At 75 my only concern about housing is affordability as I approach the end of life. Well, also access to the care I’ll need when I cannot do for myself. I don’t have funds to pay for any of that, so I’ll live in civilian housing as long as possible. Today we are starting our 6th year in a leased condo. We have a lease for the 7th year, too, all at sustainable rental rates. Barely. But the quality of the space, location and neighbors cannot be beat! We are happy here!
How many are not happy where they live, and only for the reason the space is in the wrong place, has poor features, is not affordable, or is affordable with ugly features thrown in because of the affordability aspect! Do these unhappy people have alternatives? Are they young enough to repair their financial lives and move up in housing standards? Do they have a dream of their future life and a pathway to achieve it?
Affordability is one aspect of the housing crisis. Location is another. Quality of life due to housing is a huge issue, and one that contains more sub-issues than we have time and space here to discuss.
The fact of the matter is this: housing quality is what results when a market functions. For good or bad, we get what we get because of demand, supply, fairness, greed, and ignorance. If the market is functioning well, most people are satisfied. Some will not be happy, but they are on a losing end of the financial spectrum and will need help to get proper housing for their situation. The rest of us prosper or not on the market’s health.
The housing crash this decade left a lot of people out of their homes and into rental properties. Rents soared as a result. Rental units grew in number to supply the demand; rental rates moderated. The economy faltered for many millions of people, and they eventually got behind on their rent. They are now being evicted in record numbers, leaving them limited options. Homelessness is one option. Slum properties are another.
Other market forces include changing demographics including age distribution. The younger folk are not interested in owning their own cracker box house. Starter homes are out of favor. Of course, elders may snap those up, at least as rentals, when they learn of their availability.
These forces within the market change the market in many ways over a period of time. how much time is always unknown. A trend may be fast or maddeningly slow. The in-between becomes a trend of its own, but not for long.
Large houses are also out of favor. Too much expense, too much upkeep and maintenance, too many chores, just too much of everything. Nice but too much. And the market is feeling the pinch in this market segment.
My advice is to plan your next move two years in advance always. If the plan changes because of an unforeseen development, at least you are aware of the important elements of the next housing decision. Options exist. Sometimes you have to be creative to find them and adapt to them.
But then, that’s life’s story. We do what we have to do to survive and make it fun.
Simple is fast becoming attractive. Oh yes! Simple satisfies.
March 28, 2019
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