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Owning a home is a huge expense and you increasingly need a VERY good job in order to get one. However, with the way employers and business' keep trying to screw over and pay as little as possible it's difficult just getting a decent apartment and paying all the other bills.
Do you think home ownership for young people today and in the future is just a pipe dream for most?
It is not a pipe dream. Two-income millennials in the tech industry or who were in the tech industry but have cashed in their stock options, have a great deal more money at a much earlier age than we did.
They don't even start off in "starter homes."
Add to that the no-income but supported by mummy and daddy from China who buy their kids houses and no, I don't think certain groups of young people have it hard, at least not around here.
It is not a pipe dream. Two-income millennials in the tech industry or who were in the tech industry but have cashed in their stock options, have a great deal more money at a much earlier age than we did.
They don't even start off in "starter homes."
Add to that the no-income but supported by mummy and daddy from China who buy their kids houses and no, I don't think certain groups of young people have it hard, at least not around here.
This post is proof at how out of touch San Franciscans are with the rest of the country.
Tech millionaires and silver-spoon immigrant Chinese kids are far from the norm and probably make up less than 0.0001% of the population, but sure, because they exist, we can go ahead and generalize that it's not difficult for millennials.
It's not a pipe dream to own a home, but it's definitely harder than your generation had it.
According to the Case-Shiller index, even adjusted for inflation, houses are more expensive than they have ever been(even higher than the 2008 bubble).
Adjusted for inflation, they are well over twice the price of a house in 1990.
Also adjusted for inflation, average student loan debt is well over twice the amount it was in 1990.
Wages in real terms, have only increased around 7% since that year.
So yeah, the average millennial is going go to have a much more difficult time buying a house in 2018.
Tech millionaires and silver-spoon immigrant Chinese kids are far from the norm and probably make up less than 0.0001% of the population, but sure, because they exist, we can go ahead and generalize that it's not difficult for millennials.
They are not at all unusual in my market, the San Francisco Bay Area. Keep in mind that all real estate is local, and what is local to you is not what is local to me. We all compete with buyers who are specific to our areas.
Because we have to compete with these tech-rich millennials and Gen-X'er's who earn far more than we did in our younger years—even when indexed for inflation—and those who have major financial assistance from their parents, we cannot afford to move up to a larger, more amenity-filled home in the best areas of the San Francisco Bay Area or Silicon Valley, especially at this stage of our lives.
This new, younger generation of wealthy buyers have inflated the value of "move-up" homes so drastically here that one has to make a choice to either stay put in a modest home or sell our vastly inflated properties and move out of the area.
The problem with home ownership is taxes and upkeep and the unexpected.
We are retired and have home paid for,I was going to say own,you never own a home,the gov't owns it.If we lived in Fl they would be o'k,we lived there for over 25 years and no taxes.We had to move to Ct because of age.
Anyway our predicament is our daughter and son in law have chosen a dead end job,grocery store and have worked there over 20 years.The store is independent and cheap.
We could leave them the home and they could not afford it,they rent and have lived frugally but have very little left over.
It is only a 900 square ft home.Ct is a miserable state.
The problem with home ownership is taxes and upkeep and the unexpected.
We are retired and have home paid for,I was going to say own,you never own a home,the gov't owns it.If we lived in Fl they would be o'k,we lived there for over 25 years and no taxes.
Florida, like all states, to the best of my knowledge, has real estate property taxes.
Similar to California, there is a cap on property taxes, but Florida's cap is higher. The California cap is 2% per year, and I think Florida's cap is 3%.
Hmmm, seems we lost capitalbat when called out to back up what he said or when he contradicted himself.
I actually had some things to do the past two days and am without internet for a week. Aren’t I glad I woke up early and bored to come and respond to basic reading comprehension questions...
No, as I said in my post my friends are representative of a specific subset of Millenials and by no means represent them all. Because painting an entire generation with one brush is absurd.
Location: Formerly Pleasanton Ca, now in Marietta Ga
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Originally Posted by CapitalBat
I actually had some things to do the past two days and am without internet for a week. Aren’t I glad I woke up early and bored to come and respond to basic reading comprehension questions...
No, as I said in my post my friends are representative of a specific subset of Millenials and by no means represent them all. Because painting an entire generation with one brush is absurd.
Maybe help me out with my basic reading comprehension by learning to write with basic writing skills.
Location: Formerly Pleasanton Ca, now in Marietta Ga
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Reputation: 16698
Quote:
Originally Posted by CapitalBat
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 don’t cover that. We don’t 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 don’t 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 wouldn’t 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 that’s why you can’t go throwing around stereotypes like this. They’re nonsense. Most of my friends owe six figures in student loans because that’s what it costs to get a PhD.
So you are generalizing all millennials here but then saying your subset is different?
You did start your post off with "we"
Does we refer to your subset or all millennials? You said everyone here is out of touch, kind of a generalization in itself.
Florida, like all states, to the best of my knowledge, has real estate property taxes.
Similar to California, there is a cap on property taxes, but Florida's cap is higher. The California cap is 2% per year, and I think Florida's cap is 3%.
I believe Florida raised there homestead exemption.
As for taxes,we lived and benefitted with taxes over our 25 plus years.There certainly are real estate taxes.When we started our property taxes were minimal.
Fl has $50,000 homestead,we also qualified for Save Our Home Exemption 1 percent and pension below poverty level,they only consider annuity,nothing else for additional exemption.
No personal property tax also.
CT considers every penny you have along with Social Security when applying for exemption.Some counties will lein your property if you qualify.
CT does not care about retirees,like now raising property taxes 2 mills and increase in sewer fee.
They also tax your vehicle.
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