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Old 06-02-2018, 04:11 PM
 
Location: southern california
55,237 posts, read 72,415,357 times
Reputation: 47455

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Home ownership implies scrimping, saving, deferred gratification and a steady stream of stable employment without any debt —especially student loans and divorce
Know anybody like that under 50?
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Old 06-02-2018, 06:08 PM
 
1,037 posts, read 754,714 times
Reputation: 1646
Quote:
Originally Posted by Huckleberry3911948 View Post
Home ownership implies scrimping, saving, deferred gratification and a steady stream of stable employment without any debt —especially student loans and divorce
Know anybody like that under 50?
Get off your high horse.

I'm a millennial, have steady employment with no debt aside from my mortgage, married once, and have bought 3 homes. I also do not come from money. Mommy and daddy didn't pay for anything in my life.

Plenty of my friends in their 30s have similar stories.

Millennials are a bit different than the live-in-excess, SUV-loving, McMansion-obsessed generation and to infer that the reason many are having a hard time is due to not saving or scrimping is ignorant.
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Old 06-02-2018, 06:59 PM
 
Location: Raleigh NC
7,758 posts, read 6,119,124 times
Reputation: 6883
generational warfare here on CD, and the OP hasn't been back since the initial rant starting the topic.
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Old 06-02-2018, 07:12 PM
 
Location: Houston
1,025 posts, read 346,773 times
Reputation: 913
Quote:
Originally Posted by Rocko20 View Post
No, the American Dream is home ownership. 9 out of 10 startup businesses fail, hardly anyone’s dream.



Living paycheck to paycheck is often due to Americans over extending themselves on debt. They have no one to blame but themselves or they major they studied in college.
???? Not really. If they were working and contributing the traditional 25-30% income to rent/mortgage/taxes while their wages have not increased, it seems unfair that these ppl are economically forced to leave their neighborhoods.
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Old 06-02-2018, 07:36 PM
 
Location: Honolulu, HI
4,579 posts, read 1,141,729 times
Reputation: 6538
Quote:
Originally Posted by Hopelesscause View Post
???? Not really. If they were working and contributing the traditional 25-30% income to rent/mortgage/taxes while their wages have not increased, it seems unfair that these ppl are economically forced to leave their neighborhoods.
Welcome to the real world.

Whoever said life was fair lied to you. Life becomes unfair the day you leave the womb.
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Old 06-02-2018, 08:41 PM
 
Location: southern california
55,237 posts, read 72,415,357 times
Reputation: 47455
Quote:
Originally Posted by Lockdev View Post
Get off your high horse.

I'm a millennial, have steady employment with no debt aside from my mortgage, married once, and have bought 3 homes. I also do not come from money. Mommy and daddy didn't pay for anything in my life.

Plenty of my friends in their 30s have similar stories.

Millennials are a bit different than the live-in-excess, SUV-loving, McMansion-obsessed generation and to infer that the reason many are having a hard time is due to not saving or scrimping is ignorant.
I brought an extra one for you
https://www.dropbox.com/s/256gxbjmx7..._3165.JPG?dl=0
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Old 06-02-2018, 11:58 PM
 
Location: Los Angeles (Native)
24,169 posts, read 13,685,578 times
Reputation: 11371
Like some others mentioned in some places it’s about the same or even cheaper to buy versus rent .
Some markets are very unaffordable for most people like L.A or NYC for example .

There are a ton of incentives to buy a home . You can buy a home with an FHA loan for 3.5% down , there are sometimes grants that will help people even with a down payment . The government lets you write off the interest .

Despite what we kept hearing that “millennials are different “ and that they aren’t buying homes or having kids .

They are buying homes and having kids .

It was the financial crisis /Great recession which set millennials back but the economy is stronger now .


https://www.bloomberg.com/view/artic...o-buying-homes
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Old 06-03-2018, 09:22 PM
 
Location: Bellevue WA
30 posts, read 14,339 times
Reputation: 56
It has been getting harder but it is achievable depending on the area. In some locations buying is cheaper than renting at the start. My house was more expensive at the start but after ten years it costs double my mortgage to rent my place. So glad I was able to buy when I did. If I hadn't bought I'd have to move. Maybe to the Midwest where it's still cheaper to buy.

Back in the 50s my single grandmother with three kids was able to purchase a small house on a cook's salary. Now that house is valued at 500k. Not affordable on a cook's salary.

Once the boomers downsize it should free up inventory. I've been hearing this for years but it hasn't happened yet.
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Old 06-03-2018, 10:56 PM
 
385 posts, read 115,734 times
Reputation: 626
Quote:
Originally Posted by bellamushy View Post
It has been getting harder but it is achievable depending on the area. In some locations buying is cheaper than renting at the start. My house was more expensive at the start but after ten years it costs double my mortgage to rent my place. So glad I was able to buy when I did. If I hadn't bought I'd have to move. Maybe to the Midwest where it's still cheaper to buy.

Back in the 50s my single grandmother with three kids was able to purchase a small house on a cook's salary. Now that house is valued at 500k. Not affordable on a cook's salary.

Once the boomers downsize it should free up inventory. I've been hearing this for years but it hasn't happened yet.

jokes on us, really dont think a lot of them are going to downsize to be honest.
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Old 06-04-2018, 11:06 AM
 
Location: Tennessee
20,958 posts, read 15,285,903 times
Reputation: 23737
Quote:
Originally Posted by bellamushy View Post
It has been getting harder but it is achievable depending on the area. In some locations buying is cheaper than renting at the start. My house was more expensive at the start but after ten years it costs double my mortgage to rent my place. So glad I was able to buy when I did. If I hadn't bought I'd have to move. Maybe to the Midwest where it's still cheaper to buy.

Back in the 50s my single grandmother with three kids was able to purchase a small house on a cook's salary. Now that house is valued at 500k. Not affordable on a cook's salary.

Once the boomers downsize it should free up inventory. I've been hearing this for years but it hasn't happened yet.
There are a lot of factors constraining inventory. Lack of buildable land. Government regulations/NIMBYism. Logistical issues in the trucking industry. Availability of workers.
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