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5% is still a great rate…what’s not is the pp due to unfavorable conditions and bad fiscal policies which are creating more of a divide and more social strife imo….my kids hate me cause I could buy a house at 28,have kids live a good life…..they have debt,live with multiple people and love Bernie Sanders….sad situation.
One of the home inspectors I work with moved here from the NYC metro area about a decade ago as a Kitchen and Bath reno contractor. He said that was un unsustainable business model in the Triangle to scale compared to Long Island/NYC because home additions/major renovations are more the norm up there; where as in the Triangle market people simply "move up" more often (the exact numbers he cites is that in the NYC metro area; the average homeowner does a major kitchen/bath renovation once every 7 years; in the Triangle the average is 19 years; while those ranges are flipped in the sell/buy timeframes)..and that's part of what drove him to the Home Inspection market instead.
I do think we'll be "catching up" here with regards to home renovations/additions becoming more commonplace as "moving up" becomes less common.
Interesting you bring up the lack of home updating in the Triangle. More than once during our home shopping in Raleigh we said “Doesn’t anyone ever update their house in this town?”. Charlotte is very different. Or at least the part of Charlotte I lived in. We ended up with a 20 year old property with zero updates. Hope to be in by New Years since it’s a total gut job.
5% is still a great rate…what’s not is the pp due to unfavorable conditions and bad fiscal policies which are creating more of a divide and more social strife imo….my kids hate me cause I could buy a house at 28,have kids live a good life…..they have debt,live with multiple people and love Bernie Sanders….sad situation.
It is sad that some children/young adults are lead to believe that debts that they chose to incur should be forgiven. It's also sad that those same children/young adults feel entitled to things that others have been working hard for for years.
While this market is definitely difficult it still is possible to buy a home even at the age you did (28). However if they haven't taken the steps to get there and just wake up one day at age 28 and start saying "woe is me" and "this is not fair" then that is on them.
The new neighborhood my daughter just had her home built in is predominately all young adults (majority between 26-35). She went under contract at 28. Is it everything that she envisioned while she was working to attain this goal? Absolutely not. But she also wanted to enjoy downtown life with city views in luxury apartments for a few years before buying. So that waiting made her have to reset her expectations given the current housing market.
It is sad that some children/young adults are lead to believe that debts that they chose to incur should be forgiven. It's also sad that those same children/young adults feel entitled to things that others have been working hard for for years.
While this market is definitely difficult it still is possible to buy a home even at the age you did (28). However if they haven't taken the steps to get there and just wake up one day at age 28 and start saying "woe is me" and "this is not fair" then that is on them.
The new neighborhood my daughter just had her home built in is predominately all young adults (majority between 26-35). She went under contract at 28. Is it everything that she envisioned while she was working to attain this goal? Absolutely not. But she also wanted to enjoy downtown life with city views in luxury apartments for a few years before buying. So that waiting made her have to reset her expectations given the current housing market.
I'm fine with all of this if incomes are keeping up with the cost of living. I'm not sure if that's actually the case - the divide seems to be widening.
As for college debts, I can't speak for kids today but there was immense pressure to go to college at all costs when I was at that age in 2008/2009. I won't take a side as to whether those debts should be forgiven or not but having a 17/18 year old who is not financially literate/doesn't have much real world experience make a poor financial decision that will saddle them for a large chunk of their adult life is not a great outcome and we've definitely failed a lot of people here.
I'm fine with all of this if incomes are keeping up with the cost of living. I'm not sure if that's actually the case - the divide seems to be widening.
As for college debts, I can't speak for kids today but there was immense pressure to go to college at all costs when I was at that age in 2008/2009. I won't take a side as to whether those debts should be forgiven or not but having a 17/18 year old who is not financially literate/doesn't have much real world experience make a poor financial decision that will saddle them for a large chunk of their adult life is not a great outcome and we've definitely failed a lot of people here.
Yes. As someone in the same age bracket as you who was attending college at roughly the same time (but who was very fortunate enough to not have to take out student loans)...it is something that generations both before and after will never quite understand. That was peak "you must obtain a 4 year degree if you want to be successful" era...I was basically told this verbatim by my own parents and it was the message in all marketing, entertainment, and high-school curriculum in the 2000's
Ironically; the same generation that made college an expectation of their kids; now largely thinks that college indoctrinated their kids to be "socialists" and want to sow doubt into educational institutions. Go figure.
That being said; college educated millennials are still currently the biggest piece of "pie" in the homebuyer market right now. So we did something right
Ironically; the same generation that made college an expectation of their kids; now largely thinks that college indoctrinated their kids to be "socialists" and want to sow doubt into educational institutions. Go figure.
LOL that's such a great point - I guess we just can't win with the older generations hahaha
Don’t need a college degree to make pizza and bagels
Last edited by pierretong1991; 04-14-2022 at 11:47 AM..
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