Reply to Genz and millennials don't want your small starter homes want forever homes now

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I guess I see both sides, on one side some don’t like moving. But also I can see how it can come across as entitled.[/quote]

The article doesn't make it sound nearly as entitled as OP seems to think it does. [/quote]

Yeah, the article was much more "starter homes make less financial sense than then did a few decades ago, and so some millennials and Gen Zs are opting out" than "I want a fully renovated house in a great location NOW, and I don't want to give up lattes and avocado toast to get it" that the OP's title suggested.

But, generational conflict is clickbait, even on DCUM, so here we are.  [/quote]

I mean they're right. Realtor fees + transfer taxes + moving costs + title insurance= $$$. All of that can easily be 50-100k, which wipes out any gains that people used to get from buying and selling starter homes as they moved up the property ladder. DH and I bought a condo downtown when we were early 20s and then saved nonstop until we could afford our forever home at 30. There was a point when we'd easily outgrown the tiny condo and could have afforded a nice townhouse, but we kept going. We were worried we'd buy a 3 bedroom townhouse and then get stuck and not be able to afford the realtor/moving cost fees. We bought a 5 bedroom home instead and then had our 3 kids. We've renovated it to be exactly what we wanted instead of continuing to buy and sell homes.

Financially starter homes (or any home really) are only good if you can stay for 7+ years. If you only spend a few years there, the transactional costs eat up any gains. [/quote]

Yep. It is very expensive to upgrade, so you are better off buying something nice from the beginning. [/quote]

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