Thursday, December 22, 2016

OBAMA-CLINTONOMICS: THE ASSAULT ON AMERICA'S YOUTH - Homeownership rates at historic lows for young people in the US


Report on the impact of

Homeownership rates at historic lows for young people in the US

Homeownership rates at
historic lows for young people in the US
By Nick Barrickman 

22 December 2016
Recent reports on the
US housing market have revealed that homeownership levels in the US have
dropped to record lows in the wake of the 2008 financial crisis.
A report released
last week by the Pew Research Center shows homeownership rates are at the lowest
level in over 20 years, while US Census data evaluated by real estate firm
Trulia show that young people aged 18-24 are living with their parents in
numbers not seen since 1940, the year after the Great Depression officially
According to the data accumulated by Trulia, and reported by the Wall
Street Journal
, the share of young people living with parents in the US in
2016 was nearly 40 percent. Noting that homeownership “is closely correlated
with housing affordability and income,” the Journal states
that the only other period in which comparable rates were seen was over 75
years ago. In contrast, only 24.1 percent of young people were living with
their parents in 1960.
Those 18 to 24 years old, known as “millennials,” have surpassed
Baby Boomers (ages 51-69) as the country’s largest living generation. However,
the Journal notes a Harvard Joint Center for Housing Studies
report, which found that despite the number of people under the age of 30
increasing by over 5 million since 2006, there are less than 200,000 new
homeowners within this group today.
A report released by
Pew provides a more detailed breakdown of the loss in homeownership affecting
broad sections of the working class. In 2004, homeownership in the US hit a
modern peak of 69 percent. By contrast, the homeownership rate had fallen to
63.5 percent in 2016. Current homeownership rates have sunk to levels lower
than in 1994, the period prior to the “dot-com” boom, when home values began
their rapid growth.
Significantly, the
Pew study shows that young people have suffered the most under today’s
conditions. In 2004, 43 percent of people under the age of 35 owned homes.
Today, that number has fallen to 35.2 percent, a drop of 18 percent from 12
years earlier. Homeownership for people age 35-44 declined by 16 percent in
this same period.
When based upon
income, the collapse was also stark. The report notes that homeownership for
people with household incomes lower than $44,000 fell from a high of 52.9
percent in 2005 to 47.1 percent in 2015. This was in contrast to better-off
homeowners, making yearly incomes of between $44,000 and $132,000, and
high-income homeowners making over $132,000, who saw a drop from 73.8 to 68.3
percent and from 86.6 to 80.3 percent, respectively.
The Pew report found
that African Americans were the hardest hit racial group in the US, with
homeownership rates falling from a peak of 49.1 percent in 2004 to 41.3 percent
today. Whites and Hispanics also saw their homeownership rates plummet, from 76
percent to 71.9 percent and from 48.1 percent to 47 percent, respectively. In
addition, the number of loan applications has collapsed since 2004. According
to Pew, housing loans for whites have fallen by 45 percent; 77 percent for
African Americans and 76 percent for Hispanic residents.
The 2008 collapse of
the housing market precluded millions of people from ever obtaining ownership
of a home, an aspiration long-associated with the “American Dream.” The report
notes that nearly 72 percent of all renters wish to own their homes, but are
blocked from doing so by stringent rules put in place to curb the illegal
lending practices that occurred in the lead-up to the housing collapse.
A report released two
weeks ago by the Center for Disease Control and Prevention found that life
expectancy fell for the entire US population for the first time in over 20
years in the period from 2014-2015, the last year on record. A recent study
produced by economists Thomas Piketty, Emmanuel Saez and Gabriel Zucman show a
vast growth in total income inequality in the US since 1980, with the top 1
percent obtaining the same percentage of income today that the bottom 50
percent of the US population held in 1980.
A study released in
early December by economists from Harvard, Stanford and the University of California
at Berkeley found that the percentage of Americans making more in income than
their parents had collapsed from over 90 percent in 1970 to only 51 percent in
These reports and
others released in the recent period further undermine President Barack Obama’s
claim that Americans are doing “pretty darn great” thanks to his
administration’s policies. The decline in support from people 18-29 was among
the key factors in the November 8 defeat of Democratic presidential nominee
Hillary Clinton, who had promised to continue the policies of the Obama

THE  GIG JOB – In America, No Legal Need Apply

"Possibly most affected by this shift in the economy is the 

generation, those  aged 18-30. The report notes that more

than half
of those under age 25 participate in independent work, not

just in the
United States but throughout the European Union 

as well."

pounds America’s youth as they 

build a border to border Mexican welfare state
on our backs!

WELFARE… they also get our jobs!

The new reports show that in addition to
“traditional” coping strategies of skipping meals and eating cheap food, these
teens and pre-teens are increasingly forced into shoplifting, stealing, selling
drugs, joining a gang, or selling their bodies for money in a struggle to eat


Build the La Raza Democrat Party base with open
borders, no ID to vote Democrat, no E-VERIFY and NO DAMNED LEGAL NEED TO APPLY.

Keeping wages DEPRESSED with endless hordes of
looting Mexicans invading keeps these corrupt politicians’ paymasters on Wall
Street generous$.

should call for lower immigration to stop the Democrat voter recruitment. 
But more importantly, all Americans should call for lower immigration in order
to offer a better opportunity of finding jobs for those millions of their
fellow Americans of all political persuasions who would like to work."

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