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Thoughts on Home Ownership - Winnetka and the North Shore IL
When I think back on the first home my parents bought in 1955 I’m impressed that they accomplished it. They had just emigrated here in 1951 and somehow managed to secure jobs and buy a house (shown above.) Did they even get a mortgage back then?
 
I can’t tell you the details of their purchase because I don’t know them (except for the price which was $15,000), but I know that this scenario still happens today. Yes, it’s harder, more time-consuming, and exponentially more expensive, but buying a home is still considered the American dream. And whether born here or a new resident, people strive mightily to have their own “patch of grass.”
 
Buying a home has changed in more ways than lending practices or prices. In general, modern real estate as it’s practiced today really got going after World War II but has been most documented since the 1960s. From 1966 to 1982 the home ownership rate rose slightly, peaked then dropped until 1986 when it started rising again in 1994.
 
From 1994 until the real estate crash of 2008 (the good old days) is the period when people understood that a home could be more than just a place to ... more

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