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.

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!

Spouse and I are millennials. It sounds like you’re doing something wrong, quite frankly. We have bought and sold two houses at this point on boring sub GS15 fed jobs and no family help. Commute was anywhere from 20 minutes to an hour each way depending on traffic and travel timing. Tried to avoid those 2 hour days but it’s DC so it happens sometimes.

[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.

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!

Spouse and I are millennials. It sounds like you’re doing something wrong, quite frankly. We have bought and sold two houses at this point on boring sub GS15 fed jobs and no family help. Commute was anywhere from 20 minutes to an hour each way depending on traffic and travel timing. Tried to avoid those 2 hour days but it’s DC so it happens sometimes.

+1. Nephew and his wife also managed to do this with no family help.

[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.

Who the hell are you that you think you can "send" anyone anywhere? I'm Gen X. My house will be paid off in 4 years. And I'm never getting rid of it. It's going to my kids. Sorry you don't like that. Tough.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

In the 80s my dad commuted 90 mins each way and so did most of the working parents in town. People who wanted a decent house and had middle class incomes moved way out even back then.

How far did your mom commute?

She was a teacher in another town. Who cares?

[Anonymous]

Bought my Del Ray house for 177,000 in '99 and it's a double lot!

It's paid and I'm not going anywere!

[Anonymous]

Maybe you have to move to a lower cost of living area? Or live in an apartment or townhouse if you stay here?

This area is much more expensive today relative to the rest of the country than it was 30+ years ago.

[Anonymous]

Gen x - when I was in my 20s I lived in a group townhouse in Ballston. Rent was $600/mo x 3 people + utilities, my income was $30,000. No parking, walk to metro. TH value was about $160k. About 25% of my income. I saved up and bought a condo for $200k.

Today the value of an older 3 BR TH like this is roughly $900,000-$1,000,000. PITI is about $6200, so rent is at minimum $2000/mo + utilities for 3. $24,000 rent. Starting pay at my office is $65,000. That’s 37% of income. For a group house. And the 20-something working for me has a well located studio in DC, so probably a lot more rent expense than that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Stop your whining and get a therapist to help you deal with your very transparent issues with your parents.

NP. My parents aren’t Boomers but I legitimately don’t see how people don’t understand why Millrennials/Gen Z/Gen Alpha feel enraged that no matter how hard they work they will never have the ability to build wealth the way previous generations did.

We don't actually know this. We do, however know that those generations feel entitled to buy a turn key home in the kind of neighborhood they grew up in.

I, Generation X, bought a small, attached home in a neighborhood not nearly as fancy as the one I grew up in. The schools this neighborhood is zoned for are terrible. Nothing about this house was perfect or turn key. I also bought it at the peak of its value in 2006. Now it is worth more than I paid for it but it took 10 years, and my mortgage was underwater for that whole time. But, you know what. I have no complaints. Because I'm not an entitled whiner who can't accept reality.

[Anonymous]

Here are some close in homes for under $350. You just don't want them:
https://www.redfin.com/MD/Capitol-Heights/803-Minna-Ave-20743/home/11010138
https://www.redfin.com/MD/Hyattsville/6608-24th-Pl-20782/home/10963888
https://www.redfin.com/DC/Washington/4713-Sheriff-Rd-NE-20019/home/10124693

And, yes, I bought a house like this, priced like this in 2006, so don't tell me I had it easy. I didn't. I made the same sacrifices I'm asking your generation to make.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Stop your whining and get a therapist to help you deal with your very transparent issues with your parents.

NP. My parents aren’t Boomers but I legitimately don’t see how people don’t understand why Millrennials/Gen Z/Gen Alpha feel enraged that no matter how hard they work they will never have the ability to build wealth the way previous generations did.

We don't actually know this. We do, however know that those generations feel entitled to buy a turn key home in the kind of neighborhood they grew up in.

I, Generation X, bought a small, attached home in a neighborhood not nearly as fancy as the one I grew up in. The schools this neighborhood is zoned for are terrible. Nothing about this house was perfect or turn key. I also bought it at the peak of its value in 2006. Now it is worth more than I paid for it but it took 10 years, and my mortgage was underwater for that whole time. But, you know what. I have no complaints. Because I'm not an entitled whiner who can't accept reality.

My parents bought a 2000 SF home in the late '90s in a good - not great - school district for $300k. A similar house in that town is now $1.25+ mil. That doesn't seem out of whack to you?

[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.

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!

Spouse and I are millennials. It sounds like you’re doing something wrong, quite frankly. We have bought and sold two houses at this point on boring sub GS15 fed jobs and no family help. Commute was anywhere from 20 minutes to an hour each way depending on traffic and travel timing. Tried to avoid those 2 hour days but it’s DC so it happens sometimes.

Same. I really have no idea what some people do so wrong. We were both gs 12 feds and millennials. No family money.

Oh and nice houses do not have to cost 1.5m.

[Anonymous]

Anonymous wrote:Gen x - when I was in my 20s I lived in a group townhouse in Ballston. Rent was $600/mo x 3 people + utilities, my income was $30,000. No parking, walk to metro. TH value was about $160k. About 25% of my income. I saved up and bought a condo for $200k.

Today the value of an older 3 BR TH like this is roughly $900,000-$1,000,000. PITI is about $6200, so rent is at minimum $2000/mo + utilities for 3. $24,000 rent. Starting pay at my office is $65,000. That’s 37% of income. For a group house. And the 20-something working for me has a well located studio in DC, so probably a lot more rent expense than that.

Great example. Im sure the retort will be “my son pays $700 for his group home, do better”. People just dont want to talk about this rationally and love saying their single, totally abnormal anecdote.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Gen x - when I was in my 20s I lived in a group townhouse in Ballston. Rent was $600/mo x 3 people + utilities, my income was $30,000. No parking, walk to metro. TH value was about $160k. About 25% of my income. I saved up and bought a condo for $200k.

Today the value of an older 3 BR TH like this is roughly $900,000-$1,000,000. PITI is about $6200, so rent is at minimum $2000/mo + utilities for 3. $24,000 rent. Starting pay at my office is $65,000. That’s 37% of income. For a group house. And the 20-something working for me has a well located studio in DC, so probably a lot more rent expense than that.

Great example. Im sure the retort will be “my son pays $700 for his group home, do better”. People just dont want to talk about this rationally and love saying their single, totally abnormal anecdote.

That quote is an anecdote. Some neighborhoods improved since 30 years ago. This is a much larger and more populous area. There are other places to live like Columbia Pike for example.

[Anonymous]

Anonymous wrote:

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.

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!

Spouse and I are millennials. It sounds like you’re doing something wrong, quite frankly. We have bought and sold two houses at this point on boring sub GS15 fed jobs and no family help. Commute was anywhere from 20 minutes to an hour each way depending on traffic and travel timing. Tried to avoid those 2 hour days but it’s DC so it happens sometimes.

Same. I really have no idea what some people do so wrong. We were both gs 12 feds and millennials. No family money.

Oh and nice houses do not have to cost 1.5m.

It really depends on if you were old millennials buying in 2005, or younger millennials/ Gen Z trying to buy right now. I am an older millennial and we got our place in 2009. The value has nearly doubled, and with interest rates we wouldn’t have been able to buy the same place now, even with higher income.

[Anonymous]

Anonymous wrote:Here are some close in homes for under $350. You just don't want them:
https://www.redfin.com/MD/Capitol-Heights/803-Minna-Ave-20743/home/11010138
https://www.redfin.com/MD/Hyattsville/6608-24th-Pl-20782/home/10963888
https://www.redfin.com/DC/Washington/4713-Sheriff-Rd-NE-20019/home/10124693

And, yes, I bought a house like this, priced like this in 2006, so don't tell me I had it easy. I didn't. I made the same sacrifices I'm asking your generation to make.

These houses are all in the hood. The reason no-one wants them is the reason they are under $350: no-one wants to get shot. Unfortunately, white flight is the reason these places are dangerous. Boomers fleeing places like in the 50s destabilized entire regions.