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Factors Affecting The American Dream

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The current event that I feel affects today 's American Dream is high priced homes on the Market. I think that this is affecting the American Dream because infiltration of the house prices skyrocketing. The price of homes is so high because of the law of supply and demand, and the economy in San Diego. Houses being this high in price is forcing people to downgrade and live in a different neighborhoods. I think we can all agree part of the American Dream is to own your own home. With today 's market, it is hard to get a good and fair price on a home. Ashleigh Schmitz explains why the American Dream is almost unattainable in today 's society, “Their income is not financially secure, there is student loan debt, high unemployment rates and it …show more content…

Les Christie state 's “ Student loan debt has caused an 8% decline in home purchases among americans ages 20 to 39.” This shows that student loan debt holds back a lot of money from the housing market. “Palacios figures that for every $250 a month in a student loan debt that a household owes, it reduces their power to purchase a home by $44,000.” These quotes from Les Christie explain how the money from the housing market has been held back from the student loan debt. Any student in college can get a student loan and that is why it stacks up a bunch of debt. “Citizens financial group said they might not have gone to college had they known the impact student loans would have on their life.” This quote from Kelli B. Grant shows that student loan debt is hard to get out of if you are in debt with a …show more content…

Sheree R. Curry article talks about 5 contributing factors in the housing market crash, low doc loans, Adjustable rate mortgages, equity line of credit, more money down needed and mortgage insurance. Low Doc Loans are loans that do not require much information and do not require borrowers to provide documentation of their income to lenders, Adjustable rate mortgages were made to adjust periodically to reflect market conditions, equity line of credit is a loan in which the lender agrees to lend a maximum amount of money and has to be paid by a certain time, you also need more money down “minimum has now increased to 10% down.” This quote shows increase in a down payment, mortgage insurance used to get replaced by people putting 20 percent down on a FHA-backed mortgage and avoid paying the

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