We watch the wealthy.
Often their financial behavior indicates what's smart to do.
And according to a study by RentCafe.com, it's smart to rent, not play out the old-fashioned concept of the American Dream as home ownership.
Between 2007 and 2017, more of those who are top earners decided to rent versus buy. That surged by 175%. Here are more details from MarketWatch.
Historically, financial experts have been telling those near retirement to sell the family house and rent. Now that recommendation can apply to all generations.
Among the factors pushing renting is that purchasing real estate is no longer a "sure thing." It may or may not appreciate in value. And, along the way property taxes could go through the roof. That can especially be the case if the property is in a good school district.
Another reason not to buy is that decision reduces flexibility.
An opportunity can arise in Toledo, Ohio for the services of X. But he is stuck in Trumbull, Connecticut because he can't sell his house, at least not at the price he wants. Since GE announced it's relocating to Boston from Fairfield, CT, the real estate market has frozen. Also, his McMansion has fallen out of favor. Moreover, the property taxes on it are more than $20k. He quips, "I will probably die in this castle."
Since home ownership is less and less a symbol of the American Dream those campaigning in 2020 will have to put together a new script. And, given the success of Stacey Abrams, who it is said wrote her own response to the State of the Union, that script will have to sound home-grown.
Incidentally, that could mean a stigma attached to hiring a speechwriter. Fortunately, for scriptwriters such as myself the demand for putting together content for podcasts is exploding.
Takeaway: Everything changes.
Get amazing results through out of box communications strategies/content. Complimentary consultation janegenova374@gmail.com. I help, not sell.
Comments