Genz and millennials don't want your small starter homes want forever homes now
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Anonymous
You’re just saying exactly what I said. There is no such thing as a “starter home.” And I don’t actually think people in the olden days actually planned to move every 5 years. |
Anonymous
Look, I don’t think it ever made financial sense to buy a house and assume it would appreciate enough to sell in 5 years. And it makes even less sense now. |
Anonymous
Moving and buying a home is such a hassle and so expensive I hope to never, ever do it again. Husband and I managed to save up and buy a house at 32 and I love it. I don't care if I can afford a bigger house. |
Anonymous
Same. My parents’ “starter home” purchased in the late 70s on an associate professor’s single income now is worth $1.5 mil. lol. The starter home is dead. |
Anonymous
You shower night before. No one flossed. And I brushed my teeth over kitchen sink plenty. No one shaved as we were kids. My Dad left for work early before we got up and Mom went in while we were at school. Here is History of house. First owner paid 3k for plot in 1918 and had house built 2023 for 3k Cost 6.5K Parents Bought house for 36k in 1973 in estate sale. Around 6x prior owner price. We sold it estate sale in 2003 for 550K around 15x our purchase price. Sold in 2011 for 700K Sold in 2018 for 840k Sold in 2023 for 980K it now has an added 1.2 bath on first floor in tiny pantry area and a finished basement. But to be honest I think it is cheaper today than was in the past. The couple who bought in 1918 the plot their kids told us they go married in 1918 and was already saving for two years living at home and took that and wedding money to buy plot with a little bit of financing. They then both worked full time in a tiny run down cold water walk up apartment in the lower east side which was a slum at the time for 5 years to buy house of of sears catalogue where they had to do a lot of work themselves. Now people in parents old house just put 5 percent down, finance and hold house 5-10 years and cash out to buy a mcmansion. No longer a house for life. Thats real reason starter home prices shot up. People view it as a get rich scheme. |
Anonymous
| I’m a millennial (35). I can only speak for myself, but DH and I were great little savers as youngins and saved up a down payment and built/purchased our home when I was 24. We built a 3/2.5 1500sqft, wayyy out in the burbs. Dream home? Probably not, but plenty of space for us. I don’t see us moving, like ever. If anything I’d want to downsize and move closer to the city. So idk, I didn’t want to buy an apartment, then a condo, then a house. I’d have rather waited longer to save up, so I get where people in the article are coming from. |
Anonymous
Arguably this is still in starter home territory. A dual income couple should be able to afford this. |
Anonymous
I'm Gen Z and we couldn't buy our starter home until we were 31, and then didn't buy our current home until 40. My parents, who are silent generation, were in their starter home until they were 35 (and then only were able to move up because my dad did a lot of the construction himself.) |
Anonymous
| ^ Sorry, typo -- gen x, not z. |
Anonymous
We have a 900 foot house. We make it work. |
Anonymous
I also think there is something to be said for our generation, you were lucky to meet your person early and have like-minded goals. I am jealous! I am similar age, didn't meet my husband until 27, married at 31, feels like we are so behind the 8-ball in our starter 1300sf 2 bedroom ranch in a great school district. Sigh. |
Anonymous
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Unrealistic expectations. I live in a big house in an expensive neighborhood.
But I lived at home or with roommates 29. I then bought a one bedroom coop I lived in till 38 when I bought a smarter home in poor condition in an average area. Then at 55 I bought my big trade up home I get my kids and nieces and nephews who are like I want a home like that I will never be able to afford it. But they dont want to do property ladder thing or do sweat equity. So they need big jobs or big stock gains or marry rich to jump right to top. My one nephew just married very rich so he is doing that But for the normal person that is not a strategy |
Anonymous
Not every person wants a big house. |
Anonymous
You did not need a husband to do this I did not, buy my friend at 24 bought his dream house in his dream neighborhood. He bought a house with a tenant in it already, kept tenant, lived at home till 30. He got married and actually they moved to apartment till second one born then kicked out tenants and moved in at 44 to a paid off home. I wish I did that. |
Anonymous
We were really lucky I think! However, we bought our house before we were married. Very risky, and I saw it go south for a friend of mine. I also don’t want to move (or “move up”) because our mortgage is so low. Our salaries have over doubled since we bought, so it’s a very reasonable % of our take home. My MIL is constantly making comments about us not “moving up” or “upgrading”, but they are double mortgaged and struggling so I take those comments with a grain of salt 🙄 |