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Old 06-26-2017, 08:07 AM
 
174 posts, read 74,013 times
Reputation: 182

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"Maybe what makes millennials reluctant homebuyers is simple finance: they canít afford a down-payment.

It isnít the intent to buy that is lacking or the hope of having a home that is missing, itís the savings that is keeping the vast majority of young people from swapping their rentals for homes, according to a recent survey by Apartment List..."

Full Story: Millennials want to buy a house, just can't afford to
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Old 06-26-2017, 08:12 AM
 
4,013 posts, read 2,297,057 times
Reputation: 1967
Maybe if they stop spending their money on bs like having the newest phone and other bs they would have the downpayment
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Old 06-26-2017, 08:24 AM
 
Location: East side - Metro ATL
1,325 posts, read 2,118,478 times
Reputation: 1197
Quote:
Originally Posted by fieldm View Post
Maybe if they stop spending their money on bs like having the newest phone and other bs they would have the downpayment
Maybe if student loans didn't cost so much and if the jobs requiring a college degree paid "A Living Wage", then Millennials would be able to afford homes.
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Old 06-26-2017, 08:30 AM
JPD
 
11,874 posts, read 14,490,836 times
Reputation: 7544
They can't afford a home in the "cool" neighborhoods, but there is still plenty of affordable real estate in Atlanta. There are also a bunch of programs that can help first time home buyers with downpayments, grants, etc.

"Starter home" is a smart concept that seems to have been forgotten. We can't all live in Inman Park right out of college...or ever.
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Old 06-26-2017, 09:19 AM
 
Location: Prescott, AZ
5,412 posts, read 2,739,239 times
Reputation: 2169
Quote:
Originally Posted by fieldm View Post
Maybe if they stop spending their money on bs like having the newest phone and other bs they would have the downpayment

Ah, yes, a $400 expense every few years is why people can't afford a $100,000 home. That makes sense.




Quote:
Originally Posted by JPD View Post
They can't afford a home in the "cool" neighborhoods, but there is still plenty of affordable real estate in Atlanta. There are also a bunch of programs that can help first time home buyers with downpayments, grants, etc.

"Starter home" is a smart concept that seems to have been forgotten. We can't all live in Inman Park right out of college...or ever.

So what, they go and get a loan, which piles onto to their existing student debt and which will take forever to pay off since they're not getting paid as much in real terms, for a home out in the distant suburbs, which drives up their transportation costs?


All so they can be isolated from all the things that they're trying to get out of life, and be stuck with a life-time of debt on a 'starter home' that they're not likely to be able to sell out of in the not so distant future?


Yeah, that doesn't sound like a great plan to me.
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Old 06-26-2017, 09:21 AM
 
Location: Lindbergh, Atlanta
702 posts, read 322,120 times
Reputation: 797
Get a second job. That's what I'm doing to save up. You can have everything you want. You just have to work for it.
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Old 06-26-2017, 09:27 AM
 
Location: Lindbergh, Atlanta
702 posts, read 322,120 times
Reputation: 797
Quote:
Originally Posted by fourthwarden View Post
Ah, yes, a $400 expense every few years is why people can't afford a $100,000 home. That makes sense.







So what, they go and get a loan, which piles onto to their existing student debt and which will take forever to pay off since they're not getting paid as much in real terms, for a home out in the distant suburbs, which drives up their transportation costs?


All so they can be isolated from all the things that they're trying to get out of life, and be stuck with a life-time of debt on a 'starter home' that they're not likely to be able to sell out of in the not so distant future?


Yeah, that doesn't sound like a great plan to me.
This whole millennials aren't doing this and are doing that is driving me crazy. This isn't the 1990's or early 00's. Times have changed. You need a bachelor's degree and five years of experience to get entry level jobs now.
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Old 06-26-2017, 09:47 AM
 
Location: Alpharetta, GA
285 posts, read 159,961 times
Reputation: 237
I will say, the downpayment assistance programs/grants have become more income restrictive over the years ( e.g. for a single household, the income limit if $40k on the homestretch ) - back in 2013 when I was home shopping the limits were higher. Now, with making more money ( and putting away 20-30% of every paycheck ), I literally priced myself out of those programs

That being said, to have to save up the ideal 20% down payment, it becomes a challenge when real estate is increasing at the rate it does + people offering 30% over asking on average.

Say, $200k home, $40k downpayment ( for the 20% ). Bi-weekly pay period, put $400 away. 26 pay weeks, so basically it'd take about ~4 years to save up for it, assuming your income stays the same throughout those 4 years.

This all comes down to this point - in 4 years, that $200k home is no longer $200k, the line moved, and I think as a result, that becomes the challenge for young professionals.
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Old 06-26-2017, 09:59 AM
 
16,724 posts, read 13,715,967 times
Reputation: 40996
Quote:
Originally Posted by BeyondInfinity View Post
Maybe if student loans didn't cost so much and if the jobs requiring a college degree paid "A Living Wage", then Millennials would be able to afford homes.
Maybe if they'd gone to trade school, they'd be making enough money without student loans to afford that house they want.
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Old 06-26-2017, 10:04 AM
 
Location: Atlanta, GA
1,155 posts, read 1,676,632 times
Reputation: 724
Quote:
Originally Posted by Stormhammer View Post
I will say, the downpayment assistance programs/grants have become more income restrictive over the years ( e.g. for a single household, the income limit if $40k on the homestretch ) - back in 2013 when I was home shopping the limits were higher. Now, with making more money ( and putting away 20-30% of every paycheck ), I literally priced myself out of those programs

That being said, to have to save up the ideal 20% down payment, it becomes a challenge when real estate is increasing at the rate it does + people offering 30% over asking on average.

Say, $200k home, $40k downpayment ( for the 20% ). Bi-weekly pay period, put $400 away. 26 pay weeks, so basically it'd take about ~4 years to save up for it, assuming your income stays the same throughout those 4 years.

This all comes down to this point - in 4 years, that $200k home is no longer $200k, the line moved, and I think as a result, that becomes the challenge for young professionals.
I'm a millennial taking on a 5% down payment loan on a 240k house. 5% down conventional loan is really easy to qualify for if you have good credit and job history. Plus, there's also 3.5% FHA
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