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Message
re: Millennials will spend 45% of income on rent before age 30
Posted on 3/27/18 at 10:56 pm to GreatLakesTiger24
Posted on 3/27/18 at 10:56 pm to GreatLakesTiger24
The thing is 1) a lot of these tech jobs and skilled jobs in digital are in bigger cities where you pretty much have to rent to live 2) millennial are a lot less tied down to one place so buying a house doesn’t work when you want to be fluid if a new opportunity pops up 3) as article said, student loan payments combined with the rents makes it take longer to put money down on a house. And after watching what home ownership did to some of their parents, they aren’t going to put 0-5% down and get into a 30 year mortgage
This post was edited on 3/28/18 at 6:36 am
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Posted on 3/27/18 at 10:57 pm to fallguy_1978
Who is complaining? Most of your posts are specifically about not being forced and to stop complaining. Most here seem to be explaining why/justifying it.
Posted on 3/27/18 at 11:00 pm to GRTiger
quote:
Most of your posts are specifically about not being forced and to stop complaining. Most here seem to be explaining why/justifying it.
It's not as fun for a bunch of house poor plant baws to use reason when they could just trash people making better decisions than them.
Posted on 3/27/18 at 11:02 pm to GreatLakesTiger24
but all the jobs are in those uber expensive cities
The only other option is to live 4 to a crappy ranch home in the suburbs and spend over 2 hours each day commuting. The savings really aren't that much especially considering the loss of time.
The only other option is to live 4 to a crappy ranch home in the suburbs and spend over 2 hours each day commuting. The savings really aren't that much especially considering the loss of time.
Posted on 3/27/18 at 11:04 pm to kingbob
quote:
The savings really aren't that much especially considering the loss of time.
I can tell that you don't have kids which most suburbanites probably do. The savings end up being massive - especially if you have 2-3 kids.
Posted on 3/27/18 at 11:04 pm to kingbob
If you want a good paying job you’re doing some type of unpaid internship out of college. Or at least a job where you’re making pennies.
Couple this with exorbitant tuition costs and you can’t afford the down payment on a home.
But old people will just say all the millenialls are too spoiled to live in shitty neighborhoods and just feel entitled. Let’s not forget it’s the baby boomers who have fricked all this up for us.
Couple this with exorbitant tuition costs and you can’t afford the down payment on a home.
But old people will just say all the millenialls are too spoiled to live in shitty neighborhoods and just feel entitled. Let’s not forget it’s the baby boomers who have fricked all this up for us.
Posted on 3/27/18 at 11:05 pm to Mingo Was His NameO
I just checked the thread to see who he was talking to, and realized it's mostly people who aren't (or claim not to be) Millennials telling Millennials what to do, including the always present Roger, who despite living in the arctic wilderness for the last 20 years, knows the ins and outs of current rent prices in both urban and rural areas across the country. 
Posted on 3/27/18 at 11:06 pm to GeorgeTheGreek
quote:
Let’s not forget it’s the baby boomers who have fricked all this up for us
:high-five: frick those old assholes!
Posted on 3/27/18 at 11:07 pm to fallguy_1978
quote:
I can tell that you don't have kids which most suburbanites probably do. The savings end up being massive - especially if you have 2-3 kids.
I'm talking about 20-somethings with no kids. The suburbs of NY, LA, SF, Houston, Dallas, Boston, Portland, Seattle, and to a lesser extent Chicago really aren't that much cheaper than living in the heart of the city when you factor in the bigger commute times.
What makes the suburbs a great deal is for families with school age kids to be able to send their kids to public school.
Posted on 3/27/18 at 11:07 pm to fallguy_1978
quote:
quote:
Commuting is hugely expensive, when you factor in time, and transportation costs
That's varies by person/area. I commuted about an hour one way to work for around 7 years. It was still cheaper than living closer to work. Maybe $150 more in gas per month but my house was $600 cheaper per month, property taxes were less etc.
In most cases living out a bit is cheaper. If you choose to live downtown and pay half of your income on rent than that's your decision but nobody is forcing you to do it.
There's also a not insignificant opportunity cost to your time.
Two hours per day for twenty-two days per month (on average) averages out to about $1,100 per month if you make, on average, $25 per hour (let's say that's about average for a solid hourly wage employee or even most salaried).
Now, you may work the exact same hours wherever you live, but working those extra 44 hours per month could have led to a bonus of X% higher or a promotion Y% quicker if you are salaried. On the other hand, if you had only wanted to work your given hours, you missed X% of your personal time due to that commute. You are simply making a strategic economic trade off, not necessarily a smarter one.
Posted on 3/27/18 at 11:08 pm to GreatLakesTiger24
I bought all the property surrounding my family's lot and inherited the rest. Bought, paid for by age 30 and steadily increasing in value.
I'll happily rent where I currently have to work.
I'll happily rent where I currently have to work.
Posted on 3/27/18 at 11:10 pm to AbuTheMonkey
quote:
Now, you may work the exact same hours wherever you live, but working those extra 44 hours per month could have led to a bonus of X% higher or a promotion Y% quicker if you are salaried.
Or you get 44 more hours of not sitting in your car. As someone who will go weeks or even months working 70 or 80 hour weeks, I value my time off and don't want to spend it sitting in traffic for $150/month
Posted on 3/27/18 at 11:12 pm to GeorgeTheGreek
i also think it's a difference in priorities.
young people are still trying to get their ducks in a row as you said.
owning a home is a huge commitment.
and a long, drawn out process that i don't blame young people for not wanting to go through.
if i still rented, i probably would have moved 6x over and been able to experience a lot more but waste thousands on rent.
instead i own, save money with a mortgage, but have to remain settled unless i want to sell or rent out.
it's a double-edged sword in my opinion.
young people are still trying to get their ducks in a row as you said.
owning a home is a huge commitment.
and a long, drawn out process that i don't blame young people for not wanting to go through.
if i still rented, i probably would have moved 6x over and been able to experience a lot more but waste thousands on rent.
instead i own, save money with a mortgage, but have to remain settled unless i want to sell or rent out.
it's a double-edged sword in my opinion.
This post was edited on 3/27/18 at 11:13 pm
Posted on 3/27/18 at 11:13 pm to Mingo Was His NameO
Mingo, all messing with you aside...
If you don’t mind me asking - what do you do for work, and where do you do it? I’m not being a dick here.
If you don’t mind me asking - what do you do for work, and where do you do it? I’m not being a dick here.
Posted on 3/27/18 at 11:14 pm to GreatLakesTiger24
Jeez, how much are their parents charging for rent?
Posted on 3/27/18 at 11:15 pm to RummelTiger
quote:
If you don’t mind me asking - what do you do for work, and where do you do it? I’m not being a dick here.
Essentially sales tax consulting for a large accounting firm in Dallas
Posted on 3/27/18 at 11:21 pm to Mingo Was His NameO
Domestic, VAT, and GST? It’s an interesting field, for sure. Dallas is tough to live in for sure. Hell, when I was there I was renting in The Village...good times back then!
Posted on 3/27/18 at 11:22 pm to RummelTiger
quote:
Domestic, VAT, and GST? It’s an interesting field, for sure.
My team does domestic. We do a lot of reverse audits as well as general consulting on VDA's, exposure, etc.
Posted on 3/27/18 at 11:22 pm to LSUgirl4
I’m considering a move closer to work which is farther out of the city and my rent will likely go up. Class A Luxury apartments are going to be expensive regardless of the area of town in a big city.
700 sq ft is going to be $1200-1350/month for a 1/1 and a two bed room will push $1800-2200.
700 sq ft is going to be $1200-1350/month for a 1/1 and a two bed room will push $1800-2200.
Posted on 3/27/18 at 11:22 pm to LSUgirl4
Renting isn't a problem. Paying over 40% for rent is a terrible decision
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