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re: Almost 70% Of Millennials Regret Buying Their House
Posted on 7/23/18 at 2:58 pm to JDogg33
Posted on 7/23/18 at 2:58 pm to JDogg33
quote:
Almost 70% Of Millennials Regret Buying Their House
quote:
most millennials are 30-37
I work for a multi national corporation. I know multiple millennials in that age range earning at least 75k who are still living with Mom and Dad. I think there's some truth to the stereotype
Hahaha do no blame the millennial, blame the parents. The only way my kids is 37 making 75 and living with me is if they are paying the bills!
1
Posted on 7/23/18 at 2:59 pm to LSUFanHouston
quote:
nothing wrong with renting
Exactly. People need to do what is best for them. In some cases buying makes sense. In others renting.
Posted on 7/23/18 at 3:01 pm to JDogg33
quote:
609 millenials were surveyed on-line. Out of those 609, 40% claim to be homeowners, or 254. Now that should have you laughing already if you've read anything about millennials, they can't get a job, they have massive school debt, any extra money goes to avocado toast, but 40% of them magically own a home.
Now out of those specific 254 people, 68% (173 people) had A regret or possibly more than one broken down as: Millennials: 68%
Top regrets:
Costly to maintain (20%)
Realized there was damage after moving in (20%)
Space doesn’t work well (19%)
Should have put down more money from the start (19%)
Here is the real kicker, the question asks what regrets they have about HOW PREPARED they were for the home buying process, not if they regret the purchase entirely as the headline would like you to believe.
If all of that isn't enough, consider the fact there are over 83 million millennials in the US, this survey represents approximately 0.0003% of them.
Posted on 7/23/18 at 3:05 pm to JDogg33
quote:
Curious as to why regret? Overbought? Limited career mobility? Why did you buy in first place? Were you just doing what you thought society expected of you?
We bought in 2008 when my wife and I were 23. We were in a good spot saving money in a cheap apartment but our parents kept telling us we should buy a house. At worst we’d break even if we wanted to move.
Then they offered money to help with our down payment so we went through with it.
Ended up not liking the location and I was wanting to do something different with my career. Thought about going back to school.
But then the housing market kept going south and when we went to sell, we didn’t have enough equity to do it. I remember our one best offer would have required us to pay $40k to get out of the mortgage. We didn’t have $40k, so we stayed put for years trying to wait out the market.
We finally sold it this year after having tenants for a while. The neighborhood we bought in didn’t recover like the rest of the country. After a shitload of maintenance issues that popped up over the last four years, we walked away from the house with $15k.
We made quite a few decisions based on the financial concerns that came with the house, and there’s no doubt in my mind we’d be in a better spot had we never purchased it.
Posted on 7/23/18 at 3:06 pm to OweO
quote:
four in 10 millennials felt they made poor financial choices when it came to purchasing their home
Posted on 7/23/18 at 3:08 pm to CaptainsWafer
Home ownership is not what it used to be
Posted on 7/23/18 at 3:08 pm to JohnnyKilroy
quote:
40% magically own a home
Not surprised. If you earn under like 80k you get free first time home buyer grants in most areas. There are 3% or even zero down mortgages. Just because have 100k in school debt doesn't mean they can't put down 10k.
I'd be curious how many homeowners have a net worth below zero.
Posted on 7/23/18 at 3:09 pm to OweO
How can millennial afford homes with all that student debt and avocado spending?
I’m a millennial and about to begin my house hunting. Taking my time learning the market before I do anything crazy.
I’m a millennial and about to begin my house hunting. Taking my time learning the market before I do anything crazy.
Posted on 7/23/18 at 3:12 pm to StringedInstruments
I'm sorry to hear that. I made mistakes at 22/23 regarding grad school. When everyone tells you to do something at that age it seems like your making the right decision.
That's the thing with housing everyone thinks it's a one size fits all situation.
That's the thing with housing everyone thinks it's a one size fits all situation.
Posted on 7/23/18 at 3:12 pm to tigahbruh
quote:
Stories like this do not help to remedy millennial stereotypes of being entitled, whiny, and weak.
This post aged well.
Posted on 7/23/18 at 3:14 pm to JDogg33
quote:
Exactly. People need to do what is best for them. In some cases buying makes sense. In others renting.
We bought in 2006 and sold in 2012 when we relocated. I wrote a check for $27,000 at closing to get out of it.
You bet I wish we rented.
Posted on 7/23/18 at 3:16 pm to OweO
Should read, “Babies who can’t afford to spend more money than they have regret spending more than they have.”
Posted on 7/23/18 at 3:17 pm to OweO
Why can't we peg down the "Millennial" definition? I am WORLDS away different (born in 1983) than someone who is 21 right now, hell even 24, that puts them born on 1997-2000
We have totally separate childhoods and teen years.
Grouping people at the cutoff (1983) being the same generation gap as people born in 1997-2000 is blasphemous.
We have totally separate childhoods and teen years.
Grouping people at the cutoff (1983) being the same generation gap as people born in 1997-2000 is blasphemous.
Posted on 7/23/18 at 3:18 pm to musick
97-00 aren't even millenials. They just get called millenials whenever it can kind of be construed as them doing something critical because old out of touch fricks like to hate on millenials.
Posted on 7/23/18 at 3:21 pm to Peazey
quote:
97-00 aren't even millenials.
I agree with you. So if we are on the same page, a Millennial should be around 1986ish - 1996ish or somewhere give or take from that right? How are we grouping people in 1983-84 in there?
Posted on 7/23/18 at 3:21 pm to Peazey
quote:
97-00 aren't even millenials. They just get called millenials whenever it can kind of be construed as them doing something critical because old out of touch fricks like to hate on millenials.
At least half the bitching about millennials on this board are directed at gen z or whatever they are called.
Posted on 7/23/18 at 3:23 pm to OweO
Well yeah, depending on when they decided to buy, they could've gotten stuck owing more than their house was worth later on.
Posted on 7/23/18 at 3:26 pm to JohnnyKilroy
quote:
At least half the bitching about millennials on this board are directed at gen z or whatever they are called.
More than half.
Posted on 7/23/18 at 3:27 pm to OweO
I'm a millennial and I'm glad I have my own house.
I've never had a landlord (I don't count freshman year living on campus) and would hate to have to deal with one.
I've never had a landlord (I don't count freshman year living on campus) and would hate to have to deal with one.
Posted on 7/23/18 at 3:29 pm to yoga girl
quote:But yours is a special case.
I'm a millennial and I'm glad I have my own house.
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