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Muthsera
Florida Fan
Member since Jun 2017
4577 posts

Millenial homeowners "get real" about their success
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quote:

I think that everyone should have somewhere to live that is affordable and manageable. It should be an intrinsic human right. The American dream is unattainable for the younger generations. If it’s this bad for us...what will happen with the kids coming of age soon?


quote:

I love my house and I am proud of myself for buying it, but I don't think that it's a good measure of much of anything *in general*.


quote:

Age: 35
Year purchased: 2013
House cost: $9,200
Down payment: $9,200
Monthly payment: $350


quote:

I think the actual transmission of wealth should mostly be banned, actually. We should chuck the whole mortgage interest tax deduction scam, prohibit lenders from borrowing to people in the areas that are going to be underwater due to climate change, institute an extremely large (up to 99.5%) inheritance tax on the Jeff Bezoses of the world, and support and nurture affordable cooperatively owned and financed housing. Also, we should get rid of local property taxes, ensure all schools are good, and recognize that the entire "wealth" generated through housing is just another word for profiteering off of racism.


quote:

I feel incredibly self-conscious about my homeownership. In my circle of friends, we're one of two couples that are homeowners. The others would like to own but are stuck renting. Most of them know that I was given my down payment, and it makes me feel guilty. I want to help them out, but I can't afford to — my payment is still more than most of them pay in rent. I don't know what to do about my friends that face structural barriers, like a friend who has a six-digit down payment to buy but needs an accessible building with nearby subway access, and there simply isn't anything like that in our market under $1 million.


Hammertime
UNO Fan
Will trade dowsing rod for titties
Member since Jan 2012
43023 posts

re: Millenial homeowners "get real" about their success
If you can't afford to come up with the money for and pay an FHA loan on a $150k house, you don't deserve to have a house


joshwj93
Member since Feb 2019
627 posts

re: Millenial homeowners "get real" about their success
I'm 25, while I do agree that it may be a little harder now than it was when, say my parents were my age, my generation also sees "luxuries" as needs. Maybe you should move if you cant afford to live where youre trying to.

quote:

a friend who has a six-digit down payment to buy but needs an accessible building with nearby subway access, and there simply isn't anything like that in our market under $1 million.

This baw could move to Middle America, pay cash for a house, get a decent job, and live the good life.
This post was edited on 6/4 at 8:04 pm


Brosef Stalin
LSU Fan
Member since Dec 2011
31561 posts

re: Millenial homeowners "get real" about their success
I'm guessing most of these reports come from places where $150k wouldn't get you a one room shack.


RogerTheShrubber
LSU Fan
Juneau, AK
Member since Jan 2009
178103 posts

re: Millenial homeowners "get real" about their success
quote:

The American dream is unattainable for the younger generations




High C
LSU Fan
viewing the fall....
Member since Nov 2012
28980 posts

re: Millenial homeowners "get real" about their success
My son is a 25 year old homeowner, and he would laugh at this bull shite.


CaptainsWafer
USA Fan
TD Platinum Member
Member since Feb 2006
52117 posts

re: Millenial homeowners "get real" about their success
Skimming through I saw:

“My husband and I (white people)”

“but recognize the incredible privilege in being gifted it. “

“Itry to check myself with the privilege “



Shut the frick up.


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1211
cable
Member since Oct 2018
2637 posts
 Online 

re: Millenial homeowners "get real" about their success
quote:

there simply isn't anything like that in our market under $1 million.




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421
Sao
SMU Fan
University Park, TX
Member since Jun 2009
41241 posts

re: Millenial homeowners "get real" about their success

I didn't buy until I was 28 (1999) and it was 3/2.5/2. 175k. Absolutely nothing phenomenal other than a newer home for my wife and newborn. Millenials, pace yourselves. Don't be impatient and whiny. Everyone has paid their dues. You're not special.


Scruffy
USA Fan
Member since Jul 2011
59225 posts

re: Millenial homeowners "get real" about their success
quote:

and there simply isn't anything like that in our market under $1 million.


What a dumbass.


ezride25
USA Fan
They call me ez
Member since Nov 2008
17405 posts

re: Millenial homeowners "get real" about their success
Whatever happened to working for something? THAT was the American Dream. To have the right and ability to make it happen with no impediment. Now it’s your right to have because others have? No wonder they can’t afford housing.


Muthsera
Florida Fan
Member since Jun 2017
4577 posts

re: Millenial homeowners "get real" about their success
I'm an older Millenial and bought at 25-26 (don't quite remember the year). Got a reasonable house my wife and I could afford, used a no down payment government loan. Given the appraisal comps we were up against (tail end of Recession), we are way in the black on equity without even paying extra off the principle.


cubsfan5150
Arkansas Fan
Member since Nov 2007
8851 posts

re: Millenial homeowners "get real" about their success
What if you're entitled to a no money down VA loan?


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141
HempHead
Alabama Fan
Appalachia
Member since Mar 2011
45391 posts

re: Millenial homeowners "get real" about their success
quote:

It should be an intrinsic human right.


If it should be, meaning that it isn't presently, then it isn't intrinsic.

Can you imagine the environmental cost of making a home for each and every human being that comes in to existence? I shudder at the thought.


Hammertime
UNO Fan
Will trade dowsing rod for titties
Member since Jan 2012
43023 posts

re: Millenial homeowners "get real" about their success
If you're gonna try and live somewhere that the cost of living is so high, make a good living. If you can't, then move.

I don't make enough to live where I'd want in New Orleans (not that I would), so I'm not trying to live in New Orleans. Pretty simple concept that somehow escapes these people


CaptainsWafer
USA Fan
TD Platinum Member
Member since Feb 2006
52117 posts

re: Millenial homeowners "get real" about their success
“Yea but the rich can pay for it because they have so much money!”


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142
Sao
SMU Fan
University Park, TX
Member since Jun 2009
41241 posts

re: Millenial homeowners "get real" about their success
Kudos to you. Hey, I have the same advice for anyone from NYC to coal mine town West Virginia. If things are tough and you've run out of financial longevity options, haul arse to Topeka or Omaha for all we care. Just go. Find a life, build it and work back up.
This post was edited on 6/4 at 8:17 pm


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231
lsunurse
LSU Fan
Scottsdale, AZ
Member since Dec 2005
120445 posts

re: Millenial homeowners "get real" about their success
quote:

If you're gonna try and live somewhere that the cost of living is so high, make a good living. If you can't, then move.


But your example of $150K house....that just isn't realistic in most places outside of the South.


Even in places outside the South that don't have what is considered a high cost of living...$150K isn't getting you much at all. Nothing in a safe neighborhood at least.


This post was edited on 6/4 at 8:27 pm


joshwj93
Member since Feb 2019
627 posts

re: Millenial homeowners "get real" about their success
quote:

The American dream is unattainable for the younger generations.

Oh cry me a river.

quote:

Everyone has paid their dues.

I worked on the road for several years and saved money when everyone else went out drinking, I drive an 05 Chevy instead of something new like most of my friends, and currently live in a cheap apartment so I can save even more till I find a house I want. Managed to save around $25-30K while only making $38-40K and got my credit score to 715ish by just using a credit card for everyday expenses and paying it off.
Had zero help from parents or anyone.
This post was edited on 6/4 at 8:19 pm


OweO
LSU Fan
Plaquemine, La
Member since Sep 2009
80678 posts

re: Millenial homeowners "get real" about their success
quote:

If you can't afford to come up with the money for and pay an FHA loan on a $150k house, you don't deserve to have a house




This is the problem in a nutshell. Everyone grows up with their minimum expectations not being realistic.

The housing market has skyrocketed and it's not affordable to start off like their parents did.

My parents bought a 3 bedroom, 1 bathroom home in a nice neighborhood in 1975 for $8,000.00.

$8,000 in 1975 is just under $40,000 today. Yet those homes in that neighborhood sell for about $180k today.

At the time my dad worked at what is now Albemarle (which is where he retired from) and my mom was a stay at home wife. That was 3 yrs before I was born.

The average family can't have a house note, car note, insurance, etc etc on the husband's average salary today. There are families who bring in $120k-$150k a year and live month to month because they are trying to "keep up with the Jones'".


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