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Started By
Message
re: Millennials will spend 45% of income on rent before age 30
Posted on 3/28/18 at 7:36 am to Terry the Tiger
Posted on 3/28/18 at 7:36 am to Terry the Tiger
quote:
That number is based on 8 years from 22-30. Based on the percentages provided, the average salary is about $32,000 a year. This is one of the problems with today's millennials. They get huge student loans for jobs that average paying $32k on average over 8 years. Then they pay a lot for rent and wonder why they cannot pay back their student loans. I rented for about 7-8 years and paid more than their average, but I also had a starting salary at least twice that (and that was 20 year old ago in terms of dollars) and grew fast during those 7-8 years.
I realized these are averages and many are probably doing much better and others doing much worse, but it is time for people to get smarter about college choices and student loans. I thought Millennials dressing like homeless people was a fashion choice, but they might just not have any money for clothes after rent, student loans, cafe lattes, and body piercings.
Jesus man, you are just factually wrong on almost all of that. Take 2 minutes to see if what you're saying has any basis before you say it. Literally 2 minutes thats all it would take.
0
Posted on 3/28/18 at 7:38 am to RummelTiger
I'm 31 and technically a millennial. My own peers bash me for pushing burb life on here.
Cheaper and maybe an extra 10 minutes of commute time.
But what do I know
Cheaper and maybe an extra 10 minutes of commute time.
But what do I know
Posted on 3/28/18 at 7:40 am to 50_Tiger
quote:where
maybe an extra 10 minutes of commute time.
Posted on 3/28/18 at 7:43 am to GreatLakesTiger24
Millennial here: fiancée and I bought our house at 24. We pay mortgage in the $800ish range with HOA included. 5 min commute for myself, 15 for her. We were tired of paying $1480 a month in rent and having that money pissed away. We’re able to travel more, put more into retirement and paid off both cars. Houses next to us and across the street rent in the $1600 range. It’s rediculous and they STAY occupied no problem.
The issue with a lot of millennials is that they want to live the lifestyle of their parents in their 20s when they’re just getting started. You’ll hit 30 and have no assets to show for it. Live within your means and you’ll be significantly happier.
We were paying slightly more than that for a 1/1 in BR which is NOT outrageous for the city, unless you want to get gunned down or your wheels stolen.
The issue with a lot of millennials is that they want to live the lifestyle of their parents in their 20s when they’re just getting started. You’ll hit 30 and have no assets to show for it. Live within your means and you’ll be significantly happier.
quote:
quote: 700 sq ft is going to be $1200-1350/month for a 1/1 and a two bed room will push $1800-2200. yeah. no fricking way. i don't understand how they can charge so much for so
We were paying slightly more than that for a 1/1 in BR which is NOT outrageous for the city, unless you want to get gunned down or your wheels stolen.
This post was edited on 3/28/18 at 7:47 am
Posted on 3/28/18 at 7:44 am to jimbeam
When in Addison its 15 min down Bush to get to 114/Bush (where I work).
When in Las Colinas its 5 min to work and 15 min to AA taking Victory Dr entrance.
When in Las Colinas its 5 min to work and 15 min to AA taking Victory Dr entrance.
Posted on 3/28/18 at 7:45 am to Cotten
quote:
Millennial here: fiancée and I bought our house at 24. We pay mortgage in the $800ish range with HOA included.
The biggest issue is that builders are not building entry-level homes anymore.
That HGTV meme where two people with shite jobs are looking for a 500k - 1mil home is damn near factual.
Posted on 3/28/18 at 7:46 am to GreatLakesTiger24
Every millennial I work with also has a sock budget around $300 a month. It’s like a competition to see who can wear the craziest socks with their skinny chinos that are 4 inches too short.
Posted on 3/28/18 at 7:48 am to 50_Tiger
quote:
The biggest issue is that builders are not building entry-level homes anymore.
100% correct. If you drive through any new developments they’re all going to be min of 250k.
Ours was built in the 80s. We had to do some work on it but we were able to make it our own in that initial 6 month timeframe.
Posted on 3/28/18 at 7:48 am to Cotten
quote:
Millennial here: fiancée and I bought our house at 24. We pay mortgage in the $800ish range with HOA included. 5 min commute for myself, 15 for her. We were tired of paying $1480 a month in rent and having that money pissed away. We’re able to travel more, put more into retirement and paid off both cars. Houses next to us and across the street rent in the $1600 range. It’s rediculous and they STAY occupied no problem.
Well that is actually absurd and I'd buy in that situation too. You have to realize though you are the exception to the rule. In most metro areas your deal is not the case.
Posted on 3/28/18 at 7:49 am to OMLandshark
quote:
Seriously, I can’t think of a single reason as a single person you’d buy a home unless you were hellbent on not moving and had family nearby. Spending 40% of my income on housing is simply an inconvenience.
It was mostly a financial decision for me. I was in a position at 25 to buy a home and rent out some bedrooms for a couple of years to friends. Worked out great.
quote:
As a single man, if I get a dream job in say Atlanta, I’m fricked if I bought a house. Meanwhile if I rent, I only need 90 days notice or less to abandon everything and pursue my dream. Buying would be a horrible idea for me.
What would stop you from taking the job and selling the house? Sure, if you just bought the house recently, you’d take a bath on some costs. But if it’s your dream job, you’re likely getting compensated enough for it to work out in your favor. You also have the option to put your place up for rent.
Posted on 3/28/18 at 8:03 am to RummelTiger
quote:
Hell, when I was there I was renting in The Village...good times back then!
I live there now in a townhouse. We only pay about 23% of our income on rent. We moved from McKinney where we paid like 20%. The difference in commute for my wife in tolls and time more than make up for it and we have a bigger place with a 2 car garage.
Dallas and its suburbs aren't the best for finding cheaper places to rent further out. Hell, downtown is cheaper than a lot of areas here.
Posted on 3/28/18 at 8:04 am to TH03
quote:
Hell, downtown is cheaper than a lot of areas her
In uptown and Deep Elum (Not hood)
Yeah right.
Posted on 3/28/18 at 8:06 am to 50_Tiger
quote:
In uptown and Deep Elum
Is not downtown.
Posted on 3/28/18 at 8:06 am to 50_Tiger
quote:
In uptown and Deep Elum (Not hood)
Yeah right.
I live right around North Park and my rent is very similar to those areas. My place is a little bit bigger but the difference really is pretty minimal. To live in the nice parts of the village, same story.
Posted on 3/28/18 at 8:09 am to 50_Tiger
quote:
extra 10 minutes of commute time
Would mean moving one exit north from where I currently am.
We pay $600 more a month than living in McKinney and have a commute of 30-45 minutes less. Sometimes an hour. Not to mention a much bigger space.
Posted on 3/28/18 at 8:11 am to Mingo Was His NameO
A 2/2 at the farmers market downtown is $1500.
Some of the older buildings turned residential are below average for Dallas proper too.
Some of the older buildings turned residential are below average for Dallas proper too.
This post was edited on 3/28/18 at 8:12 am
Posted on 3/28/18 at 8:11 am to fallguy_1978
quote:
Move somewhere more affordable and commute.
Then grandpa would complain about how much gas they are using and the type of car they drive before muttering under your breath to get off your lawn.
Posted on 3/28/18 at 8:11 am to RogerTheShrubber
quote:
Find less expensive places to live and stop making bad choices
It's not always that simple. Most places that have really low housing prices are because of a bad economic landscape.
Posted on 3/28/18 at 8:12 am to GreatLakesTiger24
quote:
GreatLakesTiger24
Are you actually whining about the damn rent being too high? Then move to an area you can afford, buttercup. Maybe you can’t afford to live Inc that super swanky hip downtown flat just yet. Maybe you need to get a starter home or aprartment while you save up and get established. Maybe you, just like all generations before you, might have to work you way up to your dream place instead of having it just handed to you like a participation trophy.
BTW, it’s shite like this that make your generation look like whiny, entitled, spoiled shits to the rest of us. And you’re probably the worst of them on here.
This post was edited on 3/28/18 at 8:13 am
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