Reply to The median Boomer has a housing cost of $612. That includes taxes and insurance.

Forum Index » Real Estate

Reply to "The median Boomer has a housing cost of $612. That includes taxes and insurance. "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]I just think millennials really don't understand how money works, but also they seem to have no concept of delayed gratification. Marriage, babies, etc., are only ok when they have the  jobs, wealth and trappings of what middle aged people had  in the 90s, so they think we all started this way. We didn't. [/quote]

I think the delayed gratification may be the biggest issue more than anything else. How many Boomers and older GenX lived in tiny, unrenovated homes for YEARS before any renovations or upgrades were made. Every house that turns over in our neighborhood is bought for a super high price by millenials who then essentially also have the cash to gut and renovate immediately. There was also a recent post about how Millenials travel extensively more than prior generations.  How many Boomers took their kids on luxury vacations every year or every school break. Many people with young families seem to want to live the same lifestyles their parents currently live. [/quote]

No, I think it's that the housing market has fundamentally changed! I'm a millennial who moved around a lot for work and grad school in my 20s, so we weren't settled enough to buy until 2020 (believed the conventional wisdom that you shouldn't buy unless you expect to stay put for 5-10 years). We bought an unrenovated, tiny, old rowhome as a "starter house," planning to eventually move up to something bigger with a yard.

That strategy isn't going to work anymore. We were looking at a $1000/month difference in payments between the smaller house and single family homes back in 2020. That difference has *at least* tripled. The attached "starter homes" haven't appreciated at the rates of SFHs either, so equity doesn't help much. What has happened to prices and rates in the last 3 years has made the idea of starting small and moving up unrealistic for a lot of us (we are not in fields where you can quadruple your salary from your 30s to 40s - most aren't). Yeah, I absolutely wish I hadn't bought into the "start small and move up" narrative you're pushing. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics