I read this article today about the Recession Generation and how they are putting off major purchases because of fear of losing employment.
With banks being too big to fail and giant corporations going into bankruptcy, it is no wonder this generation has so little faith in the American economy. And I can personally attest to feeling the same when I was downsized back in 2002 from a corporate job in Oakbrook Terrace. It was 9 months after 9/11, when the whole wide world seem to stop and everyone hit the pause button. I know how that feels, when the job you thought was secure gets yanked out from under you. The same questions of how to pay my rent, my car payment, etc were swirling around my brain in the middle of a stalled economy that didn’t know if it was going up or down. But everyone has to find their own way. Some move back in with friends or family. Some job jump into something different. Some start up their own companies. But at the end of the day, you’re still going to need a roof over your head. Food, water, shelter, and clothing are the basic daily essentials.
The new reality is: jobs don’t stay forever. What your parents and grandparents worked at for 40 years and retired with a gold watch and pension are not there. Don’t plan on getting social security either. And if you’re terrified of the American economy, feeling lost and helpless in a sliding market, if you’re hiding in a downsized job or living off family/friends couches, it may be time to re-evaluate the housing market, as a stop loss method to climb back out of the recession mentality. What if instead of a ball and chain, your home was your anchor in a stormy sea of uncertainty? You take care of it, and it will take care of you. In today’s economy, you can still take charge of your finances and make your plans for success a reality. Rent to own, or renting a home with an option to purchase, might make sense for you if you like the area you live in and want to stay for more than 1-2 years. Not everyone can follow jobs across the country. A lot of folks need a stable housing market because of family responsibilities.
Whatever your reason, owning a home or investing in property today can make a huge difference in your bottom line. And I have great news for you: prices are still at the bottom of the barrel.