re: I think people need to accept that the housing window has closed

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fair enough. Then STFU and quit whining.

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I got lucky as a elder millennial home owner.

My first house was in Alaska. It was a 225K starter home. 2 bed, 2 bath. Maybe like 1200 sqft. I had to sell in 2018 to move to another location. Made like 20K in profit. (that same starter house is now worth north of 325K)

Then rented for 3 years, had an in-law die...got some inheritance, paid off family debt, then moved into another house in 2022 in coastal MS. Got a real good deal on a 6 bed/3 bath house 3K sqft house on 4 acres for around 300,000 with a 3% down payment. It needed ALOT of work (new roof, new AC units, new septic , well pump etc).

I can now sell my house for at least 500K because of how stupid the market is now

Interest rates going up means housing prices should drop...that never really happened...and if so only in certain areas.

The house market (and the economy) have been stupid since COVID.

For reference, my wife was stay at home from like 2020 to 2024, while I made about 100-110K a year.

Now she works with both kids in school and we make around 150-170K

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And yes, I do. There are way more shitty data points than good data points.

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Because there’s way more shitty jobs than good ones kind of the whole point.

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I don’t think we have the same definition of a good job

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I’m defining “good” as better than average. We can agree on our anecdotal definition but how I feel doesn’t really mean anything compared to reality

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You are the one in here complaining that no one can afford a home

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I’m not complaining nor is that what I’m saying

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Its basic economics. Someone is affording to buy them and increase the prices.

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Those someone’s aren’t young people for a lot of reasons, which is the entire point of the conversation

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The generation just hopping into the workforce doesn’t seem as obsessed with home ownership…at least IMO. They want to spend all the money living in a loft apartment and the like, adventuring to Europe, not having kids, etc

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This is my early 20's niece. Makes over 100K in Nashville and loves the fancy apartment life and traveling. Legit takes a trip every other month. Talks about kids one day but honestly not even interested in a boyfriend at the moment. Just making good money and living life.

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When they do want to settle, they don’t have anything left to spend on a down payment and no assets.

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She'll be different here, she's pretty good at saving too. But you're right about most of them not saving. But most 23 year old's aren't making 100K+.

My hypothesis is how it is commonplace for parents to pay for college, it will soon become commonplace for parents to give their children a downpayment for their first home. Don’t see any other path to home ownership for someone in their early to mid 20s.

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And then - Millennials entered the housing market. They wanted high end finishes and 2500 square feet for 3 people at 25. They didn't want to wait. Or commute. Or make compromises about school. Or condition. Or sweat equity.

So the builders knew to build what would sell. And then there were no more starter homes as those older homes the dead GIs and now dying Boomers are selling off are either in choice locations and upgrade/appreciated or torn down for new.

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the vast majority of millennials entered the job market around 08 or after, builders were not cartering to demands of millenials. Notably because they weren't building

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People spend money like dumbasses and also thinking they deserve that trip to Europe even if they are currently living paycheck to paycheck.

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Old people make so many generalized comments without any knowledge. Its too funny. Oh yea everybody now days is broke bc all they do is get those darn biggie meals from mcdonalds instead of the small meals we at back in my day

I’m born and bred in Louisiana. For most of us there is no such thing as a large metro.

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None of this is actually true though.

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Except all of it is.

What sells, sells. And it demands higher prices. Young folks should rent until they're really sure where they're going to be, long-term (or at least intermediate-term). Now, conventional wisdom of the elders does hurt here ("Renting is just throwing money away.") No. It isn't. It isn't a great long-term strategy, but renting works well for younger folks. No maintenance. No taxes. No transaction costs (other than deposits and moving expenses, which you would have a lot of even buying).

But, you're sharing walls with strangers. Lots of *ahem* "interesting" experiences in apartment complexes. It's how most folks should live through their 20s until they have a decent down payment saved up.

Literally no middle class white couple does this anymore, as far as I can see. They over leverage, 97% financed homes with their first real job and then they are truly stuck for decades. It will pay off in the end if they stick with it, but that is a big nut to absorb when interest rates are 6% or so on top of a 3% down, 30-year mortgage. On $350k that's over $400k in interest.

Median homes cost a lot more today (relative to salary) than they did in 1980. Median homes in 1980 were smaller and barebones compared to what would have been ultraluxury. Comparing apples to apples, things are cheaper today. Folks are bitching about houses that would have been 10%er houses in 1980 that are everywhere now. Everything has a price in the end.

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In 1970, I paid $28k

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paid $98k for my first house in 1995

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The argument is valid, but I don't think you guys understand inflation and compoundung.

If cost doubled every 13 years, 28,000 becomes 56, and then becomes $112k.

Fast forward to today, and that same $112 is now $450,000. Cost inflation has actually decreased over the last 30 years compared to the 30 prior