there is a finite limit to that kind of help, or they're in a lot of debt. So, people aren't making it. [ Reply | More
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General Topics 05.26.08, 09:00 PM Flag
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