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Published on:

10th Dec 2024

The Price of Progress: Cheap Stuff vs. Housing Affordability

The podcast delves into the stark contrast between the affordability of consumer goods and the escalating prices of housing in America. James Brown highlights that while technology and entertainment products have become cheaper and more accessible, the average age of first-time home buyers has surged to 38, reflecting a significant shift in the housing market. He points out that millennials face a dilemma: they can indulge in various gadgets, yet the dream of home ownership seems increasingly out of reach. The discussion touches on the need for more housing options, emphasizing that many existing homes are in disrepair and costly to fix. Ultimately, Brown poses a thought-provoking question about the trade-offs society has made: would we prefer cheaper consumer goods or affordable housing?

Takeaways:

  • The American dream of home ownership is becoming increasingly unattainable for younger generations.
  • While gadgets and technology become cheaper, housing prices have surged significantly in recent years.
  • Millennials are experiencing delayed home ownership due to cultural and economic factors affecting their finances.
  • The average age of first-time home buyers has risen dramatically, reflecting broader societal issues.
  • There is a pressing need for more affordable housing options in various cities across America.
  • The competition from cash buyers is making it even harder for qualified buyers to secure homes.

Companies mentioned in this episode:

  • Facebook
Transcript
James Brown:

The not so Great American Bargain this is commentary from James Brown.

James Brown:

I can't stop thinking about something that Crystal Ball said on Breaking Points recently.

James Brown:

That's the bargain we've been given, she said.

James Brown:

You can afford lots of cheap stuff, but not to buy a house.

James Brown:

Flat screen TVs are basically giving themselves away these days.

James Brown:

Your phone is more powerful and cheaper than ever.

James Brown:

Facebook is literally selling AI goggles.

James Brown:

But housing?

James Brown:

That's a different story.

James Brown:

% since:

James Brown:

But here's the gut punch.

James Brown:

average age of home buyers in:

James Brown:

That's a record high up from 49 last, according to the national association of Realtors.

James Brown:

Any guess how old first time buyers are these days?

James Brown:

Try 38 years old.

James Brown:

Let that sink in.

James Brown:

Your parents probably bought their first home in their late 20s.

James Brown:

Their generation could afford less stuff.

James Brown:

But buy a house on one income.

James Brown:

We, on the other hand, can have all the gadgets we want.

James Brown:

But the American dream of home ownership?

James Brown:

That's getting further away by the day.

James Brown:

Now this all makes some sense.

James Brown:

My generation, millennials to be precise, have been in arrested development.

James Brown:

I'm guilty of this.

James Brown:

We're wasting money like it's no one's business.

James Brown:

We're settling down and having families later.

James Brown:

So naturally home buying would come later too.

James Brown:

But as I've said time and time again, in this space, there are consequences for that cultural, societal and political consequen that thankfully, will keep me writing for years to come.

James Brown:

So how do we solve this?

James Brown:

Well, that's complicated.

James Brown:

But here's one move.

James Brown:

We need more options.

James Brown:

In some cities, we desperately need more houses.

James Brown:

In others, like Detroit or Cleveland or my hometown, Rochester, New York.

James Brown:

We have plenty of houses, but they're just falling apart.

James Brown:

Fixing them costs a fortune, and that's if you can find someone to do the work.

James Brown:

Plus, all cash buyers are a huge problem.

James Brown:

Even if you qualify for a loan, if your competitor offers a giant wad of cash, sorry, you're not getting a house.

James Brown:

Makes you wonder, is this really progress?

James Brown:

When did we agree to this trade off?

James Brown:

What do you think?

James Brown:

What would you rather have?

James Brown:

Cheaper stuff or affordable housing?

James Brown:

Share your thoughts in the comments at jamesbrowntv substack.

James Brown:

Com.

James Brown:

On that note, I'm James Brown and as always, be well.

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About the Podcast

All of the Above with James Brown
Exploring ideas big and small with fascinating people
I explore the big ideas that bring us together and meet the people who make them happen.

Musings on news, life, and television. A few minutes a day, five days a week.

Hosted by James Brown is an award winning journalist whose work has appeared on WXXI, PBS, NPR, BBC, and a slew of other places from sea to shining sea. He's the former host of USA TODAY's 5 Things, now The Excerpt. My work is proudly produced in Rochester, New York.

My goal is to create a diverse array of projects in the style of the people I grew up following: like Bill Moyers, Paul Harvey, John Stossel, Charles Osgood, Charlie Rose, Adam Curtis, Tavis Smiley, Douglas Ruskoff, Tony Kornheiser, and Art Bell, with my own twist, of course.

You can find my work anywhere you get your podcasts.

To support my work and tell me what you think join me at JamesBrownTV.substack.com.
Or email me at jamesbrowntv@gmail.com.
You can also leave me a message at 585-484-0339. And yes, I will call you back.
On that note, I'm James Brown, and as always, be well

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