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

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[quote=Anonymous][quote=Anonymous][quote=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.[/quote]

+1[/quote]

The way I like to show this is when I bought my house -- a 1965 split level in Vienna in 1999, my family income was 84K.  We put down 20% of the 250K and had a 2K mortgage + taxes, ins.  That payment was 28% of our gross.

Today, two professionals would be making at least 150K HHI.  at 28% monthly, that is a 3500 payment.  My house today is about 640K.  Buying it today would be less than the 3500/month.  So the house is more affordable than it was in 1999 for me.[/quote]

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