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In the area I live--there are so many existing and new apartment complexes that it seems new one's pop up every week or two. A good friend of mine suggests that due to student loan obligations so many younger folks are left out of the home buying market. But then I reply that when their Gen X or "boomer" parents pass-on, they will not only inherit property but lots of dough too.
It is interesting to ponder, just wondering if any one else has any thoughts on the subject. Just think how strong the housing market would be were there not so much student debt out there. Kinda interesting. Whaddya think?
But then I reply that when their Gen X or "boomer" parents pass-on, they will not only inherit property but lots of dough too.
Most people don't have enough saved for retirement, let alone passing on tons of dough and property. Why in the world would you think most Millenials are getting a windfall?
Student loan debt may be keeping some young people from buying, but I think job instability plays a bigger role. Renting means much less commitment to a location than owning, which is a big advantage when you suddenly find you need to move in order to start a new job.
According to some studies, it's more due to social changes than student loan debt.
For one they are getting married later in life. For another the majority (88%) live in urban settings where renting is the preferred way to live.
That's probably the same as what is spent on coffee, eating out, big data plans, and streaming services. If millennials really wanted to overcome their student loan burden they could.
The bigger factor is a pace of home construction not keeping up with population growth. This is inexorably driving up the price of houses.
The real financial barrier is saving up the down payment for very high purchase prices.
Great feedback so far, thanks all! I guess a lot of younger folks (under 30) just don't have the same desire of home ownership as our generation. As stated by your replies, many factors involved, but primarily the fact that alot of these millennials do not view same employer as long term and are as equally likely to switch jobs and or careers for the next best new opportunity that comes along, perhaps. Very interesting. Sure I'm aware of population growth but it's hard to believe so many prefer paying rent in my baby boomer mind.
But then I reply that when their Gen X or "boomer" parents pass-on, they will not only inherit property but lots of dough too.
If Millennials are waiting for their parents to kick the bucket and leave them a bunch of money, they might be waiting a long time. And if there is an inheritance, a few years in a nursing home may eat it all up.
Sales are down in Bangkok and they are blaming car loans and more stringent mortgage applications. Likely a similar scenario in the US. Might have more to do with the huge student loans often not producing a well paying job.
My kids have no student loan debt and both have excellent jobs. Both are in their 30's and live with girlfriends. Neither is interested in owning a house. Both live in the city (one east coast and one west coast), rent apartments and walk to work, bars, restaurants. They don't seem to be unusual for their age group.
In the area I live--there are so many existing and new apartment complexes that it seems new one's pop up every week or two. A good friend of mine suggests that due to student loan obligations so many younger folks are left out of the home buying market. But then I reply that when their Gen X or "boomer" parents pass-on, they will not only inherit property but lots of dough too.
It is interesting to ponder, just wondering if any one else has any thoughts on the subject. Just think how strong the housing market would be were there not so much student debt out there. Kinda interesting. Whaddya think?
I hear people my age saying they cant get a house because of student debt.Most people will inherit either nothing or not enough to live on
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