Average Age of First-time Homeowners Essay Example for Free

Average Age of First-time Homeowners Essay The U.S. homeownership rate fell to the lowest level in 15 years in the first quarter of 2012, as borrowers lost homes to foreclosure and tighter inventory and credit kept buyers off the market. (Gittelsohn, 2012). The Census Bureau reported a rate dropped to 65.4 percent from 66 percent in the fourth quarter of 2011. According to the Census Bureau in June 2004 there was a record of 69.2 rates for homeownership. In 1960 the average age of a first-time homeowner was 24-25, according to David Berson in the journal Business Economics (Edwards, 2011). Now, the ages at which people purchase homes are higher. The average age for homeowners was 34, according to the most recent American Housing Survey data collected in 2009 (Edwards, 2011). There has been a trend toward renting among the younger generation. A study by the John Burns Real Estate Consulting firm predicts the homeownership rate for people between 25 to 34-years-olds will continue decreasing though 2015 (Walsh, 2012). According to this study the number of first-time home buyers has dropped 20 percent since 2009. There is a variety of reasons why young people are not buying homes anymore. People aged 25 to 34 is averaging 8.2 percent unemployment rate (Walsh, 2012). This generation is also getting higher-than-ever student loan debt and low wages. Many young people, who have a decent job, are trying to pay down debt instead of getting more. Federal student loans have bloated 360 percent since the beginning of the recession, with the average student debt held by someone who graduate in 2010 at $25, 250 (Walsh, 2012). Homes prices are still relative high to pay. The interest for mortgages are as low as 3.87 percent (reported in February 2012), the lowest levels in the last four decades, but due to the countless loans default in 2000s it made the banks stricter and increased the requirements for mortgages when compared to previous years. (Edwards, 2011) Also, young people don’t see buying a home as investment anymore, they are afraid that their home won’t be worth what they paid for in the future. A lot of people used to use terms such as â€Å"starter home†, to buy their first home, own it for a few years, resell it and make a profit out of it, then to move into their â€Å"dream home†. Due to the economy crash and the employment rate so high on younger ages, younger people no longer see purchasing a home as a good investment. They are afraid that they might lose their job and have to relocate or not be able to afford their home anymore. As time keeps moving on, young people are more afraid in buying, they are afraid that their property will lose its value and unable to get any type of money back if they decide to sell. According to the research done by Grace Bucchianeri, Homeowners are not happier because of financial stress. Other reasons such as the average age of marriage may influence a decision of purchasing a home. The average age of marriage is currently 26.1, according to the U. S Bureau of Census. This is a huge jump compare to 1960 which the average marriage age was 20.3. The young generation seems to be more focus in other things that making a family and settle down. The U.S. apartment vacancy rate fell to 4.9 percent in the first quarter of 2012. In 2011 the rate was 9.7 percent for vacancy rate. There has been a dramatic increase on rentals according to the Census Bureau. With this big growth in apartment rentals, the multifamily housing development in June 2012 was up 63 percent from a year earlier. The industry is expected to hit over 1 million new apartments by 2015 (Walsh, 2012). Young people opt in to do short leases because they want and like the flexibility to pick up if a job arises or in the worst case scenario move back home if their job is eliminated. Some people believe that buying a house is a waste of time and money. People think that renting a period of 30 years you might save the money you are putting down for the house and all the money for the closing cost, maintenance and so on. It could save you up to $90,000 in a 30 years lap if you only rent a property (Stoffel, 2012). For some people there is stuff that money can’t buy such as stability or emotional benefits. At the end it depends on the person and the type of life they decide to have. Some people hate commitments other people have a dream of having a house and owning a piece of territory. In a recent study done by Brian J. McCabe from New York University, shows that people that own their home are more likely to vote compare to renters. Homeowners feel stronger ties to their communities. They are willing to participate more in organizations that could benefit their community. It shows that the homeownership is mediated by both stability and income. It is possible that citizens most likely to become involved in civic affairs are also those most likely to become homeowners. According to some researchers, the market will turn around—eventually. The young people will start getting older and will settle down. They will start getting married and forming a family and would like to be part of a community. When the house buying market starts increasing the back requirements will start loosen up. Banks will be more flexible when making loans. Works Cited Bucchianeri, G. W. (2011). The American Dream of The American Dilusion? The Private and External Benefits of Homeownership , 1-38. Edwards, E. (2011, October 11). The Universe. Retrieved August 2, 2012, from http://universe.byu.edu Gittelsohn, J. (2012, April 30). Bloomberg. Retrieved June 2, 2012, from Bloomberg News: http://www.bloomberg.com McCabe, B. J. (2011). Are Homeowners Better Citizens? 1-47. Stoffel, B. (2012, March 8). DailyFinance. Retrieved June 2, 2012, from http://dailyfinance.com Walsh, M. (2012, July 16). Business Week. Retrieved July 2, 2012, from http://businessweek.com

Children in the Third World Essay -- World Poverty Essays

Children in the Third World We live in an imperfect world where poverty is a reality. Forty thousand children die per year of starvation. Over 1 billion cities face unemployment and poverty day to day. Three-fourth's of the world's largest poverty population live in the Third World Countries, which includes underdeveloped countries, mainly Africa, Asia, and Latin America. Originally the term "Third World" meant all those not supporting communism and the Western countries. Now, it is a term used to describe the poor countries of the world. These countries face hunger, diseases, illiteracy, and poor health care on a day to day basis. They have high population increases, the death rates have lowered over the years, but the birth rates are still high. Because of these increases in population and the low amount of resources available to accommodate these people, hunger is a rapidly increasing problem for the Third World. "The average spending per capita is $660 in a developing country, $13,100 in a developed country, and $19,800 in the United States." "60% of the Third World lives in extreme poverty." "I knew that poverty exists, but it never occurred to me that most of the people in this world live in poverty." (Junior Padma Krishnan) That is the problem with people today, many do not realize what a reality poverty is. That is the key word, "Reality." Many sit back and watch the commercials on children starving in Kenya or the bloated stomachs of the malnourished or undernourished in Somalia, but how many actually think about what a problem this is? What is being done to help these people? Is it fair for those in America who make millions of dollars a year to ignore this and allow these children to starve? Children by far suff... ...s imported from the poor countries, and we buy more food from 36 of the 40 countries. Is this something that we , as Americans, can be proud of? The horrific conditions experienced by the people of the third world are conditions that we can only begin to try to understand. Twenty five percent of children will die before their fifth birthday, and those who live will live without many things they need and are entitled to. Children are the future," they need to be tomorrow's solutions, not tomorrow's problems. There are many people out there working to eliminate poverty and improve living conditions for those in the third world countries, but they cannot do it alone. Everyone should take it upon themselves to do something. It may seem like an impossible to solve, but if everyone would work together, poverty would be lost and the third world would be a better place. Children in the Third World Essay -- World Poverty Essays Children in the Third World We live in an imperfect world where poverty is a reality. Forty thousand children die per year of starvation. Over 1 billion cities face unemployment and poverty day to day. Three-fourth's of the world's largest poverty population live in the Third World Countries, which includes underdeveloped countries, mainly Africa, Asia, and Latin America. Originally the term "Third World" meant all those not supporting communism and the Western countries. Now, it is a term used to describe the poor countries of the world. These countries face hunger, diseases, illiteracy, and poor health care on a day to day basis. They have high population increases, the death rates have lowered over the years, but the birth rates are still high. Because of these increases in population and the low amount of resources available to accommodate these people, hunger is a rapidly increasing problem for the Third World. "The average spending per capita is $660 in a developing country, $13,100 in a developed country, and $19,800 in the United States." "60% of the Third World lives in extreme poverty." "I knew that poverty exists, but it never occurred to me that most of the people in this world live in poverty." (Junior Padma Krishnan) That is the problem with people today, many do not realize what a reality poverty is. That is the key word, "Reality." Many sit back and watch the commercials on children starving in Kenya or the bloated stomachs of the malnourished or undernourished in Somalia, but how many actually think about what a problem this is? What is being done to help these people? Is it fair for those in America who make millions of dollars a year to ignore this and allow these children to starve? Children by far suff... ...s imported from the poor countries, and we buy more food from 36 of the 40 countries. Is this something that we , as Americans, can be proud of? The horrific conditions experienced by the people of the third world are conditions that we can only begin to try to understand. Twenty five percent of children will die before their fifth birthday, and those who live will live without many things they need and are entitled to. Children are the future," they need to be tomorrow's solutions, not tomorrow's problems. There are many people out there working to eliminate poverty and improve living conditions for those in the third world countries, but they cannot do it alone. Everyone should take it upon themselves to do something. It may seem like an impossible to solve, but if everyone would work together, poverty would be lost and the third world would be a better place.

Illustration of how the Polis was the center of Athenian Life Essay

Introduction The word Polis (poh-lis) referred to the city-state, to the fortress, and to the people as a whole.   Greek city-states often grew up around forts on the hills or mountaintops for their protection. These city-states were independent states (a nation of its own) that controlled a limited amount of farmland surrounding the territory .The Greek city states were small of which the ideal size was a population of about 5,000 male citizens, who were the only people counted in official records. Of all the polis, Athens had the largest population, reaching to about 35,000 male citizens in the middle of the fifth century B.C. Because of its small size, the people (citizens) had the opportunity to interact closely with each other.   When there is no war, Athenian life revolved around the state[1]. This paper will illustrate how the polis was the center of Athenian life. The illustration will be derived from examples of the political and cultural activities of its citizens. Political Life Political Participation Like most Greek city-states, the Athenians developed political units that were centrally based on a single city (Athens). Athenians were the first people in history to lead the establishment of a government in which free citizens ruled themselves. This type of government was called â€Å"democracy† meaning â€Å"rule by the people†.[2] Previously, Athens was ruled by powerful noble officials known as archons who tended to favor the upper class of Athens but because of lower class Athenian protests, the leadership was transferred to Solon in 594 B.C. Solon was a statesman, poet and merchant who was widely regarded as wise and just. Solon made political reforms that decreased the power of the nobles. He divided Athenian citizens into four classes based on wealth, not on noble birth. This gave the merchants a voice in the government, for citizens in the three highest classes could hold public office and later all male citizens were expected to serve in the government.[3] About 510, Athens was ruled by Cleisthenes. After consulting with the Assembly he reformed the political system by dividing Athens into ten areas called demes.[4] To safeguard the new democratic government, Cleisthenes started a new practice. Once a year the Athenians voted out a person who they suspect will become a tyrant leader.   If 6,000 votes were cast against a particular person, he was forced to leave Athens for ten years. Because votes were written on a piece of broken pottery called an ostrakon, this practice became known as ostracism. Few people actually were ostracized but the custom gave citizens more power. Pericles, who ruled Athens in 460 B.C., increased the participation of Athenians in politics. He opened government jobs to all classes and government officials were paid salaries so that even poor citizens could serve as officials.   Citizens were given the freedom to criticize leading generals or statesmen without being punished. The duties of government were performed by ordinary citizens. They took care of the public buildings, kept the waterfront safe for ships, and watched over the city’s food supply. They served in the army and rowed ships in the navy. Rather than being elected, officials were chosen by lot (a process similar to having one’s name picked out of a hat). They held office for one year and could not hold the same position again. This gave every male citizen a chance to serve the community.[5] In fact, the Athenian political system of allotment made it possible for every male citizen to be liable for executive government duties. Participation in the Assembly The number of Athenian citizens was small enough for them to govern themselves in a direct democracy. There was no need to elect representatives as most modern democracies do. About forty times a year all citizens met in the Assembly (supreme-decision making body in Athens) in an open area on a hill called The Pnyx. The Assembly meetings were opened for every male citizen over the age of 18.[6] There they debated, voted all matters of domestic and foreign policy and made the laws. They themselves decided whether to sign a trade treaty, build a navy, or make peace. Although every male Athenian had the right to attend, due to limited space and other practical reasons, not all of them were able to attend every meeting. With a total male population of 30,000, the Phynx can only accommodate 6,000 of them. Nevertheless, Assembly meetings were events that most Athenians look forward to. Usually Assembly meetings were scheduled just after dawn, delayed only when citizens and presiding officials were late. It is significant to note that any citizen, whether he held a public office or nor, had the right to speak or voice his opinions before thousands of his fellow Athenians. Before or after the speech, each citizen was expected to openly show their support or disagreement for it was assumed that each Athenian citizen could think intelligently about community affairs.[7]   Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  C. Participation in the Council (Boulà ª) The Athenian Council was composed of 500 members. These members were chosen by lot from 50 citizens of the 10 Athenian tribes.   Any male with an age over 30 had the opportunity to serve in the Council although not all are required to do so. Usually eligible males in each deme (local municipalities) would volunteer themselves and 50 of them were selected by lots to serve in the Council.   Athenian citizens are allowed to serve twice in the Council. Unlike the Assembly, the Council met everyday, except for festival days and certain other forbidden days, in the Agora. If there was an Assembly meeting, the council would meet in the afternoon for normally Assembly meetings end at noon. The Council’s primary responsibilities include the preparation of an agenda for the Assembly, drafting of bills and the supervision of the public officials.[8] The Council would give an account of its actions and activities before the Assembly (meaning before all the Athenian males) at the end of its year of service. What was interesting about the Council was that their activity was supervised daily by each different member of the Athenian tribes. In other words, through the casting of lots a new chairman was elected every day and was entrusted with the keys to the temples that kept the state funds, records and state seal. The daily change of Council leadership  Ã‚   means that the reins of the Athenian government were in the hands of a different Athenian citizen every day of the year.[9] This was a remarkable way of managing political affairs where competency and efficiency does not make one hold on to a government position. Women and slaves in Athens were excluded from government service however. But in spite of that they found other things to do in Athens like raising the family and participating in festivals. [10]   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   D. Participation in the Law Courts Because of their democratic form of government, every accused Athenian were tried in the Athenian courts. Every year 6,000 mostly poor Athenian citizens were chosen by lot to serve in the jury. They were not forced to serve in this function but voluntarily put themselves forward because of the prospect of receiving salary. The Athenians were eager juries who would show up in the courts early in the morning for daily sessions. The numbers of juries needed for that day were selected with the use of a complicated allotment machine. The allotment process takes two steps, first to select the juries and second to select the court rooms where they will be assigned.   Because allotment occurs daily, there was a constant change of juror for all cases. The reason for this complicated behavior was to prevent the occurrence of bribery. There was no way of knowing in advance whether a certain juror will serve that day and if he does what case he will be assigned. As mentioned earlier the court system was run by non-professionals. There were no professionally trained judges and lawyers to rely upon. Unlike today, public prosecutions in ancient Athens were not represented by assigned district attorney to serve as prosecutor and there was no lawyer assigned for the defendant.   In private cases, both the accuse and the plaintiff defended themselves. Final decision for court cases was obtained after the jury (without discussing with each other) voted. Private prosecution only last 9  ½ hours while private ones took about only two hours. Justice was rather quick for the Athenians. [11] Cultural Life Love of Learning The Athenians love to educate themselves. There were so many things that they wanted to know and learn. That is why they produced great philosophers like Socrates, Plato and Aristotle. The Athenians discussed their ideas in the Agora or marketplace daily.[12] There they argue, discuss or scrutinize some new knowledge   The Athenians considered education necessary for good citizenship. Boys were enrolled in private schools or taught at home by tutors, often educated slaves. They learned reading, arithmetic, and the works of Homer and other great poets. Young men studied public speaking, geometry, astronomy and poetry and were encouraged to discuss their ideas about politics and questions of right and wrong. The Athenians were very fond of the athletics. All schools of Athens had physical education as part of their curriculum. An Athenian philosophy was that an ideal citizen is a product of exercise and morality.  Ã‚   There were many athletic events in and around Athens that the Athenians look forward to. The underlying purpose of  Ã‚   all the sacrifices of self-discipline and learning were for each Athenians to be hailed  Ã‚  Ã‚     worthy of Athens and to bring honor to its name especially by winning in the Athletic games against other Greek-states. Pre-occupation with Arts and Literature Athens was the cultural center of Greece. The Athenians believed that a man’s life was empty if he failed to use his mind and develop his talents. Because of that philosophy the Athenians made extraordinary achievements in art, literature, science and philosophy. In these fields, they set standards for later Western civilization. Because they placed high value on individual excellence, Athenian cultural heritage continue to awe and inspire modern men. Athenian poets and playwrights wrote enduring masterpieces. Poetry played an important part in expressing the Athenian view of life. Their poems vividly showed people striving to live up to standards of courage and honor. Poems were also written to honor victors in athletic games and heroes killed in battle, which of course encouraged the Athenians to refine further their talents and win victories for Athens. Plays were popular entertainment for all Athenians.   The Athenian ruler Pisistratus sponsored the first drama festivals in 534 B.C Because. Greece had a mild climate, the dramas were performed outdoors, in a large theater built into the side of a hill. The theater held as many as 20,000 people. Opening day was a public holiday. The poor were given money to buy seats, and prisoners were even released from jail to watch the performances. Many people brought food, for performances often lasted from sunrise to sunset.[13] As in some modern theaters, audiences in ancient Athens sat in half-circle around a circular area where the actors, dancers, and musicians performed. Athenian playwrights also wrote comedies that made fun of Athenian politicians, generals, philosophers and other playwrights. Also Athenian artists and architects created simple and beautiful styles that continue to serve as models. The style of Greek architectural style had been used in thousands of public buildings in the United States and Europe. Practice of Religion Athenians were firm believers of gods and goddesses which they honored in shared community rituals and festivals. Processions, music, animal sacrifice and communal dining were participated by all Athenians. Athenian arts not only express the Athenian love for what is beautiful but also to honor their gods by building shrines and temples for them around Athens. [14]An example is the pillared temples on the Acropolis, a hill in the center of Athens. The largest is the Parthenon, the temple of Athena, the patron goddess of Athens. The Parthenon seems to have grown out of the rocky hillside in the center of the city. It is simple, but perfectly proportioned, built of white marbles. It originally held a 40-foot-tall ivory and gold statue of Athena. Athenians also made statues of their gods and goddesses. These gods and goddesses were pictured in the form of beautiful human beings, for that was the way the Greeks imagined them Conclusion Athenian life revolved around the city-state (polis) of Athens. Its small size and democratic form of government had enabled the citizens to actively participate in all of its affairs and to ensure its stability.   They collectively participated in the management of the state with all male being given the opportunity to lead their communities. Their rich culture boasts of famous philosophers, beautifully designed shrines and temples and religious fervor with gods and goddesses that are as famous as Athens itself. It is clear to see that with the time and devotion that they had given to their political and cultural life within the walls of Athens, the city was an important part of their lives. Bibliography Athenian Life. Brooklyn College Classic Homepage 2008 .Retrieved February 1, 2008 from   http://depthome.brooklyn.cuny.edu/classics/dunkle/athnlife/index.htm Lang, Mabel L. The Athenian Citizen. Princeton, New Jersey: American School of Classical Studies at Athens,1960. Parker, Robert. Athenian Religion. Oxford: Clarendon Press, 1997. Perry, Marvin. A History of the World. New York: Houghton-Mifflin, 1988. Stockton, David. The Classical Athenian Democracy. Oxford: Oxford University Press, 1990. [1] Marvin Perry, History of the World, New York: Houghton-Mifflin, p. 69 [2] David Stockton The Classical Athenian Democracy (Oxford: Oxford University Press, 1990), 1.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  1 [3]   Marvin Perry, A History of the World ( New York: Houghton-Mifflin, 1988), 71-80. [4] David Stockton, The Classical Athenian Democracy (Oxford: Oxford University Press, 1990), 57 [4]   Perry, 73. [6] Mabel Lang, The Athenian Citizen (New Jersey: American Classical Studies at Athens), 3-4. [7] Athenian Life, available from Brooklyn College Classic Homepage, 2008 from   http://depthome.brooklyn.cuny.edu/classics/dunkle/athnlife/index.htm [8] Mabel Lang, The Athenian Citizen (New Jersey: American Classical Studies at Athens), 10. [9] Athenian Life, available from Brooklyn College Classic Homepage, 2008 from   http://depthome.brooklyn.cuny.edu/classics/dunkle/athnlife/index.htm [10] Marvin Perry, A History of the World ( New York: Houghton-Mifflin, 1988), 75. [11]  Ã‚   Athenian Life, available from Brooklyn College Classic Homepage, 2008 from   http://depthome.brooklyn.cuny.edu/classics/dunkle/athnlife/index.htm [12]   Mabel Lang, The Athenian Citizen (New Jersey: American Classical Studies at Athens), 67. [13] Marvin Perry, A History of the World ( New York: Houghton-Mifflin, 1988), 82-86. [14] Robert Parker , Athenian Religion ( Oxford: Clarendon Press ), 67-80.

Identifying Opportunities for Achieving a Competitive...

Identifying Opportunities for Achieving a Competitive Advantage in Singapore Today Introduction Today, Singapore enjoys a thriving free market economy and represents an important financial center for Southeast Asia. In this environment, it is not surprising that dozens of new businesses are opening each week in Singapore to take advantage of these boom economic times, including Western operations such as Starbucks and McDonalds, which offer fast service and a known quality. As the shop owner of a cafe in a quiet part of Singapore that serves a range of snacks, simple meals and non alcoholic beverages, the competition from these global brands may signal the beginning of the end unless aggressive marketing steps are taken today. To this end, this paper provides a review of the relevant peer-reviewed and scholarly literature to develop a marketing plan for such a cafà © in Singapore, followed by a summary of the research and important findings in the conclusion. Review and Discussion Marketing plans for small companies should include a positioning statement that is congruent with their business plans and address segmentation in order to effectively target their market (Solomon, 2011). The positioning statement for the Singapore cafà © in question would therefore emphasize world-class customer service as a way to differentiate this small business from encroachments by competitors such as Starbucks and McDonalds. Fortunately, this aspect of the marketing plan can be highlyShow MoreRelatedSingapore Airlines Case Study on Change4302 Words   |  18 PagesEXECUTIVE SUMMARY   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Singapore Airlines (SIA) is one of the world’s leading players of the international airline industry. The Singapore Girl carrier, it is a prominent brand in providing high quality service standards to its customer. The current pressures of the contemporary business setting necessitate change on its managerial strategies. 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