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Yes, house prices are dramatically going up everywhere, even in states and cities where people don't want to move to.
When we bought our first house in 93 we saw a few then went with new construction and painted our way in. Our down payment was 3%. We're helping our daughter get her first home right now. We've bid on 4 homes and lost them all but got the 5th one. We are putting 20% down plus we are having to cover the difference between the offering price and they appraisal. A couple needs nearly 100,000 to get a home right now.
So did I but my rent was $305 a month and I could afford it with a $7/ hr job. The same apartment now rents for $1200 but wages haven’t gone up proportionally. My college tuition was $5,000 a year - now it’s five times that.
Young people aren’t living in the same world we lived in.
Or move to a different world where nice 3 bedroom houses with double garage rent for $1200. Imagine what 1 bedroom apartments go for. As one of my favorite sayings goes, "Life is how you make it."
You had a problem with record low poverty rate for minorities in America?
What does that have to do with much of the economy being shut down in 2020 the year I brought up, not 2019. I couldn't get a haircut for at least 6 weeks.
What does that have to do with much of the economy being shut down in 2020 the year I brought up, not 2019. I couldn't get a haircut for at least 6 weeks.
You are an adult, and cannot manage to cut your own hair?
The economy was not shut down. Democrats simply acted like control freaks and got in the way of it.
Even Millennials who work and achieve have trouble succeeding due to a runaway housing market, particularly in areas with high concentrations of jobs.
My 1 bedroom apartment over an hour from Boston in a previously working class suburb is $1800 a month (though heat is included and that includes extra for parking). How do you save a downpayment for a house when average 1 bedroom apartment costs are higher than 50% of an average salary? And when a starter home costs $350,000+, that's even more daunting. I thought I would be ready to buy this spring (as someone with an MS, no student debt, a salary well above my town's average income, and 20% down with a mortgage 3x my income) but all that's in my budget are 1 bedroom apartments that are meant as rental properties. 2 bedroom condos that in buildings I looked at in the fall are up $40-50K in less than 6 months, and you better come in with a cash offer or bid way above asking to have a chance.
Several peers (early 30s) who are buying now were able to pay off student loans and/or save for a downpayment by living with their parents for reduced rent for a decade. Rather than building a landlord's wealth, they chose to help their parents. In my social circle, far more people who live at home are professionals than slackers.
The past two decades have seen housing and education costs rise much faster than salaries. Of course people are staying at home and having to wait to be able to afford milestones that their parents hit a decade earlier than they are now. I know that's true for me - and my parents had far less education or career success!
This isn't a recent thing, and isn't a "Biden" problem.
This has been going on for the last 20+ years, kids who won't take flight. Or they go to college, but come back home, either to stay or because it was cheaper than paying their own way. Some, to save for a house, and they brought their partners with them for free rent for several years before launching.
Back in my day, I graduated college in the early 1980's, I lived in a condemned duplex instead of moving back into my parents house. Not that they were abusive, but just there were so many RULES, and in their house I was a child, and hello, I'd rather live in a condemned building than go back to that.
My generation didn't hang out with our parents. It was too uncomfortable. If you could escape your parent's company, you did, if even to escape to another part of the house or to the yard or a tiny garage apartment.
As parents, my generation wasn't so difficult to live with for our children as my parents were. So, those who needed to save money felt comfortable returning to a large house with several empty bedrooms while they saved up to buy better housing than a condemned duplex recently.
My parents are around your age and both they and their siblings lived at home until they could afford to buy a house. My parents even lived with my grandmother for a few years after they got married. They come from two very different cultures and that was still very common among their peers.
The only difference with your generation is they tended to get married earlier.
We live in a community where affordable housing is non-existent. It is tough for young people It isn't unusual to have kids live with parents to save up some cash.
I think that's happening more and more.
Also, having had one of my sons come 'home' to live with us for awhile -- we had a blast. We enjoy our adult children. They are fun to hang out with.
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