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.
You're welcome. We just need to face the music!
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.
Thank you for the supporting me on both.
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.
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.
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!
Exactly.