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Nothing surprising there. People always want to look at past performance to chart future expectations.
One thing that should factor into the conversation: Two-thirds of millennials save more than 5% of their earnings, which is a huge gap from preceding generations. It becomes even more interesting when you realize that 29% of millennials save more than 10% of their income.
How does this have bearing on this thread? The New York and San Francisco regions are extremely expensive places to live. Hey, if you're a software engineer or are getting your feet wet in arbitrage, that's one thing. But if you have a good degree, but not one that will fetch a monstrous starting salary, then you can look forward to serious hardship in those markets.
Agreed. I was born in 1986 and don't have many memories before the internet. My aunt subscribed to Prodigy's dial-up service in the early 1990s on a 386. We had an early cable modem sometime around 1999 or 2000. I grew up playing games like Age of Empires, Starcraft, and Quake on the internet as a teenager.
IMO, the next generation would start with people who don't have many memories of cell phones before the first iPhone.
Really? I was born in 1986 too but I do remember life before internet/cell phones. Of course my parents were never really technologically advanced, and we never had cable or the newest game consoles, etc. so that probably has something to do with it.
My first memories of the internet are in 6th and 7th Grade-1999-2000, also with the AOL free trials and AIM messenger. Before that I do actually remember my Dad using some type of internet connection to call our neighbors on the computer, maybe around 1995-I remember being wowed at that LOL.
My first cell phone was a Tracfone I bought myself (because again, parents not technologically advanced-my Dad still has never had a cellphone) when I was a Junior in High School in 2004.
There are many cities in the interior of the country that still have plenty of job opportunities with a fraction of the cost and hassle. If you're in a field where you can only live in a metro or two, that's on you.
Like I said, even with an entry level to mid level jobs and student loans, it is still easier for a 24 year old who is single (or at least not married) with no children to live in say New York City or San Francisco, or even go overseas, than a 34 year old who has a spouse and 2+ children to take care of.
A 24 year old can live with roommates, can make do with a studio or limited space, needs only 1 car if one is needed at all, and all expenses is his or hers. A 24 year old also doesn't have to worry about good schools or low crime. The 24 year old would likely spend less money and time on transportation as well considering they can live right in the city or on the fringe and not have to commute out from the suburbs.
A married 34 year old with 2 kids has 4 mouths to feed, needs good schools and safety, can't do with a studio and would probably like somewhat of a yard, will need likely 2 cars, would have a much longer commute, will have higher utility bills as the 2 kids aren't helping split the cost. They will also have higher insurance costs, and will have to spend much more on miscellaneous, such as food and groceries, doctor visits, family trips, clothes, home security, data, toys, pets, medicine, etc.
I think it's pretty petty to criticize a 24 year old for wanting to experience one of these cities after graduation while they can, rather than running to Nebraska. It's much harder to do these when you're older. And this is not something new with millennials. I'm sure 25 years ago, young people were dreaming big.
Some cities are great for young people and some are great for families. No one is shafting the interior, it's just not where many younger people to desire to be at least until it's family time and they've had their fun and worked their cool job.
^ Car ownership raises COL way up, but most people don't put that into the calculation. It's not uncommon for people to pay $400 per month to own and operate a car. In a place like NYC or SF, that goes to rent because a car may not be needed. It softens the economic drawbacks of being in a prime city quite a bit IMO.
It has bearing, because it's entitled, "Where Educated Millennials are Moving". If you can't see the correlation......oh, well.
Sorry. I was in a hurry and worded that badly. I mean the article pretty much doesn't surprise anyone who is paying attention. The people to whom I was addressing my remarks are the ones who are surprised that the trend regarding millennials is suddenly reversing.
Really? I was born in 1986 too but I do remember life before internet/cell phones. Of course my parents were never really technologically advanced, and we never had cable or the newest game consoles, etc. so that probably has something to do with it.
My first memories of the internet are in 6th and 7th Grade-1999-2000, also with the AOL free trials and AIM messenger. Before that I do actually remember my Dad using some type of internet connection to call our neighbors on the computer, maybe around 1995-I remember being wowed at that LOL.
My first cell phone was a Tracfone I bought myself (because again, parents not technologically advanced-my Dad still has never had a cellphone) when I was a Junior in High School in 2004.
We got our first computer in 1995 - I think right after Windows 95 came out. We had broadband in either 1999/2000 through the cable company. It was either 256k or 512k at the time. Some of the other more technical kids and myself held LAN parties all throughout high school and college. We were really quite fortunate to even have broadband capability being in a small town in east Tennessee. There are still many parts of neighboring southwest Virginia that don't have broadband or cell phone coverage.
I guess if you were to go back to our kindergarten/early elementary school years, it might not have been around.
Quote:
Originally Posted by AJNEOA
^ Car ownership raises COL way up, but most people don't put that into the calculation. It's not uncommon for people to pay $400 per month to own and operate a car. In a place like NYC or SF, that goes to rent because a car may not be needed. It softens the economic drawbacks of being in a prime city quite a bit IMO.
The numbers of metros where one can easily get by without a car can probably be counted on one hand. With the exception of Chicago, the rest are incredibly expensive. If you want to go to an area not serviced by public transit, you'd have to rent a car. What you can do is greatly restricted without a vehicle.
Like I said, even with an entry level to mid level jobs and student loans, it is still easier for a 24 year old who is single (or at least not married) with no children to live in say New York City or San Francisco, or even go overseas, than a 34 year old who has a spouse and 2+ children to take care of.
A 24 year old can live with roommates, can make do with a studio or limited space, needs only 1 car if one is needed at all, and all expenses is his or hers. A 24 year old also doesn't have to worry about good schools or low crime. The 24 year old would likely spend less money and time on transportation as well considering they can live right in the city or on the fringe and not have to commute out from the suburbs.
A married 34 year old with 2 kids has 4 mouths to feed, needs good schools and safety, can't do with a studio and would probably like somewhat of a yard, will need likely 2 cars, would have a much longer commute, will have higher utility bills as the 2 kids aren't helping split the cost. They will also have higher insurance costs, and will have to spend much more on miscellaneous, such as food and groceries, doctor visits, family trips, clothes, home security, data, toys, pets, medicine, etc.
I think it's pretty petty to criticize a 24 year old for wanting to experience one of these cities after graduation while they can, rather than running to Nebraska. It's much harder to do these when you're older. And this is not something new with millennials. I'm sure 25 years ago, young people were dreaming big.
Some cities are great for young people and some are great for families. No one is shafting the interior, it's just not where many younger people to desire to be at least until it's family time and they've had their fun and worked their cool job.
There are plenty of sensible compromises between the middle of nowhere and SF/NYC/LA etc.
I'm from the middle of nowhere in Tennessee, but lived for about three years in Indianapolis before moving back to TN last summer. Urban living in Indianapolis, Louisville, Columbus, etc., is still fun, and a whole lot cheaper than the prestigious coastal metros. You can find decent SFHs at around $150k within a reasonable walk (<1.5 mi or so) from most of the attractions in downtown Indy.
I made $60k when I left Indy. There is no way I could have afforded anywhere near the lifestyle I had in Boston, DC, SF, etc. Our company was based out of Boston, and the COL differential was only 30%. Going to $78k with the higher cost of living and MA taxes would have been stupid.
There are some people that just have to be in the most major cities, and they'll often make whatever sacrifices are necessary. If you're a top 5%-10% income earner in some sort of high flying field, you can probably easily afford to live there. What I don't get are people with seemingly average jobs living in NYC, SF, etc., and complaining about the hassle, when they could easily find a job in cheaper cities and have a much better lifestyle.
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