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Renting the American Dream

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    Is home ownership a thing of the past?

  • Duration 2:57
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You -- -- the American dream is all about.

Ownership -- -- or -- owning your own car whatever you want it you -- it well that's not the case anymore and it could be good news our next guest says homeownership.

Is a thing of the past and we've now become a nation of -- is all part of his optimistic look at today's America Daniel Gross wrote the book called.

Better stronger faster the myth -- -- of America -- and the rise of the new economy you join us right now Dana you don't think not owning is bad news.

Well I think a lot of people turned out.

Bought houses that they couldn't afford -- Bad mortgages and if they didn't put any money down they didn't own any of it anyway right they were to sort of renting until they walked away we saw how.

The extension of credit led to a lot of the stabilization.

We now have three million more renters in this country -- a lot of people know that's out of necessity you lose your house you become a -- But for a lot of people don't watch people in their twenties who just get the first job what -- they go buy a house and sort of be tied into that.

-- pile up that debt and also you know.

A lot of places of higher unemployment like buffalo and Detroit those areas have very -- homeownership rates.

North Dakota -- a 3% unemployment rate if you own your house and underwater and you can't sell it it's tough for you to kind of relocate to where the action -- It would it would impress me about this book -- would impress you about the country is -- we've already called an audible and are making some adjustments for example the wrenching thing is one thing you're a college student.

And used to buy those textbooks now.

Check dot com as a start up that really gain scale basically instead of you by textbook for hundred dollars a user for three months and then resell -- for twenty dollars somebody else gets the profit.

He rented on line three laptop for fifty dollars.

Companies have developed new business models to account for this age where people don't have credit they don't wanna go into debt but they still -- -- get.

Access to all those things that they need whether it's housing.

Or textbooks how about zip callers you think that's another example of this company has had hyper growth in a lot of companies are went down and -- wait.

These guys have been growing exponentially.

And -- alone on why because they let people have.

Mobility right everybody had to buy a car could you need mobility in this country but if you can't get a -- -- kink at the down payment together.

-- car enables you by membership when you need a car you pay twenty or thirty dollars and you -- Netflix is a good example sure you're renting contact right instead of buying it.

There's -- company called -- the runway which basically is they they call themselves the Netflix for fashion.

You get a membership.

You can get clothing jewelry it's accessories and set her -- send you through the mail temporary use and we still in terms of bringing in revenue and getting a -- -- attracting capital still number one export -- to write a blog book really focus is -- you know we talked so much about the things America does badly whether -- politics fiscal monetary policy.

There -- lots of things are private sector does really well.

Exporting -- attracting foreign capital and developing these new types of business model dubbed the of American decline and the rise of a new economy did you gross thanks so much for going against the -- to trend and thanks for having putting America the look -- the positive side.

Appreciate.

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