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Reply to "Birth rate plummets"
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[quote=Anonymous][quote=Anonymous]Kids and cost of living are too expensive if you have a job in a top 15 metro area. About 100m Americans live in the top 15 metro areas, or about 30% of the country. At current interest rates, a 31 year-old Millennial couple (peak baby birthing time) need a household income of $250K to buy a [b]decent home an acceptable school district,[/b] two cars, daycare, student loan payment, retirement contribution, plus weekly expenses (food, diapers, medical costs, utilities, etc.) AND not feel completely on edge of losing it. At a $250K HHI, you're already at the 92nd percentile of American households. But 30% of Americans live in a top 15 metro area and are dealing with a huge run up in RE prices and now interest rates. How is a 31 year-old Millennial couple supposed to buy their first home and have a baby? It's literally not possible unless they are pulling in $250K or have family $$$$. The math doesn't math. I'd skip kids too. We got lucky in that we are elder Millennials who bought in 2017. We make $500K today and there's no way we could afford our current house at the current prices and interest rate without a lot of pain and skimpy budgets by the end of the month.[/quote] How do you define acceptable? We went for a townhome that hadn’t been updated. Major structural repairs needed. We had a baby within a year.[/quote]
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