It’s 2012, you’re a young American, and the U.S. housing market and mortgage rates are beaten down as low as we’ve ever seen. Is it time to buy a house? For twenty-somethings or young thirties with college debt and no job and living in mom’s basement, that may be the queue to start laughing.
But hard times don’t last forever, do they? Mortgage rates in the three percents. Rock bottom. Foreclosed houses going for a song. Rents, as the man says, “too damn high.” Is it time to do it? Somehow? Somewhere?
This hour, On Point: If you’re young in America, is it time to buy a home?
Karl Case, professor of Economics Emeritus at Wellesley College and Senior Fellow at the Joint Center for Housing Studies at Harvard University. He is co-creator of the Case-Schiller index, which tracks housing prices.
Derek Thompson, senior editor at The Atlantic; oversees business coverage for their website.
Matt Yglesias, Slate’s business and economics correspondent. He’s also the author of The Rent Is Too Damn High.