re: Major social unrest is coming

quote:

---

You expected to live at least as well as your parents.
Why should younger folks not expect the same?

---

Maybe because things change and you aren't guaranteed anything at all?

It absolutely is by design compliments of Blackrock.

quote:

---

No young person starting out in a professional career can afford a $400K home without serious help from their family.

---

That's the problem. Why $400k? Why not $225 or $250k like we did at that age?

Or has someone like Bernie Sanders, Joe Biden or Elizabeth Warren convinced them that they are entitled and deserve a $400k home?

quote:

---

Why do Millennials think they should be able to get exactly what someone else got decades prior?

---

Who says they do?

It's ok to think they shouldn't get the same thing others got while also recognizing the difficult situation they are in that some generations weren't. The increased price of homes far outpacing wage growth is a problem. You can have the attitude of "frick you suck it up pussy" if you want. That doesn't make it go away and it's easy for you to have that opinion while not having to face the same problems. Now I'm sure your generation has/had their own unique problems. This is just the current problem that is affecting people today. That's why people are talking about it.

Do some millennials whine? Sure. Are some entitled as hell? Yes. They all aren't.

That's why I said when you enter the market is HUGE. If you bought a house in 1998 even at higher interest rates, You could have refinanced at bottomed out rates and you have over 100% appreciation in your home.

Eli, I grew up using the 25% rule when it came to buying a home...With this rule, all of your housing-related expenses should be no more than 25% of your gross income.

Generally speaking, someone making $55k a year should only spend $1145 on housing-related expenses (mortgage, property taxes, insurance, etc).

It seems these people need to make more money before they buy their first home (and save for at least 20% down payment), and/or they need to move to a location that has cheaper homes (and these places do exist in Metro Nashville)...ie, live within their means.

I don't want to come across as preachy but can you pass along this advice to them?

I’m showing 54 listings under $250K in the Metro Nashville.

Ooops…only 19 now that I add at least 1ba to the filter.

So that means 35 of those properties were lots.

Now lets have a look at the houses.
There is a 2br, 2ba 1050sf condo in a super sketch neighborhood by the airport for $240K
There’s a couple of 500sf 1br, 1ba converted office condos for $209
The rest are kind of out of town and look like this gem.
Zillow

quote:

---

I don't want to come across as preachy but can you pass along this advice to them?

---

Wisdom aint preachy. Shout it loud and proud.

quote:

---

Bernie Sanders, Joe Biden or Elizabeth Warren convinced them

---

I'll scream this shite til the day I die. These politicians are a cancer to society.

quote:

---

Who says they do?

---

Every one of them sobbing about the cost of housing being so much more than it was in 1960 or whenever.

Boo fricking hoo. Times change. Improvise, adapt, overcome. Or, in Millennialspeak - Avocado toast, soy latte, wah Boomer.

It's going to be side-splittingly hilarious when Zoomers lap Millennials in whatever metric you choose - net worth, happiness, success, etc.

quote:

---

Have a few golfing/drinking buddies who are in the "young millennial" age group. There are three of them that stand out to me. Every one of them owned a house before age 25. They all bought "starter homes". One started his own landscaping company. One works for the county. The 3rd is an electrician.

One commonality they have is they had very little debt because they did not go to college and are living within their means.

Most people did not go to college until the last couple decades. Could this be part of the reason some millennials are having so much difficulty (and not the loans, just having unrealistic expectations)? Perhaps Basic Economics should be instilled in young people in HS or by their parents. Just seems so many young people are fooled/tricked into believing they will immediately have everything they want in a short time if they get any college degree.

---

kinda a mix of all this. being lied to by society about benefits of college vs dangers of not led to more people than should have gone to college. then gov stepped into student loans, skyrocketing college prices. then going to college = building up a debt while also delaying accrual of money like the electrician for 4 years.

major groups like blackrock are now competing with millenials like nothing the previous generations have seen. the gov artificially propped up the housing market for waaay too long and worsened the problem just like they did with colleges/loans. then when most millenials were getting to the workforce there were economic bubbles popping and recessions stunting their potential growth, and now covid/inflation shitshow exploding prices and its just insane.

millenials would benefit from adjusting expectations/behaviors quite a bit, but that wouldn't solve the problems mentioned above (other than going to college but that ship sailed a decade or more ago)