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

[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.

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.

No, the first PP had it. You're just rewording what was already said but in more words. Champagne tastes, beer budget. 20 yr olds starting out have never had it all. This is a spoiled generation used to having it all, right away, no delayed gratification and it's a harsh adjustment. But they will be fine.

[Anonymous]

Its just going to be even more of a disaster in 10-20 years from now, when millenials, gen z, and early gen alpha will ALL BE COMPETING for the boomer's homes that will now be on the market. Mind you, some lucky minority of them will have benefited from wealth transfer from their boomer parents /grandparents, further contributing to the pressures.

its really no wonder to me why especially Gen Z is so unmotivated.

[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.

Wrong, millennials literally just want the opportunity to sacrifice the way our parents and grandparents did. I'd KILL to scrimp and save and never eat out to afford a modest starter home like my parents had, because that "modest starter home" that was a "sacrifice" to them costs $1.5MM today.

I cannot even fathom the utter ignorance and arrogance required to say "millennials don't want to sacrifice to afford a first home" when for Millennials "sacrificing" means choosing between a 2-3 hour daily commute or living in a warzone when for the person deriding them "sacrifice" meant a nice house in a safe area with a decent commute but oh no it's not a mansion in McLean!

[Anonymous]

Anonymous wrote: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.

"Brayden" and Eva" are passing on those 250K homes in crime filled neighborhoods that white boomers fled in the 50s to flee from brown people.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

"Brayden" and Eva" are passing on those 250K homes in crime filled neighborhoods that white boomers fled in the 50s to flee from brown people.

This is why we should hold a boomer “homecoming” aka send the boomers to nursing homes back in the communities they fled. Housing and equity problems solved.

[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.

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.

Wrong, millennials literally just want the opportunity to sacrifice the way our parents and grandparents did. I'd KILL to scrimp and save and never eat out to afford a modest starter home like my parents had, because that "modest starter home" that was a "sacrifice" to them costs $1.5MM today.

I cannot even fathom the utter ignorance and arrogance required to say "millennials don't want to sacrifice to afford a first home" when for Millennials "sacrificing" means choosing between a 2-3 hour daily commute or living in a warzone when for the person deriding them "sacrifice" meant a nice house in a safe area with a decent commute but oh no it's not a mansion in McLean!

BS. That is complete BS. You are full of shit, $1.5MM. Are you the same person who keeps massively overstating the cost of houses just to troll?

[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.

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.

Wrong, millennials literally just want the opportunity to sacrifice the way our parents and grandparents did. I'd KILL to scrimp and save and never eat out to afford a modest starter home like my parents had, because that "modest starter home" that was a "sacrifice" to them costs $1.5MM today.

I cannot even fathom the utter ignorance and arrogance required to say "millennials don't want to sacrifice to afford a first home" when for Millennials "sacrificing" means choosing between a 2-3 hour daily commute or living in a warzone when for the person deriding them "sacrifice" meant a nice house in a safe area with a decent commute but oh no it's not a mansion in McLean!

I don’t know what kind of “starter home” your parents had that would cost $1.5M today, but I do know that my 4 bedroom, 2300 sq foot, 35 year old house on a nice lot in North Arlington would sell for less than that today and I’d hardly define it as a starter home - or at least it wasn’t DH and my starter home. Our starter home was a dilapidated condo in a $hitty neighborhood.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

"Brayden" and Eva" are passing on those 250K homes in crime filled neighborhoods that white boomers fled in the 50s to flee from brown people.

the fact is that there are homes, but these millennials (who are not young anymore btw) want to move into the best neighborhoods, close -in for 1985 prices. this is why they hate zoning b/c they think its unfair that cant get into any neighborhood they want for cheap.

millennials also dont want to take the risk of buying in a lower income area with the idea that in 15/20 years it could be the next posh area.

very soon Gen Z/Gen A willl be wondering why Millenials only complained and never took the risks to make their living situations better. Not being the young ones anymore is going to be a big wakeup call for them

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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.

"Brayden" and Eva" are passing on those 250K homes in crime filled neighborhoods that white boomers fled in the 50s to flee from brown people.

This is why we should hold a boomer “homecoming” aka send the boomers to nursing homes back in the communities they fled. Housing and equity problems solved.

Love it when children of dysfunctional families try to make themselves feel better with revenge fantasies!

[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.

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.

You don’t actually think these points say anything other than Millennials/GenZ are bratty whiners, right? That was sarcasm?

[Anonymous]

The fact that the next posh area is just further and further away doesnt seem to phase anyone. The posh area of the boomer generation was arlington. Now our next up and coming posh area is like, manassas. Assuming all parties work in DC, can we agree the commute from manassas is significantly worse than arlington? And by the way the manassas home is $500k and a 1970 build- seems squarely fixer upper category.

[Anonymous]

I’m GenX and don’t understand why boomers are hanging onto their SFH. Once DH and I retire which will align with our youngest starting grad school we are headed to a condo. I can’t wait to be done with home and yard maintenance! I can’t wait to move back into a city and not care about school ratings! We will pay for our kids to stay in a hotel a block or two away if they both come to visit at the same time or we”LL meet them somewhere else and do a hotel for all of us.

[Anonymous]

Anonymous wrote:I’m GenX and don’t understand why boomers are hanging onto their SFH. Once DH and I retire which will align with our youngest starting grad school we are headed to a condo. I can’t wait to be done with home and yard maintenance! I can’t wait to move back into a city and not care about school ratings! We will pay for our kids to stay in a hotel a block or two away if they both come to visit at the same time or we”LL meet them somewhere else and do a hotel for all of us.

You do you. I’m recently retired GenX and I love gardening and yard work. In fact we’re looking for a larger home to have room a bigger garden and hobbies. But in general it’s never one size fits all.

[Anonymous]

Anonymous wrote:The fact that the next posh area is just further and further away doesnt seem to phase anyone. The posh area of the boomer generation was arlington. Now our next up and coming posh area is like, manassas. Assuming all parties work in DC, can we agree the commute from manassas is significantly worse than arlington? And by the way the manassas home is $500k and a 1970 build- seems squarely fixer upper category.

This is where the goalposts have changed so much. I responded in this vein above and someone said "there are houses closer, you re just too picky to live in those neighborhoods." That's just...not true! I'm not even talking about posh neighborhoods. You just can't get a 300k house close to DC anymore the way you could even 5 years ago. Commuting 1-2 hours each way IS different than previous generations.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The fact that the next posh area is just further and further away doesnt seem to phase anyone. The posh area of the boomer generation was arlington. Now our next up and coming posh area is like, manassas. Assuming all parties work in DC, can we agree the commute from manassas is significantly worse than arlington? And by the way the manassas home is $500k and a 1970 build- seems squarely fixer upper category.

This is where the goalposts have changed so much. I responded in this vein above and someone said "there are houses closer, you re just too picky to live in those neighborhoods." That's just...not true! I'm not even talking about posh neighborhoods. You just can't get a 300k house close to DC anymore the way you could even 5 years ago. Commuting 1-2 hours each way IS different than previous generations.

As is the ability to work remotely 2-3 or even 5 days a week for many.