14 Millennials Got Honest About How They Afforded Homeownership
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This assumes that you never have to relocate while you have no equity in the house. These days, a lot of middle class jobs are hard to build a career in if you are not willing and able to move to where the next opportunity is.
Every choice is made hoping x, y, and z remain stable. Sometimes, it works out and sometimes, it doesn't. People make the best decisions they can, with what they know at the time.
Stop spouting myths and stupid stereotypes. The problem is the inherent structural features of the US economy. Most of the jobs and the best jobs are increasingly being concentrated in HCOL/ultra dense areas of the country. Millennials aren't in charge of the companies that keep moving to the same locales.
Millennials might need to reset their expectations on what constitutes a good job. There is a severe shortage in this country of skilled trade jobs such as welders, electricians, or ironworkers. A lot of these shortages are in low COL areas of the country such as the Midwest. There are companies that are so desperate to attract skilled labor that they are paying for the trade school education of new employees; then they graduate and are making $70K in areas where you can easily afford to buy a house with that kind of salary. My young Millennial cousin went on a path similar to that; he's only 25, decided to do trade school instead of college, and is already buying his first house.
These may not be Instagram-worthy jobs, but they are starting off on the right foot financially.
I would also ask why are these companies concentrating jobs in major urban metros? Because that is where millennials want to move, and have been increasingly moving for the last 10 years. I work in a midsize metro in the Midwest and we constantly lose younger millennial employees to larger Sunbelt or coastal metros after only a year or two because it's a more exciting locale (meanwhile, the Gen Xers and older millennials move back to start their families). It's all about priorities; one can choose the glamorous life in the HCOL area while struggling financially in their early years, or choose the more subdued life in plain jane middle America and have an easier time achieving the "American Dream". It's pretty hard to do both at the same time unless you are extremely brilliant and talented.
Last edited by mustang84; 06-16-2019 at 11:25 PM..
Indeed. When my parents bought their first house in the early 1980s......their 13% interest rate was considered a "really good deal".... now people freak out if rates creep above 5%.
Haha this was me... I almost walked away from our home last October because the interest rates reached their peak while we were mortgage shopping. Luckily I calmed down and figured I could refinance later on if rates dropped, and sure enough they did. Last week I locked in for 3.5% so were very happy
Terrible example. UPenn is one of the most selective colleges in the world. It will absolutely make a difference going there vs Penn State. That's not to say you don't make a very good point. But, UPenn is one of the schools that is worth it.
Sounds good until a major repair bill rears its ugly head then suddenly those monthly numbers are out of alignment and the loanowner is behind the eight ball.
Exactly.
When you hear any prospective homeowner simply compare current rent with a future mortgage payment, forget unexpected repairs--it's clear they're not considering even routine expenses and maintenance.
Homeowner's Insurance, property/school taxes, lawn care and landscaping, utilities which had been included in their rent--and those repairs--add considerably to the cost of home ownership.
I know this is going to "rock some boats", but I was thinking the article was going to cover mostly single millennials. Most of the article(12 or so people) were married. That doesn't count as much. Dual income is powerful, isn't it? LOL. Every time it started with "WE purchased....." I skipped it LOL.
Millennials might need to reset their expectations on what constitutes a good job. There is a severe shortage in this country of skilled trade jobs such as welders, electricians, or ironworkers. A lot of these shortages are in low COL areas of the country such as the Midwest. There are companies that are so desperate to attract skilled labor that they are paying for the trade school education of new employees; then they graduate and are making $70K in areas where you can easily afford to buy a house with that kind of salary. My young Millennial cousin went on a path similar to that; he's only 25, decided to do trade school instead of college, and is already buying his first house.
These may not be Instagram-worthy jobs, but they are starting off on the right foot financially.
I would also ask why are these companies concentrating jobs in major urban metros? Because that is where millennials want to move, and have been increasingly moving for the last 10 years. I work in a midsize metro in the Midwest and we constantly lose younger millennial employees to larger Sunbelt or coastal metros after only a year or two because it's a more exciting locale (meanwhile, the Gen Xers and older millennials move back to start their families). It's all about priorities; one can choose the glamorous life in the HCOL area while struggling financially in their early years, or choose the more subdued life in plain jane middle America and have an easier time achieving the "American Dream". It's pretty hard to do both at the same time unless you are extremely brilliant and talented.
AGREED! I started my career as a pipe welder. Compared to some of my friends that were just graduating college with a degree in Marketing, I was making money hand-over-fist. Took that money and started investing it. Just because you start out your career doing something that makes your clothes dirty doesn't mean it is forever. It's ok to get dirty to make money, and put that money out there to make you more money.
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