A major supporter of Lakewood’s extreme citywide ‘densification’ admits it won’t help produce much affordable housing for at least 10-20 YEARS!
Folks – now you know the claim that we need ‘densification’ to promote affordable housing is completely fake. Why is it FAKE. Because people are buying into the expectation that ‘densification’ will help make housing affordable in the foreseeable future. Not in 10-20 years! Repeat – It is a fake claim because proponents are not telling everyone it won’t even matter for at least 10-20 years!
Now the TRUTH has come out. Now that we know you have up to 20 years to get this done, here is a methodology to eventually purchase a home whether it be condo, town-home, mobile home, single family, etc.
These are some tips that I have used and I am happy with the results. I’ve lived in multifamily housing most of my life and still do. I know what I am talking about. Here is an alternative plan to buy a home in 20 years and maybe less.
Save your money. Don’t buy new cars every 3-5 years. Don’t buy a super-expensive vehicle. Don’t buy tobacco, weed or any of that stuff. Don’t go to Starbucks. Always make coffee at home instead. Always have a roommate in order to cut your housing cost in half. Strive to set aside 25% or more of your income towards your future home purchase and invest a conservative portion of that in diversified mutual funds or ETFs. Avoid taking expensive vacations. Minimize how often you eat at restaurants. Delay having kids or don’t have kids. Get a skill that pays well from attending community college. Monitor the real estate market online and learn about it. Talk to a realtor to learn more. Heck – consider getting a real estate license so you can keep the commission yourself when you buy your home. Use Quicken software and setup a budget and track your expenses compared to the budget every month. Read books on personal finance and investing.
If you are not already doing most of these steps, it may take considerable effort to get on track, but stay the course. Best to you.
