TheWiseOldFart

Op-ed by TheWiseOldFart 50-year mortgages? Would you be willing to pay three times the cost of a new home and never live to see the loan marked “paid in full?” The American Dream has become just that: a dream. According to most leading economists, generation “X” and those who follow, will never have careers with an income which allows them to purchase a single-family home. In my area of the United States, Northern Nevada, new homes are under construction. However, the focus is clearly on building large apartment buildings. The average rent on a one-bedroom apartment in Reno, NV, ranges from about $1,350 to over $1,800 per month. The consensus is that the average salary in Reno is 35-36 thousand dollars per year. I am not a math wizard, but it appears that rental rates on a one-bedroom apartment in Reno are likely to be more than one-half of one month’s wages. The average price of a single-family home is between $545,000 and $578,000. Monthly payments range between $3,200, and $3,900. I...