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Old 10-17-2019, 09:25 PM
 
Location: The ghetto
17,738 posts, read 9,192,519 times
Reputation: 13327

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Quote:
Originally Posted by yesmaybe View Post
I have serious doubts about this, because Millenials are broke. They can't afford to buy a car, let alone a downpayment on a SFH at current prices.
There are 618,000 millennial millionaires in the US—and 44% of them live in 1 state

California is the state with 44% of them.

5% of them are in Massachusetts. So, that's approximately 31k millennials in Massachusetts that are millionaires.

Being a millionaire isn't what it used to be, but keep in mind these are people age 23 to 37.
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Old 10-18-2019, 05:47 AM
 
880 posts, read 819,497 times
Reputation: 907
Quote:
Originally Posted by Shrewsburried View Post
Depends on the profession. I know some tradesman pulling upper percentile pay with commutes from W. Bridgewater and Easton who have a relatively easy go of it, but they’re early in / early out (6am start, 3-3:30 stop). Trying pull a normal 8-5/9-6 would be hellish.
With the shortage of good plumbers, electricians and contractors.. i wouldn't be surprised if they were the ones buying 1m+ homes(to live) and propping up prices...
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Old 10-18-2019, 06:11 AM
 
3,219 posts, read 2,121,919 times
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Quote:
Originally Posted by bugelrex View Post
With the shortage of good plumbers, electricians and contractors.. i wouldn't be surprised if they were the ones buying 1m+ homes(to live) and propping up prices...
I have seen this happen quite a bit. Electricians turned contractors etc.
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Old 10-18-2019, 07:10 AM
 
24,559 posts, read 18,259,472 times
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Quote:
Originally Posted by yesmaybe View Post
I have serious doubts about this, because Millenials are broke. They can't afford to buy a car, let alone a downpayment on a SFH at current prices.

Metro Boston millenials with 21st century job skills have no problem buying cars and coming up with down payments. Who do you think is the largest buying demographic for housing?
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Old 10-18-2019, 07:20 AM
 
7,925 posts, read 7,814,489 times
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Quote:
Originally Posted by bjimmy24 View Post
Aging out doesn't mean retiring and moving away, it means having kids and moving to the suburbs. I know tons of people doing the exact thing, in Boston and all over the country. The narrative that millennials are shunning the suburbs is only a half truth (they did in their 20s and not so much in their 30s). It's happening already and will only accelerate. Although Boston may have a larger percentage of people who have no interest in reproducing whatsoever.
Birthrate have dropped and suburbs stopped growing. I know many towns that are going to bd screwed in seven years. Youths leave to jobs and higher Ed. If you don't have either one it can't grow. Immigration is the only real long term way to growth but you can't do that much on a state or local level. Not to be political but the real long term pain of the president will be felt for decades.
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Old 10-18-2019, 07:23 AM
 
2,352 posts, read 1,780,522 times
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Quote:
Originally Posted by GeoffD View Post
Metro Boston millenials with 21st century job skills have no problem buying cars and coming up with down payments. Who do you think is the largest buying demographic for housing?
GenXers, but I figure the money is either coming from the profits of their previous place and/or from a bank willing to lend despite having an absurdly high DTI. Outside of the other typical groups like landlords and speculators.
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Old 10-18-2019, 08:46 AM
 
3,808 posts, read 3,139,335 times
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Quote:
Originally Posted by yesmaybe View Post
GenXers, but I figure the money is either coming from the profits of their previous place and/or from a bank willing to lend despite having an absurdly high DTI. Outside of the other typical groups like landlords and speculators.
Sincere question: how old are you and what does your social network look like? I'm guessing mid-20's by your comments.

I'm 34, an older millenial, and can tell you that a significant chunk of the 30-somethings in my social network are A) buying homes B) having children, myself included despite a prior DINK path. And to be clear, I am not coming from elite social network - these are auto techs, tradesmen, RNs, OPs/admin, police officers, teachers, etc. Sure, most of these people aren't buying in top tier towns, but they can swing towns like Hudson or the nicer Worcester 'burbs. My wealthier peers (e.g., MEs, EEs, UX/HF, unioned foreman, small biz owners, etc.) can swing towns top tier 495 towns like Bolton, Stow, Harvard, and Boylston as they have household incomes exceeding $200k/yr.

My wife and I are good friends with a fairly high volume realtor in the area and he estimated a good 80%+ of his buyers are older millenials (28-36). They're the primary buyers absorbing current housing stock and, with gen Z being even larger, this problem will get worse before it gets better. Simply put, the boomers will not age out of home ownership faster than gen-Z and young millenials will age in.

IMO, there are enough qualified younger buyers to absorb the slack in the low and mid price points of this market.
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Old 10-18-2019, 09:01 AM
 
Location: Florida -
10,213 posts, read 14,834,115 times
Reputation: 21848
With the exception of the major 2008-11 housing downturn, U.S. housing prices have remained on a steady upward trend for 50+ years (and beyond that).
50+ years: https://fred.stlouisfed.org/series/ASPUS
100-years: http://3.bp.blogspot.com/-ynrQyoAUzg...Since+1900.jpg

Many of the folks waiting for a significant housing price drop these days, are younger people who experienced the 2008+ "crash" and believed that was normal.

You may see some minor regional or local adjustments in housing prices, but, if you are waiting for a big housing price drop, that 'train has already left the station.'
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Old 10-18-2019, 09:05 AM
 
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
41,936 posts, read 36,962,945 times
Reputation: 40635
Quote:
Originally Posted by mdovell View Post
Birthrate have dropped and suburbs stopped growing. I know many towns that are going to bd screwed in seven years. Youths leave to jobs and higher Ed. If you don't have either one it can't grow. Immigration is the only real long term way to growth but you can't do that much on a state or local level. Not to be political but the real long term pain of the president will be felt for decades.
Yes, they leave for jobs and higher ed, which brings them from elsewhere to metro Boston.
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Old 10-18-2019, 09:08 AM
 
7,925 posts, read 7,814,489 times
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Quote:
Originally Posted by timberline742 View Post
Yes, they leave for jobs and higher ed, which brings them from elsewhere to metro Boston.
Yes but then they leave again. College debt makes living elsewhere more attractive and this brings up transit again. People aren't staying in Boston for the long term. If all students stayed it would be a *much* larger city by any argument.
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