Once upon a time in America if you owned a home that meant you were firmly part of the ‘middle-class’. While you certainly weren’t wealthy you at least had a source of equity to draw down from in order to secure loans for a new car or to send your children off to college. The middle-class of America is an eroding dream and the ideal of homeownership has become a burden of debt too great for many to bear.
Check out this list of the top 10 cities where mortgages are greater than the value of the homes attached to them.
I’m sad to see Phoenix in the top 5 of that list. I almost relocated to Phoenix after I finished working at the World Trade Center site in 2002. I wanted to get away from the city I had lived in for more than thirty years. I was prA’li a bit depressed too. Working at ground zero was exhilarating at some times and downright devastating every other moment. My dad convinced me to stay in NY and I was able to find an apartment that was in walking distance to their home.
In some ways I’m happy that my dad isn’t around to see the mess they made of the economy. Everything he believed in and worked his ass off to achieve has come undone by the soulless shenanigans of the wealthy and their retinue. I hope the people in Las Vegas, Phoenix and Orlando get their lives back, but that isn’t the way that capitalism works now is it?
Word….. i’m at that point now where i just want to get the fuck out of NY. But is it better in other states? Probably not.
SIC-
IDK about other states, but Cali definitley isn’t any better. Los Angeles is such a megametropolis that the econmy hit people hard & you can see it. The middle class was barely thriving as it was, & that was only evident if you lived in those sections of the city. Now, it’s the rich & the poor & a distinct line between the 2 sects. The middle class has been pulled one way or another with home ownership or otherwise. Then, as a form of micromanagement, per se, our own state recession has the local gov’t raising school tuition, putting ridiculous tax on all things consumer, passing laws that make everyhting illegal (with outrageous fines-so the police are on blitzkrieg status), shutting down gov’t branches, laying off police, closing down schools, etc.
Fuxing sux.
I just saw that the libraries are being shut down next. I’ve seen first hand how a library in walking distance from your “neighborhood” can save a life. Take that option away from kids who already have 2 life strikes, & those laid off police will have their jobs back in 10 years guaranteed.
Sic– it pains me to say this but you know what? It’s A LOT better in many other places, provided you can get a decent income. Think about how we are fucked– relentlessly, repeatedly– on every level, although we can get good patties & pizza pretty easily. NYC ain’t the capital of DICK, except perhaps the most egregiously venal citadels of gov’t bail-out “capitalism” and international “luxury condo” horseshit. There’s good stuff too but… how much do we wanna suffer for it?
Also, in case the kids don’t remember, Gil Scott-Heron, “B-Movie”–
http://www.youtube.com/watch?v=56ipWM3DWe4
Only a few details need be changed, 30 years later.
I should add, pace Tony, things ain’t GREAT elsewhere but you know, how about the simple pleasures of life, like parking a car or getting the fuck out of town without a grueling sense of dread about how awful it’ll be getting back?
NYC is best if you don’t want or need a car, I’ll admit that.
The family whip got towed again. It sux living amongst mostly colored peoples.
In NYC you gotta be fuxin’ rich, just to be poor
Word DP.
Rich is the new poor. & wealth is an urban legend. To most @ least. But I agree Willis, the simple things keep me grounded, & however cliche, I’m content. I’m eating, my kids good, wifes good & the neccessities are taken care of. Those are answered prayers.
Our economy was built on capitalism, but runs on greed. No where, in any text book/encyclopedia/etc I ever read, does it define it define capitalism as ‘own it all or nothing’. And that’s where we are in today’s economy.
I make what used to be considered a REAL GOOD salary, but in today’s economy I can’t even afford to buy a new house, I cant get a credit card, and f my insurance goes up one more time I’m gonna merc some one.
6. Bend, Ore.
^ There’s no economy there to justify the residency. Million dollar homes in a town with entry level jobs doesn’t compute. And it’s location, which is the middle of nowhere in the state, doesn’t allow another county/town to support it. Them people are victims of following the trend.
And you don’t need a million dollar house in OR. 50G a year spends like 90G over here.
That $800-$1200 a month rent over in NYC for a one bedroom/studio/closet is a mortgage over here.
A lot of places are hurting, but I would rather go in my backyard than walk down Myrtle & Nostrand.
Welcome to my town, O-Town where shit is still overpriced. We, like Vegas had each flavor of the housing crash: new tract homes, luxury developments, luxury hi-rise condos and converted apartments that went condo.
My friends were able to ‘afford’ a 350k brand new house and that joint sold 2 years later for 500k. I knew the game was screwed up back in 2003 when I was living in the middle of houses lots of people could not afford, nor were they built with any semblance of quality.
So right now, I moved into a lovely home in downtown (built in 1950) and with my roommate and his girl, pay less than our shitbag college apt.
BBQ at my house end of April, FYI! If you’re in the south and fux with DP.com, you’re family.