re: Millennials will spend 45% of income on rent before age 30

Dude you're saying millennials are spending that much on rent because they aren't willing to live in cheaper areas/houses. That they aren't willing to sacrifice to save money.

When gen x did about the same and boomers a little less. And housing has outpaced inflation and looks to continue.

But it's millennials who aren't willing to move into $350k+ 1400 sqft houses that previous generations paid $200k or less for.

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When gen x did about the same and boomers a little less. And housing has outpaced inflation and looks to continue.

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Let's be honest here too, who do you think is getting a better deal here. Gen X paying 41% of their income for an apartment back then, or Millennials paying 45% with today's apartments. I'm going Millennial all day long.

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You're just complaining about millennials spending 45% on rent.

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This is kind of a side bar question but I suppose the old rule of thumb of not borrowing more than 2.5x your household income for a house is kind of out of the window now? That used to be kind of the standard.

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fail to see benefits to living outside the 635/75/35E loop.

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That's precisely what I'm talking about though. The cheaper houses are outside of those boundaries, which for someone working in the city, would be an increase of commute traded for a cheaper mortgage.

I'm single, 30, and live downtown surrounded by live music, bars, and great restaurants in a tiny-arse apartment. I also am able to simply wake up half an hour before work and walk two blocks to it.

Folks can have their houses and their equity in the suburbs, I'll take this.

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Which, pertaining to this specific conversation, is dumb.

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So my rebuttal to a statement pertaining to this subject is dumb?

Hmmm...

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I work downtown and don't want to commute. My family also lives right at the Dallas/Richardson line so I'm close to them as well. I think Los Calinas is nice and if I worked there I wouldn't mind at all living there, but you're just as headstrong (probably more) about it as TH03 is about Dallas.

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Because I don't need to be 3 minutes away from Uptown.

12 minutes isn't going to make or break a night out.

This is what is so fricking hilarious.

Yall are really tripping over those 12 extra minutes.

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You might remember your parents saying that 30 percent of your monthly income should be the most you spend on rent. According to the U.S. Census Bureau, the median income is $56,516 as of 2015, the latest year for which data is available. That means a total of $16,955 per year, or $1,413 per month, would be the norm rent budget across the U.S.

Not necessarily so. A 2017 GOBankingRates survey showed that the average respondent spent $688 on rent. But others spend far more. According to the U.S. Department of Housing and Urban Development, about 12 million households — more than 10 percent — pay more than 50 percent of their annual incomes on the roof over their heads.

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LINK

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That's precisely what I'm talking about though. The cheaper houses are outside of those boundaries, which for someone working in the city, would be an increase of commute traded for a cheaper mortgage.

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Okay fine. Just seemed like you were making a blanket statement.

Then take 635 or Dallas north tollway

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12 minutes would be 3 miles north of my place during rush hour.

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Do you not have flexible hours?

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McKinney to downtown Dallas was every bit of 40 minutes without traffic and close to an hour with it. That's without considering the daily car accidents on 75.

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Would never advocate for that. That drive sucks