Why Young People are Saving Less for Homes

These days you will hardly hear of a situation where young people are not complaining about not having enough money. Saving for a home these days is doubly hard. One of the reasons is that it is becoming almost impossible for the average person to save up for a home on a single salary – instead it requires two people in most cases. And add to that the fact that home prices are rising in steep rates across the country and the outlook for young people looking to save for a home is bleak.

This is the first generation in a long time that is looking at the prospect of simply not being able to afford a home – and it is quite unfair – and something should be done about it. Home ownership is something that the American Dream was founded on – so what happened that caused people to stop being able to afford a home.

In order to answer this question you have to look at the job prospects of students coming out of university and the cultural trends.

The first issue is that there simply aren’t many high paying jobs for people that come out of college. There used to be a time when you could leave college and be guaranteed a high paying job. However the issue is not so much with the students as much as it is with supply and lower entrance requirements. It seems that these days every person wants to go to college and believes it is their right – while there are still universities that have very high entrance requirements – there are many universities that are lowering the bar.

Many universities have become diploma mills – charging students to come and basically creating a resort type vibe for students – who in the end never want to leave. The cultural implications have become not only that everyone should go to university but also that if you don’t then you are less than – and it’s only the intellectual class that should be looked up to.

There are simply too many people leaving with university degrees and not enough jobs to occupy them – or at the very least not enough high paying jobs that would justify the expenditure of a student who has just spent up and become indebted with student loans.

When it comes to saving up for a home – you have to remember the paperwork – and this is where a good attorney comes in handy. You can find out more about the attorney we recommend by clicking the link. Good luck!

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