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

[Anonymous]

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

[Anonymous]

If you really believe this is why we can't afford houses or pay off student loans, I have a very affordable bridge to sell you. Killer deal. But your mentality lets me know that you are def one of the ones who ruined the economy for us. Now you sit back hypothesizing about every other thing that could be wrong but you will never accept responsibility for how you set us up for failure. Thanks, geezer.

[Anonymous]

You're right but you're actually off by a factor of 2 or 3.

The knives at DC Sharp -start- at $200 and go up to $1000+

the coffee is closer to $7. I got a candle that was $48 and the locally sourced meats and milk are more like 4x the price of Safeway (which is shit, by the way. You know this, don't you? )

— Gen Xer who can afford everything I just listed

[Anonymous]

Millenial here - why do you think I left DC?

I spent 3 years outside of DMV area. Saved a buttload of money now moving back with my own home. I dread the allure of pricey 'must-haves' in DC. A SoulCycle class is $34 per an hour! Eating out or food delivery is $10 per meal. Whole Foods (which is on my block) is 2x the cost of Giant which is about 7 blocks away.

It's not easy shopping or staying middle class in DC. It's not just keeping up with the joneses for me, its about investing in myself but also having limits. It's hard.

[Anonymous]

Anonymous wrote:If you really believe this is why we can't afford houses or pay off student loans, I have a very affordable bridge to sell you. Killer deal. But your mentality lets me know that you are def one of the ones who ruined the economy for us. Now you sit back hypothesizing about every other thing that could be wrong but you will never accept responsibility for how you set us up for failure. Thanks, geezer.

I'm not OP and I'd wager I'm about 10 years older than you. There is some validity to OP's point. OTOH, if I was fairly certain that I could never afford a $675K condo or a $1.7 million colonial on the Red Line, no matter how far up the ladder I moved in my nonprofit, I would personally be tempted to buy $18 bespoke cocktails, too, like you guys. I mean, what do you have to lose? You're never going to close that gap between your income and real estate, esp with your loan debt from Haverford (vs. In-State U.)

[Anonymous]

I graduated from college in the early 90s and no one was buying houses right out of college.

Everyone either had roommates, or was married. Some people stillmlived with their parents.

The homes were not single family homes in hip expensive neighborhoods. They were suburban apartments or town houses for those who wanted a little nicer homes, or dives in the city.

I don't know why millenials aren't doing the same, ie getting roommates and living in less than ideal starter apartments just like everyone else. I think a lot of their housing issues are because they have a warped hgtv idea of what their first place should look like, and think they deserve more so they just decide to live with mom and dad instead so they have fun money and nice things.

I have no idea why they are too irresponsible topay off their college loans.

They might be educated, but they failed at basic consumer math when they chose to take out these exceptionally expensive loans for degrees that aren't marketable and from overpriced expensive universities.

They should not get their debt forgiven. That is unfair to everyon who met their debt obligation or who made better, more responsible choices.

[Anonymous]

Anonymous wrote:You're right but you're actually off by a factor of 2 or 3.

The knives at DC Sharp -start- at $200 and go up to $1000+

the coffee is closer to $7. I got a candle that was $48 and the locally sourced meats and milk are more like 4x the price of Safeway (which is shit, by the way. You know this, don't you? )

— Gen Xer who can afford everything I just listed

$48 for candle? Crazy. And I thought Yankee Candle was a scam. I'm glad you can afford it now, but will you forever? Will you at some point in your life wish you has that $48 back, multiplied across thousands of purchases.

I'm always amazed at how consumer product companies can take a commodity item like a candle and through marketing price it at 4X it's old price.

[Anonymous]

Not everyone is clamoring to buy a house and some people genuinely enjoy smaller luxuries more than you. And who cares about ending to pay off student loan debt? It's possible for people to love a lifestyle that's different than the one you chose for yourself.

[Anonymous]

Anonymous wrote:Not everyone is clamoring to buy a house and some people genuinely enjoy smaller luxuries more than you. And who cares about ending to pay off student loan debt? It's possible for people to love a lifestyle that's different than the one you chose for yourself.

OP here. Sure people make different choices, and that's great, especially for the person making and selling $38 candles. Just don't make those choices and come back when you are 30 or 35 and whine about not being able to afford a house in the perfect neighborhood, or how horrible it is that you are still paying off student loans.

[Anonymous]

Anonymous wrote:If you really believe this is why we can't afford houses or pay off student loans, I have a very affordable bridge to sell you. Killer deal. But your mentality lets me know that you are def one of the ones who ruined the economy for us. Now you sit back hypothesizing about every other thing that could be wrong but you will never accept responsibility for how you set us up for failure. Thanks, geezer.

WRONG. But you know it. You kind of deserve a ruined economy considering the person you dummies chose as your leader. Millennials are followers and easily suckered.

[Anonymous]

I tend to agree with much of this. The millennials I know almost all live with their parents because (supposedly) they're saving up money, but they lack for nothing (new iPhones, clothes, cars) and take ski trips to Aspen. I have a hard time imagining that their bank accounts are flush.

One is actively looking for an apartment -- with his mom, of course -- and has turned down every option for some reason: too small, too dark, the kitchen isn't updated, too loud, too close to public housing, too far from mommie and daddy. He wants to get a roommate, but he refuses to share a bathroom and his mother agrees that sharing a bathroom with "a stranger" is unacceptable for her snowflake.

Can't exactly weep for them.

[Anonymous]

Anonymous wrote:I graduated from college in the early 90s and no one was buying houses right out of college.

Everyone either had roommates, or was married. Some people stillmlived with their parents.

The homes were not single family homes in hip expensive neighborhoods. They were suburban apartments or town houses for those who wanted a little nicer homes, or dives in the city.

I don't know why millenials aren't doing the same, ie getting roommates and living in less than ideal starter apartments just like everyone else. I think a lot of their housing issues are because they have a warped hgtv idea of what their first place should look like, and think they deserve more so they just decide to live with mom and dad instead so they have fun money and nice things.

I have no idea why they are too irresponsible topay off their college loans.

They might be educated, but they failed at basic consumer math when they chose to take out these exceptionally expensive loans for degrees that aren't marketable and from overpriced expensive universities.

They should not get their debt forgiven. That is unfair to everyon who met their debt obligation or who made better, more responsible choices.

Have you never been to Columbia Heights or Mt. Pleasant - Millennial central filled with rowhomes and roommates. Millennials do live in city dives. They just happen to be city dives in popular neighborhoods. By the time they're 27 or 28 most Milllenials also are tired of continuing the college lifestyle and living with 5 roommates while sharing 2-3 bathrooms.

As a Millenial the first thing I did was pay off my college loans. Then my car loan. Then get a mortgage. Now I'm paying that off. I don't have children so I can afford an expensive hobby or two.

P.S. - Who is getting their debt forgiven?! I have no idea what you're talking about unless you mean military service??

[Anonymous]

Oh goodness. This is a rather large brush you're painting an entire generation of people with.

[Anonymous]

Anonymous wrote:I tend to agree with much of this. The millennials I know almost all live with their parents because (supposedly) they're saving up money, but they lack for nothing (new iPhones, clothes, cars) and take ski trips to Aspen. I have a hard time imagining that their bank accounts are flush.

One is actively looking for an apartment -- with his mom, of course -- and has turned down every option for some reason: too small, too dark, the kitchen isn't updated, too loud, too close to public housing, too far from mommie and daddy. He wants to get a roommate, but he refuses to share a bathroom and his mother agrees that sharing a bathroom with "a stranger" is unacceptable for her snowflake.

Can't exactly weep for them.

You'd be surprised how much money you can save on mommy's dime while also keeping your appearances up. Just imagine if you only had a mortgage note instead mortgage + daycare. It's about that much.

[Anonymous]

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

Are you jealous, OP? Maybe these millennials make more than you- does that enrage you?