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Posted on 6/5/19 at 11:31 am to trinidadtiger
I sold my home and now rent. Mostly because I dont have kids and dont feel like all the upkeep involved.
Posted on 6/5/19 at 11:35 am to trinidadtiger
quote:
Maybe this generation is more "Italian" in nature, where they are perfectly fine, as are their peers and the people they date, with living at home til 30, having mom cook their meals, and spending their money on cars, clothes, and dating.
This is problem with the parents, NOT the kids.
Posted on 6/5/19 at 11:39 am to frogtown
quote:
Here in North Georgia it is due to lack of inventory.
Where are you?
Posted on 6/5/19 at 11:44 am to ShortyRob
quote:
For example. Imagine you were 18 years old in 1928. 1. Shortly after you were born, the world devolved into World War. 2. Sure, you then were raised during a bit of an economic boom but literally 2 years after you graduated HS, blammo, Great Depression complete with 25% unemployment rates
Literally no millennial is wishing they were born into the Great Depression
Someone born in 1928 is also not a baby boomer. We call them the greatest generation because we recognize how hard life was for them.
In general, it's hard to argue against the idea that the baby boomers had an easier path through life than millennials have had thus far.
I think we millennials should take a lot of the blame for our own failures, but we had very little to do with the state we found the world in when it became time for us to pull our own weight.
Posted on 6/5/19 at 11:45 am to trinidadtiger
No slump in TEXAS! Took 5 months to remodel a 3,400 sqft home with doing some of the work myself because lack/availability of tradesmen.
For every house being built there're 3 in the same subdivision for sale.
Spec homes DO skew the numbers.
For every house being built there're 3 in the same subdivision for sale.
Spec homes DO skew the numbers.
Posted on 6/5/19 at 11:45 am to BulldogXero
quote:
Literally no millennial is wishing they were born into the Great Depression
one in here says he has it worse than ANY OTHER generation
just sayin
Posted on 6/5/19 at 11:46 am to Jake88
quote:
I don't buy this
How do you not buy that?
If you start at a lower salary, any percentage increase for performance or promotion will be based on that lower salary and result in a lower new salary than one would have had with a higher starting salary.
This lower starting basis along with young professionals’ desire to break out of that pay scale also makes it easier for other companies to lure young employees away from their original employers at a lower wage, which means more moving (and more renting as a result) for young professionals.
Posted on 6/5/19 at 11:47 am to ShortyRob
it has to do with uncertainty.
no one feels certain enough:
in their careers (automation, outsourcing).
in politics (think how often we hear there will be war in our lifetimes). if you buy now the odds aren't slight that your area will be the ghetto one day
in their personal lives (divorce rates, feminism). why would you buy something for some chick to want half when she doesn't want you anymore?
no one feels certain enough:
in their careers (automation, outsourcing).
in politics (think how often we hear there will be war in our lifetimes). if you buy now the odds aren't slight that your area will be the ghetto one day
in their personal lives (divorce rates, feminism). why would you buy something for some chick to want half when she doesn't want you anymore?
Posted on 6/5/19 at 11:48 am to DeltaHog
quote:Old man here (relatively)... you sound incredibly naive.
I do not think it was a “fall for it” type of thing. I was on my way to becoming the first in my family to attend college from a tiny poor delta farm town in east Arkansas. Yeah, we believed the financial adviser that I could pay the loans back quickly. Also, I was going to school for political science in order to go to law school one day. I wasn’t applying for a dance degree.
Just to note, I ended up entering the workforce instead of finishing my degree. I felt like it was the right decision to make regarding what I actually wanted to do with my life. I grew up cooking and in kitchens and it was my passion. I ended my fafsa and college career in order to work. I don’t have a ton of student loan debt because of that decision but I do understand where people
Come from and how they could have been potentially tricked or misguided into taking out a ton of debt.
Once you get older you realize most colleges aren’t there to educate people, it’s a business just like any other. I didn’t think like that at 18 and I guess my old man didn’t either.
- There are plenty of people here that have been financially independent since they were 18 (I was).
- I worked full time in school (undergrad). Had plenty of loans too (now paid).
- Degrees are a pedigree for most fields. Always have been.
Here's the bottom line. You have money problems. Why don't you try going where the money is (HT - Sam Kenison)? Screw passion for now, fix your money problem. You can cook on your own time. For example, why don't you sell food (e.g., Sysco, US Foods. That's a $100k job in hospitality/food. My nephew (25) worked as a restaurant manager for a university "restaurant" (awful job), then after 3 years went where the money is - Sysco, because he has a wife and kid on the way. You're going to have to make it happen yourself. Everyone has problems- and half of the people are glad you have then, and the other half don't care.
Posted on 6/5/19 at 11:51 am to BestBanker
quote:
I seriously think it's the mindset of the younger generation that doesn't value home ownership as asset building. They only see it as a living expense.
I don't necessarily agree with that. I'm sure it is true for some.
There are regional differences, but in Birmingham, the housing market is just stupid right now. What people are asking for pretty crap starter homes is ridiculous. Add into that the drastic improvement in the quality of apartments over the last decade, and you have more people not wanting to drop a giant sum into a bad starter home when they can be in a really nice apartment for less.
Posted on 6/5/19 at 11:52 am to trinidadtiger
quote:
Im 58 and my parents instilled upon me once I got out of school to buy a home,
Do you honestly, really, think it's possible for most people getting out of school today(I assume you mean college?) to buy a home? If your post is really how you think, you are seriously disconnected from reality, my friend.
Posted on 6/5/19 at 12:04 pm to ShortyRob
quote:
Home ownership rates are lower among Millennials now than the same age group in frickin 1978!
Read this past weekend that millennials' home ownership rates are between 8-12% lower than Generation X, when compared age to age.
Posted on 6/5/19 at 12:09 pm to ShortyRob
quote:
Alas, they also both have, what one might consider a more unique background for their age.
BOTH had jobs and worked 30+ hours from the time they were 16 years old.
Make no mistake. I think the fact that middle class kids have made a near complete departure from this paradigm which was absolutely the NORM when I was in HS is not an insignificant factor albeit one that is hard to quanitify.
Is that unique? I worked during HS and college, sometimes 20 or 30 hours a week. My professional employers have never asked me about any of those jobs. All the first one cared about was my internship.
This post was edited on 6/5/19 at 12:13 pm
Posted on 6/5/19 at 12:13 pm to pizzatiger
Is there a slump. Currently selling a lower end, 20 year old, starter home in suburban Atlanta. Only remodeling I did prior to putting it on market was new roof. Renters had been in it last 5 years. I had 25 showings and 5 offers (all asking price or above) in 3 Days. If FHA and buyers lender get their shot together it’ll be closed by weeks end (about 45 Days start to finish).
Posted on 6/5/19 at 12:33 pm to BulldogXero
quote:
Someone born in 1928 is also not a baby boomer. We call them the greatest generation because we recognize how hard life was for them.
Someone born in 1928 isn't a member of the "Greatest Generation" They are members of the "Silent Generation"
Silent Generation: 1925 to 1945.
They are also probably the luckiest generation ever.
They were poor when kids, but came of age in the greatest burst of prosperity the country ever saw.
The men also missed WW2 and most missed Vietnam
Posted on 6/5/19 at 12:35 pm to alpinetiger
quote:
You have money problems. Why don't you try going where the money is (HT - Sam Kenison)? Screw passion for now, fix your money problem. You can cook on your own time. For example, why don't
Okay, first of all I do not have money problems. I was simply having a discussion about the millennial generation and the workforce they were forced into after the Great Recession.
You have no idea my money situation or how I handle my finances. I can’t afford the $650,000 house next door but there aren’t many who can.
I find it odd I have to actually defend myself here. It seems as if you haven’t read my post from the start of this thread or done any search on this site in regards to any of my previous post.
I went to college, took loans out and it wasn’t for me. I found a trade and skill, which most you old timers bitch about my generation not doing, and went to work. Been in the industry fourteen years now and about to open my own restaurant in cahoots with the largest brewer in Tennessee and one of the largest microbrewies in the country for a new multimillion dollar venture.
Please, don’t get on here and preach to me. I was simply having a discussion with others on the site. I was telling my story as a young kid who fell into the trap of having to attend college told by elders.
Also, where in ANY of my post did I insinuate or say absolutely anything about people being financially independent or not at age 18? I’m really confused.
I may sound naive to you but at least I don’t sound like a pompous prick. I chose a path, accepted it and worked hard. You can kiss my arse.
Posted on 6/5/19 at 12:55 pm to Dawgfanman
It varies by region. Although it seems the original point of this thread was to take a dig at the 'younger generation.' I'm somewhere in between but, at least as far as the New Orleans market goes, I can tell you the price of real estate has escalated disproportionately to inflation.
Also the 'in my day' gripes ignore the fact that there is much more competition for jobs and companies have far more leverage to dictate salaries than they did in the 80's or 90's.
Also the 'in my day' gripes ignore the fact that there is much more competition for jobs and companies have far more leverage to dictate salaries than they did in the 80's or 90's.
Posted on 6/5/19 at 12:59 pm to DeltaHog
the local (baton rouge ) market is slumping due to a market correction as i call it. I have been a local mortgage lender for 16yr and this is just my opinion. Home sales are down 12% year over year and the average days on the market is over 100 now. The inventory problems that started after Katrina are no longer a problem and this is the main cause for the slow down in real estate. Also pricing is becoming an issue in the Baton Rouge area. With wages not growing and house prices doubling in the last 15 years this is the biggest problem we have. Prices have gone up for 10yrs straight this is not sustainable . Prices should go sideways for a few years and give wages and chance to catch up.
Posted on 6/5/19 at 1:19 pm to chalmetteowl
quote:Applies to every year........ever
it has to do with uncertainty.
quote:Imagine being in the business of supporting the Horse industry in the early 1900s. None of this shite is new. And hell, back then, it was a LOT harder to be transient!
in their careers (automation, outsourcing).
quote:Honestly, only people born about when I was had the good fortune to largely avoid a war in their early lifetimes. And, frankly, no one born after me has seen a war that registered as more than just a blip on the homefront.
in politics (think how often we hear there will be war in our lifetimes)
quote:It's been this way forever. My Grandma's house in a small south La town was in pure mid-class whitey ville when purchased........by the time it was town down, the entire town was dead.
if you buy now the odds aren't slight that your area will be the ghetto one day
quote:Well, true but pretty much entirely self inflicted and moreover, STILL supported by those who are harmed by it. I can't sympathize with a drunk who keeps drinking.
in their personal lives (divorce rates, feminism).
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