Great Recession Pros And Cons

Improved Essays
Show More
Being a Millennial, I recognize how much of an impact the “Great Recession” has had on my life, especially in regards to adopting homeownership. This essay will be written from the perspective of someone who, because of the “Great Recession” has plain and simply, not been able to afford anything in the ways of homeownership. It is not just about the mortgage crisis, the recession, often has affected every choice someone of my era has had to make in their life thus far. The pros and cons of homeownership for Millennials, factors that could increase or decrease homeownership among my generation and the potential of a collective hesitation and apprehension having hurt us in the long run or are we possibly redefining the “American Dream” will be …show more content…
Myself, I cannot be lumped in to this hesitation category because it is not my choice to hesitate. Since I was old enough to start working, I have wanted to be able to afford to move out of my parent’s home. I just have not been afforded those luxuries that allow that to happen. The Great Recession only greatly hindered me. Essentially, I have more apprehension about the college debt I will soon be taking on, again the home ownership debt is not on my mind at all. I think going back to college at twenty-nine to complete a degree has forced me to redefine the “American Dream”, for myself. I cannot speak for everyone in my generation because I have peers that own homes; I many of my peers completed their degrees many years ago. They are not working to redefine the “American Dream”, they followed the path that many, many follow. College degree, full time job, marriage, house…that just has not been my path. So, back to redefining the American Dream as a collective? I do not think so. I know that I will be redefining the American Dream; I want to become a teacher, stay at home a little longer than planned, save up and live out of an old Jeep Wagoneer in the summer to travel when I am off from teaching. I believe one day I will be able to afford that (the tiny, tiny home Jeep Wagoneer), it’s that interim part of the year that leaves me wondering, where will my roots

Related Documents

  • Decent Essays

    Pros And Cons Of Reaganomics
    • 143 Words
    • 1 Pages

    Pros And Cons Of Reaganomics

    Reaganomics (commonly referred to as trickle-down economics) are the economic policies promoted by Ronald Reagan during his presidency in the 1980’s. The four pillars of Reagan's economic policy were to reduce the growth of government spending, reduce the federal income tax and capital gains tax, reduce government regulation, and tighten the money supply in order to reduce inflation. Spending during Reagan's two terms averaged 22.4% GDP, well above the 20.6% GDP average from 1971 to 2009. In addition, the public debt rose from 26% GDP in 1980 to 41% GDP by 1988. In dollar terms, the public debt rose from $712 billion in 1980 to $2.052 trillion in 1988, a roughly threefold increase.…

    • 143 Words
    • 1 Pages
    Decent Essays
    Read More
  • Improved Essays

    The Great Recession: A Comparative Analysis
    • 933 Words
    • 4 Pages

    The Great Recession: A Comparative Analysis

    The Great Depression officially started on October 29, 1929 after the stock market crash, and the Great Recession started in 2008 after the government pushed buying houses onto people. The Great Depression and Great Recession has almost seven decades between them, so some people would never think they would be similar. They might even say the President has learned from the Great Depression, so the economy will never get like that again. The economy almost did in the Great Recession. When comparing the Great Depression to the Great Recession, they have similar beginnings, similar responses by the president, and similar outcomes, but the differences are in the details.…

    • 933 Words
    • 4 Pages
    Improved Essays
    Read More
  • Superior Essays

    The Pros And Cons Of The Great Depression
    • 981 Words
    • 4 Pages

    The Pros And Cons Of The Great Depression

    Few would argue that the Great Depression was an economic catastrophe. Americans had never experienced such an extensive series of economic setbacks. Immediately after his inauguration, President Franklin D. Roosevelt (FDR) attempted to calm the citizens, reestablish, and revitalize the domestic economy. In doing so FDR’s New Deal programs provided government sponsored employment to millions of citizens and stabilized personal and business’s financial security.…

    • 981 Words
    • 4 Pages
    Superior Essays
    Read More
  • Great Essays

    Student Loan Debt Case Study
    • 1086 Words
    • 5 Pages

    Student Loan Debt Case Study

    As stated by the chief economist at the National Association of Realtor, this can be partially explained by the fact that many mortgage lenders refuse to give out large loans to individuals with large debt obligations, such as those resulting from student loans (Holland). After college graduation, some young adults choose to move back in with their parents to avoid having to pay rent and other expenses. Approximately 36% of Americans aged 18 to 31 were living with their parents in 2012 (Fry). Because the housing market accounts for approximately 15% of the total economic activity in America, postponing homeownership directly creates negative economic consequences (“Social Benefits of Homeownership and Stable Housing ”). Residential investment, which includes construction of single and multi-family structures, residential remodeling, and production of manufactured homes, specifically comprises about 5% of America’s overall national gross domestic product (GDP) (Greiner).…

    • 1086 Words
    • 5 Pages
    Great Essays
    Read More
  • Improved Essays

    The Pros And Cons Of The Foreclosure Crisis
    • 1295 Words
    • 6 Pages

    The Pros And Cons Of The Foreclosure Crisis

    In a time of financial crisis, more specifically post foreclosure crisis, struggling individuals who are either unemployed, have low income, or are in the process of recovering from bad credit, are pondering about ways they can leave their current checkered state and attempt to re-enter the world of home ownership. In addition to getting hit by the foreclosure crisis, according to Les Christie from CNNMoney, some ex-homeowners who were in the process of rebuilding their credit score got hit again by their lenders who have decided to seek and collect foreclosure debt, disallowing the ex-homeowners from fully recovering. For example, Ben McLarin from Florida had divorced his wife and, unable to keep up with the payments for the house, had to…

    • 1295 Words
    • 6 Pages
    Improved Essays
    Read More
  • Improved Essays

    The American Dream Gender Analysis
    • 831 Words
    • 4 Pages

    The American Dream Gender Analysis

    The obstacles of economic recessions and being targetted by one’s race can create great obstacles that make owning a home seem nearly impossible. “People who own property feel a sense of ownership in their future and their society...people trapped in a culture of tenancy do…

    • 831 Words
    • 4 Pages
    Improved Essays
    Read More
  • Decent Essays

    The American Dream Rhetorical Analysis
    • 157 Words
    • 1 Pages

    The American Dream Rhetorical Analysis

    Many Millennials still wonder if the American Dream is still alive because it’s not seen the way it used to in past generations. In this article “Millennials have thought the American Dream would offer more flexibility.” Reason being is they feel like they should be able pack up to leave whenever. They don’t want someone or something to get in the way, not allowing them to move. If other generations were to ask Millennials what they think studies show, “that sixty-even percent would like to travel along with a third having a future somewhere else.”…

    • 157 Words
    • 1 Pages
    Decent Essays
    Read More
  • Decent Essays

    American Dream Home Ownership Analysis
    • 467 Words
    • 2 Pages

    American Dream Home Ownership Analysis

    When it comes time for me to fulfill my American Dream I will consider the current economy and come up with my own definition of home ownership. By that time a whole new product might be available that has never been done before helping create that definition for myself. I hope this make sense. It is my view I have developed…

    • 467 Words
    • 2 Pages
    Decent Essays
    Read More
  • Superior Essays

    Housing Market Bubble Case Study
    • 1229 Words
    • 5 Pages
    • 10 Works Cited

    Housing Market Bubble Case Study

    In 2005 over 1,283,000 family homes were sold throughout the U.S. housing market according to U.S. Statistics. This was a larger number of houses sold compared to previous years with a range of 609,000 houses being sold per year. This was expansion, with lower interest rates, economic booms, and most people living in houses they couldn’t really afford if you looked into their finances. This is what later created negative home equity balances, and forecloses along with many evictions. Before the collapse of the housing bubble more and more people thought at least that they were “living the American…

    • 1229 Words
    • 5 Pages
    • 10 Works Cited
    Superior Essays
    Read More
  • Improved Essays

    U.s. Housing Market Collapse
    • 802 Words
    • 4 Pages

    U.s. Housing Market Collapse

    Over the last 8 years since the housing market collapse our society has struggled to get back to what we once felt was a goal for many in life, being a homeowner, and although for some this may still be a reality the harsh truth is that for a big segment of the population it is not. Today’s demand for homes in the US is at the all time high, but the supply on the other hand has not been able to match the demand and for good reasons. In 2008 we suffered what was one of the worst economic melts downs in US history, in which many were left jobless and homeless due to what many called the “Real Estate bubble bursting” as an astronomical amount of foreclosures amongst U.S. homeowners led to this 2008 disaster, which we are still recovering from. Only recently has the demand been so high, people looking for homes have outweighed the amount of home available, largely in part due to the stringent restrictions now placed on home buyers. Although mortgage rates are extremely low, banks are being very selective to whom they give out mortgages to, as they try to avoid another collapse by playing it safe.…

    • 802 Words
    • 4 Pages
    Improved Essays
    Read More
  • Improved Essays

    Homeownership In America
    • 1125 Words
    • 5 Pages

    Homeownership In America

    The Role of Homeownership in American Society: Final Copy Homeownership means more than simply having a roof over one’s head. It symbolizes family, safety, comfort, and to some, financial security. However, homeownership in modern America is a double-edged sword. It can still provide comfort, but it can also require that a homeowner take out a massive loan that he or she may not ever be able to pay back. There have been two major instances of housing crises in American history: The Great Depression and the recession of 2008.…

    • 1125 Words
    • 5 Pages
    Improved Essays
    Read More
  • Improved Essays

    The American Dream Argument Analysis
    • 1108 Words
    • 5 Pages

    The American Dream Argument Analysis

    In a 2011 poll, “75% of Americans said “the American Dream was still possible and achievable for other people like you. ”(Strain) A 2014 poll showing, “ A whopping 63 percent of adults ages 18-34 believe the American Dream has become impossible for most people to achieve. ”(Strain) As with the tanking of our economy a few years ago, Americans have gotten back from much worse things like the Great Depression and the Civil War.…

    • 1108 Words
    • 5 Pages
    Improved Essays
    Read More
  • Improved Essays

    New York City Housing Market
    • 315 Words
    • 2 Pages

    New York City Housing Market

    “Being able to save for a down payment seems to be a big issue for [the millennial] generation.” Hepp said. “That, combined with lack of access to credit, is impacting homeownership.” (Putzier,…

    • 315 Words
    • 2 Pages
    Improved Essays
    Read More
  • Superior Essays

    Summary Of The Giant Pool Of Money
    • 970 Words
    • 4 Pages

    Summary Of The Giant Pool Of Money

    The Giant Pool of Money Analysis Every individual in the United States wishes to be a homeowner because owning a home is considered as the ultimate achievement by majority of the population and is a symbol of successful and fulfilling life (Grant, Rick). So in the early 2000s when individuals were provided an extremely easy way of getting a loan and buying a home irrespective of their job and background, majority of them grabbed the opportunity. But, this scheme of simplifying mortgage rules and procedures led to overvaluation of mortgages based on an assumption that housing prices will continue to escalate led to the financial crisis of 2008 (Blumberg and Davidson). One of the biggest issue during crisis was that the decisions made around…

    • 970 Words
    • 4 Pages
    Superior Essays
    Read More
  • Improved Essays

    The Positive And Negative Effects Of The Great Depression
    • 1060 Words
    • 5 Pages

    The Positive And Negative Effects Of The Great Depression

    One of America’s darkest times in it’s history is known as the Great Depression. Isaac Asimov, a historical writer, once stated, “No one can possibly have lived through the Great Depression and not be scared by it. No amount of experience since the depression can conceive someone who has lived through it that the world is safe economically.” (Isaac Asimov) The country really struggled during this time, as jobs and money were scarce, impacting everyone throughout the nation.…

    • 1060 Words
    • 5 Pages
    Improved Essays
    Read More

Related Topics

Ready To Get Started?
Discover
Company
Follow
©2024 Cram.com
Privacy Policy |  About Ads |  Site Map |  Advertise  | 
  • Cookie Settings