The looming rental crisis (Atlanta, Jonesboro: mortgages, houses, neighborhood)

[DreamerD]

Originally Posted by hautemomma

Precisely. I have relatives in their early 20s, and they generally are not where older folks were at the same stage in life a few years ago. Not terribly long ago, it was not uncommon for someone in his or her early 20s to have some cash on hand and a few assets. Now, many of them seem to have nothing; hence, they cannot make it on their own as independent adults paying their own way (now being subsidized by relatives, delaying "real life" by extending school and / or trying to eke out some independence, but down a few rungs from the economic ladder to which they were formally accustomed.).

The narrative of the disruptive Millennial with liquidity seems to be a media-made invention, or capitalist hope, or just a snapshot of a very specific, largely racially, economically and educationally homogeneous group within that age range.

I don't know about Millennials with liquidity other than the people who were born into wealthy families. Just observing, I noticed a lot of people joining the military in order to survive. Those who graduated with a S.T.E.M. degree are probably doing much better than other millennials.

Many Millennials graduated university and found that there were no jobs. For example, in education, I know for certain that there were huge waves of people who graduated and could not find jobs. The standards have been increased across many fields (master's+ at least 2-3 years experience just for entry-level positions) and the pay is extremely low. I'm talking about some jobs paying a quarter to a third less than what they used to pay before the recession. And perhaps this has been going on well before the recession because some pay is the same from at least 10-15 years ago when adjusted for inflation.

One of the things some of the older generations are always telling youth is how they got a job and paid for university with it and how young people are lazy. They always fail to consider that they could work a minimum wage job for maybe a year or so and afford the entire university tuition . I could work minimum wage for all my life and still not be able to afford university.

Things are changing fast. Some people graduated to find that their career was of no more due to technological advances, etc. Some people's jobs were outsourced.

I'm not trying to be negative. These are things I've observed. I think the point is that these days it has become very very hard to climb up the socio-economic ladder. Also, some of these observations were from years ago and so there may have been changes since then. But as for the pay and the increased standards, that is still true.

[hautemomma]

Dreamer,

I agree, and those are many of the points I was inferring. Thus, back to the point of who are the Millennials who can afford these new "luxury" complexes? I don't know any, and it seems like lots of other people don't either. Even new graduates with STEM degrees, in the South, may typically make just enough to begin covering higher rents along with other living expenses. The narrative about the monied, well-off Millennial with lots of discretionary and living resources seems amiss.

Generationally, the Boomers and the older Xers seem to have gotten the best deal, or rather, benefited most from the times in which they came of age and entered the marketplace.

[DreamerD]

What luxury complexes? You mean the luxurious basement they're living in in their parent's home? Or maybe the luxurious house they share with how many other Millennials? L.O.L. I know very few people who are Millennials (my experience does not speak for all) and own a house paid for by only they themselves (actually I know none haha). Most people I know in their 20's and low 30's still live with their parents/have at least 1-3 roommates and rent a house/are married and share expenses with their spouse.


You're right. I think that narrative is not representative of most Millennials.

[DreamerD]

Sorry, I forgot to address another part of your post. I want to say tech isn't so bad and that the salary is actually pretty good taking into consideration living costs. But I have not done proper research on this and I do hear that though they are paid well, they work very long hours as many in the field are independent contractors. Some are also 'on call.'

As for science, it's very broad and for some fields it isn't even the pay but the lack of jobs. Honestly, I feel these days that people have to be more willing to move to another state to land a job. Most people I know will not make that sacrifice though.

[-thomass]

As a younger person, I can say that young people do not save money.

[DreamerD]

As a young person, some of us barely have anything to save much less spend.

[JPD]

I was walking my dog this morning and noticed a sign for some newly refurbished apartments in my neighborhood. $1650 for a 2 bed/1 bath. That's more than I pay for my mortgage every month, and I have a 2/2.

[ATLTJL]

JPD, what neighborhood do you live in?

[JPD]

Originally Posted by ATLTJL

JPD, what neighborhood do you live in?

Cabbagetown.

[hautemomma]

Originally Posted by JPD

I was walking my dog this morning and noticed a sign for some newly refurbished apartments in my neighborhood. $1650 for a 2 bed/1 bath. That's more than I pay for my mortgage every month, and I have a 2/2.

Sounds like they have that Mythical Millennial in mind, or the retiree who plans on leaving their paid-off suburban ranch to move intown.