The median Boomer has a housing cost of $612. That includes taxes and insurance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some, not all, millennials want that perfect, large house right out of the gate. The kitchen is dated? Lazy boomers! Also, hard pass.

More realistic is to start small (condo or starter house) and move up the property ladder.

Then find a forever home that’s a fixer-upper and fix up the necessary things but don’t buy into all the marketing and real estate bs about how you need the perfect kitchen before you move in.

We fixed up a house with two small kids and both of us working full time. Now we have an objectively “nice” house with lots of memories. I’m not going to downsize into a more expensive, smaller place just because OP is afraid of a little elbow grease.

+1

Tale end of the Boomer generation here. Lived in a one bedroom, basement apartment in crummy neighborhood with 2 roommates right out of college for several years to save money to go to grad school.

After grad school, DH and I saved until we could afford to buy into a tenancy in common that we then converted to 2 condos with our co-owners. Took a huge risk on a charming but very dated flat in a supposedly up and coming neighborhood. Interest rate for mortgage was 8%. When sold, made strong profit thanks to the fact that a condo was more valuable than a TIC.

Moved to 2000 square foot, 4 bedroom house in a very desirable neighborhood that needed significant work. Lived in house for almost 20 years before replacing old kitchen with an Ikea kitchen. Bathrooms still need to be remodeled. Raised 3 kids in the house who are now out of college. House, or more precisely, the lot the house is on, is now worth at least 3 times what we paid for it.

Meanwhile I watch my nieces and nephews in their late 20s, as well as my own children to a certain extent, complain about how they will never be able to afford a house. Yet they rent in expensive neighborhoods, generally don't have roommates, eat dinner out almost every night, take expensive vacations, buy expensive clothes and yes, drink those $$$ lattes.

Sorry OP but DH and I took took risks and sacrificed all these years to reach the point and we have no plans to downsize.

I think people are missing the point here. No one is forcing you out of your home. We are simply commenting its a lot harder for millenials now, and that we as a society shouldnt incentivize the elderly to stay in place with reduced property taxes, not incentivize the transfer of real estate through special taxes. Youve done a great job - and i dont think you expect or need preferential treatment to stay in your well earned home.

A boomer in 1980 was not buying a house in the fanciest neighborhood in town for 2x his salary. He was buying a starter home in an up and coming area, likely 2-3 bedrooms and 1 bath. That's what my parents did in a town in North Carolina, and then we moved as they made more money. Today there are still plenty of places where people can buy a decent starter home for $200k-$300k, and dual earners there are making $100k+ even if in blue collar jobs. The issue is that everyone thinks they should be able to afford to live in the areas their boomer parents or grandparents have moved to after decades of hard work and savings.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Boomers are the ones voting against housing. The lack of housing is whats causing the housing price growth. I don't see millenials clamoring for yards or SFHs. They are perfectly fine with apartments. And yet we are in this situation, and then having folks arguing how dare you discriminate against these elderly who sacrificed themselves by not giving them better property tax rates? how dare you suggest we try to incentivize them to move?

BS. The majority of millennials do not want to live with 4 shared walls their entire life.

OP wouldn’t have started this thread if they wanted to just live in an apartment. But if you’re so desperate to live in a new apartment, there is millions of sqft of vacant offices ready to be converted. DC is your oyster.

Millenials what the whole single family farmhouse, all cosmetically decorated to IG's standards, the marble kitchens and bathrooms. Come on. They (the dumb ones anyway) are bypassing condos and THs.

Yea, that’s why the post says the majority of Millennials do not want to live with four shared walls the majority of their life.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some, not all, millennials want that perfect, large house right out of the gate. The kitchen is dated? Lazy boomers! Also, hard pass.

More realistic is to start small (condo or starter house) and move up the property ladder.

Then find a forever home that’s a fixer-upper and fix up the necessary things but don’t buy into all the marketing and real estate bs about how you need the perfect kitchen before you move in.

We fixed up a house with two small kids and both of us working full time. Now we have an objectively “nice” house with lots of memories. I’m not going to downsize into a more expensive, smaller place just because OP is afraid of a little elbow grease.

+1

Tale end of the Boomer generation here. Lived in a one bedroom, basement apartment in crummy neighborhood with 2 roommates right out of college for several years to save money to go to grad school.

After grad school, DH and I saved until we could afford to buy into a tenancy in common that we then converted to 2 condos with our co-owners. Took a huge risk on a charming but very dated flat in a supposedly up and coming neighborhood. Interest rate for mortgage was 8%. When sold, made strong profit thanks to the fact that a condo was more valuable than a TIC.

Moved to 2000 square foot, 4 bedroom house in a very desirable neighborhood that needed significant work. Lived in house for almost 20 years before replacing old kitchen with an Ikea kitchen. Bathrooms still need to be remodeled. Raised 3 kids in the house who are now out of college. House, or more precisely, the lot the house is on, is now worth at least 3 times what we paid for it.

Meanwhile I watch my nieces and nephews in their late 20s, as well as my own children to a certain extent, complain about how they will never be able to afford a house. Yet they rent in expensive neighborhoods, generally don't have roommates, eat dinner out almost every night, take expensive vacations, buy expensive clothes and yes, drink those $$$ lattes.

Sorry OP but DH and I took took risks and sacrificed all these years to reach the point and we have no plans to downsize.

This is our story, too. We really did it with not a great amount of income and high mortgage rates. I don't get all the whining .

Its so crazy to me how everyone is willfully ignoring that home prices have risen significantly faster than incomes have. Your income and savings back when you bought your home worked, but if you were born 12 years ago, it wouldnt. Maybe your point is - that sucks, move even further out. But a lot of millenials dont want to live out in deep in the suburbs and commute 1+ hour a day. And yes people spend money on toast and lattes- and that is $20. In a year thats like $1200. Its not exactly needle moving. Why is that so hard to understand?

This also is not true. We were professionals with multiple degrees, paying for 2 of the graduate degrees in loans and making a combined 75 k. We bought a cheaper house. That is the whole point. We bought a TH, drove used cars- thrifted furniture, no big vacations. What my spouse earned as GS 11,12, 13 in those years PALES in comparison to feds today, pay, promotions, everything. Promotions almost never happened. My neighbors who are feds are in their 30s at Grade 14 ans 15. Spouse wasn't even close to that until retirement years. I was in public service too- and these were also all our peers.Those in private companies, or in business for themselves earned more, but I don't temember any staggering amount of money unless someone was a lawyer. Then there was a step up income.

No, we absolutely didn't as a generation earn more, and NO, housing was not cheaper! Mortgage rates were definitely not cheaper.

You really have it all wrong.

https://www.jchs.harvard.edu/blog/home-price-income-ratio-reaches-record-high-0

[Anonymous]

Anonymous wrote:

Anonymous wrote:Boomers are the ones voting against housing. The lack of housing is whats causing the housing price growth. I don't see millenials clamoring for yards or SFHs. They are perfectly fine with apartments. And yet we are in this situation, and then having folks arguing how dare you discriminate against these elderly who sacrificed themselves by not giving them better property tax rates? how dare you suggest we try to incentivize them to move?

We just want what we grew up with, what our parents have. But we can’t afford it. My parents bought their house in Ohio in 1990 for $300,000 and now its worth about $1 million. Even with much higher salaries than my dad made in 1990, we can’t afford it.
No, they want the large homes. It's been said over and over in here. They also want: a move in ready fully remodeled home, near public transit, in a good school system, with a high walkability score, in a desirable zip code, yard, mature trees, and sidewalks. It's an impressive wish list which will carry a hefty price tag if they could actually tick all the boxes. Anything less means they are suffering and don't have it as good as their parents who should just die already.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some, not all, millennials want that perfect, large house right out of the gate. The kitchen is dated? Lazy boomers! Also, hard pass.

More realistic is to start small (condo or starter house) and move up the property ladder.

Then find a forever home that’s a fixer-upper and fix up the necessary things but don’t buy into all the marketing and real estate bs about how you need the perfect kitchen before you move in.

We fixed up a house with two small kids and both of us working full time. Now we have an objectively “nice” house with lots of memories. I’m not going to downsize into a more expensive, smaller place just because OP is afraid of a little elbow grease.

+1

Tale end of the Boomer generation here. Lived in a one bedroom, basement apartment in crummy neighborhood with 2 roommates right out of college for several years to save money to go to grad school.

After grad school, DH and I saved until we could afford to buy into a tenancy in common that we then converted to 2 condos with our co-owners. Took a huge risk on a charming but very dated flat in a supposedly up and coming neighborhood. Interest rate for mortgage was 8%. When sold, made strong profit thanks to the fact that a condo was more valuable than a TIC.

Moved to 2000 square foot, 4 bedroom house in a very desirable neighborhood that needed significant work. Lived in house for almost 20 years before replacing old kitchen with an Ikea kitchen. Bathrooms still need to be remodeled. Raised 3 kids in the house who are now out of college. House, or more precisely, the lot the house is on, is now worth at least 3 times what we paid for it.

Meanwhile I watch my nieces and nephews in their late 20s, as well as my own children to a certain extent, complain about how they will never be able to afford a house. Yet they rent in expensive neighborhoods, generally don't have roommates, eat dinner out almost every night, take expensive vacations, buy expensive clothes and yes, drink those $$$ lattes.

Sorry OP but DH and I took took risks and sacrificed all these years to reach the point and we have no plans to downsize.

I think people are missing the point here. No one is forcing you out of your home. We are simply commenting its a lot harder for millenials now, and that we as a society shouldnt incentivize the elderly to stay in place with reduced property taxes, not incentivize the transfer of real estate through special taxes. Youve done a great job - and i dont think you expect or need preferential treatment to stay in your well earned home.

A boomer in 1980 was not buying a house in the fanciest neighborhood in town for 2x his salary. He was buying a starter home in an up and coming area, likely 2-3 bedrooms and 1 bath. That's what my parents did in a town in North Carolina, and then we moved as they made more money. Today there are still plenty of places where people can buy a decent starter home for $200k-$300k, and dual earners there are making $100k+ even if in blue collar jobs. The issue is that everyone thinks they should be able to afford to live in the areas their boomer parents or grandparents have moved to after decades of hard work and savings.

But our parents and grandparents didn't move there after decades of hard work and savings. They raised us there, moving in their 20s or early 30s. They either had modest homes with short commutes and reasonable work life balance, or a stay at home mom and commuter dad funding a giant house in the 'burbs. Now at an actual average (not DCUM-average) salary those are not feasible, and saying we should all commute an extra hour or two each way so we can move in our 50s is in fact a *massive* move of the goalposts.

I get saying we can't expect 3000 sq ft new construction in our 20s. Sure. I live in a 1500 sq ft fixer upper and am far from finished fixing it, I'm not picky. But my inability to afford a house within an hour of DC on my government salary is definitely depressing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some, not all, millennials want that perfect, large house right out of the gate. The kitchen is dated? Lazy boomers! Also, hard pass.

More realistic is to start small (condo or starter house) and move up the property ladder.

Then find a forever home that’s a fixer-upper and fix up the necessary things but don’t buy into all the marketing and real estate bs about how you need the perfect kitchen before you move in.

We fixed up a house with two small kids and both of us working full time. Now we have an objectively “nice” house with lots of memories. I’m not going to downsize into a more expensive, smaller place just because OP is afraid of a little elbow grease.

+1

Tale end of the Boomer generation here. Lived in a one bedroom, basement apartment in crummy neighborhood with 2 roommates right out of college for several years to save money to go to grad school.

After grad school, DH and I saved until we could afford to buy into a tenancy in common that we then converted to 2 condos with our co-owners. Took a huge risk on a charming but very dated flat in a supposedly up and coming neighborhood. Interest rate for mortgage was 8%. When sold, made strong profit thanks to the fact that a condo was more valuable than a TIC.

Moved to 2000 square foot, 4 bedroom house in a very desirable neighborhood that needed significant work. Lived in house for almost 20 years before replacing old kitchen with an Ikea kitchen. Bathrooms still need to be remodeled. Raised 3 kids in the house who are now out of college. House, or more precisely, the lot the house is on, is now worth at least 3 times what we paid for it.

Meanwhile I watch my nieces and nephews in their late 20s, as well as my own children to a certain extent, complain about how they will never be able to afford a house. Yet they rent in expensive neighborhoods, generally don't have roommates, eat dinner out almost every night, take expensive vacations, buy expensive clothes and yes, drink those $$$ lattes.

Sorry OP but DH and I took took risks and sacrificed all these years to reach the point and we have no plans to downsize.

I think people are missing the point here. No one is forcing you out of your home. We are simply commenting its a lot harder for millenials now, and that we as a society shouldnt incentivize the elderly to stay in place with reduced property taxes, not incentivize the transfer of real estate through special taxes. Youve done a great job - and i dont think you expect or need preferential treatment to stay in your well earned home.

A boomer in 1980 was not buying a house in the fanciest neighborhood in town for 2x his salary. He was buying a starter home in an up and coming area, likely 2-3 bedrooms and 1 bath. That's what my parents did in a town in North Carolina, and then we moved as they made more money. Today there are still plenty of places where people can buy a decent starter home for $200k-$300k, and dual earners there are making $100k+ even if in blue collar jobs. The issue is that everyone thinks they should be able to afford to live in the areas their boomer parents or grandparents have moved to after decades of hard work and savings.

But our parents and grandparents didn't move there after decades of hard work and savings. They raised us there, moving in their 20s or early 30s. They either had modest homes with short commutes and reasonable work life balance, or a stay at home mom and commuter dad funding a giant house in the 'burbs. Now at an actual average (not DCUM-average) salary those are not feasible, and saying we should all commute an extra hour or two each way so we can move in our 50s is in fact a *massive* move of the goalposts.

I get saying we can't expect 3000 sq ft new construction in our 20s. Sure. I live in a 1500 sq ft fixer upper and am far from finished fixing it, I'm not picky. But my inability to afford a house within an hour of DC on my government salary is definitely depressing.

DC grew up starting in the early 1990s and much more competitive people arrived. It is kind of true almost everywhere but particularly here. Not everyone can afford Manhattan, Greenwich, Summit and Scarsdale either and those people have private sector jobs. Welcome to the Thunderdome.

[Anonymous]

Boomers have squandered their abundance and ruined the future in a way that no generation has since Caligula.

[Anonymous]

Tons of decent homes in the 250k-400k range within spitting distance of DC.

https://www.redfin.com/city/3383/MD/Capitol-Heights

But that isn't what Brayden and Eva want because it isn't fancy enough. So they think people like me should not only move, but cut them a deal on the sale. Because.

Kids are brats.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some, not all, millennials want that perfect, large house right out of the gate. The kitchen is dated? Lazy boomers! Also, hard pass.

More realistic is to start small (condo or starter house) and move up the property ladder.

Then find a forever home that’s a fixer-upper and fix up the necessary things but don’t buy into all the marketing and real estate bs about how you need the perfect kitchen before you move in.

We fixed up a house with two small kids and both of us working full time. Now we have an objectively “nice” house with lots of memories. I’m not going to downsize into a more expensive, smaller place just because OP is afraid of a little elbow grease.

+1

Tale end of the Boomer generation here. Lived in a one bedroom, basement apartment in crummy neighborhood with 2 roommates right out of college for several years to save money to go to grad school.

After grad school, DH and I saved until we could afford to buy into a tenancy in common that we then converted to 2 condos with our co-owners. Took a huge risk on a charming but very dated flat in a supposedly up and coming neighborhood. Interest rate for mortgage was 8%. When sold, made strong profit thanks to the fact that a condo was more valuable than a TIC.

Moved to 2000 square foot, 4 bedroom house in a very desirable neighborhood that needed significant work. Lived in house for almost 20 years before replacing old kitchen with an Ikea kitchen. Bathrooms still need to be remodeled. Raised 3 kids in the house who are now out of college. House, or more precisely, the lot the house is on, is now worth at least 3 times what we paid for it.

Meanwhile I watch my nieces and nephews in their late 20s, as well as my own children to a certain extent, complain about how they will never be able to afford a house. Yet they rent in expensive neighborhoods, generally don't have roommates, eat dinner out almost every night, take expensive vacations, buy expensive clothes and yes, drink those $$$ lattes.

Sorry OP but DH and I took took risks and sacrificed all these years to reach the point and we have no plans to downsize.

I think people are missing the point here. No one is forcing you out of your home. We are simply commenting its a lot harder for millenials now, and that we as a society shouldnt incentivize the elderly to stay in place with reduced property taxes, not incentivize the transfer of real estate through special taxes. Youve done a great job - and i dont think you expect or need preferential treatment to stay in your well earned home.

A boomer in 1980 was not buying a house in the fanciest neighborhood in town for 2x his salary. He was buying a starter home in an up and coming area, likely 2-3 bedrooms and 1 bath. That's what my parents did in a town in North Carolina, and then we moved as they made more money. Today there are still plenty of places where people can buy a decent starter home for $200k-$300k, and dual earners there are making $100k+ even if in blue collar jobs. The issue is that everyone thinks they should be able to afford to live in the areas their boomer parents or grandparents have moved to after decades of hard work and savings.

But our parents and grandparents didn't move there after decades of hard work and savings. They raised us there, moving in their 20s or early 30s. They either had modest homes with short commutes and reasonable work life balance, or a stay at home mom and commuter dad funding a giant house in the 'burbs. Now at an actual average (not DCUM-average) salary those are not feasible, and saying we should all commute an extra hour or two each way so we can move in our 50s is in fact a *massive* move of the goalposts.

I get saying we can't expect 3000 sq ft new construction in our 20s. Sure. I live in a 1500 sq ft fixer upper and am far from finished fixing it, I'm not picky. But my inability to afford a house within an hour of DC on my government salary is definitely depressing.

DC grew up starting in the early 1990s and much more competitive people arrived. It is kind of true almost everywhere but particularly here. Not everyone can afford Manhattan, Greenwich, Summit and Scarsdale either and those people have private sector jobs. Welcome to the Thunderdome.

DC metro has jumped from 3.3M in 1990 to 5.4M today. That's an extra two million people. Now you understand why those once cheap ramblers in Rockville are going for enormous sums?

This isn't a boomer problem. It's population growth driven both by internal migration and large scale immigration.

[Anonymous]

Anonymous wrote:Lots of Gen X or millennials work remotely and could afford to move to a less expensive place. But they don’t.

That’s an opportunity boomers never had.

For remote work, many still have to commute in 2-3 days/week or like in my case I have a mile limit that I must fall within for my office. Also, the odds of 2 spouses finding jobs that are fully remote and allow them to live anywhere are not super high enough to solve the housing shortage. Plus if you move somewhere else and you don’t want to be tethered to your job forever, you still need to be somewhere with sufficient job opportunities, which tend to be places with higher COL.

It’s so flippant to say well they could just move somewhere cheaper but they won’t.

[Anonymous]

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Some, not all, millennials want that perfect, large house right out of the gate. The kitchen is dated? Lazy boomers! Also, hard pass.

More realistic is to start small (condo or starter house) and move up the property ladder.

Then find a forever home that’s a fixer-upper and fix up the necessary things but don’t buy into all the marketing and real estate bs about how you need the perfect kitchen before you move in.

We fixed up a house with two small kids and both of us working full time. Now we have an objectively “nice” house with lots of memories. I’m not going to downsize into a more expensive, smaller place just because OP is afraid of a little elbow grease. [/quote]

+1

Tale end of the Boomer generation here. Lived in a one bedroom, basement apartment in crummy neighborhood with 2 roommates right out of college for several years to save money to go to grad school.

After grad school, DH and I saved until we could afford to buy into a tenancy in common that we then converted to 2 condos with our co-owners. Took a huge risk on a charming but very dated flat in a supposedly up and coming neighborhood. Interest rate for mortgage was 8%. When sold, made strong profit thanks to the fact that a condo was more valuable than a TIC.

Moved to 2000 square foot, 4 bedroom house in a very desirable neighborhood that needed significant work. Lived in house for almost 20 years before replacing old kitchen with an Ikea kitchen. Bathrooms still need to be remodeled. Raised 3 kids in the house who are now out of college. House, or more precisely, the lot the house is on, is now worth at least 3 times what we paid for it.

Meanwhile I watch my nieces and nephews in their late 20s, as well as my own children to a certain extent, complain about how they will never be able to afford a house. Yet they rent in expensive neighborhoods, generally don't have roommates, eat dinner out almost every night, take expensive vacations, buy expensive clothes and yes, drink those $$$ lattes.

Sorry OP but DH and I took took risks and sacrificed all these years to reach the point and we have no plans to downsize. [/quote]
This is our story, too. We really did it with not a great amount of income and high mortgage rates. I don't get all the whining . [/quote]

Its so crazy to me how everyone is willfully ignoring that home prices have risen significantly faster than incomes have. Your income and savings back when you bought your home worked, but if you were born 12 years ago, it wouldnt. Maybe your point is - that sucks, move even further out. But a lot of millenials dont want to live out in deep in the suburbs and commute 1+ hour a day. And yes people spend money on toast and lattes- and that is $20. In a year thats like $1200. Its not exactly needle moving. Why is that so hard to understand? [/quote]

This also is not true. We were professionals with multiple degrees, paying for 2 of the graduate degrees in loans and making a combined 75 k. We bought a cheaper house. That is the whole point. We bought a TH, drove used cars- thrifted furniture, no big vacations. What my spouse earned as GS 11,12, 13 in those years PALES in comparison to feds today, pay, promotions, everything. Promotions almost never happened. My neighbors who are feds are in their 30s at Grade 14 ans 15. Spouse wasn't even close to that until retirement years. I was in public service too- and these were also all our peers.Those in private companies, or in business for themselves earned more, but I don't temember any staggering amount of money unless someone was a lawyer. Then there was a step up income.

No, we absolutely didn't as a generation earn more, and NO, housing was not cheaper! Mortgage rates were definitely not cheaper.

You really have it all wrong. [/quote]

I’m sorry but you really have it all wrong and your one personal anecdote doesn’t override what consumer statistics actually show.

Some highlights-

In today's dollars, Gen Zers and millennials are paying nearly 100% more on average for their homes compared with what baby boomers paid in the 1970s.

As of 2022, the national CPI has increased by over 500% since 1970, while wages have only increased by 80%.

https://www.consumeraffairs.com/finance/comparing-the-costs-of-generations.html

And these wage comparisons do not even take into account that a college (or higher) degree is now more required in the workforce compared than decades ago. Nor does it touch on the huge spike in childcare costs.

Sure there are many millennial aged posters on this board who are better off than some boomers were back in the 70s and 80s (perhaps than you and your husband). And there have been technological advances that have raised the standard of living for everyone since that time.

But overall, I don’t understand the absolute insistence on the part of older people to somehow deny that, financially, younger people today have it harder today than they did. I know as a millennial that Gen Z has even worse financial prospects than me (they are too young to have benefitted from historically low interest rates). I can admit this and have empathy for what they are struggling with.

For some reason though, so many older people take it as an *absolute personal offense* to read anything about how their generation on the whole had much better economic prospects.

[Anonymous]

**sorry, messed up the quoting above. So my comments don’t get lost-

I’m sorry but you really have it all wrong and your one personal anecdote doesn’t override what consumer statistics actually show.

Some highlights-

In today's dollars, Gen Zers and millennials are paying nearly 100% more on average for their homes compared with what baby boomers paid in the 1970s.

As of 2022, the national CPI has increased by over 500% since 1970, while wages have only increased by 80%.

https://www.consumeraffai...tions.html

And these wage comparisons do not even take into account that a college (or higher) degree is now more required in the workforce compared than decades ago. Nor does it touch on the huge spike in childcare costs.

Sure there are many millennial aged posters on this board who are better off than some boomers were back in the 70s and 80s (perhaps than you and your husband). And there have been technological advances that have raised the standard of living for everyone since that time.

But overall, I don’t understand the absolute insistence on the part of older people to somehow deny that, financially, younger people today have it harder today than they did. I know as a millennial that Gen Z has even worse financial prospects than me (they are too young to have benefitted from historically low interest rates). I can admit this and have empathy for what they are struggling with.

For some reason though, so many older people take it as an *absolute personal offense* to read anything about how their generation on the whole had much better economic prospects.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some, not all, millennials want that perfect, large house right out of the gate. The kitchen is dated? Lazy boomers! Also, hard pass.

More realistic is to start small (condo or starter house) and move up the property ladder.

Then find a forever home that’s a fixer-upper and fix up the necessary things but don’t buy into all the marketing and real estate bs about how you need the perfect kitchen before you move in.

We fixed up a house with two small kids and both of us working full time. Now we have an objectively “nice” house with lots of memories. I’m not going to downsize into a more expensive, smaller place just because OP is afraid of a little elbow grease.

+1

Tale end of the Boomer generation here. Lived in a one bedroom, basement apartment in crummy neighborhood with 2 roommates right out of college for several years to save money to go to grad school.

After grad school, DH and I saved until we could afford to buy into a tenancy in common that we then converted to 2 condos with our co-owners. Took a huge risk on a charming but very dated flat in a supposedly up and coming neighborhood. Interest rate for mortgage was 8%. When sold, made strong profit thanks to the fact that a condo was more valuable than a TIC.

Moved to 2000 square foot, 4 bedroom house in a very desirable neighborhood that needed significant work. Lived in house for almost 20 years before replacing old kitchen with an Ikea kitchen. Bathrooms still need to be remodeled. Raised 3 kids in the house who are now out of college. House, or more precisely, the lot the house is on, is now worth at least 3 times what we paid for it.

Meanwhile I watch my nieces and nephews in their late 20s, as well as my own children to a certain extent, complain about how they will never be able to afford a house. Yet they rent in expensive neighborhoods, generally don't have roommates, eat dinner out almost every night, take expensive vacations, buy expensive clothes and yes, drink those $$$ lattes.

Sorry OP but DH and I took took risks and sacrificed all these years to reach the point and we have no plans to downsize.

I think people are missing the point here. No one is forcing you out of your home. We are simply commenting its a lot harder for millenials now, and that we as a society shouldnt incentivize the elderly to stay in place with reduced property taxes, not incentivize the transfer of real estate through special taxes. Youve done a great job - and i dont think you expect or need preferential treatment to stay in your well earned home.

A boomer in 1980 was not buying a house in the fanciest neighborhood in town for 2x his salary. He was buying a starter home in an up and coming area, likely 2-3 bedrooms and 1 bath. That's what my parents did in a town in North Carolina, and then we moved as they made more money. Today there are still plenty of places where people can buy a decent starter home for $200k-$300k, and dual earners there are making $100k+ even if in blue collar jobs. The issue is that everyone thinks they should be able to afford to live in the areas their boomer parents or grandparents have moved to after decades of hard work and savings.

But our parents and grandparents didn't move there after decades of hard work and savings. They raised us there, moving in their 20s or early 30s. They either had modest homes with short commutes and reasonable work life balance, or a stay at home mom and commuter dad funding a giant house in the 'burbs. Now at an actual average (not DCUM-average) salary those are not feasible, and saying we should all commute an extra hour or two each way so we can move in our 50s is in fact a *massive* move of the goalposts.

I get saying we can't expect 3000 sq ft new construction in our 20s. Sure. I live in a 1500 sq ft fixer upper and am far from finished fixing it, I'm not picky. But my inability to afford a house within an hour of DC on my government salary is definitely depressing.

DC grew up starting in the early 1990s and much more competitive people arrived. It is kind of true almost everywhere but particularly here. Not everyone can afford Manhattan, Greenwich, Summit and Scarsdale either and those people have private sector jobs. Welcome to the Thunderdome.

DC metro has jumped from 3.3M in 1990 to 5.4M today. That's an extra two million people. Now you understand why those once cheap ramblers in Rockville are going for enormous sums?

This isn't a boomer problem. It's population growth driven both by internal migration and large scale immigration.

This. Neighborhoods change, and available housing changes.

Also, there are PLENTY of houses less than an hour's drive away - the PP just doesn't want to live in those neighborhoods.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some, not all, millennials want that perfect, large house right out of the gate. The kitchen is dated? Lazy boomers! Also, hard pass.

More realistic is to start small (condo or starter house) and move up the property ladder.

Then find a forever home that’s a fixer-upper and fix up the necessary things but don’t buy into all the marketing and real estate bs about how you need the perfect kitchen before you move in.

We fixed up a house with two small kids and both of us working full time. Now we have an objectively “nice” house with lots of memories. I’m not going to downsize into a more expensive, smaller place just because OP is afraid of a little elbow grease.

+1

Tale end of the Boomer generation here. Lived in a one bedroom, basement apartment in crummy neighborhood with 2 roommates right out of college for several years to save money to go to grad school.

After grad school, DH and I saved until we could afford to buy into a tenancy in common that we then converted to 2 condos with our co-owners. Took a huge risk on a charming but very dated flat in a supposedly up and coming neighborhood. Interest rate for mortgage was 8%. When sold, made strong profit thanks to the fact that a condo was more valuable than a TIC.

Moved to 2000 square foot, 4 bedroom house in a very desirable neighborhood that needed significant work. Lived in house for almost 20 years before replacing old kitchen with an Ikea kitchen. Bathrooms still need to be remodeled. Raised 3 kids in the house who are now out of college. House, or more precisely, the lot the house is on, is now worth at least 3 times what we paid for it.

Meanwhile I watch my nieces and nephews in their late 20s, as well as my own children to a certain extent, complain about how they will never be able to afford a house. Yet they rent in expensive neighborhoods, generally don't have roommates, eat dinner out almost every night, take expensive vacations, buy expensive clothes and yes, drink those $$$ lattes.

Sorry OP but DH and I took took risks and sacrificed all these years to reach the point and we have no plans to downsize.

This is our story, too. We really did it with not a great amount of income and high mortgage rates. I don't get all the whining .

Its so crazy to me how everyone is willfully ignoring that home prices have risen significantly faster than incomes have. Your income and savings back when you bought your home worked, but if you were born 12 years ago, it wouldnt. Maybe your point is - that sucks, move even further out. But a lot of millenials dont want to live out in deep in the suburbs and commute 1+ hour a day. And yes people spend money on toast and lattes- and that is $20. In a year thats like $1200. Its not exactly needle moving. Why is that so hard to understand?

So, to summarize:
1) millennials don’t want to sacrifice the way their parents and grandparents did;
2) millennials want to own nice houses in close-in neighborhoods AND eat cake, well toast, too; and,
3) millennials don’t understand why their parents and grandparents don’t understand.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some, not all, millennials want that perfect, large house right out of the gate. The kitchen is dated? Lazy boomers! Also, hard pass.

More realistic is to start small (condo or starter house) and move up the property ladder.

Then find a forever home that’s a fixer-upper and fix up the necessary things but don’t buy into all the marketing and real estate bs about how you need the perfect kitchen before you move in.

We fixed up a house with two small kids and both of us working full time. Now we have an objectively “nice” house with lots of memories. I’m not going to downsize into a more expensive, smaller place just because OP is afraid of a little elbow grease.

+1

Tale end of the Boomer generation here. Lived in a one bedroom, basement apartment in crummy neighborhood with 2 roommates right out of college for several years to save money to go to grad school.

After grad school, DH and I saved until we could afford to buy into a tenancy in common that we then converted to 2 condos with our co-owners. Took a huge risk on a charming but very dated flat in a supposedly up and coming neighborhood. Interest rate for mortgage was 8%. When sold, made strong profit thanks to the fact that a condo was more valuable than a TIC.

Moved to 2000 square foot, 4 bedroom house in a very desirable neighborhood that needed significant work. Lived in house for almost 20 years before replacing old kitchen with an Ikea kitchen. Bathrooms still need to be remodeled. Raised 3 kids in the house who are now out of college. House, or more precisely, the lot the house is on, is now worth at least 3 times what we paid for it.

Meanwhile I watch my nieces and nephews in their late 20s, as well as my own children to a certain extent, complain about how they will never be able to afford a house. Yet they rent in expensive neighborhoods, generally don't have roommates, eat dinner out almost every night, take expensive vacations, buy expensive clothes and yes, drink those $$$ lattes.

Sorry OP but DH and I took took risks and sacrificed all these years to reach the point and we have no plans to downsize.

This is our story, too. We really did it with not a great amount of income and high mortgage rates. I don't get all the whining .

Its so crazy to me how everyone is willfully ignoring that home prices have risen significantly faster than incomes have. Your income and savings back when you bought your home worked, but if you were born 12 years ago, it wouldnt. Maybe your point is - that sucks, move even further out. But a lot of millenials dont want to live out in deep in the suburbs and commute 1+ hour a day. And yes people spend money on toast and lattes- and that is $20. In a year thats like $1200. Its not exactly needle moving. Why is that so hard to understand?

So, to summarize:
1) millennials don’t want to sacrifice the way their parents and grandparents did;
2) millennials want to own nice houses in close-in neighborhoods AND eat cake, well toast, too; and,
3) millennials don’t understand why their parents and grandparents don’t understand.

I don't think it's nearly as straightforward as this. It is a combination of factors:
1) Housing DOES cost more relative to wages than it did 40 years ago
2) Younger Millennials/Gen Z DON'T want to live in the kind of crummy housing that Boomers/GenX lived in at the beginning of their career. Think shared dilapidated group house/aparment in a crummy neighborhood with no AC/laundry/dishwasher.
3) The expectation of what they want in a house has risen -- think newer construction, updated, walkable neighborhood, easy commute.
As others have pointed out, there is still some somewhat affordable housing in the DMV, it just might not be in the condition or location that is desired.