Agreed ENY, it is purely anecdotal. But I wonder if it’s really just my parents and also my in-laws and many of their friends that have made (in my opinion) really stupid financial decisions, or if it’s more widespread.
I haven’t ever read any reports about it, so it makes me curious.
Ditto for my folks. Three family home in Gravesend, completely paid off. If anything, I would love that they sell it, put the money in the bank and rent an apartment. My father is 85, and he can no longer keep up with the house and tennants, though it does keep him going.
My plan is to be completely paid off on my mortgage by my mid-50’s. Don’t know if I’ll meet the target, but that is my plan for the present.
BHO, you have posed a fundamentally flawed question.
Homeownership is a property right or really a set of rights and obligations that one purchases with money or otherwise receives from someone who had it before. It is neither a privilege or a necessity. No one is innately entitled to home ownership — one has to buy (or, of course, inherit or be given it) it from someone else. Nor is it a privilege. No one gives it to you, subject to revocation. You buy it from someone who had the right to that property before you. If you fail to pay your mortgage or taxes or something else that results in a lien and foreclosure, that is not the loss of a privilege. It is someone else exercising a right that is superior to yours and eventually extinguishes yours if you do not exercise available remedies.
“the percentage of who actually owns their homes- no mortgage left.”
My parents own a two-family house in East New York, totally paid off, no mortgage, not “over-leveraged…up to their eyeballs.” Like your example, completely anecdotal.
Dibs’ claims that once your mortage is paid off you get to live rent-free in your old age. This is true, but how many people actualy achieve it?
This is completely ancedotal I admit, but from my knowledge of many people my parents age that are reaching retirement age.. they are infact completely over-leveraged and mortgaged up to their eyeballs because they wanted to do home improvements to increase the “value” of their homes or to help a kid out with school, whatever.
Now their homes are worth significantly less but the taxes are still high and going up all the time… it seems that many in the boomer generation may want to retire, but can’t and won’t be doing it any time soon, especially with the hit to any investments they may have had recently.
My own parents finally just had it with NY state all together- sold their house and moved to Texas, just to get out from under the tax bills. Now they have a shot of retiring modestly in a few years, but they still won’t own free and clear.
I think it would be interesting to see data in a few years on the boomer generation to see the percentage of who actually owns their homes- no mortgage left.
omg goldie i said i would NEVER sue anyone. i hate frivolous lawsuits, and it’s not like i hurt myself jeez. just embarrassed myself and got a little muddy. no biggie. sorry you want to punch me in my ovaries (you know i am a man tho right?)
Parents paid cash for their home circa 1966. They never had a mortgage.
Agreed ENY, it is purely anecdotal. But I wonder if it’s really just my parents and also my in-laws and many of their friends that have made (in my opinion) really stupid financial decisions, or if it’s more widespread.
I haven’t ever read any reports about it, so it makes me curious.
Ditto for my folks. Three family home in Gravesend, completely paid off. If anything, I would love that they sell it, put the money in the bank and rent an apartment. My father is 85, and he can no longer keep up with the house and tennants, though it does keep him going.
My plan is to be completely paid off on my mortgage by my mid-50’s. Don’t know if I’ll meet the target, but that is my plan for the present.
BHO, you have posed a fundamentally flawed question.
Homeownership is a property right or really a set of rights and obligations that one purchases with money or otherwise receives from someone who had it before. It is neither a privilege or a necessity. No one is innately entitled to home ownership — one has to buy (or, of course, inherit or be given it) it from someone else. Nor is it a privilege. No one gives it to you, subject to revocation. You buy it from someone who had the right to that property before you. If you fail to pay your mortgage or taxes or something else that results in a lien and foreclosure, that is not the loss of a privilege. It is someone else exercising a right that is superior to yours and eventually extinguishes yours if you do not exercise available remedies.
What’s your point?
“the percentage of who actually owns their homes- no mortgage left.”
My parents own a two-family house in East New York, totally paid off, no mortgage, not “over-leveraged…up to their eyeballs.” Like your example, completely anecdotal.
Interesting debate guys.
Dibs’ claims that once your mortage is paid off you get to live rent-free in your old age. This is true, but how many people actualy achieve it?
This is completely ancedotal I admit, but from my knowledge of many people my parents age that are reaching retirement age.. they are infact completely over-leveraged and mortgaged up to their eyeballs because they wanted to do home improvements to increase the “value” of their homes or to help a kid out with school, whatever.
Now their homes are worth significantly less but the taxes are still high and going up all the time… it seems that many in the boomer generation may want to retire, but can’t and won’t be doing it any time soon, especially with the hit to any investments they may have had recently.
My own parents finally just had it with NY state all together- sold their house and moved to Texas, just to get out from under the tax bills. Now they have a shot of retiring modestly in a few years, but they still won’t own free and clear.
I think it would be interesting to see data in a few years on the boomer generation to see the percentage of who actually owns their homes- no mortgage left.
“Damn, you made us/me again. Okay, wasder. Thanks for the tip. No please respond to the survey (I’m sure you will have by the time this posts).”
I had responded before you wrote this. It is neither. Thanks for being honest for once about the double identity thing though.
omg goldie i said i would NEVER sue anyone. i hate frivolous lawsuits, and it’s not like i hurt myself jeez. just embarrassed myself and got a little muddy. no biggie. sorry you want to punch me in my ovaries (you know i am a man tho right?)
*rob*
“BHO, home OWNERSHIP is not a necessity. However, shelter is a necessity.”
Biff, you beat me to it.