re: Millenial homeowners "get real" about their success

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Don't have kids if you can't afford them. Another simple solution

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That's literally 80%+ of the population.

You most likely wouldnt be around if your parents took that advice.

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That's literally 80%+ of the population.

You most likely wouldnt be around if your parents took that advice.

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No it isn't, affording without change in lifestyle maybe, but people make sacrifices for things they want....just like you and living in NYC area

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but people make sacrifices for things they want....

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Not as common today. People walk out of college and expect an upper middle class lifestyle. They seem far less likely to make the small sacrifices.

My parents could (even after buying a modest house), and that was because they were responsible from the day they graduated college.

There's no way of getting out of having personal responsibility here. If you don't make enough, and you don't save enough, you don't get things

Pretty much sums up why I moved to southern Mississippi. Low col and great quality of lif IMO. 2900 sq foot home and 132 acres for under $600k. Couldn’t get me to move into a shoe box sized place in the city for anything.

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No it isn't, affording without change in lifestyle maybe, but people make sacrifices for things they want....just like you and living in NYC area

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Take the average cost of a 1800 sq foot house (say $2000/month), add in cost of $1500/month (minimally) for day care, gas (say $200/month), food ($500/month), electricity ($150/month), student loans ($500/month)... adding all that up is $4850/month post tax...

Assuming you get income from a normal job you would need close to $7300/month pretax to clear that. Thats $87,600/year, ignoring discretionary income, retirement savings, cable, internet, and even a car payment.

To give you an idea of where $87,000 falls on the income spectrum, thats more than 64% of households.

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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

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Worry about your fricking self.

frick it, here's and idea: If they cant afford to buy a house, give them yours!

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A friend had the nerve to point out how much I spent on a toy the other day. Made a comment that I had more money than I know what to do with.

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I work with people who make pretty good money. A lot of them work OT, which is where they really bring in the money.

One dude is on his 3rd wife. He told me all about how he had a child with his first wife, who he was married to for almost 3 years.

Less than 2 years after their divorce, he got a girl pregnant. They married and split up 6 months later and got a divorce.

His current wife, who he claims is the one.. He has been married to her for 4 or 5 years. They have a kid together, I think he said she had a kid with her ex husband.

So he is currently paying child support on 2 kids, which I think is taken out of his check.

His wife works for another company in procurements. I am just guessing, but she has to at least bring in $40k a year.

He is ALWAYS complaining about money. I understand that he probably pays a lot more than he should in child support, but he is really bitter about it. He always makes comments about some people like "well I wish I had parents who were rich".

But this is the thing. He goes on vacation last year and comes back and tells everyone how he and his wife flew first class. His wife wanted to so they upgraded. About 6 months ago he traded in his truck, a silverado that was 4 or 5 years old for an upgrade. A 2019 silverado.

He said the reason he got the new truck is because he isn't paying that much more a month than what he was already paying.

There are some other things he does.. And it's just like "how do you not get this? On one hand you are always complaining about money. On the other hand you are always spending extra money on shite you don't need".

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Take the average cost of a 1800 sq foot house (say $2000/month), add in cost of $1500/month (minimally) for day care, gas (say $200/month), food ($500/month), electricity ($150/month), student loans ($500/month)... adding all that up is $4850/month post tax...

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1800 SF house is not gonna cost you 2k a month. Daycare is not 1500 either. Don't spend 500/month of food if you can not afford it.

Let's be real, you are projecting an NYC budget, it's not realistic for most people, I get that, but for example let's use something that is....Houston burbs

Daycare for 1 kid-750-800 a month

House on a 1250 SF house because remember we only have one kid and are young-1250-1500 a month

Spend 300 a month on food, because it's what they can afford

They don't have student loans because they paid them off or didn't go to school because our theoretical couple makes less than 85k as you suggested. If they went to school and make less than that....well that was not very smart or a good roi. But even if they did, they shouldn't be buying a home or having a kid until it's paid off.

Add in everything else and it's very doable. You don't have a second kid until the first is in school or your income level reflects the ability to have a second kid.

Honestly how are you an engineer and lack the critical thinking skills required for this type of discussion?

I couldn't agree with you more. Bought my first house when I was 26. 3/2 and still live there at 34. Took a 15 year mortgage and saved and put equity into the house (Millennials don't seem to understand a house is a good investment). Will be finished with the payments by the time I am 41, or will have a substantial down payment for our next nice house. This is how generational wealth works. The dipshite from this article needs to grow the frick up. The person feels guilty for being gifted the down payment, but not guilty enough to turn it down (Shocker). I am so tired of this virtue signaling crap.