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][quote=Anonymous]European here. A lot of Americans don't appreciate the finer things in life, even though they can afford so much more. A Frenchman is fine renting, a small space too, because they want to be able to buy a niece piece of cheese and wine and fresh fish and a beautiful jacket. So if the millennials are doing what you say they are doing, kudos to them. [/quote]

You really cannot compare Europe to the US.  You have cradle to grave social benefits - we do not.  What happens when these folks who have screwed off their entire life arrive at retirement with no money?  They become a burden on their children or the state.[/quote]

Those benefits are paid for by significant taxation and coupled with much lower salaries. I think net net it evens out over a life time. In any case, I think it's a philosophical difference. As I mentioned, given X amount of disposable income, a Frenchman will chose to rent vs. owning, in order to afford small luxuries/quality. Many Americans overemphasize housing or cars to the detriment of many many other things that make life pleasurable. I am most surprised by the very well educated and well off couples who seem to squirrel away millions while leading Spartan lives. Many post here. So no I don't judge a millennial, who is saddled with debt and facing crazy housing costs for not buying in to the current scheme.[/quote]

The percentage of homeownership in France is lower than in the US not merely because French people prefer to afford small luxuries, but rather because it is much more difficult to obtain a mortgage and much more difficult to accumulate a downpayment, given the higher tax rates and lower salaries, and because home prices have remained high (particularly in Paris where most buyers are foreign).  French people by and large prefer quality over quantity, and do not have a culture of overspending -- credit cards as they exist in the US are not available in France (debit cards only).[/quote]

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