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How To Fix The Housing Industry

1366 words - 5 pages

The costs in homes are consistently going up and many families across the U.S. cannot afford them. They can’t pay off the mortgages and end up going bankrupt because they cannot pay for the house let alone a car, utilities or any other costs that Americans face today. Let’s take a step back from the situation I believe in order for people to be able to payoff their homes without going under in debt is that they manage their money in a better way. People that aren’t able to pay for their homes are people who spend their money on other things that aren’t as important. Some things would include they spend around three hundred dollars in coffee every month. Now what if people saved that money and put it into bills that they really needed to pay such as their house mortgage? If people saved those three dollars each month on coffee or however much they spent on coffee towards their housing payment, they would have no problem paying for the mortgage on their home. This goes for every other unneeded thing that Americans believe they want, but they don’t really need.
The whole problem with the housing industry is that families are thinking they “need” that huge six bedroom four bathroom home. When in actuality they don’t, they need a home that fits their “needs” instead of their “wants.” When home buyers go into buying a place they take out a loan for a house that costs way to much for them to afford, but because the wife says to the husband “oh this is exactly the dream house we have always wanted.” Now it might be what they “want”, but in the long run is this overly expensive house really what they “need” to live their lives? People need to realize that this is not the way to live because it hurts the economy and thus in turn the housing market. The families that want this really expensive house take out a huge loan from the bank. In turn the bank hopes they can pay the loan back along with interest. Well now the families realize that a few months through the payments neither the husband nor the wife’s salary can afford the home. In turn they end up not being able to meet the payments that are due on the home. This is when the bank gets really angry and reacts by saying they will foreclose the home because the two couple aren’t paying their mortgage fines each month. The bank finally forecloses the home and the couples are living in a crappy apartment for most of their lives because they wanted the house instead of taking a step back and asking the question “do we really need this house?”
Now this is what has been happening to American families who have been out looking for their first house only realizing they bit off more than they could chew. This has caused the housing market to go down the toilet, but I believe I might have a solution. If people were to go out and look for a house that fit how they need to live instead of how they want to live then we wouldn’t be in this huge mess in the first place. I believe that in order to stop people from...

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