Atlanta millennials want to buy a house, just can’t afford to, survey says (loan, college)

[Gulch]

Originally Posted by jsvh

Boomers don't even want their giant McMansions any more and neither do Millennials.

Boomers, Millennials, and the McMansions No One Wants | realtor.com®




This is exactly why we need to legalize more dense / walk-able housing options in both the city and suburbs. It is where most everyone it looking to live and in short supply.

I think ringwise meant their "dream house" in general. In town that would likely mean a 4/3 in Midtown or Va-Hi, which are definitely not starter homes.

[bhammaster]

Originally Posted by ringwise

Buying a home today is not much different than the past. When you are starting out, you have little money. So you either budget to save enough for a down payment, work another job to save for a down payment, take on a larger loan, or buy a much cheaper starter home. Why do you think this generation shouldn't go that route? Just because they've been raised to believe that they can have everything they desire? Unrealistic.

30 years ago I bought my first house. Three years into my ex's first job out of college, and my going to a trade school while working part time as a waitress. We both had student loans (I dropped out of college after 3 years and switched to a trade school), and very low incomes. We had one car (in southern CA, where you needed a car to get anywhere, but we made it work. Meant there was a lot of waiting around for the other person to get off work, but you did what you had to do). We saved for 2 years, on a strict budget, to afford a small starter home. No going out EVER, meals planned out on a schedule, strict grocery budget, living in a not-so-great area to pay less rent. It's what you do when you are starting out and want a house.

How did you manage to ignore all the data pointing out that Lower comparative prices, less debt, lower education costs, a higher real minimum wage, etc made buying a home comparatively easier for boomers 30 years ago compared to now?

Why don't boomers understand that no matter how hard they think they had it getting their first home millennials are not starting off at equal footing statistically due to the factors mentioned above?

[AUGnative]

I want a Mercedes.. but I can afford a VW... so I drive a VW

[Gulch]

Originally Posted by bhammaster

How did you manage to ignore all the data pointing out that Lower comparative prices, less debt, lower education costs, a higher real minimum wage, etc made buying a home comparatively easier for boomers 30 years ago compared to now?

Why don't boomers understand that no matter how hard they think they had it getting their first home millennials are not starting off at equal footing statistically due to the factors mentioned above?

At least today's borrowers aren't dealing with rates of 10.6% like they were in June of 1987.

[st3mpy]

...Which means relative purchases prices were lower, so required down payments were lower. Paying the mortgage is the easy part. It's getting the down payment that is hard.

[jhtrico1850]

Originally Posted by AUGnative

I want a Mercedes.. but I can afford a VW... so I drive a VW

That's cool, but people shouldn't settle for bad schools or bad safety to have a good commute.

https://atlanta.curbed.com/2017/6/28...n-homes-condos

Once a bastion of relatively cheap housing, ATL ranks 23rd among major cities for homeowners age 35 and under

There is a supply crisis in Atlanta.

[arjay57]

Originally Posted by jhtrico1850

That's cool, but people shouldn't settle for bad schools or bad safety to have a good commute.

https://atlanta.curbed.com/2017/6/28...n-homes-condos

There is a supply crisis in Atlanta.

There's plenty of supply in Atlanta. What we need is for young folks to move in and tackle school and safety issues like previous generations did in areas like Inman Park, Poncey-Highland, Midtown, O4W, Grant Park, Kirkwood, Bolton, etc.

[bhammaster]

Originally Posted by Gulch

At least today's borrowers aren't dealing with rates of 10.6% like they were in June of 1987.

Lol, that is supposed to make up for all of the above? That doesn't even cover the increase in home prices

How much housing prices have risen since 1940

[st3mpy]

Originally Posted by arjay57

There's plenty of supply in Atlanta. What we need is for young folks to move in and tackle school and safety issues like previous generations did in areas like Inman Park, Poncey-Highland, Midtown, O4W, Grant Park, Kirkwood, Bolton, etc.

The low hanging fruit was picked first. The East Side has been better off than the West Side for a long time.

[Gulch]

Originally Posted by bhammaster

Lol, that is supposed to make up for all of the above? That doesn't even cover the increase in home prices

How much housing prices have risen since 1940

I never said it did, just that interest rates are much, much lower than they were 30+ years ago.