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Old 06-11-2017, 04:30 AM
 
Location: Grosse Ile Michigan
27,753 posts, read 65,567,547 times
Reputation: 32915

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Quote:
Originally Posted by zthatzmanz28 View Post
Yes Ia m..How many 25--30 year old couples,let alone a single person, can afford a $150+ mortgage?

To get an affordable mortgage payment one would need $20K+for a down payment. Are these 25--30 year old folks all making $125K per year?
Per household? Yes if they have a marektable college degree. On Janitorial wages? No. You are not going to buy a decent house on Janitorial wages ever, and even on factory wages it will take some years. However lets say a couple does nto go to college, they both become pipefitters, By age 25 they are journeymen pipefitters making $80 K a year each. Can they manage a $150,000 house? Yes unless they have new cars or two snowmobiles, two jet skis, and two atvs with a trailer to pull them.

In seven years, most people who are trying are going to maneuver their way into a job where they can acquire skills needed for decent pay. So some it may take more than 7 years. I do not know anyone who bought a house at age 25 (which arrived in the late 1980s for me), except one friend who married an heiress. Most people bought their first home in their mid thirties. Even then, they started in starter homes, not Lyon township McMansions or the equivalent. IN addition, most people have to wait for a good real estate cycle for buyers. If we ar enot in a good cycle when you turn 30, you might have to wait until you are 36 for the market to cycle down you certianly do nto buy your starter home when the marekt is high

Why is it expected that 25 year old kids should be able to buy a home in a nice area? They are just getting started. I think this complaint is generated by the "I want it now" philosophy. Try living in Southern California where starter homes are $600,000 in bad neighborhoods.
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Old 06-12-2017, 05:47 AM
 
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
37,913 posts, read 27,251,741 times
Reputation: 35053
Quote:
Originally Posted by zthatzmanz28 View Post
Yes Ia m..How many 25--30 year old couples,let alone a single person, can afford a $150+ mortgage?

To get an affordable mortgage payment one would need $20K+for a down payment. Are these 25--30 year old folks all making $125K per year?

You only need a 40-50k yearly salary for a 150k or so home, and that's being very very conservative.
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Old 06-12-2017, 08:51 AM
 
2,173 posts, read 2,815,818 times
Reputation: 2099
Quote:
Originally Posted by Geo-Aggie View Post
No, but when posters repeatedly ignored my objective posts I went with a story. You want some objective data?

Here are the single-family homes for sale with 3 bedrooms and 800+ square feet, between $100k and $200k, located between Greenfield and Dequindre and 8 Mile and 14 Mile:



Here's Livonia:



Are you going to tell me that literally not one of these homes is a reasonable place for a 25-30 year old to live? And that each and every one of them will be bid on and impossible to get under contract with? Is that what you're telling me? Do you believe that's reasonable?

Is the housing market in crisis because there are only hundreds of homes available for a prospective buyer looking to get into something well within their budget?
Cool story. At a glance, most of those homes are closer to $200 -- out of the price range of most millenials. The 125-150/160 range is where the massive shortage is.

How many of those houses are move in ready? Millenials don't want houses that are going to need a new roof, furnace, repairs.

Taking a Zillow screenshot doesn't prove anything.
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Old 06-12-2017, 09:21 AM
 
Location: Chicago
937 posts, read 842,656 times
Reputation: 1102
Quote:
Originally Posted by timberline742 View Post
You only need a 40-50k yearly salary for a 150k or so home, and that's being very very conservative.
Yeah, and that's one person. A DINK couple on $35k a year could easily swing that.
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Old 06-12-2017, 01:42 PM
 
915 posts, read 1,158,418 times
Reputation: 1285
Quote:
Originally Posted by Arthur Digby Sellers View Post
Cool story. At a glance, most of those homes are closer to $200 -- out of the price range of most millenials. The 125-150/160 range is where the massive shortage is.

How many of those houses are move in ready? Millenials don't want houses that are going to need a new roof, furnace, repairs.

Taking a Zillow screenshot doesn't prove anything.
Yeah - that was my thought.

A lot of people want move in ready houses.

In some cases, they don't know how to do the work. In other cases, they don't want to do the work.
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Old 06-12-2017, 02:44 PM
 
Location: Grosse Ile Michigan
27,753 posts, read 65,567,547 times
Reputation: 32915
So a 25 year old Millennial, 3 or so years out of college, wants/demands:

A new house or one in basically perfect condition;

Located in one of Michigan's safest communities with top ten schools and good walk-ability;

That is not too old or in an older neighborhood or suburb;

Not too distant a commute from work (probably at Quicken Loans);

With a two or three car garage and a nice yard fully landscaped;

in a trendy community;

that is no smaller than 1800 s.f.;

for $125,000 and not requiring a major deposit (like an FHA loan with 3% down).


Probably better throw in a loan at 4% or lower interest no PMI and no credit score or job history requirement.

Maybe we need to throw in some goats or a gardener and a maid all included in the price of the house. Have you seen the price of lawnmowers these days? No self-respecting millennial would want anything to do with a used lawn mower, it might need repairs, or have a dent in it. As long as we are including whatever immature millennials "want" lets throw in three Swedish masseuses/masseurs as neighbors.


They cannot get that? OUTRAGEOUS! Lets take a day or two off work and go protest. What kind of stupid society do we live in?

A lot of people want a lot of things. Unfortunately this is reality and you have to earn things and that takes time, sometimes a long long time. Millennials need to grow up and stop using sentences with "I want" in them.

Last edited by Coldjensens; 06-12-2017 at 02:54 PM..
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Old 06-12-2017, 06:45 PM
 
Location: Southeast Michigan
1,277 posts, read 1,071,638 times
Reputation: 1544
^Come on now, you know that's not true of most people in that age group.
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Old 06-12-2017, 07:25 PM
 
2,952 posts, read 4,346,099 times
Reputation: 2238
Quote:
Originally Posted by Coldjensens View Post
So a 25 year old Millennial, 3 or so years out of college, wants/demands:

A new house or one in basically perfect condition;

Located in one of Michigan's safest communities with top ten schools and good walk-ability;

That is not too old or in an older neighborhood or suburb;

Not too distant a commute from work (probably at Quicken Loans);

With a two or three car garage and a nice yard fully landscaped;

in a trendy community;

that is no smaller than 1800 s.f.;

for $125,000 and not requiring a major deposit (like an FHA loan with 3% down).


Probably better throw in a loan at 4% or lower interest no PMI and no credit score or job history requirement.

Maybe we need to throw in some goats or a gardener and a maid all included in the price of the house. Have you seen the price of lawnmowers these days? No self-respecting millennial would want anything to do with a used lawn mower, it might need repairs, or have a dent in it. As long as we are including whatever immature millennials "want" lets throw in three Swedish masseuses/masseurs as neighbors.


They cannot get that? OUTRAGEOUS! Lets take a day or two off work and go protest. What kind of stupid society do we live in?

A lot of people want a lot of things. Unfortunately this is reality and you have to earn things and that takes time, sometimes a long long time. Millennials need to grow up and stop using sentences with "I want" in them.
Agree 100%. Or 1000%. Even a 1000000%.

We live in an era where people have simply been programmed to whine and feel sorry for themselves.

A generation ago the average contented middle class couple was living mind-blowingly modestly by today's standards.

* Small inner-city or inner ring suburb house
* No real vacations by today's standards
* One car
* One bathroom
* Never or barely ever going out to eat
* Public school education

And people were GRATEFUL. They thought they were normal.

Now people feel sorry for themselves about virtually everything while they wouldn't consider or dream of buying the house their parents grew up in, even in low crime/stable areas.

I feel sorry for people who don't have enough food to eat, which barely happens in the developed world anyway.

That's about it.
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Old 06-13-2017, 03:05 AM
 
Location: Detroit
3,671 posts, read 4,800,902 times
Reputation: 2624
Quote:
Originally Posted by Coldjensens View Post
So a 25 year old Millennial, 3 or so years out of college, wants/demands:

A new house or one in basically perfect condition;

Located in one of Michigan's safest communities with top ten schools and good walk-ability;

That is not too old or in an older neighborhood or suburb;

Not too distant a commute from work (probably at Quicken Loans);

With a two or three car garage and a nice yard fully landscaped;

in a trendy community;

that is no smaller than 1800 s.f.;

for $125,000 and not requiring a major deposit (like an FHA loan with 3% down).


Probably better throw in a loan at 4% or lower interest no PMI and no credit score or job history requirement.

Maybe we need to throw in some goats or a gardener and a maid all included in the price of the house. Have you seen the price of lawnmowers these days? No self-respecting millennial would want anything to do with a used lawn mower, it might need repairs, or have a dent in it. As long as we are including whatever immature millennials "want" lets throw in three Swedish masseuses/masseurs as neighbors.


They cannot get that? OUTRAGEOUS! Lets take a day or two off work and go protest. What kind of stupid society do we live in?

A lot of people want a lot of things. Unfortunately this is reality and you have to earn things and that takes time, sometimes a long long time. Millennials need to grow up and stop using sentences with "I want" in them.
I'm a Millennial and I agree with this post. The entitlement mentality in my generation is ridiculous.

Quote:
Agree 100%. Or 1000%. Even a 1000000%.

We live in an era where people have simply been programmed to whine and feel sorry for themselves.

A generation ago the average contented middle class couple was living mind-blowingly modestly by today's standards.

* Small inner-city or inner ring suburb house
* No real vacations by today's standards
* One car
* One bathroom
* Never or barely ever going out to eat
* Public school education

And people were GRATEFUL. They thought they were normal.

Now people feel sorry for themselves about virtually everything while they wouldn't consider or dream of buying the house their parents grew up in, even in low crime/stable areas.

I feel sorry for people who don't have enough food to eat, which barely happens in the developed world anyway.

That's about it.
Too much "fake it till you make it" bs that's why. I never thought I'll see so many people below the poverty line that continues to buy new cars, take trips, go out every weekend, and buy/ do stuff they can't afford in general. No they are not satisfied with that type of lifestyle you mentioned but yet most don't want to work for it.
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Old 06-13-2017, 06:59 AM
 
12 posts, read 12,425 times
Reputation: 41
Quote:
Originally Posted by Coldjensens View Post
So a 25 year old Millennial, 3 or so years out of college, wants/demands:

A new house or one in basically perfect condition;

Located in one of Michigan's safest communities with top ten schools and good walk-ability;

That is not too old or in an older neighborhood or suburb;

Not too distant a commute from work (probably at Quicken Loans);

With a two or three car garage and a nice yard fully landscaped;

in a trendy community;

that is no smaller than 1800 s.f.;

for $125,000 and not requiring a major deposit (like an FHA loan with 3% down).


Probably better throw in a loan at 4% or lower interest no PMI and no credit score or job history requirement.

Maybe we need to throw in some goats or a gardener and a maid all included in the price of the house. Have you seen the price of lawnmowers these days? No self-respecting millennial would want anything to do with a used lawn mower, it might need repairs, or have a dent in it. As long as we are including whatever immature millennials "want" lets throw in three Swedish masseuses/masseurs as neighbors.


They cannot get that? OUTRAGEOUS! Lets take a day or two off work and go protest. What kind of stupid society do we live in?

A lot of people want a lot of things. Unfortunately this is reality and you have to earn things and that takes time, sometimes a long long time. Millennials need to grow up and stop using sentences with "I want" in them.
Do you honestly think this is an accurate portrayal of an entire generation?
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