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

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[quote=Anonymous]Trying to get back to OP's initial point, I think there is some merit to what she says.  I'm an older Gen-X.  I graduated about 25 years ago.  The pattern that OP describes existed in my generation as well, but the prime difference is that the luxury spenders were a smaller minority of our generation.  I still have friends and acquaintances who do not own because they did what they wanted including going to expensive schools, carrying school loans, not paying down debt and spending barely within their means with no savings.  The majority of our generation paid down their loans, saved up and purchased homes.  What I see is that the millennial generation has many more of this type who spend more than save and do not have the potential to purchase homes.  I do know millennials who have the same work ethic that my peers and I had and get themselves out of debt and purchase homes.  But there are far fewer of them percentage-wise than my generation and earlier.

The other issue is that the millennial generation has a lot more internal competition.  There is a significantly greater portion of their generation who went to college and/or post-college educations and there are far more of them competing for the same or possibly fewer positions.  There are far fewer millennials who are going into trades and apprenticeship type jobs than our generation.  Our generation had significantly more that went to auto school, cooking school, trades like carpentry, electrical, plumbing.  I know far fewer millennials choosing those paths.  Far more choosing college and as such, with many more college grads, JDs, MDs, PhDs, Business Masters, etc, there are more of them than jobs.  So you end up with a lot more highly educated millennials taking lesser paid jobs or not getting jobs than in earlier generations.

The combination means that far fewer millennials will be able to purchase homes within 20 years of graduating college than prior generations.  Many have their own habits to blame, but many do not.

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