PLEDGE NOW
Young Homeowners

Home prices are down. Mortgage rates, rock bottom. If you’re young in America, does it, will it, make sense to buy a home?

In this Sept. 19, 2011 file photo, a house with a "for sale" sign in front is seen in Newton, Mass. Home ownership over the past decade posted the biggest drop since the Great Depression as layoffs, foreclosures and the mortgage mess made it harder for people to buy or hold onto their homes. (AP)

In this Sept. 19, 2011 file photo, a house with a "for sale" sign in front is seen in Newton, Mass. Home ownership over the past decade posted the biggest drop since the Great Depression as layoffs, foreclosures and the mortgage mess made it harder for people to buy or hold onto their homes. (AP)

It’s 2012, you’re a young American, and the U.S. housing market and mortgage rates are beaten down as low as we’ve ever seen.  Is it time to buy a house?  For twenty-somethings or young thirties with college debt and no job and living in mom’s basement, that may be the cue to start laughing.

But hard times don’t last forever, do they?  Mortgage rates in the three percents.  Rock bottom.  Foreclosed houses going for a song.  Rents, as the man says, “too damn high.”  Is it time to do it?  Somehow?  Somewhere?

This hour, On Point:  If you’re young in America, is it time to buy a home?

-Tom Ashbrook

Guests

Karl Case, professor of Economics Emeritus at Wellesley College and Senior Fellow at the Joint Center for Housing Studies at Harvard University. He is co-creator of the Case-Schiller index, which tracks housing prices.

Derek Thompson, senior editor at The Atlantic; oversees business coverage for their website.

Matt Yglesias, Slate’s business and economics correspondent. He’s also the author of The Rent Is Too Damn High.

From Tom’s Reading List

The Atlantic “Richer couples! Cheaper mortgages! Millions of unwanted houses! Despite all this, young home owners declined for 30 years, even before the Great Recession. Here’s how the American Dream shrank.”

The New York Times “Like many young married people, Steve and Logan Kinney dream of owning a home. So after several years of diligent saving, the couple, both teachers, scoured the listings in Boerum Hill, the leafy Brooklyn neighborhood where they rented.”

U.S. News & World Report “Young Americans, take heart; there is empirical evidence that your parents’ “When I was your age…” diatribes are currently meaningless.”

Playlist

Low on Cash by Eric Lindell

The House that Built Me by Miranda Lambert

Young Americans by David Bowie

 

Please follow our community rules when engaging in comment discussion on this site.
ONPOINT
TODAY
Aug 28, 2015
WDBJ-TV7 meteorologist Leo Hirsbrunner, right, wipes his eyes during the early morning newscast as anchors Kimberly McBroom, center, and guest anchor Steve Grant deliver the news at the station in Roanoke, Va., Thursday, Aug. 27, 2015. Reporter Alison Parker and cameraman Adam Ward were killed during a live broadcast Wednesday, while on assignment in Moneta. (AP Photo/Steve Helber)

A deadly shooting on live TV. Wall Street’s roller coaster ride. Biden considers a White House bid. 10 years since Katrina.

Aug 28, 2015
Lightning first ignited the Meadow fire on July 20, 2014 in Yosemite. By September 8, the fire had charred 2,582 acres. Bernie Krause has recorded soundscapes of national parks destroyed by large areas of forest fires. Listen below.  (National Park Service)

A legendary natural sound collector shares his recordings. We’ll listen in.

RECENT
SHOWS
Aug 27, 2015
Amy Seek's memoir is "God and Jetfire: Confessions of a Birth Mother"

Open adoption. How one birth mother gave up her child for adoption and stayed in his life.

 
Aug 27, 2015
The slow-going struggle for mental health parity (Getty Images)

Insurance companies are required by law to cover mental health the same as physical health. So why don’t they?

On Point Blog
On Point Blog
Our Week In The Web: August 21, 2015
Friday, Aug 21, 2015

Do you even click? (And other reflections on link sharing and web commenting).

More »
6 Comments
 
Do You Recognize Amazon’s Workplace Culture? Tell Us!
Tuesday, Aug 18, 2015

Do you recognize the workplace conditions described in a recent New York Times piece on Amazon? We want to hear from you!

More »
5 Comments
 
Our Week In The Web: August 14, 2015
Friday, Aug 14, 2015

Butter cows in Iowa, internal site redesign in Boston. It sure feels like a Friday around here.

More »
3 Comments