Millennials aren't going to buy your ugly mcmansions, silly Boomers!

[Anonymous]

Anonymous wrote:The only reason they're not buying those is because they can't afford them.

You're so right! Eighty million people, and a singular reason explains everything! Wow, it's a good thing you showed up to this thread! I'm so much better off for your valuable insight.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The only reason they're not buying those is because they can't afford them.

You're so right! Eighty million people, and a singular reason explains everything! Wow, it's a good thing you showed up to this thread! I'm so much better off for your valuable insight.

Haha.

[Anonymous]

I remember being a law firm associate 25 years ago, living in a small one-bedroom apartment in DC, and getting invited to a summer party at a partner's house in Potomac. When I arrived, the house seemed both enormous and ostentatious to me, and I literally couldn't bring myself to go to the front door. Fast forward and I now live in a 4500 SF house that some of you would surely label a McMansion (even though it's custom-built).

I wish I still had that Potomac address. I'd be curious as to whether the house still seems so ginormous to me, or whether I just adjusted to the possibility that there could be other forms of existence besides what seemed financially possible to someone in their 20s.

[Anonymous]

I think it is Gen X who owns the McMansions, I sure don't own a McMansion.

The thing is Generation X is so small that it has to be millenials in addition to some Gen X to buy boomer's McMansions. There aren't enough of us to buy them all ( I am a Gen X). I also think that Boomers should be 1946-1960 because there is a big difference between someone who was in college during the 60's and those who were elementary age. Look at the experience between President Obama and Trump and Clinton..totally different Americas!

[Anonymous]

Anonymous wrote:There will always be those who opt to be closer in and willing to live in smaller homes. There will also always be those who opt to move out for bigger homes. So there are going to be many millennials who choose to have smaller families and stay closer in. But there are also going to be many millennials who choose to have more than one child who opt for larger homes with more yard space, more rooms and more square footage.

That said, the average square footage of homes is still trending upwards, so it looks as if the desire for more house is still outweighing other factors.
http://blogs.wsj.com/economics/2016/06/02/u-s-houses-are-still-getting-bigger/

See the graph in the article above. The only significant drop in average sf house size since 1982 was 2007-2008 during the big housing recession where many buyers had to opt for smaller because that's what they could afford.

So, even if some millennials are opting not to get bigger houses, many of those with 2+ children still are buying larger houses.

Isn't it strange that everyone is acting as if millennials will have as many children as previous generations, both is the sense that as many of them will have children and for those that do, that family size will stay consistent? Not only does early data suggests that is not true, this is something that changes from generation to generation. Family sizes have been getting smaller and smaller for a while now. This is not some passing trend millennials started. Using the Baby Boomers and Gen-X as some sort of standard that's existed since time immemorial is ridiculous. Your point about it being a diverse group and people making different choices is well taken, but you're almost undermining your own point with the rest of your post. If millennials who have large families are the main ones who will keep up demand for McMansions in the suburbs, it seems reasonable to think that demand will fall.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I shit you not. I live in Ashburn and was at happy hour a few weeks ago and met a few millennials who living in Ashburn near their high paying jobs and own condos in DC for the weekend. Not just one millennial, but a group of them all had this arrangement.

I will not let the oracles, experts, and clairvoyanto carry on with their Internet drivel.

That's bananas. What are their jobs?!? I'm guessing intel and cyber security contractors. I definitely have not heard of this trend!

Everything out here is IT. I'd guess sales, don't know though. I was like whhaaaaa? My DH works for an IT company that has blown up and has made a fortune on the RSUs so maybe similar? Maybe AWS? Those guys are living the absolute dream.

[Anonymous]

Anonymous wrote:I'm 34 and have one kid. No more kids for me (can't imagine paying for 2 daycare slots in DC). My little three person family has no need and no desire for a huge house. We make do with our 1 car and 1600 sq ft "shitshack" in a close-in, historic neighborhood with good public schools. DH and I bought this house in 2011, at the tail end of the recession, for less than $300K; now we have about $250K in equity. I think our situation is a lot better than people 5-10 years younger than us.

A lot of my friends have 1 or 2 kids and probably won't have more. I can't think of any that would ever buy a McMansion. We like being able to walk places. But maybe I'll eat my words in 10 years.

Gen X-er here. I'm glad you could make it work! Most of my friends have 2 kids as well, but when we were upgrading our homes from "starter homes" to "family homes", none of us could afford homes (in good school areas) close in. So we are all in Fairfax/Loudoun County now. Miss living close in...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I shit you not. I live in Ashburn and was at happy hour a few weeks ago and met a few millennials who living in Ashburn near their high paying jobs and own condos in DC for the weekend. Not just one millennial, but a group of them all had this arrangement.

I will not let the oracles, experts, and clairvoyanto carry on with their Internet drivel.

That's bananas. What are their jobs?!? I'm guessing intel and cyber security contractors. I definitely have not heard of this trend!

Everything out here is IT. I'd guess sales, don't know though. I was like whhaaaaa? My DH works for an IT company that has blown up and has made a fortune on the RSUs so maybe similar? Maybe AWS? Those guys are living the absolute dream.

Perfectly reasonable explanation. And AWS has a shit-ton of job openings in Herndon right now for highly paid positions. I bet the incentives are ridiculous given talent shortage in this area of the country (good luck prying people from NYC, LA, or SF to....Herndon)
https://www.amazon.jobs/en/locations/herndon-area-va?base_query=&job_count=10&result_limit=10&sort=relevant&location%5B%5D=herndon-area-va&cache

[Anonymous]

I would absolutely consider buying a McMansion if the price and location were right, even an ugly one! However, at this point in my life (32 w/1 kid) an easy commute to our jobs in DC is more important than space, so we live in a 3 bed townhouse walkable to metro. I'm not going to pretend to know what we're going to be doing 10 years from now!

[Anonymous]

Anonymous wrote:Just turned 31 and have two babies. We bought a historic home with a decent commute in the close in burbs. McMansions are gross. Our next house will be another historic home.

That was me ten years ago. Actually were on our second historic home. And now we live in a large newer construction home with our 12 and 9 year old and would never go back. Only the young insist they will never change.

[Anonymous]

Anonymous wrote:

Anonymous wrote:There will always be those who opt to be closer in and willing to live in smaller homes. There will also always be those who opt to move out for bigger homes. So there are going to be many millennials who choose to have smaller families and stay closer in. But there are also going to be many millennials who choose to have more than one child who opt for larger homes with more yard space, more rooms and more square footage.

That said, the average square footage of homes is still trending upwards, so it looks as if the desire for more house is still outweighing other factors.
http://blogs.wsj.com/economics/2016/06/02/u-s-houses-are-still-getting-bigger/

See the graph in the article above. The only significant drop in average sf house size since 1982 was 2007-2008 during the big housing recession where many buyers had to opt for smaller because that's what they could afford.

So, even if some millennials are opting not to get bigger houses, many of those with 2+ children still are buying larger houses.

Isn't it strange that everyone is acting as if millennials will have as many children as previous generations, both is the sense that as many of them will have children and for those that do, that family size will stay consistent? Not only does early data suggests that is not true, this is something that changes from generation to generation. Family sizes have been getting smaller and smaller for a while now. This is not some passing trend millennials started. Using the Baby Boomers and Gen-X as some sort of standard that's existed since time immemorial is ridiculous. Your point about it being a diverse group and people making different choices is well taken, but you're almost undermining your own point with the rest of your post. If millennials who have large families are the main ones who will keep up demand for McMansions in the suburbs, it seems reasonable to think that demand will fall.

I think what you see also depends on where you live. All those who live in DC or close in, will see many who made the same choices they did.

We live out in the suburbs. We have Gen-Xers with 2 preschoolers. We know many, many people like us who have 2+ kids and live out in the suburbs because the suburbs provide the things that we value including space and security. Even those who started in town and wanted urban living, either after the first child or when they were expecting the second child, all moved out to the suburbs because they didn't have enough space in town. Since our kids are preschoolers, we have quite a number of acquaintances who have kids the same age as ours that are millennials.

But again, we see families who made the same choices we did.

[Anonymous]

For the same reason big apartments over on New Mexico and Mass Aves west of Wisconsin aren't selling either. There's nothing interesting over there.

[Anonymous]

I'm 36. Married. One kid. Live on Capitol Hill. Fuck the burbs. The commute. Just everything. No.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Oh they will, just not yet. Still too young.

This - obviously - once they stop taking pictures of their food, have a kid and find it harder to go to Iceland for the weekend, they will want what everyone wants. Space and easy access (by car) to the things they need. Walking to meet friends for sushi will be replace by putting the sleeping baby in the car seat and finding a drive through Starbucks.

Matter of time. I am perfectly happy in my house for the next 20 years - I can wait.

36 year old Millennial here. I don't want your McMansion. Not eve a little. I don't want poor design, crap materials, a probable long commute, suburbs with amenities only accessible by driving, or the more conservative politics. I'd like more space for my three (already existing) kids, but I'm not buying a trailer on steroids to satisfy that desire, especially when I'm 56.

Also, I cook 90% of our meals at home. I've taken zero pictures of them.

This. Another millennial. [b]I don't want to spend hours a week in my car. It's already challenging to juggle kids and a job without sitting in traffic for two hours a day. It's also hard to stay in shape and sitting in an office and then a car doesn't help. I couldn't care less about walking to get sushi. I don't want a lengthy commute and many others don't as well.

This. Almost millennial here (37). No interest in a long, sedentary commute, a lack of diversity, and the conservative politics that characterized our neighborhood when we briefly lived further out. We ended up buying a SFH in upper NW, which also allowed us more job options--we can have comfortable reverse commutes to MD, or a shorter commute downtown, where I now work. Lots of older millennial families starting to move to our current neighborhood.

That's funny, 'cause upper NW is one of the least diverse places in DC, which by itself is less diverse than the suburbs. I don't care where you live but don't call things what they aren't.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I shit you not. I live in Ashburn and was at happy hour a few weeks ago and met a few millennials who living in Ashburn near their high paying jobs and own condos in DC for the weekend. Not just one millennial, but a group of them all had this arrangement.

I will not let the oracles, experts, and clairvoyanto carry on with their Internet drivel.

That's bananas. What are their jobs?!? I'm guessing intel and cyber security contractors. I definitely have not heard of this trend!

Everything out here is IT. I'd guess sales, don't know though. I was like whhaaaaa? My DH works for an IT company that has blown up and has made a fortune on the RSUs so maybe similar? Maybe AWS? Those guys are living the absolute dream.

Perfectly reasonable explanation. And AWS has a shit-ton of job openings in Herndon right now for highly paid positions. I bet the incentives are ridiculous given talent shortage in this area of the country (good luck prying people from NYC, LA, or SF to....Herndon)
https://www.amazon.jobs/en/locations/herndon-area-va?base_query=&job_count=10&result_limit=10&sort=relevant&location%5B%5D=herndon-area-va&cache

Actually that's all BS. I work for an IT company, similar stock trajectory and we keep bullshit recs open. It drives me nuts. It's some crap HR does. I have no problems finding talent. It is extremely competitive for the applicants if I have a real rec, to be honest, I already know withing industry who I'll recruit. We are also San Francisco based and people clamor and I mean clamor to transfer. Despite high salaries, they simply cannot live in the bay area. This place is dirt cheap for them.