re: The High Cost of a Home Is Turning American Millennials Into the New Serfs

I can't believe anyone would argue that houses built in the '50's aren't being torn down for more expensive houses.

Hell that's happening in neighborhoods where the median home value is well over $300k, a decent neighborhood (or even not so decent) where home values are sub $200k is like a wet dream for these folks.

quote:

---

EVeryone is doing it my hood.

---

Mine too. My house value as gone crazy in the two years since I have lived here in the Ridge. My realtor called the other day and said we should do an off market listing.

People are buying up these homes and building huge arse houses.

quote:

---

My area, Birmingham, Memphis, Philadelpia, and everywhere else I've lived and worked. Your problem is you only have your data and zero context to go with it. I can read the same data and also apply personal experience of having worked on homes and residential remodels in those areas. Someday when you really grow up and stop being the usual idiotic Google-has-all-my-answers millennial you'll understand why just citing data you had no hand in compiling and no real experience to interpret in depth is never going to make an intelligent argument.

---

You just argued that people aren't tearing down 1950s homes. I can drive down the street and watch people tear down 1950s homes. I don't need google to enlighten me that you are rejecting reality.

quote:

---

Someday when you really grow up and stop being the usual idiotic Google-has-all-my-answers millennial you'll understand why just citing data you had no hand in compiling and no real experience to interpret in depth is never going to make an intelligent argument.

---

This is all the proof we need that you're fricking clueless.

quote:

---

GreatLakesTiger24

---

The hilarious part of the article is that it literally talks about only one side of the coin. There is no discussion about the actual cost of home ownership. The interest rates, monthly payments, appraised value. None of that is discussed.

It's a gap in the discussion it attempts to frame so wide you could drive a big-rig 18-wheeler through it.

Millenials all want to live in high-cost-of-ownership areas and that creates and drives an unreasonable demand in those areas. Meanwhile it is a boon to the upward mobility of people in suburban and rural areas as it provides-albeit more gentle-downward pressure on home ownership costs from a home price perspective. Lesser demand from that tranche of the demographic of potential homeowners helps to create that downward pressure.

It creates an affluence in rural and suburban areas, and the tools of the Federal Government to increase rural and non-urban tax bases (USDA Rural Development Loans) that offer 100% financing options reduce the cost of entry to home ownership for many young families in what Millenials would consider, "The country."

None of that is even considered or discussed. A total Millenial way of discussing an issue: leaving out a raft of context to simply focus on what they think-and are too ignorant to realize are wrong about-is the only part that matters: THEM.

quote:

---

Millenials all want to live in high-cost-of-ownership areas and that creates and drives an unreasonable demand in those areas. Meanwhile it is a boon to the upward mobility of people in suburban and rural areas

---

Studies have shown more millennials are buying in the suburbs than anywhere else.

quote:

---

Mingo Was His NameO

---

quote:

---

Studies have shown more millennials are buying in the suburbs than anywhere else.

---

They're buying in the suburbs of major metropolitan areas. The ancillary "bump," that those metro area's corresponding suburbs receive as a result of the untenable home prices within the urban areas isn't what I'm talking about.

Throwing in The Top 25 Best Suburbs of Tampa, FL is incredibly misleading and skews the context of what I'm saying as well as the frame of the debate.

Before we go around and around I think we need to figure out whether you agree with me on that point. If not I'm fairly certain neither of us will mind saving ourselves the time of trying to convince each other of anything else as the discussion is pretty pointless.

Do I think high urban prices are raising the prices of homes in the suburbs as well? Sure, that's a piece of it. I don't think that's all millennials fault they. The economy now dictates that you have to live in an urban area to have upward mobility. For me for example, I didn't necessarily want to move to a metro area, but the salary difference between there and my hometown was just too substantial. I know that's anecdotal (which I've been shitting on) but that reflects the overall shift.

quote:

---

You just argued that people aren't tearing down 1950s homes. I can drive down the street and watch people tear down 1950s homes. I don't need google to enlighten me that you are rejecting reality.

---

I can drive down the street and see For Sale signs on 1950's houses for under $120k. I worked on a remodel of a 1930's home in a north-west Philly area that was purchased for $80k and there were 4 others in the same block all under $100k. Reality is that too many millennials are too stupid and too lazy to work on such things (oh but they tell themselves they are the smartest generation yet). They want instant gratification and can't be bothered to set aside the little pleasures for something of real value that is 10+ years of effort and investment away. For every one of your examples I have 10 of mine, I work in this business, I talk with Realtors, I look for homes worth investing in for rental or flipping for myself and for others. But you kids do what you want to do and make all the excuses you want...