We live in a time where the average cost of a home in the United States of America is 380,000 dollars. In most major cities across the United States such as New York City, Los Angeles, CA, and Miami, Florida working class has been priced out possibly for good, unfortunately. The average cost of homes in most major cities across San Francisco, CA Los Angeles, CA Miami, FL San Diego, CA, and New York City, NY ranges from 650k up to 3 million dollars. Other major cities like metro Atlanta, GA, Nashville, TN Chicago, IL, Newark, NJ, Washington D.C., Denver, CO, Portland, OR, and Seattle, WA are not far behind.
According to the May 2020 National Occupational Employment and Wages Estimates by the BLS, the average salary in the United States is $56,310, with a median wage of $20.17 an hour. Now this salary/wage range in 2022 is not only unacceptable even in major cities such as Austin, Houston, and Dallas, TX because the average cost of homes in these major cities ranges from 400k to 625k as of March 2022. According to Annual Average Wages, Texas.gov Texas' average annual wages were $57,382 as of the fourth quarter of 2018, slightly higher than the U.S. average of $56,945 and 12th among the states. This family is not sustainable regardless if the states have high to no income state taxes.
SO WHAT IS THE WAY FORWARD FOR FUTURE HOMEOWNERS?
I can sum all of this up for working people, and definitely working families. Collaboration over competition. One’s last name should mean more than just having a family, and talking about family BBQs, picnics, reunions, birthday parties, etc.
If families take on the mantras of the War World ll generation, and newly arrived United States (U.S.) immigrants then life may be a little harder, but financially more American families will become a economic unstoppable powerhouse. Lots of immigrant families in the U.S. have up to two to three families living in one home. And sharing all of the utilities, mortgages, rents, etc amongst one another, makes it easier to purchase a multitude of real estate, cars, businesses, and loans in various family member's names. In most major metropolitan areas of the United States of America, the possibility of most households becoming four to eight-income households could become normal for Americans to become homeowners, and to be able to build significant savings, boost one's credit, and build wealth. Now, will most Americans adopt this sort of lifestyle and mindset? Most like not, however for the next ten years this may be the only way forward for a good portion of working Americans to become a homeowner and to start any sort of brick and mortar businesses.
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Patterson L. Properties LLC. (PLP) offers real estate wholesale services, via county tax sales, tax liens, and our marketing services. Please contact PLP LLC. via email at PttrsLr1@gmail.com or website: PATTERSON L. PROPERTIES LLC. WEBSITE: http://www.pattersonlpropertiesllc.com/
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