Just my thoughts, joe. Via the people I come in contact with, I’ve been able to see both sides of the coin.
Actually, I think a lot of wealthy people do “get it” and realize keeping what you have is a smart move–rather than throwing caution to the wind. Some of the friends I mentioned in another post, chose a different path, and, unfortunately, achieved a different result.
Along with real estate and other investments, I have been in one of the few industries (commercial aviation/major airline) left on the planet that is protected by a union for almost 25 years–which was my first choice out of college.
For better or worse, (and most of my colleagues are great people–you always read about the few exceptions) you can pretty much bank on keeping your extremely well-paying job (at least in my age group)for as long as you
desire–and can pass the FAA physical, until you turn 65, etc. (many retire in their early 50’s if they want to) (edit)
Although this scenario was quite prevalent in many careers in past decades,in our present society it has now become a rarity, and that is why I’m mentioning it.
Frankly, some of the people/tenants I talk to who seem to have extreme concerns about their future seem to be in in tech jobs. They have mentioned they feel their careers have a “shelf life,” and, they find it difficult to plan too far ahead.
And yes, some of our tenants are saving for homes, but can’t find what they want or can afford, in the areas in which they want to live and raise their children. They would rather stay in their preferred area and rent, than buy in an area they don’t care for, so, in that way, they are making the choice not to buy for what they see as “quality of life” reasons.
