Homeownership in Dallas area falls as millennials balk at buying (Fort Worth: apartments, leasing)

[keribeth818]

There are lots of factors. The younger set are hindered by ridiculous student loan payments and competition for decent paying jobs. Many of the older ones are doing ok financially but lived through the last recession and learned their lessons. This generation watched their parents get laid off at the age of 50+ and struggle to find new jobs, fall behind on house payments at best, lose their homes and ruin their finances at worst, and watched their retirement savings cut in half. This taught us that corporate loyalty is a one way street and the idea of a career employee is a joke. Keep your skills sharp, your resume ready, and be prepared to move on. A mortgage does not fit with this mentality. Purchasing a home is a huge financial risk/burden. There's really no need to buy a home until you have school-aged children. As pointed out before, they are waiting longer to have kids, further delaying the need to purchase a home.

[SandyJet]

Originally Posted by unknown00

I disagree. All of my friends that I graduated with, along with family friends, along with my brother's friends graduating this month 2015, have a starting salary age 21/22 of around 70k

As a millennial myself (I guess people would consider me that), the average gross salary of most people I know reach 100k+ by age 30 easily, emphasis on easily

starting salary of MBAs from good schools is at 95K right now. With bonus you have couples who are like 27 and 30 in many cities pulling down 300k.

[SandyJet]

Originally Posted by stargirl007

As I mentioned in a previous post, I really think that this is dependent on industry. What exactly are these guys doing? Is this with undergraduate degree only, or do they have their masters? I'd venture to say it's more likely they could be in accounting with CPA, engineering, computer sci, etc. that are bringing in those type of salaries immediately upon graduation, which are certainly and likely the minority in terms of how many people go to college for those degrees. Those skills are also very in demand.

Prospects and salaries change dramatically when you consider what exactly the employee is doing. Someone with a masters in accounting with a CPA is going to have a vastly different starting salary than say someone that graduated with an arts degree and working as a teacher.

The millennial calculator is interesting. My $120K/year income is definitely more so than the 1%.

To put 120K in perspective. Social Security at work your paycheck has a deduction for it for around the first 120K.

The employee pays around 6 percent and the employer around 6 percent.

I was on a Goldman Sachs earning call and someone question the high cost of SS in January but no other month.

The response was the vast majority of Goldman Employees earn over 120K by the end of January so no need to withold the rest of the year.

Your 120K Annual salary at Goldman it is very common for that to be a monthly salary. When I used to do accounting at big Investment Banks and saw paychecks I used to see 50K biweekly paychecks a lot. I always find it amazing the guy with the 50K biweekly paycheck drank the cheap free coffee and his young staff making 100K would go to starbucks.

[Aceraceae]

Originally Posted by SandyJet

starting salary of MBAs from good schools is at 95K right now. With bonus you have couples who are like 27 and 30 in many cities pulling down 300k.

While true, this not remotely an average situation.

[dallas89]

If we're talking AVERAGES, the average would most likely be below $60k. All these people earning in the 100's are merely statistical outliers

[bencronin04]

Originally Posted by Aceraceae

While true, this not remotely an average situation.

That is the main point people are missing. MBA(not average) form a good school(again not average). Hell the "average" person does not even hold a degree as only 2 in 5 are receiving them.

[Pagusas]

Reading these thread post makes me feel pretty terrible, I have my bachelors, have worked pretty hard on my career (Multimedia & Technology Specialist) and make 65k a year plus some bonuses, I'm 29, until reading this I thought I was doing pretty well. My wife and I together pull in above 100k a year and we were super excited by that fact. The thought of hitting 100k by 30 as being easy is a bit baffling to me, though I'm trying (via freelance income and such, but thats hardly stable)

I bought my first house at 23, just a simple 1960's bi-level in central Illinois. It was a nice little house that I enjoyed working on. Once I got married 2 years ago we determined we hated Illinois and moved, selling it (made a few thousands off it, but nothing major) and came to Dallas. Took a year looking around and living in an apt, but we always knew we'd be back in a house as soon as possible. It just didn't feel right renting the place we lived in.

[keribeth818]

120k monthly? For the majority? You are out of your mind. I know plenty of folks at investment firms, lots out of top B schools and NONE come anywhere near this, especially at the ages we are talking about here. Even the best compensated make 300-400/yr, including bonuses. Most are making well below 200/yr. They are also expected to work 80+ hrs/wk. Those are the MBA grads. The folks right out of undergrad work like dogs for less than 100k. This would be in the financial hub cities on the coast. I cant imagine the salaries would be better in Dallas. I'll take my 40 hr/wk straight pay job for the same $/hr and have a life thank you very much.

[bencronin04]

Originally Posted by Pagusas

Reading these thread post makes me feel pretty terrible, I have my bachelors, have worked pretty hard on my career (Multimedia & Technology Specialist) and make 65k a year plus some bonuses, I'm 29, until reading this I thought I was doing pretty well. My wife and I together pull in above 100k a year and we were super excited by that fact. The thought of hitting 100k by 30 as being easy is a bit baffling to me, though I'm trying (via freelance income and such, but thats hardly stable)

I bought my first house at 23, just a simple 1960's bi-level in central Illinois. It was a nice little house that I enjoyed working on. Once I got married 2 years ago we determined we hated Illinois and moved, selling it (made a few thousands off it, but nothing major) and came to Dallas. Took a year looking around and living in an apt, but we always knew we'd be back in a house as soon as possible. It just didn't feel right renting the place we lived in.

Don't, you're doing just fine. That poster was either full of it or is in a very select group.

[stan4]

Whether or not they prefer to is irrelevant if they simply can't afford it.