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Started By
Message
re: Millenial homeowners "get real" about their success
Posted on 6/5/19 at 9:56 am to Hammertime
Posted on 6/5/19 at 9:56 am to Hammertime
quote:
Don't have kids if you can't afford them.
If you're poor, kids generate revenue and don't cost any money that doesn't come from the government. People have kids they can't "afford" because they don't have to be able to afford them. The government pays them to have a kid. Kids only cost money if you CAN afford them. The same is true with healthcare, education, and housing. Anything you buy in one of those industries has to cost more in order to pay for all of the people who are given those things for free (or very close to free) because they cannot "afford" those things.
If the government were not giving those things away or regulating them to make them "affordable", prices for those things would collapse overnight.
This post was edited on 6/5/19 at 9:59 am
0
Posted on 6/5/19 at 9:57 am to deltaland
Yeah that makes no sense at all
Posted on 6/5/19 at 9:58 am to deltaland
That must be a really high APR
Posted on 6/5/19 at 10:24 am to lsunurse
quote:
But your example of $150K house....that just isn't realistic in most places outside of the South.
Worked on a gut remodel in Philly, friend bought the place for $60k, put about $50k into it, sold for about $190k. This was in a nicer area of Philly too, very safe. Problem is that current young adults don't want to invest, they expect everything to be handed to them and with little on-going effort on their part. I seriously thought about staying in Philly for a little while after the mission there ended to do a few more houses and make some investments but I could do the same in NWLA. There is no lack of opportunity here for homeownership for those that aren't lazy.
Posted on 6/5/19 at 11:05 am to Muthsera
If you live outside of a few major urban centers, I don't think you're capable of relating to these experiences.
New York, DC, San Francisco, LA and maybe one or two others have a disparity in housing costs relative to every other place in the country, including other large urban centers like Philly, Houston, etc.
I'm fortunate enough to be able to afford a home in one of these places without receiving a down payment from family.
Sure, paying $500,000 for a townhouse with no yard was tough to digest. It also came with a nasty commute. But we're making it work and enjoy it. Sure, paying $1,500 per month per child for daycare is tough to digest. But we're making it work.
We moved here for long term career opportunities. Once the kids are in school and we continue to progress in our careers, then we'll be able to afford to move and purchase a home with a yard. Of course, I grew up in Baton Rouge, and would love to have a similar house style as I grew up in. But we just can't afford it where are right now.
For so many people in this area who are also thinking long term regarding career, home ownership seems impossible. Not everybody has to own a home, though. Paying $2,500 - $3,500 per month for a one-bedroom apartment near a metro (if you don't have a car) or $2,000 - $2,500 away from a metro (with a car note) is a decent option if you don't have kids. And it's a great alternative to a $100,000 downpayment for a townhouse with an hour-long commute. But when kids enter the picture, school districts and a bit more space become more of a priority.
I see my sister and her family purchase a really nice house in Prairieville for $200,000 that would easily sell for $975,000 in Vienna, VA, which is OUTSIDE the Beltway. It's slightly painful in the gut. But I chose to live here. And I chose to live here for specific reasons related to longterm job opportunities and career growth. Also, the schools here are amazing and my family is enriched with cultural activities we can't get in a lot of other places (although I miss the sense of community in Louisiana).
For others who moved here with the same thought process and haven't found success as quickly, it can be disheartening in the moment. Especially when previous generations, who were able to purchase a home at a fraction of the cost with a similar salary (since salaries have not increased at the same rate), begin to criticize this generation's lack of work ethic or patience as the reason they can't afford a home. That older generation, who certainly worked hard, has no ability to relate to the realities this current generation is going through. And that older generation, on average, did not have the type of student loan debt most of us are saddled with. In addition, people who live in other areas (rural or urban, outside of six or seven cities) also have no ability to relate.
My parents had to work hard to get to where they ended up. But the portion of their lives when they were trying to get a house was a couple of years, not a decade or more as it is now (at least in this area).
TL;DR - most people can't relate to those quotes. But that doesn't mean they aren't, at least somewhat, valid.
New York, DC, San Francisco, LA and maybe one or two others have a disparity in housing costs relative to every other place in the country, including other large urban centers like Philly, Houston, etc.
I'm fortunate enough to be able to afford a home in one of these places without receiving a down payment from family.
Sure, paying $500,000 for a townhouse with no yard was tough to digest. It also came with a nasty commute. But we're making it work and enjoy it. Sure, paying $1,500 per month per child for daycare is tough to digest. But we're making it work.
We moved here for long term career opportunities. Once the kids are in school and we continue to progress in our careers, then we'll be able to afford to move and purchase a home with a yard. Of course, I grew up in Baton Rouge, and would love to have a similar house style as I grew up in. But we just can't afford it where are right now.
For so many people in this area who are also thinking long term regarding career, home ownership seems impossible. Not everybody has to own a home, though. Paying $2,500 - $3,500 per month for a one-bedroom apartment near a metro (if you don't have a car) or $2,000 - $2,500 away from a metro (with a car note) is a decent option if you don't have kids. And it's a great alternative to a $100,000 downpayment for a townhouse with an hour-long commute. But when kids enter the picture, school districts and a bit more space become more of a priority.
I see my sister and her family purchase a really nice house in Prairieville for $200,000 that would easily sell for $975,000 in Vienna, VA, which is OUTSIDE the Beltway. It's slightly painful in the gut. But I chose to live here. And I chose to live here for specific reasons related to longterm job opportunities and career growth. Also, the schools here are amazing and my family is enriched with cultural activities we can't get in a lot of other places (although I miss the sense of community in Louisiana).
For others who moved here with the same thought process and haven't found success as quickly, it can be disheartening in the moment. Especially when previous generations, who were able to purchase a home at a fraction of the cost with a similar salary (since salaries have not increased at the same rate), begin to criticize this generation's lack of work ethic or patience as the reason they can't afford a home. That older generation, who certainly worked hard, has no ability to relate to the realities this current generation is going through. And that older generation, on average, did not have the type of student loan debt most of us are saddled with. In addition, people who live in other areas (rural or urban, outside of six or seven cities) also have no ability to relate.
My parents had to work hard to get to where they ended up. But the portion of their lives when they were trying to get a house was a couple of years, not a decade or more as it is now (at least in this area).
TL;DR - most people can't relate to those quotes. But that doesn't mean they aren't, at least somewhat, valid.
This post was edited on 6/5/19 at 1:11 pm
Posted on 6/5/19 at 11:07 am to Muthsera
quote:
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.
Posted on 6/5/19 at 11:08 am to lsu777
quote:
1800 SF house is not gonna cost you 2k a month. Daycare is not 1500 either.
Good luck finding a 1800 sq ft home for less than say $250k in any decent neighborhood. With escrow, p+i, insirance your total note comes out close to $2k.
For two kids at your rate 2 x $800=$1600.
quote:
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
Just because you may live in Houston doesnt make it any more of a reasonable place to form a basis than say NYC, or any major city for that matter.
quote:
Honestly how are you an engineer and lack the critical thinking skills required for this type of discussion?
Changing my assumptions then calling the results unreasonable is not a good look.
Did I also mention that completely excludes retirement, car payment, car insurance, and any sort of discretionary income?
Posted on 6/5/19 at 11:11 am to Sao
quote:
Millenials, pace yourselves. Don't be impatient and whiny. Everyone has paid their dues. You're not special.
you do know these retards that write these articles are A) arent millennials or are talking about a group that arent millennials.
B) Are retarded liberal socialist millennials who strive to live in a "market" where only the super rich can afford, and want to act like their life is hard and they want to be given things because, well, they are socialists.
This post was edited on 6/5/19 at 11:11 am
Posted on 6/5/19 at 11:12 am to OceanMan
quote:
Most people can’t afford the lifestyle they’re living
Again, what are you suggesting?
Sacrifice short term desires for long term goals.
Posted on 6/5/19 at 11:17 am to Clames
quote:thats not ture at all. The problem is, the adults that wrote articles like this want things given to them and people like you take it as the whole generation the feels this way, when the majority of the true millennials, are some of the most hard working people in the workforce right now.
Problem is that current young adults don't want to invest
Posted on 6/5/19 at 11:22 am to Muthsera
I'm a millennial that didn't buy till I was almost 30. Before that I was in school or saving. I bought in a good area and within my means. Needed no help for down payment and mortgage is well within our income.... It takes some sacrifice and planning, but to say it's unattainable is just fricking stupid.
Posted on 6/5/19 at 11:24 am to NYNolaguy1
quote:
Just because you may live in Houston doesnt make it any more of a reasonable place to form a basis than say NYC, or any major city for that matter.
Sure it does.
There are a handful of areas that skew the entire analysis.
Posted on 6/5/19 at 11:26 am to Broke
quote:are are "these frickers" losers from SF or NYC?
These frickers want instant gratification. I lived in a shithole and ate sandwiches every day for years so I could afford this house. The transfer of wealth is called "hard work". Something they should learn a little something about.
Posted on 6/5/19 at 11:29 am to Antonio Moss
quote:
There are a handful of areas that skew the entire analysis.
I would argue Houston/DFW skews the statistics based on 1)urban sprawl, 2) no state income tax (thanks Texas), and 3) a strong economy atm.
Most other top 10 populated cities across the country dont have that. I am referring to Chicago, Denver, Seattle, D.C., Boston, San Fran, L.A., etc.
Was my proposed budget applicable to say Alexandria, LA? No. Was it closer to any reasonable urban area? Yes.
Posted on 6/5/19 at 11:29 am to CarRamrod
quote:
are "these frickers" losers from SF or NYC?
I am sure he was referring to me
.Posted on 6/5/19 at 11:31 am to NYNolaguy1
I love these threads where people think they deserve everything now.
Posted on 6/5/19 at 11:31 am to Muthsera
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?
This is almost verbatim the bullshite story Bill Clinton used to start the housing market bubble and eventual collapse.
Liberals are the only[species on earth that refuse, or are incapable of learning form historical lessons...
Posted on 6/5/19 at 11:35 am to NYNolaguy1
quote:
Most other top 10 populated cities across the country dont have that. I am referring to Chicago, Denver, Seattle, D.C., Boston, San Fran, L.A., etc.
Why limit the analysis to the Top Ten most populated cities?
Posted on 6/5/19 at 11:37 am to Antonio Moss
quote:
Why limit the analysis to the Top Ten most populated cities?
Mostly because thats where the white collar jobs are, which is where the millenials will go.
Also because I dont have much experience to add about living out in BFE.
Posted on 6/5/19 at 11:38 am to Muthsera
My parents live in a 4500 5/3 square foot house on 2 acres of bayou front land. My Dad, Grandpa, and one of my mom's uncles built it for around $25 grand including the land price, bulkheading the water front, and putting in a boat slip. in the mid 70s. They did a massive remodel in the early 90s, and, still never owed more than $35 grand on the house.
To say it isn't significantly harder on the younger generation is a lit, but to say it is unattainable is also a lie.
To say it isn't significantly harder on the younger generation is a lit, but to say it is unattainable is also a lie.
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