Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I know it SEEMS like Millennials aren't buying homes, but at the same time a large number of metro areas are seeing homes flying off the shelves, and the realtors say the majority of buyers are Millennials. Don't know how they afford it, but looks like a good number are finding ways
I'm very amused by the comments about Baby Boomers when we were young. Yup, same thing happened with my generation. Everyone I knew swore we were going to be a different generation. We were proud of it, our parents asked each other if our entire generation was making a mistake. We were certain we weren't going to tie ourselves down with marriages or children and we couldn't afford to buy houses even if we wanted such a bourgeois thing. (Yes, prices were out of reach even back then. Houses may have been a lot less but they still seemed overpriced. I made $2.65/hour, how could I possibly save enough to buy one?) We were going to live in yurts and spend our lives traveling from city to city having adventures.
I remember reading James Michener's "The Drifters" and thinking that if even a corny, mainstream author that my parents read was writing books saluting the 60's generation for not buying homes or settling down, then it must be true.
And then we hit our 30s and ended up buying houses and raising families anyway.
I know it SEEMS like Millennials aren't buying homes, but at the same time a large number of metro areas are seeing homes flying off the shelves, and the realtors say the majority of buyers are Millennials. Don't know how they afford it, but looks like a good number are finding ways
I'm very amused by the comments about Baby Boomers when we were young. Yup, same thing happened with my generation. Everyone I knew swore we were going to be a different generation. We were proud of it, our parents asked each other if our entire generation was making a mistake. We were certain we weren't going to tie ourselves down with marriages or children and we couldn't afford to buy houses even if we wanted such a bourgeois thing. (Yes, prices were out of reach even back then. Houses may have been a lot less but they still seemed overpriced. I made $2.65/hour, how could I possibly save enough to buy one?) We were going to live in yurts and spend our lives traveling from city to city having adventures.
I remember reading James Michener's "The Drifters" and thinking that if even a corny, mainstream author that my parents read was writing books saluting the 60's generation for not buying homes or settling down, then it must be true.
And then we hit our 30s and ended up buying houses and raising families anyway.
"Maybe I'll be there to shake your hand, maybe I'll be there to share the land that they'll be givin away, when we all live together!"
I know it SEEMS like Millennials aren't buying homes, but at the same time a large number of metro areas are seeing homes flying off the shelves, and the realtors say the majority of buyers are Millennials. Don't know how they afford it, but looks like a good number are finding ways
I'm very amused by the comments about Baby Boomers when we were young. Yup, same thing happened with my generation. Everyone I knew swore we were going to be a different generation. We were proud of it, our parents asked each other if our entire generation was making a mistake. We were certain we weren't going to tie ourselves down with marriages or children and we couldn't afford to buy houses even if we wanted such a bourgeois thing. (Yes, prices were out of reach even back then. Houses may have been a lot less but they still seemed overpriced. I made $2.65/hour, how could I possibly save enough to buy one?) We were going to live in yurts and spend our lives traveling from city to city having adventures.
I remember reading James Michener's "The Drifters" and thinking that if even a corny, mainstream author that my parents read was writing books saluting the 60's generation for not buying homes or settling down, then it must be true.
And then we hit our 30s and ended up buying houses and raising families anyway.
There will always be affluent people of every generation plopping down buku bucks for prime real estate, that does not mean that millenials as a whole are buying homes in droves.
Major metro city centers are annomolies and attract the super rich millenials who have the money to live right in the back bay of Boston or in manhatten. I would not not doubt that those properties fly off the market as soon as they hit from other filthy rich people. That in no way means that "millenials" are buying homes.
There will always be affluent people of every generation plopping down buku bucks for prime real estate, that does not mean that millenials as a whole are buying homes in droves.
Major metro city centers are annomolies and attract the super rich millenials who have the money to live right in the back bay of Boston or in manhatten. I would not not doubt that those properties fly off the market as soon as they hit from other filthy rich people. That in no way means that "millenials" are buying homes.
...and in Cleveland and Pittsburgh you can buy a decent house for $5000 down and $500 a month principal and interest. Millennials really are buying them - it's cheaper than rent. And I presume you meant "beaucoup".
...and in Cleveland and Pittsburgh you can buy a decent house for $5000 down and $500 a month principal and interest. Millennials really are buying them - it's cheaper than rent. And I presume you meant "beaucoup".
I suppose, thats the other end of the spectrum. Most places I know of are 300-400k for a normal single family home thats not crappy (minnasota, north idaho, north west wyoming, most of washington, oregon, northern cali, colorado etc.
Major metro city centers are annomolies and attract the super rich millenials who have the money to live right in the back bay of Boston or in manhatten. I would not not doubt that those properties fly off the market as soon as they hit from other filthy rich people. That in no way means that "millenials" are buying homes.
Perhaps. But even if the majority of Millennials aren't buying houses yet, enough have now started to do so that they're having a significant impact on the market. It's not just NY or Boston. The four markets we're watching closely are Pittsburgh, Memphis, the outer fringe suburbs of Nova, and the Hampton Roads area. Maybe it's just one segment of Millennials who are snapping up houses left and right, but they're Millennials nevertheless. And as more hit their 30s, the number buying homes is rapidly increasing. That's why realtors now focus their marketing on that age group (and why so many interiors are now being painted grey, LOL).
Perhaps. But even if the majority of Millennials aren't buying houses yet, enough have now started to do so that they're having a significant impact on the market. It's not just NY or Boston. The four markets we're watching closely are Pittsburgh, Memphis, the outer fringe suburbs of Nova, and the Hampton Roads area. Maybe it's just one segment of Millennials who are snapping up houses left and right, but they're Millennials nevertheless. And as more hit their 30s, the number buying homes is rapidly increasing. That's why realtors now focus their marketing on that age group (and why so many interiors are now being painted grey, LOL).
I guess at this point in time its going to be important to start breaking millenials into sub groups. Someone who is 36 is not going to be in the same boat as someone who is 25. What I thought was the over arching theme in regards to "millenials" and home buying was that the fiscal state of our society was such that younger people are having to push off adult hood for as long as a decade due to the hyper inflated costs of everything. So maybe it is more intellectually honest to refer to an age range rather than "millenials".
It is also important to look at what kind of loans they are using to secure these homes and what their debt to imcome is, are they getting in by the skin of their teeth on a duel income or do they have 20-30% down and their mortgage is a nusance payment.
There are a lot of factors involved and with the proliferation of the 400-1200$ student loan payments and average wages that are through the floor we have to be honest about all factors and truncate the filthy rich because they will always be there buying things and maybe you cater to that segment of the housing market, I don't know.
Perhaps. But even if the majority of Millennials aren't buying houses yet, enough have now started to do so that they're having a significant impact on the market. It's not just NY or Boston. The four markets we're watching closely are Pittsburgh, Memphis, the outer fringe suburbs of Nova, and the Hampton Roads area. Maybe it's just one segment of Millennials who are snapping up houses left and right, but they're Millennials nevertheless. And as more hit their 30s, the number buying homes is rapidly increasing. That's why realtors now focus their marketing on that age group (and why so many interiors are now being painted grey, LOL).
Barring yet another unforeseen shock, I think the next few years are going to be critically important for long-term Millennial home ownership.
Keep in mind that not only did the job market suck for several years, but many Millennials did not graduate at 22 either. I was born in 1986 and didn't graduate until 2010, so I was 24 when I got out of college, then I was stuck in entry level, dead end jobs until early 2014 when I was almost 28. I'll be 31 Saturday, and really have just three years of true professional level experience. At 30 turning 31, I'm honestly where I thought I'd be at 25 turning 26.
With any luck, I'll be buying my first house within the next calendar year.
The crudy thing is you still have property taxes, utilities and insurance. That can stack up to $1,000 a month in my area and those are charges you can never escape. You can try doing something like solar panels or something but just taxes and insurance will still be like 500-600, that's pretty steep for being debt "free".
And with the proliferation of HOAs, you may also be paying an additional $200/month or more in addition to your PITI. And like property taxes, a HOA fee will usually increase over time. Unfortunately, it's getting harder and harder to find non-HOA homes and that extra couple of hundred or more added to the PITI can push a potential buyer out of the home ownership market.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
