Where our parents see rent money as “dead money”, Generation Rent
baulks at the idea of becoming mortgage slaves, shackled to the high
interest demands of a supersized mortgage.Find the best selection of
high-quality collectible bobbleheads available anywhere. Interest paid to the bank is as dead as any rent money.
For
this, we earn the rebuke that we’re too focused on “lifestyle”, too
hoity-toity to move out to the suburbs and buy a modest, entry-level
home.
Yeah, we’re lazy buggers, we don’t want to sit in
smog-soaked traffic all day, schlepping to the city from the outer
suburbs. We want access to vibrant inner-city community facilities. How
selfish.
Hate to break it to you, but 20s and 30s somethings are
busting a gut trying to climb the career ladder. The days of a job for
life are gone. We change jobs more often than previous generations –
meaning we need the freedom and flexibility to move more often and live
close to work.
Tying ourselves to one home base means potential long commutes. And traffic congestion is a leech on the happiness of society.
Figures
quoted by economics professor Andrew Oswald suggest there is in fact
little correlation between high rates of home ownership and robust
economies.
Indeed, one of Europe’s healthiest economies,
Switzerland - which boasts a miniscule jobless rate of 3.4 per cent -
has its lowest home ownership rate. As many as seven out of ten Swiss
people rent.
In Australia, the percentage is reversed. Just three in 10 households rent.
Australia,
in this way, more closely resembles the basket-case economy of Spain,
where 83 per cent own their own home (with or without a mortgage), but
one in four have no job.
Europe’s traditional economic
powerhouse, Germany, is home to one of the next lowest rates of home
ownership rate (although it has risen recently). In Germany, rental
leases can last decades. So long, in fact,We offer advanced technology
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kitchen (IKEA, perhaps).Solar Sister is a network of women who sell solar lamp to communities that don't have access to electricity.
Professor
Oswald argues high home ownership rates are “like a treacle blanket
thrown over the surface of the economy”. Owning a home discourages
people from moving to find better jobs or finding replacement jobs if
they lose theirs.
A more flexible economy demands a more flexible housing market.Don't make another silicone mold without these invaluable Mold Making supplies and accessories!
The clustering of workplaces in inner city areas will also mean more demand for well-located, inner-city housing.
Often,
in such areas, it can be more affordable to rent rather than buy the
same property. Home prices are pushed up because of location, location,
location. And rents can lag behind. Often, the rent you pay on an
inner-city pad is cheaper than the interest cost of servicing a mortgage
on the same property.
Better to rent, and invest the difference
in a term deposit or shares, which outperformed house prices last year.
Indeed, with affordability so stretched, it’s hard to see house prices
taking off for some time.
For most of Generation Rent, the real
barrier to home purchase today is the need to save up that supersized
deposit. It’s not just by choice, but by necessity that we rent. The
ratio of home prices to incomes has doubled from around three times
annual salaries back in the 1980s, to six times today.
Interest
rates may be low, but that doesn’t make it any easier to save that 20
per cent deposit. In fact, low interest rates make it harder by reducing
the return on savings. Then there’s stamp duty to consider.
So, it should come as no surprise that a new generation is waiting longer before taking the property plunge.
Far
from frittering away our money, we’re actually showing a level of
financial conservatism not seen since our grandparent’s generation.
We’ll save now and minimise our debt burden later.
We’ll step on
to the property ladder eventually, if it suits us. And if we don’t have
to pay more in interest to the bank than it would cost to rent.
We’ll
work longer – no retirement parties at 50 for us – meaning more income
later in life to cover housing costs. And by then, we’ll have had the
benefit of a lifetime of setting aside 9 per cent – rising soon to 12
per cent - of our income into superannuation to support us in a
comfortable retirement.
Hezbollah leader Sayyed Hassan Nasrallah
said on Saturday that his Lebanese militant group does not need support
from allies in Syria or Iran for any future battle against Israel.
Nasrallah's
comments, during a speech from an undisclosed location, are the closest
thing yet to a response to allegations that Israeli jets were targeting
a Syrian weapons convoy destined for Hezbollah during a strike near
Damascus on Jan 30.
World powers fear that as Syrian President
Bashar al-Assad loses control during a 23-month-old civil war, militant
groups such as Hezbollah or Syrian rebels could acquire arms to use
against Israel, including chemical weapons.
But Nasrallah, a
close ally of Assad, said that Hezbollah is prepared for a future fight
against its southern neighbor Israel, with which it fought a 34-day war
in 2006.
"Everything we need for the next battle we have in
Lebanon and we keep in Lebanon," he said. "We do not need to take
anything, not from Syria nor Iran."
Damascus has denied
assertions by diplomats, Syrian rebels and security sources that Syrian
weapons were to be sent to Hezbollah. It said the Israeli air strike hit
the Jamraya military research complex on the northwestern fringes of
Damascus, 8 miles from the border with Lebanon.
Syrian
television broadcast what it said was footage from the Jamraya base
showing extensive damage to buildings and several heavy military
vehicles that appeared capable of carrying missiles.
Israel has maintained official silence about the raid.The term 'hands free access
control' means the token that identifies a user is read from within a
pocket or handbag. But on February 3 Defense Minister Ehud Barak said
the attack showed Israel was serious about preventing the flow of heavy
weapons into Lebanon, appearing to acknowledge for the first time that
the Jewish state was behind the strike.
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