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re: Almost 70% Of Millennials Regret Buying Their House
Posted on 7/23/18 at 3:32 pm to Count Chocula
Posted on 7/23/18 at 3:32 pm to Count Chocula
quote:
But yours is a special case.
How is that? I bought my house just like anyone else would.
1
Posted on 7/23/18 at 3:32 pm to 50_Tiger
quote:
Correct. However, builders have been building more McMansions instead of starter level homes in hot markets because of cheap money. That cheap money is slowing not becoming cheap anymore.
True.
I think some builders/developers are going to regret that if they are building spec houses that are not under contract because a 250-300k house costs a lot more at 4.6 %interest than it did at 2.75% interest when the housing started picking back up a few years ago.
Posted on 7/23/18 at 3:32 pm to Montezuma
Honestly, I think it is stupid to blame one generation or the other. People are living in the times. Today, home prices are way overvalued.
In 1970, the average home cost around $17k. In 1990 around $79k.. Today around $200k.
The prices has gone way beyond inflation, which makes it more expensive today, for young people to buy a house.
Then there is insurance and property taxes. I know insurance prices have gone up beyond inflation, not sure about property tax since it all depends on where someone lives. But when it comes to property tax, there are situations in which new homeowners get stuck paying a lot more than their next door neighbor.
In certain areas, if someone decides to build a house next to a homeowner who has lived there for 15+ years. That new homeowner will have to pay a lot more than the neighbor, who has the same amount of land.
Long story short, this happened to someone I know. They pay over $700 in property tax while their neighbor pays $60.
Graduating college, getting a job, getting married, buying a house. That's part of the American dream. But there are a lot of people who depend on people wanting to live the American dream (contractors, banks, material companies, realtors, appliance stores, insurance company, utility company, local government) and the more a house cost, the more they gain.
It's not good for the middle class families who are buying homes, but it benefits those I mentioned above, and that is what makes an economy stronger.
So it's really just different times.
In 1970, the average home cost around $17k. In 1990 around $79k.. Today around $200k.
The prices has gone way beyond inflation, which makes it more expensive today, for young people to buy a house.
Then there is insurance and property taxes. I know insurance prices have gone up beyond inflation, not sure about property tax since it all depends on where someone lives. But when it comes to property tax, there are situations in which new homeowners get stuck paying a lot more than their next door neighbor.
In certain areas, if someone decides to build a house next to a homeowner who has lived there for 15+ years. That new homeowner will have to pay a lot more than the neighbor, who has the same amount of land.
Long story short, this happened to someone I know. They pay over $700 in property tax while their neighbor pays $60.
Graduating college, getting a job, getting married, buying a house. That's part of the American dream. But there are a lot of people who depend on people wanting to live the American dream (contractors, banks, material companies, realtors, appliance stores, insurance company, utility company, local government) and the more a house cost, the more they gain.
It's not good for the middle class families who are buying homes, but it benefits those I mentioned above, and that is what makes an economy stronger.
So it's really just different times.
Posted on 7/23/18 at 3:34 pm to yoga girl
quote:I'm sure you did, but how'd you get the $$$? You don't have a job. Did it fall from the chem trails in the sky?
I bought my house just like anyone else would.
Posted on 7/23/18 at 3:34 pm to FreddieMac
quote:
Hahaha do no blame the millennial, blame the parents. The only way my kids is 37 making 75 and living with me is if they are paying the bills!
I know a few that do just that. Parents are retiring, and they didn't save. The kid essentially supplements their lost wages.
Posted on 7/23/18 at 3:40 pm to OweO
I can see millennials regretting buying too much house. Everyone, of all generations, feels the need to buy homes that are 2,500+ sq ft. That's a lot to maintain.
I bought a smaller ~1,600 sq ft house. I'd say it is plenty of room for up to a family of 4. It is more affordable and there isn't as much to maintain.
I bought a smaller ~1,600 sq ft house. I'd say it is plenty of room for up to a family of 4. It is more affordable and there isn't as much to maintain.
Posted on 7/23/18 at 3:44 pm to OweO
quote:
The survey found one in three millennials dipped into their retirement accounts to pay for their homes — a trend Bailey calls “alarming.”
i personally know someone that did this
Posted on 7/23/18 at 3:52 pm to Count Chocula
quote:
I'm sure you did, but how'd you get the $$$? You don't have a job. Did it fall from the chem trails in the sky?
Chemtrails have, as you know, rained chemicals on my house. You've seen pictures of the damaged leaves.
And, I have my own money and I used it to buy a house.
Posted on 7/23/18 at 3:54 pm to OweO
Don’t want to buy houses, cars, etc or work weekends. This will turn out well
Posted on 7/23/18 at 3:58 pm to OweO
So 40% of millennials are homeowners, 68% of them made a bad decision, so 27% of 22% of the US population, or rougly 6% of the population. Hmmmmm, this is very news worthy. Let's spend millions of dollars running a stupid survey so we can tell large corporations how to market better in the future. Sounds about right to me.
Who cares?
Who cares?
Posted on 7/23/18 at 4:03 pm to OweO
Not as bad as the millennial who emptied their saving accounts to purchase Bitcoin
Posted on 7/23/18 at 4:06 pm to yoga girl
quote:You sure about that? I don't recall any pics?
rained chemicals on my house. You've seen pictures of the damaged leaves.
quote:Do you have a way of earning that $$$, like a real job?
I have my own money
Posted on 7/23/18 at 4:27 pm to OweO
I am 63 have owned 8 houses, lost money on selling two, the market had tanked, but I had to move, and being a long distance landlord was not in the cards. Ironically the houses I lost money on are today very desirable locations with some of the highest value per sqft in their areas. Moral of the story there is no guarantee in real estate, markets will rise, and markets will fall.
Posted on 7/23/18 at 4:36 pm to OweO
Pussification of America. Millennials are total wimps. I served my country, paid off student loans, and was raised by a single hardworking mother, that never depended on anyone.
Posted on 7/23/18 at 4:45 pm to Count Chocula
quote:
You sure about that? I don't recall any pics?
Do you have a way of earning that $$$, like a real job?
Yes, I posted pictures of the damaged leaves.
Yes, I earn my money though it is not through a job.
Posted on 7/23/18 at 4:53 pm to yoga girl
You sound like a typical liberal - diverting the question 
Posted on 7/23/18 at 4:54 pm to OweO
quote:
Millennials understand basic costs, such heating and electric bills, but Bailey recommends also considering how much time and money it could take to mow the lawn, clean the house or deal with leaky faucet. “When you’re a homeowner, you can’t call your landlord to fix things, so you want to make sure you have a little extra cash in the bank
THIS is the kind of stuff that should also be taught in high school. I mean, yes it's kind of a parent's job, but it's also true that inner-city people mostly don't own homes. Many, many people just don't own them, so not everyone's parents can teach them this stuff.
We were taught how to write a check in 3rd grade, and I think how to address a letter as well. Why not taxes 101 in high school? Basics of understanding and building credit? And not just as an elective. Some people don't exactly have financially savvy parents.
Posted on 7/23/18 at 4:55 pm to OweO
I’ll take their house. I like ownership and property rights. frick renting.
Posted on 7/23/18 at 4:57 pm to GetCocky11
quote:my 1700sf house is not big enough for me and my wife. But i do have a lot of hobbies that require storage.
I bought a smaller ~1,600 sq ft house. I'd say it is plenty of room for up to a family of 4. It is more affordable and there isn't as much to maintain.
Posted on 7/23/18 at 5:21 pm to Count Chocula
quote:
Cause they probably think with the socialist movement, if they'd have waited they might get it free like everything else?
Bernie’s coming, and he ain’t gonna back down and ask for money from anyone that can’t afford it. Free stuff for everyone, and the rich non-politicians will pay for it.
This post was edited on 7/23/18 at 5:31 pm
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