This is my post for #freewriters 2559 prompt the end of the contract hosted by @mariannewest
When I was in my twenties I remember thinking how in the world do all of these people own their own home? I found my way, it was luck and family.
We lived in a 2 bedroom house there were 7 of us, me and my husband and 5 kids. My stepfather owned a 4 bedroom older house and the people who rented it were moving out and I was asked if we wanted to rent it.
I jumped at the chance of moving from 2 bedrooms to 4. We rented for a couple of years when my stepfather said he was going to sell the house and if we wanted it he would owner finance it for us.
We gave him 2 lots of land we owned as a down payment and signed a contract to pay it off in 10 years with a 10K balloon payment.
We were very nervous when it neared the end of the contract and the 10K was going to be due we talked with my stepfather and he let us refinance it through him and when we were in our 40s, we paid the house off, it was all ours and I no longer wondered how people were able to buy a house.
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I know folks who even a couple decades ago were able to creatively finance home ownership. Now, with houses costing a half million for a basic starter home, and wages stagnating, it's hopeless.
I know what you are saying I feel for young families. The only way for them to buy a house in Fl is if they can find an owner financier. I do not know how they can pay rent. I am seeing more people moving in with others and more people renting rooms in their homes. Something has to happen to give them a break.
The cure will look like an economic collapse as bubbles burst. We need deflation, but it will look bad for politicians if the illusion of prosperity fails during their terms, so they all try to kick the can down the road instead of biting the bullet.
I am afraid we are headed toward more inflation which will be harder on the young families.