Quote:
Originally Posted by kane
A friend of mine lives in what I would call the very typical middle class neighborhood. The houses are very nice, but not huge. Most of them were selling for between $250K and $300K about 3-4 years ago. Now they are worth about half that. You can almost tell the unemployment rate by the number of empty houses and for sale houses in the development. right now about 1 our of every 10 houses in this neighborhood are either empty and bank owned or for sale. So many of these people bought the houses which made them house poor so when they lost their job they had no choice but to move.
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That has definitely happened all over the country. I just think that even when someone in the middle class buys a home they can afford, they are still somewhat on the edge.
There seems to be this idea that the middle class is the very definition of financial security because it's made up of honest hard working people, but the truth is, they are always the most precarious of any socioeconomic group.
BTW, I'm not blaming the middle class here. Just saying that being middle class is a very dangerous place to be, but for some reason it has always been sold as being very stable.