Joel Kotkin writes about the difficulties Millennials are having buying a home.
Since 2004, homeownership rates for people under 35 have dropped by 21 percent, easily outpacing the 15 percent fall among those 35 to 44; the boomers’ rate remained largely unchanged.
In some markets, high rents and weak millennial incomes make it all but impossible to raise a down payment (PDF). According to Zillow, for workers between 22 and 34, rent costs now claim upward of 45 percent of income in Los Angeles, San Francisco, New York, and Miami, compared to less than 30 percent of income in metropolitan areas like Dallas-Fort Worth and Houston. The costs of purchasing a house are even more lopsided: In Los Angeles and the Bay Area, a monthly mortgage takes, on average, close to 40 percent of income, compared to 15 percent nationally.
Let me ask you this: Since 1965 we've been allowing millions of immigrants to come to this country. You think that might skew the housing market just a bit?
In many areas of the country, we have millions and millions of illegal aliens often living three or four families to a house. You think that might skew the housing market just a bit?
Controlling immigration to this country isn't just the legal thing to do, it's the MORAL thing to do.