I know why Millenials can't afford houses and pay off their student loans..

[Anonymous]

Anonymous wrote:

Anonymous wrote:European here. A lot of Americans don't appreciate the finer things in life, even though they can afford so much more. A Frenchman is fine renting, a small space too, because they want to be able to buy a niece piece of cheese and wine and fresh fish and a beautiful jacket. So if the millennials are doing what you say they are doing, kudos to them.

You really cannot compare Europe to the US. You have cradle to grave social benefits - we do not. What happens when these folks who have screwed off their entire life arrive at retirement with no money? They become a burden on their children or the state.

Those benefits are paid for by significant taxation and coupled with much lower salaries. I think net net it evens out over a life time. In any case, I think it's a philosophical difference. As I mentioned, given X amount of disposable income, a Frenchman will chose to rent vs. owning, in order to afford small luxuries/quality. Many Americans overemphasize housing or cars to the detriment of many many other things that make life pleasurable. I am most surprised by the very well educated and well off couples who seem to squirrel away millions while leading Spartan lives. Many post here. So no I don't judge a millennial, who is saddled with debt and facing crazy housing costs for not buying in to the current scheme.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:European here. A lot of Americans don't appreciate the finer things in life, even though they can afford so much more. A Frenchman is fine renting, a small space too, because they want to be able to buy a niece piece of cheese and wine and fresh fish and a beautiful jacket. So if the millennials are doing what you say they are doing, kudos to them.

You really cannot compare Europe to the US. You have cradle to grave social benefits - we do not. What happens when these folks who have screwed off their entire life arrive at retirement with no money? They become a burden on their children or the state.

Those benefits are paid for by significant taxation and coupled with much lower salaries. I think net net it evens out over a life time. In any case, I think it's a philosophical difference. As I mentioned, given X amount of disposable income, a Frenchman will chose to rent vs. owning, in order to afford small luxuries/quality. Many Americans overemphasize housing or cars to the detriment of many many other things that make life pleasurable. I am most surprised by the very well educated and well off couples who seem to squirrel away millions while leading Spartan lives. Many post here. So no I don't judge a millennial, who is saddled with debt and facing crazy housing costs for not buying in to the current scheme.

+100. Wonderful response.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:European here. A lot of Americans don't appreciate the finer things in life, even though they can afford so much more. A Frenchman is fine renting, a small space too, because they want to be able to buy a niece piece of cheese and wine and fresh fish and a beautiful jacket. So if the millennials are doing what you say they are doing, kudos to them.

You really cannot compare Europe to the US. You have cradle to grave social benefits - we do not. What happens when these folks who have screwed off their entire life arrive at retirement with no money? They become a burden on their children or the state.

Those benefits are paid for by significant taxation and coupled with much lower salaries. I think net net it evens out over a life time. In any case, I think it's a philosophical difference. As I mentioned, given X amount of disposable income, a Frenchman will chose to rent vs. owning, in order to afford small luxuries/quality. Many Americans overemphasize housing or cars to the detriment of many many other things that make life pleasurable. I am most surprised by the very well educated and well off couples who seem to squirrel away millions while leading Spartan lives. Many post here. So no I don't judge a millennial, who is saddled with debt and facing crazy housing costs for not buying in to the current scheme.

+100. Wonderful response.

Indeed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:European here. A lot of Americans don't appreciate the finer things in life, even though they can afford so much more. A Frenchman is fine renting, a small space too, because they want to be able to buy a niece piece of cheese and wine and fresh fish and a beautiful jacket. So if the millennials are doing what you say they are doing, kudos to them.

You really cannot compare Europe to the US. You have cradle to grave social benefits - we do not. What happens when these folks who have screwed off their entire life arrive at retirement with no money? They become a burden on their children or the state.

Those benefits are paid for by significant taxation and coupled with much lower salaries. I think net net it evens out over a life time. In any case, I think it's a philosophical difference. As I mentioned, given X amount of disposable income, a Frenchman will chose to rent vs. owning, in order to afford small luxuries/quality. Many Americans overemphasize housing or cars to the detriment of many many other things that make life pleasurable. I am most surprised by the very well educated and well off couples who seem to squirrel away millions while leading Spartan lives. Many post here. So no I don't judge a millennial, who is saddled with debt and facing crazy housing costs for not buying in to the current scheme.

Count me in that group. My lifestyle is far from Spartan, and very wealthy in comparison to how I grew up. But we only spend maybe half our income and save the rest. I drink drip coffee from the pot bought at BJ's, and bring a thermos on road trips so I can avoid Starbucks. Our combined HHI is rarely below 600K, and often quite higher. I view a $38 candle as being quite ridiculous. We love to travel with our kids, but fly coach and use hotel points whenever possible.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:European here. A lot of Americans don't appreciate the finer things in life, even though they can afford so much more. A Frenchman is fine renting, a small space too, because they want to be able to buy a niece piece of cheese and wine and fresh fish and a beautiful jacket. So if the millennials are doing what you say they are doing, kudos to them.

You really cannot compare Europe to the US. You have cradle to grave social benefits - we do not. What happens when these folks who have screwed off their entire life arrive at retirement with no money? They become a burden on their children or the state.

Those benefits are paid for by significant taxation and coupled with much lower salaries. I think net net it evens out over a life time. In any case, I think it's a philosophical difference. As I mentioned, given X amount of disposable income, a Frenchman will chose to rent vs. owning, in order to afford small luxuries/quality. Many Americans overemphasize housing or cars to the detriment of many many other things that make life pleasurable. I am most surprised by the very well educated and well off couples who seem to squirrel away millions while leading Spartan lives. Many post here. So no I don't judge a millennial, who is saddled with debt and facing crazy housing costs for not buying in to the current scheme.

Count me in that group. My lifestyle is far from Spartan, and very wealthy in comparison to how I grew up. But we only spend maybe half our income and save the rest. I drink drip coffee from the pot bought at BJ's, and bring a thermos on road trips so I can avoid Starbucks. Our combined HHI is rarely below 600K, and often quite higher. I view a $38 candle as being quite ridiculous. We love to travel with our kids, but fly coach and use hotel points whenever possible.

it sounds like you actually should not be counting yourself among that group.

[Anonymous]

If people can't afford housing then why are prices increasing? People who are responsible and normal figure out how to provide for themselves. If you do irresponsible things like blow money then you screw up yourself. The economy works like that.

[Anonymous]

This whole thread is insane. Owning a house is not the be all and end all. I would say that it's a VERY hyped up experienced and completely overrated.

Maybe these millennials are just being smart about it because they realize it's way more hassle and work than it's worth.

[Anonymous]

Anonymous wrote:If people can't afford housing then why are prices increasing? People who are responsible and normal figure out how to provide for themselves. If you do irresponsible things like blow money then you screw up yourself. The economy works like that.

Because the disparity between the top 1% and the rest of the country keeps increasing.

It's the same reason why the median hhi in San Fran is 84k and the median home value is 1.13M. It's not "responsible" people buying those homes; it's the super-rich.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Took a field trip to Union Market this weekend. Filled with young people looking very spiffy, drinking $5 coffees and buying things like $30 candles and locally sourced food that is 2x the price of Safeway. There was a stall there selling $200+ Japanese knives. All this 'everyday luxury' is killing you guys.

Guess that's why all the "working poor" in rural America can't afford anything either: They're busy blowing it on $5 coffees and smelly candles.

Yep. If only they would stop buying caviar with their foodstamps.

OP you've cracked the case.

OP may be off regarding buying a home and paying for college (those are not millenial issues--those are struggling middle class issues), but he/she is on to something...
There is not enough prioritization when young people start making money. Too often luxury items are confused with or are treated as daily necessities. One example: my niece (millenial) just moved back home--but she is leasing a car! I suggested she buy a daily driver for $2k and forget the monthly payment. Living in her parents' home while driving a jeep looks better to her than sharing an apartment and driving a 15 year old honda.

So she doesn't want to drive a crappy Honda. Why should she gave to? Because you do?

Smart. She does not have to share an apartment with roomates, saves a ton of money, and drives a car that will not need maintenance. Seems to me she probably nets more than the person sharing crappy apartment and driving crappy, unreliable car.

"Smart"? Forgoing a ride that is affordable to maintain and has no monthly payment in favor of a "sweet ride" with a high monthly payment--while being 30 and living in your parent's basement--is smart?

must be a millenial...

[Anonymous]

Anonymous wrote:This whole thread is insane. Owning a house is not the be all and end all. I would say that it's a VERY hyped up experienced and completely overrated.

Maybe these millennials are just being smart about it because they realize it's way more hassle and work than it's worth.

The problem is that rents keep rising, especially in cities like DC. So it's not like there's an option to spend way less on housing. There are exceptions but most people pay a lot in rent in DC.

[Anonymous]

Anonymous wrote:This whole thread is insane. Owning a house is not the be all and end all. I would say that it's a VERY hyped up experienced and completely overrated.

Maybe these millennials are just being smart about it because they realize it's way more hassle and work than it's worth.

I agree, but it checks one of the boxes of food, clothing, and shelter. It is an unavoidable expense - if nothing else buying a home locks in today's price, which will very likely be cheaper than paying for that same house 10 or 20 years from now. If you rent your entire life, you will always be paying the market rate for housing. Buying is a good way to avoid that for something that you will have to pay for anyway.

[Anonymous]

Anonymous wrote:Remember when you took out that HELOC? When you didn't actually save for your kids' education but instead thought of your house as an ATM?
As crazy as you may think it, the Millenials did NOT cause the housing crash. They did not dissolve your retirement funds. They were too young to buy when all that went down.
You may be bitter and have a few more years of wear, but you mid-forty somethings and up are not the geniuses you think you are.

It took a million pages, but finally someone points this out.

Older Gen Xers and crusty ass Boomers are very judgmental and smug for a group that literally caused one of the greatest financial recessions in our lifetime from being greedy, materialistic and living completely beyond their means.

-Younger Gen Xer

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:European here. A lot of Americans don't appreciate the finer things in life, even though they can afford so much more. A Frenchman is fine renting, a small space too, because they want to be able to buy a niece piece of cheese and wine and fresh fish and a beautiful jacket. So if the millennials are doing what you say they are doing, kudos to them.

You really cannot compare Europe to the US. You have cradle to grave social benefits - we do not. What happens when these folks who have screwed off their entire life arrive at retirement with no money? They become a burden on their children or the state.

Those benefits are paid for by significant taxation and coupled with much lower salaries. I think net net it evens out over a life time. In any case, I think it's a philosophical difference. As I mentioned, given X amount of disposable income, a Frenchman will chose to rent vs. owning, in order to afford small luxuries/quality. Many Americans overemphasize housing or cars to the detriment of many many other things that make life pleasurable. I am most surprised by the very well educated and well off couples who seem to squirrel away millions while leading Spartan lives. Many post here. So no I don't judge a millennial, who is saddled with debt and facing crazy housing costs for not buying in to the current scheme.

Excellent post.

[Anonymous]

I hope the people claiming millenials are useless aren't the same idiots posting about being barely middle class on 300K and not understanding why their money is so tight when they bought in upper NW/MoCo/McLean and chose private school for 2-3 kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:European here. A lot of Americans don't appreciate the finer things in life, even though they can afford so much more. A Frenchman is fine renting, a small space too, because they want to be able to buy a niece piece of cheese and wine and fresh fish and a beautiful jacket. So if the millennials are doing what you say they are doing, kudos to them.

You really cannot compare Europe to the US. You have cradle to grave social benefits - we do not. What happens when these folks who have screwed off their entire life arrive at retirement with no money? They become a burden on their children or the state.

Those benefits are paid for by significant taxation and coupled with much lower salaries. I think net net it evens out over a life time. In any case, I think it's a philosophical difference. As I mentioned, given X amount of disposable income, a Frenchman will chose to rent vs. owning, in order to afford small luxuries/quality. Many Americans overemphasize housing or cars to the detriment of many many other things that make life pleasurable. I am most surprised by the very well educated and well off couples who seem to squirrel away millions while leading Spartan lives. Many post here. So no I don't judge a millennial, who is saddled with debt and facing crazy housing costs for not buying in to the current scheme.

Excellent post.

+2. Much of the lifestyle we try to live is modeled, to varying degrees, after various, more humanistic values we learn about from other countries. I always love hearing from folks raised (or living) in less individualistic cultures.