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re: The High Cost of a Home Is Turning American Millennials Into the New Serfs
Posted on 8/22/17 at 4:43 pm to NIH
Posted on 8/22/17 at 4:43 pm to NIH
My wife and I are 29 , almost 30 (no pics ) .
We combine to make 115k a year (I know I'm poor ) .
Living in houston , we were paying $1200 a month for a one bedroom apartment .. a one bedroom apartment .
Saved for five years and did a Conventional 30 year at Jusr over 3 % on a 200k house . Put 5% down and PMI drops automatically at 20% etc .
My mortgage all in with insurance , etc is $1400 .
The only thing I hate paying are property taxes , especially with no kids . But , I live in northwest houston in a great school district with the time comes .
Do I miss the ease of apartment living ? Yes . But the home outweighs the thought of having spent nearly 100k in rent since I moved out and went to college at 18 .
We combine to make 115k a year (I know I'm poor ) .
Living in houston , we were paying $1200 a month for a one bedroom apartment .. a one bedroom apartment .
Saved for five years and did a Conventional 30 year at Jusr over 3 % on a 200k house . Put 5% down and PMI drops automatically at 20% etc .
My mortgage all in with insurance , etc is $1400 .
The only thing I hate paying are property taxes , especially with no kids . But , I live in northwest houston in a great school district with the time comes .
Do I miss the ease of apartment living ? Yes . But the home outweighs the thought of having spent nearly 100k in rent since I moved out and went to college at 18 .
3
Posted on 8/22/17 at 4:46 pm to BearCrocs
quote:
My wife and I are 29 , almost 30 (no pics ) .
We combine to make 115k a year (I know I'm poor ) .
Living in houston , we were paying $1200 a month for a one bedroom apartment .. a one bedroom apartment .
Saved for five years and did a Conventional 30 year at Jusr over 3 % on a 200k house . Put 5% down and PMI drops automatically at 20% etc .
My mortgage all in with insurance , etc is $1400 .
The only thing I hate paying are property taxes , especially with no kids . But , I live in northwest houston in a great school district with the time comes .
Do I miss the ease of apartment living ? Yes . But the home outweighs the thought of having spent nearly 100k in rent since I moved out and went to college at 18 .
We just have to balance differently and be smart about it. It isn't nearly as easy as boomers say it is. They didn't make the world THAT much better. We have different difficulties.
35 and just bought my first house. And it was pricey. And I don't want to think about the amount of rent I've paid since I was 18-19.
Other things to think about:
The general upswing of the suburbs (and the property value usually ascribed to the suburbs), as well as pricey cities, regardless of location/amenities/safety
A longer living generation that previous generations
Higher Cost of Education
The necessary Mobility of this population, and the costs involved in that - For instance, my dad, by the time he was 35, had lived in 3 locations. I've lived in over 10, all for good reasons and some times necessary reasons. But there are HUGE costs with moving (research shows moves have an average of $5,000 - $15,000 total cost). Do that a few times and look how far behind you would be on house savings.
Expanded and more punishing taxes - I paid more in taxes last year than I have student debt left. It fricking sucks to know that is going on.
Etc.
This post was edited on 8/22/17 at 4:50 pm
Posted on 8/22/17 at 4:53 pm to Freauxzen
I commend millenials making smart choices. I tell my 21 year old daughter and my step daughter that they can't make as many mistakes as my generation could(Gen X) to have the same QOL as I enjoy at 42. Just like my generation didn't have the leeway that my father's did (born in 1943).
Posted on 8/22/17 at 4:55 pm to BearCrocs
quote:
wife and I are 29 , almost 30 (no pics )
A pox upon thee and thy house
(Joke's on me--my household is in the throes of the common cold right now
)Posted on 8/22/17 at 5:02 pm to slackster
quote:
slackster
Just popping in to say that you shite all over this thread with your facts.
Nice job
Posted on 8/22/17 at 5:08 pm to Clames
quote:if you think these things, even combined stop someone from buying a house you just don't understand how the world works
Millennials can afford the house, the sorry little turds don't want sacrifice not having the latest cellphone, Macbook, and foodie subscription service.
Posted on 8/22/17 at 5:11 pm to El Segundo Guy
quote:
commend millenials making smart choices. I tell my 21 year old daughter and my step daughter that they can't make as many mistakes as my generation could(Gen X) to have the same QOL as I enjoy at 42. Just like my generation didn't have the leeway that my father's did (born in 1943).
I think that's a pretty fair way to look at things. There is a slimmer margin for error for today's youth.
Posted on 8/22/17 at 5:12 pm to Byron Bojangles III
The American dream is still alive and well. The only thing that has changed is that the margin of error has narrowed a bit.
Posted on 8/22/17 at 5:17 pm to El Segundo Guy
Does anyone find it odd that older generations seek to make everything easier for the next generations then complain that the next generation "has it easier than we did?"
If you don't want it to be easier, there are better ways to go about it.
If you don't want it to be easier, there are better ways to go about it.
Posted on 8/22/17 at 5:18 pm to baseballmind1212
quote:
Just popping in to say that you shite all over this thread with your facts.
, unfortunately it's like pissing in the wind. 
Posted on 8/22/17 at 5:24 pm to BearCrocs
Millinials are too busy getting degrees that aren't worth anything. Those who get STEM degrees or skilled labor/tech/industry jobs have no issues buying houses. I say this as a millinial with a house and a $150k income
This post was edited on 8/22/17 at 5:26 pm
Posted on 8/22/17 at 5:59 pm to 13SaintTiger
quote:
Millinials are too busy getting degrees that aren't worth anything. Those who get STEM degrees or skilled labor/tech/industry jobs have no issues buying houses. I say this as a millinial with a house and a $150k income
I'm a millenial and do well also. That doesn't change the experience for the average person.
Posted on 8/22/17 at 6:07 pm to slackster
quote:
That doesn't change the experience for the average person.
I didn't say it does. I'm attacking choices, which lead to the topic at hand.
Posted on 8/22/17 at 6:20 pm to 13SaintTiger
quote:
I'm attacking choices, which lead to the topic at ha
I don't think what's being argued ITT is choices, so to speak, but the environment in which those choices are made.
As previously stated, the margin for error is smaller. So if a millennial makes the "mistake" of choosing a bullshite degree, their chances of succeeding in today's climate shrinks more than that of the same bullshite degree holder in the 70's or 80's.
Posted on 8/22/17 at 6:45 pm to baseballmind1212
quote:
As previously stated, the margin for error is smaller. So if a millennial makes the "mistake" of choosing a bullshite degree, their chances of succeeding in today's climate shrinks more than that of the same bullshite degree holder in the 70's or 80's.
And guess who's both judging said value of degree, and setting up a system where there is a strict penalty for it?
Also, I really hope some people can see the difference between a Feminist Studies Degree and an English or History degree.....? Maybe not, but those are vastly different degrees that end up lumped together. I am of the group that believes the constant branching of degrees is a big problem, but there are necessary degrees that we should never get rid of.
Posted on 8/22/17 at 7:00 pm to 13SaintTiger
quote:
Millinials are too busy getting degrees that aren't worth anything. Those who get STEM degrees or skilled labor/tech/industry jobs have no issues buying houses. I say this as a millinial with a house and a $150k income
But this isn't true anymore. Getting a STEM degree doesn't guarantee you a job. Getting a 3.5 in a STEM field doesn't guarantee you a job. LSU STEM majors are in high demand, yet 25-50% of every class graduates with no relevant job in hand, as an example. I agree that a STEM major is your best chance at a good job, but it's no guarantee. Those who graduated a few years ago before the oil crisis are doing much better than the classes after the oil crisis
Posted on 8/22/17 at 7:02 pm to TheCaterpillar
quote:
Good luck finding a family home for that in a decent city that doesn't have bars on the windows or ride on wheels.
There will be debate on this, but there are 3br homes about 30 years old in decent areas for sub 200K in BR
Posted on 8/22/17 at 7:03 pm to 13SaintTiger
quote:
13SaintTiger
Millennial with a 150k income: what's your job?
Posted on 8/22/17 at 7:03 pm to 13SaintTiger
quote:
13SaintTiger
Millennial with a 150k income: what's your job?
Posted on 8/22/17 at 7:04 pm to GreatLakesTiger24
Here it isn't bad.
But I laugh when I watch those flipping shows and they are buying total ghetto wrecks for $400k.
Lol
That gets you HOA living here.
But I laugh when I watch those flipping shows and they are buying total ghetto wrecks for $400k.
Lol
That gets you HOA living here.
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