Real Estate
"Millionaire Home Renters: The Start of a Multi-Income Bracket Trend"
Per RCP 'Simple truth is that purchase of a house involves a great deal more than purchasing a house' Liberal Lt Gov Offers Different View
This article will bring two very different sources together into this one thought provoking reflection on the U.S. housing crisis that impacts our county and state too. On the one side, from one of the most liberal or leftist states in the U.S. is the following recent remarks from the Lt. Governor of the beautiful state of Vermont (VT). Note that showing these two sets of reports should not be construed as my necessarily agreeing with every or any specific detail that the writers made. Both are from the later half of September but the evidence they put forward is arguably still quite the same.
Part I
FOR IMMEDIATE RELEASE
Find out what's happening in Lakelandfor free with the latest updates from Patch.
September 20th, 2024
Contact: Lisa Gerlach
Find out what's happening in Lakelandfor free with the latest updates from Patch.
Chief of Staff, Office of the Lt. Governor
(802) 636-7047
NEWS: Lt. Governor Zuckerman Statement on Evictions from Emergency Housing Program
MONTPELIER, Vt: On Friday, Lt. Governor David Zuckerman released the following statement regarding the recent and ongoing evictions of unhoused Vermonters from the emergency housing program:
“It has been devastating to see hundreds of vulnerable Vermonters evicted from hotels and motels across the state in the past week without a plan for where they will go. The lack of foresight from the Governor’s administration has put these individuals, many of whom are disabled or suffer from serious health conditions, at extreme risk.
“Sadly, before the COVID-19 pandemic, we as a society simply accepted that over 1,000 Vermonters were unhoused with minimal access to shelter, even in the winter months. The expansion of our state’s emergency housing program in 2020 allowed virtually all people experiencing homelessness to shelter in hotels and motels around the state, causing a positive societal shift in our moral values. We now understand that it is unacceptable to allow vulnerable people to suffer unhoused while many have the resources to help them. We cannot allow ourselves to slip back into the mindset that homelessness is ok. It is our collective responsibility to help the most vulnerable people in our society.
“It is important to remember that homelessness is a housing issue. We have more than 58,000 second homes in Vermont, many of which pay lower tax rates than first homes. We have long term rental housing that has been bought for investments and converted to short term rentals. We must explore more equitable housing and continue to make investments in building more affordable housing units across the state so that every Vermonter can afford a place to live.”
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Part II From the WND News Center and Real Clear Politics (RCP) to MHProNews - and now the Patch - is the following.
Millionaire Home Renters: The Start of a Multi-Income Bracket Trend
'The simple truth is that the purchase of a house involves a great deal more than purchasing a house'
"We steadily began to realize the magnitude of the task ahead of us, not even in terms of financial resources, but just time and effort and coordination. The hour that we can save a day, it's time that we can spend with the kids or to have a glass of wine together." Those are the words of biotech executive Arun Das, as expressed to Wall Street Journal reporters Gina Heeb and Paul Overberg.
Das was explaining his decision to rent where he and his family live, as opposed to buying. Tuck Das's words away somewhere. They're a look into the future.
Figure that ways in which the well-to-do spend their money are invariably a preview of how we all eventually spend our money. Housing will be no different in that regard. Das shows why.
The simple truth is that the purchase of a house involves a great deal more than purchasing a house. And that's the problem, one that foretells a future increasingly defined by renting.
Figure that amassing the wealth necessary to make a home purchase is paradoxically the good part. It's all about individuals pursuing a particular career pursuit associated with their unique skills and intelligence. The problem – as we point out in our book Bringing Adam Smith Into the American Home – is what follows the joy.
Suddenly specialists within various career pursuits are forced to become generalists, or more realistically specialists in things about which they frequently lack a clue. You need more insulation in your attic. Your windows aren't double-paned. Your air-conditioning unit is amassing ice, and the replacement will cost $15,000 with installation. But don't worry, we'll shave $1,500 off the cost, plus we're offering low-interest financing.
About all the alleged problems (and many more) associated with your house, what about the knowledge you amassed up to the time of purchase gives you any kind of ability to answer any of the recommendations or critiques? Tick tock, tick tock.
Which is the point. It's not just that maintaining a house is expensive, it's that it involves expenses that the vast majority of us are almost completely unequal to in the knowledge sense. About the latter, it would be the triumph of naïve hope to assume that this knowledge deficit decreases those costs. Quite the opposite, most likely.
More troubling, the costs aren't just of the financial kind whereby we blindly spend on repairs and enhancements that we don't realistically understand. Arguably the biggest losses have to do with precious time spent thinking housing repairs, enhancements, and costs associated with both at the expense time spent with the kids, thinking about the work that increasingly animates their lives, or time spent having a glass of wine.
Which is why the smart money (Heeb's and Overberg's article is titled "These Millionaires Can Afford Their Dream Home. They're Renting Instead") is slowly but surely navigating toward renting. Why work so hard (and frequently joyously) in pursuit of a consumptive item that's so expensive not just in a dollar sense, but also peace of mind and family sense. Why indeed?
Which speaks to what's ahead. As with so many consumer trends, "venture buyers" from upper income brackets signal how more and more of us will consume in the future. Housing is worrisome principally because the costs associated with ownership are so worryingly high. Watch as more and more consumers of all income and wealth brackets rent their homes so that experts on home maintenance can do their worrying for them.
This article was originally published by RealClearMarkets and made available via RealClearWire. ##
Part III - Additional Information and Related Analysis
Those who have been with my series of articles here on the Patch may recall the Orlando real estate agent who warned against forever renters.
https://patch.com/florida/lake...
Then recall that the policies of the Biden-Harris Democratic administration has allowed in perhaps 10 plus million American, which included stunning numbers of convicted criminal aliens.
https://patch.com/florida/lake...
In an article that will be posted to MHProNewslater this week is a report that fact checks what Senator J. D. Vance (OH-R), 45th President of the United States (POTUS) Donald J. Trump's (R) running mate, said about illegal immigration and its impact on housing demand.
Already posted on MHProNews this week is a follow up to our Blue Orca report on prominent Manufactured Housing Institute (MHI) member Sun Communities (SUI). Using AI and other resources, including a new legal probe by the Pomerantz Law firm, that article pulls unpacks what Michael Vanloon said in an apparently weak attempt to debunk the Blue Orca report posted here on the Patch.
It exposes once more the apparently questionable if not improper behavior by the Manufactured Housing Institute, which appears to be acting in ways that support industry consolidation while limiting the production of more affordable manufactured homes. Keep in mind that regardless of who lives in a more affordable home, the more there are, the impact on the housing crisis is lessened. The Manufactured Housing Association for Regulatory Reform (MHARR) is also referenced in the report linked below.
https://patch.com/florida/lake...
Some people make statements that seem to make sense, but when they are carefully examined, evidence of paltering, posturing, and propaganda often emerges.
Bad policies, cronyism, and poor implementation of existing laws all have consequences. To fix these sorts of problems, leadership that actually puts the American People First is necessary. To learn more, see the linked reports. And if you aren't already registered to vote, do so ASAP and vote early if possible. It is time to Swamp the Vote. ##
Why Did Costs-Crime-Conflicts Soar After Trump left the White House?
https://patch.com/florida/lake...
https://patch.com/florida/lake...
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L. A. “Tony” Kovach and his family live in a manufactured home on private property in Winter Haven, FL. He is the co-founder of ManufacturedHomeLivingNews.com (MHLivingNews) and
ManufacturedHomeProNews.com (MHProNews) trade publications serving segments of the manufactured home industry. MHProNews will soon be celebrating 15 years of online publishing. Having worked in several segments of the manufactured home industry for over 3 decades, Kovach is a widely acknowledged and often praised expert on manufactured housing.
