Homeownership a Relic? Maryland Governor's Story Reveals a Crisis!

From Military School to Housing Crisis: A Governor's Tale

Right let's get down to brass tacks. Apparently even governors have origin stories wilder than my Tuesday afternoons. Maryland's Governor Wes Moore bless his heart was a bit of a scamp so his mum packed him off to military school. A bit drastic even for me and I've raided tombs with less fuss. He legged it five times in four days! 'That place ended up really helping me change my life,' he said. See even rough patches can unearth treasure eh? What's the saying? 'Sometimes the only way to find the treasure is to get your hands dirty.'

American Dream or Delusion? The Price of a Roof

Now here's where it gets interesting. Young Moore's escape to disciplined redemption was bankrolled by his grandparents who mortgaged their own home – their 'American Dream,' if you will. 'They ended up sacrificing part of their American dream so I could achieve my own,' Moore said. It seems housing isn't just shelter; it’s an asset a chance a legacy. The article points out that housing is second only to retirement funds in terms of value and is an asset people can rely on and give to future generations but it seems the American Dream is becoming as elusive as the Lost Ark.

Home Sweet (Unaffordable) Home: A Generation's Struggle

But here's the kicker: that dream is slipping through the fingers of the younger generations. About 30% of young Marylanders are ready to bail because of insane housing costs and they aren't wrong! Renters and homeowners alike are feeling the squeeze. 'Homeownership status can feel unattainable to prospective first time buyers in today's economy,' the report says. Reminds me of trying to grab that golden idol in Peru – looked easy was anything but. The number of cost burdened renters climbed to an all time high of 22.4 million in 2022. It's a jungle out there and the vines are made of red tape and mortgages.

1980 Calling: We Want Our Home Prices Back!

Turns out it *was* easier for our parents and grandparents. Since 1980 home prices have skyrocketed faster than household incomes. Today's 35 to 44 year olds are less likely to own homes than their counterparts 45 years ago. That's a 10% drop! And because fewer folks are forming households the number is probably even worse. 'Earning home equity is actually a very important way to earn wealth,' said some smart cookie at the Urban Institute. 'A house isn't a home until you can paint the walls.' Or you know afford the walls in the first place.

The Divide Deepens: Race Education and the Roof Over Your Head

And as if the price tag wasn't bad enough there's a nasty racial divide in the mix. The Black homeownership rate is still lagging way behind despite recent gains. Education and marital status also play a part. It seems like the game is rigged before you even roll the dice. As someone who knows a thing or two about unearthing hidden truths this isn’t merely about money it's about equality.

Solutions in Sight? Or More Empty Promises?

So what's the solution? Education down payment assistance and easing up on those pesky zoning restrictions apparently. Sounds good on paper but I'll believe it when I see it. Politicians and promises – usually worth less than a rusty doubloon. In the meantime I'll stick to raiding tombs at least the rent is free. The challenge with homeownership and high costs of housing is a 'doozy' so until then I'll say 'I make my own luck'.