As voiced by the thousands of home buyers that the social media and marketing teams at Qazzoo reach everyday there are several complaints that they constantly are approached with and concerns that are the underpinnings of the complaints.
The complaints come from every financial and geographic area when the economy is concerned. The average income level has declined since 2007 when the mortgage meltdown cratered the entire economy. The median income for an American family in 2007 was $55,400. The same family made an average of $51,400 in 2013. The median income decline should not be seen in a vacuum. The repercussions are compounding as time moves forward. The difference in annual income is a decrease of $4,000 dollars or about 8% annually. To extrapolate that to the 6 years since 2007 would provide a deeper understanding of the complaint that is so common regarding the impact the economy has had on so many Americans.
Four thousand dollars multiplied by six years means that the average family in the US has lost $24,000 in the period that has followed the economic collapse. This is real money to many people and it impacts them in serious ways.
Seen another way $24,000 is roughly half of a year’s income. This has the impact on a family and when people go through this sort of thing they feel isolated and don’t often communicate to their friends or family about it. They keep this to themselves because like other dips in the economy or their own income, it has always been temporary. However we are humans and we tend to believe that bad things are temporary. As America marched toward the Civil War, the Vietnam (conflict) and every war since we have always told ourselves that it will be over soon. Now as we look back at the past six years it is hard to imagine when the economy will catch up to the heights of 2008.
This expectation of returning is the difference between the complaint and the concern. The complaint is that many of us are not in a position to pay for the home we currently own. The concern is that the light at the end of the tunnel does not seem to be drawing closer at any discernible pace.