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re: Millennials will spend 45% of income on rent before age 30
Posted on 3/28/18 at 8:40 am to TH03
Posted on 3/28/18 at 8:40 am to TH03
quote:
But you only paid slightly less than millennials.
I bought a house way out in the burbs when I was in my late 20s because it was cheap and easily affordable. Our household income more than doubled over the next decade and we moved closer to work when we could afford a bigger mortgage and private school.
1
Posted on 3/28/18 at 8:41 am to GreatLakesTiger24
It would be idiotic for anyone under 30 to tie themselves down in a house.
Posted on 3/28/18 at 8:41 am to JBeam
quote:
How far is your commute? The reason I ask this question is that this topic popped up with someone I worked with
Right now it's about 5 miles because we moved 4-5 years ago. My wife's commute is 2 miles. But when we made a lot less money it was about 20-25 miles which often took an hour.
Posted on 3/28/18 at 8:41 am to fallguy_1978
Oh okay. You want to judge all millennials the same but don't want to be judged the same as all gen Xers. Convenient. 
Posted on 3/28/18 at 8:43 am to PortHudsonPlaya
quote:
It would be idiotic for anyone under 30 to tie themselves down in a house.
With the housing market where it is right now, unless you find an steal, definitely this. Houses are way overvalued right now.
Posted on 3/28/18 at 8:44 am to fallguy_1978
quote:I will NEVER do this
itwas about 20-25 miles which often took an hour.
Posted on 3/28/18 at 8:46 am to TH03
quote:
Oh okay. You want to judge all millennials the same but don't want to be judged the same as all gen Xers. Convenient
I don't care what millennials do with their money. I just never spent 40+% of my income on rent except maybe when I was in college. Everyone is different. I valued having more disposable income more than living close to everything.
Posted on 3/28/18 at 8:51 am to fallguy_1978
quote:
I don't care what millennials do with their money. I just never spent 40+% of my income on rent except maybe when I was in college.
But based on the stats, your generation did.
I'm just saying it's silly as hell for gen x guys to be in here bashing millennials for paying slightly more in rent than their generation did.
quote:
Everyone is different
Right, when you're talking about your generation, because you don't want to be lumped in with the rest.
Posted on 3/28/18 at 8:52 am to GreatLakesTiger24
quote:
I will NEVER do this
I bet a lot of you that say that now will end up in the burbs when you have kids for the schools alone.
I'd be back in burbs if we had another kid to avoid paying so much in private school tuition.
Posted on 3/28/18 at 8:56 am to GreatLakesTiger24
I can see that. The apartment I'm in currently comes in just under $10k a year. I consider that cheap in BR for a place that isn't in a suspect complex or area. Finally transitioning to a house over the summer to actually have some equity to show for my dollar.
Posted on 3/28/18 at 8:56 am to tigerinthebueche
quote:
Oh I bet the could afford a home. Just not the home they want. All part of growing up.
So it makes sense to buy a home, likely that'll cost just as much or more as renting but worse living accommodations, just so you can own it?
This post was edited on 3/28/18 at 8:58 am
Posted on 3/28/18 at 9:00 am to Goldrush25
If you prefer equity > paying someone else’s mortgage that’s a sacrifice you make. It’s what I did. Not a shitty house by any means but not nearly as nice as some places I’ve rented. Granted I’m in Nashville and the housing market is going gangbusters.
Posted on 3/28/18 at 9:00 am to Areddishfish
quote:
The apartment I'm in currently comes in just under $10k a year.
Baw, that's ghetto
Posted on 3/28/18 at 9:00 am to tgrbaitn08
I literally can't even right now.
Posted on 3/28/18 at 9:01 am to Areddishfish
quote:
The apartment I'm in currently comes in just under $10k a year. I consider that cheap in BR for a place that isn't in a suspect complex or area.
So you are paying like $800 in rent and it isn't in a shite area?
Posted on 3/28/18 at 9:03 am to RogerTheShrubber
I searched hard for my first house. Found a willing owner who financed it himself with only 5% down, then he sold the note to a bank. Paid about $50k for it, so not the best part of town. Sold it and used proceeds to buy another home. Better, but out a ways. Paid $95k. Move out of state. Purchased home in far suburbs. Paid $155k. Sold three years later for $225k. Plowed profit into new home, paid $365k. Now, 17 years later, it's worth nearly $600k. Planning to sell within 3 years and the new place will likely be in the $800k-$1Million range.
People's expectations need to real. I earn more now and can afford more now. Millennials that want to waste rent money on high priced locations deserve to suffer in the long run for their selfish choices.
People's expectations need to real. I earn more now and can afford more now. Millennials that want to waste rent money on high priced locations deserve to suffer in the long run for their selfish choices.
Posted on 3/28/18 at 9:03 am to fallguy_1978
quote:You have to admit that it's pretty extreme commute.
I bet a lot of you that say that now will end up in the burbs when you have kids for the schools alone.
I'd be back in burbs if we had another kid to avoid paying so much in private school tuition.
Posted on 3/28/18 at 9:05 am to Goldrush25
Yeah, I honestly don't understand why this is such a big deal.
Your twenties is the time of your life where (most) people don't need a home because they don't have families and aren't married. Given the option of a house outside the city in a quiet neighborhood primarily comprised of families and older people, or an apartment in the city in the middle of everything, why is it so surprising that they are choosing the latter? Seems like a no brainer to me.
It's also a time in your career where you're low on the totem pole and have to work hard to get ahead. So paying rent and living in a smaller apartment closer to your office is a good thing. Of course, I realize everyone here will just point to the "fact" that millennials don't actually work.
It's amazing how much people on this board care about what millennials do with their money.
Your twenties is the time of your life where (most) people don't need a home because they don't have families and aren't married. Given the option of a house outside the city in a quiet neighborhood primarily comprised of families and older people, or an apartment in the city in the middle of everything, why is it so surprising that they are choosing the latter? Seems like a no brainer to me.
It's also a time in your career where you're low on the totem pole and have to work hard to get ahead. So paying rent and living in a smaller apartment closer to your office is a good thing. Of course, I realize everyone here will just point to the "fact" that millennials don't actually work.
It's amazing how much people on this board care about what millennials do with their money.
This post was edited on 3/28/18 at 9:07 am
Posted on 3/28/18 at 9:05 am to TH03
Dallas. I’ve lived all over the area...I could practically be a real estate agent for apartment renters
This post was edited on 3/28/18 at 9:05 am
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