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Old 05-29-2018, 06:23 AM
 
Location: Williamsburg, VA
1,676 posts, read 764,808 times
Reputation: 3523

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Quote:
Originally Posted by SoulJourn View Post
It seems to me, and this is anecdotal, that many millennial are avoiding the following:

1. Far out suburbs or "exurbs" in favor of inner ring suburbs, or parts of the city where mass transit is available.

2. McMansions - no matter where they are built, and to a lesser degree, owning any large house that does not have rental income to defray or pay the mortgage.

3. Homes that require too much upkeep. This age group enjoys international travel.

4. If not urban living, then country living in a smaller dwelling where they can grow some, or most, of their own food.

5. Those who are buying, appear to be looking for small apartment houses, so that travel is a possibility.

My generation did the same when we were starting to entertain thoughts of home buying. At first we weren't going to buy a house at all. Who needs that! We wanted to travel, or live in a yurt. I can remember inheriting a dining room table and making a big deal about giving it away because "my generation will never want such things!" Now I not only have a table, I have a buffet too.


When we gave in to the idea that we might want to buy a house after all, we stepped into the next phase, which is where a lot of millennials are right now. We certainly didn't want that large house in the suburbs like our parents had. The only places we would consider would be in an urban area or maybe in a small dwelling in the country where we could grow vegetables.


Over time, we realized suburbs and large houses/yards have advantages, especially when you have kids. That nice houses in the city weren't affordable, and homes out in the country weren't close enough to things we used more than we thought we would when we were younger. We realized living on a street with crime issues isn't fun, even if the street has cool restaurants. That "charm" is often a code word for cramped, and we cared more about have a comfortable space inside a house rather than what architecture might be down the street. Good schools, safer traffic areas, neighborhood playgrounds, affordability become more important. That we really weren't taking the bus anymore because life got busy and we needed to drive everywhere. We got jobs that weren't near the small country town, but then we realized we could grow vegetables in the suburbs and still be able to get to work in the city in a reasonable time. Etc.


The same will happen to Millennials. And to the generation after them, too.

Last edited by Piney Creek; 05-29-2018 at 06:34 AM..
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Old 05-29-2018, 08:34 AM
 
98 posts, read 40,246 times
Reputation: 248
Quote:
Originally Posted by SoulJourn View Post
It seems to me, and this is anecdotal, that many millennial are avoiding the following:

1. Far out suburbs or "exurbs" in favor of inner ring suburbs, or parts of the city where mass transit is available.

2. McMansions - no matter where they are built, and to a lesser degree, owning any large house that does not have rental income to defray or pay the mortgage.

3. Homes that require too much upkeep. This age group enjoys international travel.

4. If not urban living, then country living in a smaller dwelling where they can grow some, or most, of their own food.

5. Those who are buying, appear to be looking for small apartment houses, so that travel is a possibility.

Student loans are over stated. None of my sons owed more than $25,000. We helped them and all but one, has their loans payed off.

This "student loan hysteria" is nothing more than Right Wing propaganda, designed to scare middle class and under class students away from a college education.

Do not fall for it! Choose colleges carefully. There are colleges and universities that award large grants to students with talent.
As a Millennial, but also anecdotally, this is completely incorrect.

We are paying hundreds of dollars a month in student loans. Sometimes more.

If we travel it is to the nearest city for a weekend away, no one has money for jet setting.

No one has money for houses needing major repairs - we were willing to buy a house that needed a lot of work but the first time buyer programs donít cover that. We donít have the cash to put into repairs.

We are buying our permanent homes - for most of us that means a house big enough to grow into with a family, in a place with a yard.

We are living where we are working. Period. If we can have a garden, all the better, but we donít want to spend our lives in the car commuting and that is the top priority.

I could go on and on but this forum is so woefully out of touch, there wouldnít be a point. And look, my peer group is all Millenials but we are one subset. We have a specific education level (very high) and socioeconomic class (middle to upper) and grew up in certain (coastal, urban) areas. Our experiences are not universal to everyone, but thatís why you canít go throwing around stereotypes like this. Theyíre nonsense. Most of my friends owe six figures in student loans because thatís what it costs to get a PhD.
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Old 05-29-2018, 08:39 AM
 
Location: North Beach, MD on the Chesapeake
32,106 posts, read 39,170,046 times
Reputation: 40515
Quote:
Originally Posted by CapitalBat View Post
As a Millennial, but also anecdotally, this is completely incorrect.

We are paying hundreds of dollars a month in student loans. Sometimes more.

If we travel it is to the nearest city for a weekend away, no one has money for jet setting.

No one has money for houses needing major repairs - we were willing to buy a house that needed a lot of work but the first time buyer programs donít cover that. We donít have the cash to put into repairs.

We are buying our permanent homes - for most of us that means a house big enough to grow into with a family, in a place with a yard.

We are living where we are working. Period. If we can have a garden, all the better, but we donít want to spend our lives in the car commuting and that is the top priority.

I could go on and on but this forum is so woefully out of touch, there wouldnít be a point. And look, my peer group is all Millenials but we are one subset. We have a specific education level (very high) and socioeconomic class (middle to upper) and grew up in certain (coastal, urban) areas. Our experiences are not universal to everyone, but thatís why you canít go throwing around stereotypes like this. Theyíre nonsense. Most of my friends owe six figures in student loans because thatís what it costs to get a PhD.
Not contradicting you necessarily for the bold but your mortgage broker may have steered you a bit off course. There are programs that factor in repair costs for first time homeowners, both my oldest daughter and oldest son used them.

The most common is the FHA 203K loan.

Something to consider if there's a next time.
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Old 05-29-2018, 08:47 AM
 
98 posts, read 40,246 times
Reputation: 248
We used a conventional loan, no way we wanted to complicate the process by using FHA. We wanted a second/“home improvement” loan for repairs and they said no way with the program we were using. And thanks lol but if I have any say in it there will never be a next time. Someone pulled up as I was changing the locks on the first day to ask if it was for sale and I almost cried from relief that no it is not it is ours. These markets are brutal.
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Old 05-29-2018, 09:08 AM
 
Location: Raleigh NC
7,754 posts, read 6,110,007 times
Reputation: 6882
Quote:
Originally Posted by CapitalBat View Post
Most of my friends owe six figures in student loans because thatís what it costs to get a PhD.
the problem I have with these student loans is - did getting that education just make you really smart & contribute brainpower to society, or did they undergo the debt knowing it led to a job making enough more they could pay the debt off in say 10 years?

allowing kids to get degrees at a high cost, with minimal change in earning power is just baffling to me.
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Old 05-29-2018, 09:12 AM
 
Location: Philadelphia, PA
903 posts, read 514,426 times
Reputation: 1342
Anything under $300k here in a (half) decent neighborhood is going to be an outdated fixer-upper and probably 1,000 square feet and under. Trying to buy a house or apartment here on the very expensive Northeast Corridor is a pipe-dream for many in my under 30 cohort.
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Old 05-29-2018, 09:15 AM
 
98 posts, read 40,246 times
Reputation: 248
Quote:
Originally Posted by BoBromhal View Post
the problem I have with these student loans is - did getting that education just make you really smart & contribute brainpower to society, or did they undergo the debt knowing it led to a job making enough more they could pay the debt off in say 10 years?

allowing kids to get degrees at a high cost, with minimal change in earning power is just baffling to me.
Not sure I understand what your problem with the loans is exactly. And yeah, theyíre adding great things to society. But regardless, whether you went into debt getting a bachelors in engineering or a PhD in underwater archeology, we pursued that education because our parents and teachers and employers told us we had to. It was the only way to be competitive. ďA college degree is the new high school diploma, if you want to stand out you need at least a masters.Ē How dare we follow the rules and play along with the game set up by previous generations...
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Old 05-29-2018, 11:59 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
4,110 posts, read 3,402,459 times
Reputation: 5633
Quote:
Originally Posted by CapitalBat View Post
Not sure I understand what your problem with the loans is exactly. And yeah, theyíre adding great things to society. But regardless, whether you went into debt getting a bachelors in engineering or a PhD in underwater archeology, we pursued that education because our parents and teachers and employers told us we had to. It was the only way to be competitive. ďA college degree is the new high school diploma, if you want to stand out you need at least a masters.Ē How dare we follow the rules and play along with the game set up by previous generations...
Wait, you say your generation went into great debt getting phds. That would imply that they are intelligent. With all the hype about student debt, why didn't they figure out somewhere what kind of financial situation they would be in?
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Old 05-29-2018, 12:14 PM
 
98 posts, read 40,246 times
Reputation: 248
Quote:
Originally Posted by aslowdodge View Post
Wait, you say your generation went into great debt getting phds. That would imply that they are intelligent. With all the hype about student debt, why didn't they figure out somewhere what kind of financial situation they would be in?
I did not say my generation went into debt getting PhDs. Try reading it again.
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Old 05-29-2018, 01:03 PM
 
126 posts, read 41,208 times
Reputation: 299
Millennials and their student loans...what a scam and a shame. They all thought the “government “ would devise a plan to forgive them. Borrowing money for college is imbecilic in most cases.
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