For some time now city, county, state, and federal politicians have been whining about the lack of affordable housing, but really, what’s causing it?
Why are people allowed to buy homes with monthly payments more than 25% of their monthly income? Why are couples allowed to purchase a home based on two incomes? Why are people allowed to to buy, remodel, and resell homes just to increase their personal wealth and drive housing costs up? Why are banks allowed to manipulate interest rates to stimulate the economy to encourage people to spend more money than they can’t afford?
Maybe it’s time for Americans to take a long look in the mirror. America is a capitalistic republic yet very little is taught in public schools and universities unless a person is majoring in accounting or business. The average American buying a home is at the mercy of their banks’ loan officers.
Banks are in the business to make money by providing banking services for a fee. If you have less than $5000 balance you have a monthly fee; have a mortgage, you have monthly interest added to your balance.
In Oregon 22-25% of a person’s paycheck is withheld for taxes, social security, union dues, etc.; and by the time you pay rent/mortgage half your check is gone. It’s time for Americans to learn how to manage their own money. Did you know Social Security is a Supplemental Secured Income (SSI) not a retirement program?
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