Genz and millennials don't want your small starter homes want forever homes now

[Anonymous]

There has been more volatility in the last 30 years of the housing market than there was in the 70s and 80s. What young people these days are facing includes that there are people who saw their housing values drop into net negative at the 2008 recession.

If you are going to commit to something you might not be able to unload, that might become more of a drain than an asset, of course you want to make it something you are willing to hold onto for 40 years. You will have a chance for things to bounce back.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Despite all the btching, millennials are the richest generation in history. And they don't give a fck about having kids, so that expense is out of the way. They want big houses and nice cars. Millennials are just Boomers 2.0.

Only a small percentage of millennials are wealthy though bc the income gap is the greatest it’s ever been w this generation.

PP, and I agree. And they're demanding big houses. For all the supposed hate between the millennials and boomers, history is definitely rhyming with their extravagant tastes and puerile entitlement.

Most of my millennial friends either had 3 kids or no kids and are living in an apartment and traveling nonstop. So yes us rich millennials do need the big house for our 3 kids. At least a 5 bedroom because a home office has become a must too

[Anonymous]

Where are these smaller starter homes?

I live in 22181-Vienna- and the original mid1950s “starter” homes in 22180 are disappearing monthly - all being razed with enormous homes replacing.

Even a vintage Vienna Woods house is selling for 850k+

[Anonymous]

Anonymous wrote:Millennials are age 29-44 at this point. They are quickly aging out of started home territory. Most of them already own homes, so this article is misleading and not very accurate.

51% of millennials own homes so no, it is incorrect to say that “most” own homes.

[Anonymous]

Anonymous wrote:There has been more volatility in the last 30 years of the housing market than there was in the 70s and 80s. What young people these days are facing includes that there are people who saw their housing values drop into net negative at the 2008 recession.

If you are going to commit to something you might not be able to unload, that might become more of a drain than an asset, of course you want to make it something you are willing to hold onto for 40 years. You will have a chance for things to bounce back.

I’m an elder millennial and bought my first home in 2008 when I was in my early 20s. A foreclosure that was too great of a deal to pass up. I don’t think any millennials lost their homes in 2008. That’s gen x and boomers.

[Anonymous]

Anonymous wrote:There has been more volatility in the last 30 years of the housing market than there was in the 70s and 80s. What young people these days are facing includes that there are people who saw their housing values drop into net negative at the 2008 recession.

If you are going to commit to something you might not be able to unload, that might become more of a drain than an asset, of course you want to make it something you are willing to hold onto for 40 years. You will have a chance for things to bounce back.

Anonymous wrote:I’m an elder millennial and bought my first home in 2008 when I was in my early 20s. A foreclosure that was too great of a deal to pass up. I don’t think any millennials lost their homes in 2008. That’s gen x and boomers.

I'm sorry -- I said "there are people who saw their housing values drop into net negative." I did not say that the people they saw this happen to this were also millennials.

Please know that millennials are not the only people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Despite all the btching, millennials are the richest generation in history. And they don't give a fck about having kids, so that expense is out of the way. They want big houses and nice cars. Millennials are just Boomers 2.0.

Only a small percentage of millennials are wealthy though bc the income gap is the greatest it’s ever been w this generation.

PP, and I agree. And they're demanding big houses. For all the supposed hate between the millennials and boomers, history is definitely rhyming with their extravagant tastes and puerile entitlement.

I guess my point was that the majority of millennials cannot afford even a starter home because of this extreme income inequality and the ones in this generation who are “demanding” and “entitled” are a very small percentage of millennials. Also, millennials are ages 29-44 now and most are struggling financially even though they’ve been out of college and working for many years at this point. They are Not just starting out their adult lives—that would be gen z.

The majority of millennials can afford a starter home. More than half of millennials already own a house. This narrative is not correct.

[Anonymous]

you generally can afford your forever home when you are just starting out.

[Anonymous]

We are millennials and bought a forever home

[Anonymous]

I'm 44 so oldest millennial. We bought our home 10 years ago and it's forever unless we lose jobs and have to move. Most of my friend bought in the last 10-5 years with the same intent. Very few bought condos or townhomes earlier.

[Anonymous]

All of my friends who want a house have one. The few holdouts I have are friends who like their city apartments and don’t want to do any upkeep.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Millennials are age 29-44 at this point. They are quickly aging out of started home territory. Most of them already own homes, so this article is misleading and not very accurate.

51% of millennials own homes so no, it is incorrect to say that “most” own homes.

do you know what 51% means?

[Anonymous]

^^^^^ CAN'T!

[Anonymous]

Anonymous wrote:Where are these smaller starter homes?

I live in 22181-Vienna- and the original mid1950s “starter” homes in 22180 are disappearing monthly - all being razed with enormous homes replacing.

Even a vintage Vienna Woods house is selling for 850k+

There are plenty of starter homes in places that you are not willing to live. https://redf.in/uUlxmm
This house is near the VRE. It has an easy commute to DC and Alexandria.

[Anonymous]

I am an elder millennial stuck in our starter home we bought a decade ago because housing values have risen much faster than wages. I really wish we could go back in time and just stretched and bought a slightly bigger house a decade ago. Those houses that were $100-$200 above our budget a decade ago are now entirely out of reach.