There is no possibility for young individuals today to purchase homes. Unless they’re getting their money from alternate sources, they will be unable to afford it.
I have gathered references from different countries to show you it’s a global issue.
Household Debt Hits New Record High, Stocks Stumble
http://www.valuewalk.com/2017/05/household-debt-hits-new-record-high-stocks-stumble/
Household debt hits fresh record, with Canadians owing $2 trillion by the end of 2016 | Financial Post
http://business.financialpost.com/personal-finance/debt/household-debt-creeps-up-to-a-fresh-record-with-canadians-owing-2-trillion-by-the-end-of-2016
Household debt to reach record high of £14,000 with economy entering 'danger zone', report reveals
https://www.thesun.co.uk/news/3643594/household-debt-to-reach-record-high-of-14000-with-economy-entering-danger-zone-report-reveals/
Yorkshire Building Society launches record low 0.89% mortgage rate | Money | The Guardian
https://www.theguardian.com/money/2017/apr/21/yorkshire-building-society-launches-record-low-uk-mortgage-rate
Rents hit all-time highs amid job growth and low vacancy rates – Orange County Register
http://www.ocregister.com/2017/04/17/rents-hit-all-time-highs-amid-job-growth-and-low-vacancy-rates/
Rents at record high as rental supply reaches all time low - InTallaght
http://www.intallaght.ie/rents-at-record-high-as-rental-supply-reaches-all-time-low/
Price to rent a Toronto apartment up by $300+ in last six months
http://www.blogto.com/city/2017/02/price-rent-toronto-apartment-increase-2017/
Millennials may never get out their parents’ homes - The Boston Globe
https://www.bostonglobe.com/business/2017/02/23/millennials-may-never-get-out-their-parents-homes/vSFNGdn4hjwu5bsMTnu0yK/story.html
Millennials Want to Buy Homes but Aren’t Saving for Down Payments - WSJ
https://www.wsj.com/articles/millennials-want-to-buy-homes-but-arent-saving-for-down-payments-1495731583
No matter how dire the truth is on a global scale we all need to hear it, thank you.
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You're welcome. We just need to face the music!
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It's astounding the amount of debt there is globally, along with the many bubbles ready to pop. Thank you David for this insightful post, glad you are here on Steemit. I'm a regular listener on your YouTube channel as well.
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Thank you for the supporting me on both.
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I am little worry about the U.S house market too. I am planning to buy a rently property but not sure this is a good time.
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If the rent exceeds the costs, it's not a worry so much because rental markets usually get even hotter during bad times. The price of the property could crash but your passive income is the most important part.
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Sadly but true most are renting and still trying to pay off debts. The fact that rental prices keep going up doesn't help at all!
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Exactly.
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