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Most Millenials I know make good money in my area of Washington D.C.. As long as unemployment remains low I think there is opportunity for people to achieve the american dream of home ownership. I think Millennials might define that dream differently than us old timers though and might delay that house a bit. When I graduated college my first job didn't pay much compared to a lot of my friends, but there was always opportunity for me to advance. I wish I could throw some stats at you but I think I just adapted to what the area had to offer me. There was and still is a ton of opportunity in tech and government. I just had to follow the money. It's not always easy but you can adapt to the market.
I don't know how folks are going to keep buying homes.
I bought in 2019, not at the top of my budget. I live in a small city with a historically depressed economy, low wages, and historically low housing prices. I make nearly six figures in a low COL, no income tax state.
My property has appreciated 50% since I bought it. I did get a promotion shortly after I bought the house, but my wages have not kept up with inflation since mid-2020 or so. Meanwhile, I'd be paying between 2.5%-3% more on the interest rate, if I bought today, on a house that's gone up about 50% in three years.
I don't know how folks are going to keep buying homes.
I bought in 2019, not at the top of my budget. I live in a small city with a historically depressed economy, low wages, and historically low housing prices. I make nearly six figures in a low COL, no income tax state.
My property has appreciated 50% since I bought it. I did get a promotion shortly after I bought the house, but my wages have not kept up with inflation since mid-2020 or so. Meanwhile, I'd be paying between 2.5%-3% more on the interest rate, if I bought today, on a house that's gone up about 50% in three years.
In what world is this sustainable?
Look at the bright side.
Higher housing prices will keep the dregs of society from moving into your neighborhood.
Higher housing prices will keep the dregs of society from moving into your neighborhood.
I'm halfway between a city park that is bigger than NYC's Central Park on one side, and a trailer park on the other side of the townhome complex.
The bottom line is that there's no reason for this price appreciation. It's not like there's been a massive change in the local area in the last few days.
Yes, there was some out of area/telecommuter/retiree interest, but no one is beating down the doors to get to small town Tennessee.
Millennials aren’t buying houses and are fed up with the housing market nonsense. They are also fed up with the moving goal post of the American dream and are looking to retire outside the country so they can live comfortably. Also opting out of having kids. I believe America is going to look a lot differently in the future. Thoughts?
They have to live somewhere. If they aren't buying they're renting. Stupid is what stupid does.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by Bullandram1
Millennials aren’t buying houses and are fed up with the housing market nonsense. They are also fed up with the moving goal post of the American dream and are looking to retire outside the country so they can live comfortably. Also opting out of having kids. I believe America is going to look a lot differently in the future. Thoughts?
I just read an interesting article and it made me remember this thread. We know how the current prices in places like Seattle, and now Boise and even Texas have been driven up by people moving there from California. The same is going to happen with people moving to other countries, and that may have already started. By the time the current millennials retire those "cheap countries" may no longer be so cheap, or may have banned immigrants buying property.
Portugal not only allowed foreign buyers, but encouraged it with their "Golden Visa." It's been a popular vacation spot for the British, for a long time, like Spain. There were tax incentives, and it's upset the locals, who are getting priced out.
Millennials aren’t buying houses and are fed up with the housing market nonsense. They are also fed up with the moving goal post of the American dream and are looking to retire outside the country so they can live comfortably. Also opting out of having kids. I believe America is going to look a lot differently in the future. Thoughts?
Are there links supporting any of your assertions (that millenials aren't buying houses, aren't having kids, or are looking to retire abroad)?
Seems to me as though millenials haven't exactly invented certain lifestyles, or at least aren't pursuing them any more than those lifestyles have been pursued before. I'm a younger female boomer (born 4-5 years before the start of Gen X) who retired at 60, never had a house or kids, but continue to live in a condo I have owned for 22.5 years. I do plan to move (or rather get moved by extended family) abroad if I ever need a nursing home (am in good health now, my 87-year old parents are still fairly active, one side of family has been very long-lived). The only reason that could drive me out of the US earlier is the increasing unsafety of certain US cities where I live or spend a lot of time, associated with increasingly extreme and divisive political trends. I wouldn't want to spend my final years amid social unrest and uncontrollable street violence.
Millennials aren’t buying houses and are fed up with the housing market nonsense. They are also fed up with the moving goal post of the American dream and are looking to retire outside the country so they can live comfortably. Also opting out of having kids. I believe America is going to look a lot differently in the future. Thoughts?
Quote:
Originally Posted by Hemlock140
I just read an interesting article and it made me remember this thread. We know how the current prices in places like Seattle, and now Boise and even Texas have been driven up by people moving there from California. The same is going to happen with people moving to other countries, and that may have already started. By the time the current millennials retire those "cheap countries" may no longer be so cheap, or may have banned immigrants buying property.
Portugal not only allowed foreign buyers, but encouraged it with their "Golden Visa." It's been a popular vacation spot for the British, for a long time, like Spain. There were tax incentives, and it's upset the locals, who are getting priced out.
That's right, things change tremendously (and sometimes suddenly) over time, so best not to make long-term residential/ownership plans or commitments based exclusively or primarily on what seems cheap.
The reality is housing can not stay at these levels with these interest rates. There simply wont be any demand regardless of the supply.
I bought in 2015 with 10% down ($40k) PMI was eliminated the following year and the home all in with taxes and insurance costs me $2,500 a month. To buy my house today with 10% down I'd have to come up with $65k and the monthly payment would be around $4,600.
People got caught up in the buying frenzy. It has to come back down to earth.
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