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Millennials Buying More Homes Than Any Other Generation

TarpitCarnivore

TarpitCarnivore

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Oct 25, 2017
20,264
peteykirch said:
It's absolutely depressing spending 1700 a month for a 1 bedroom apartment here in NJ, knowing that if we had enough for a down payment, we could move to Charlotte or Greensboro in NC and get a decent sized house, in a good area with a mortgage around 900-1000 a month.
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The counter to this is your salary may not reflect what it is in NJ.

Ron Mexico said:
You have to be somewhere near Middlesex County or north. My mortgage isn't much more than that and i have 2400 sq ft on a modest sized lot just outside Cherry Hill. For the additional 30 minutes or so of driving time, I would absolutely go for more bang for the buck. Hell, even when I lived in Mercer County you could get a decent sized apartment in Hamilton Square for nearly half of what you're paying.
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This plays into how affordable philly is too relative to NYC. 3500 goes a lot further in Center City than midtown, the downside is the job market may not be as strong or competitive for you. It's pretty ludicrous just how much of NJ is high COL when you begin to think about it. Even parts of Hunterdon, Somerset and Mercer are insanely high
 
Brass Body Dave

Brass Body Dave

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Oct 25, 2017
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Syriel said:
And they're skipping "starter" homes, opting instead for bigger places right out of the gate since most have spent more time renting than prior generations.

If you believe the article, Millennial home buyers will be the next force driving home prices upwards.
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At a point it's just because there's more millennials than anyone else out there that can buy homes.

The sad truth is that they're skipping starter homes because of inventory shortage. Nobody's building starter homes and it's making it very hard for potential first-time buyers to buy homes
 
Patch13

Patch13

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Oct 27, 2017
398
New England
Randomly Generated said:
This... seems to contradict every article about millennials I've ever read.
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There's an iching hexagram called "difficulty at the beginning" (which I was first exposed to via a Shadowfist card) that pretty much summarizes my life, at the older edge of the millennial generation. My 20s sucked. My 30s started to get better. Now, at the end of my 30s, things are finally starting to fall into place.

Life still does feel kind of precarious, which is stressful. And that collective stress is leading to some unfortunate trends in politics. But the kids are basically all right -- it's just taken them longer to get to that point than it used to.
 
Freakzilla

Freakzilla

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Oct 31, 2017
5,710
My aunt bought her house in my city for 365k in 1997. Her house is now valued at 1.3 million. Buying a house is not in my future.
 
teruterubozu

teruterubozu

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Oct 28, 2017
8,097
Uhhh I thought Baby Boomers economically fucked Millennials out of owning homes. What am I supposed to believe?
 
peteykirch

peteykirch

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Oct 25, 2017
2,856
Ron Mexico said:
You have to be somewhere near Middlesex County or north. My mortgage isn't much more than that and i have 2400 sq ft on a modest sized lot just outside Cherry Hill. For the additional 30 minutes or so of driving time, I would absolutely go for more bang for the buck. Hell, even when I lived in Mercer County you could get a decent sized apartment in Hamilton Square for nearly half of what you're paying.
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Franklin Park, NJ.

Our place is big by apartment standards. Roughly 1200sq feet with an enormous storage room in the basement.

The issue is we DON'T WANT TO OWN in NJ because the taxes and well, we are both fed up with traffic, shitty road infrastructure, etc.
 

Deleted member 4574

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Oct 25, 2017
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TarpitCarnivore said:
The counter to this is your salary may not reflect what it is in NJ.
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Very very true. My best friend growing up moved from central NJ/working in NYC to Greensboro in I believe 2005. He took a 20+% cut in salary to do it but the cost-of-living evened the playing field a bit.

It's also why we need to get away from salary being the end-all-be-all as what really matters is the bottom line after all the expenses are paid but that's a different thread for a different time.
 
peteykirch

peteykirch

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Oct 25, 2017
2,856
TarpitCarnivore said:
The counter to this is your salary may not reflect what it is in NJ.



This plays into how affordable philly is too relative to NYC. 3500 goes a lot further in Center City than midtown, the downside is the job market may not be as strong or competitive for you. It's pretty ludicrous just how much of NJ is high COL when you begin to think about it. Even parts of Hunterdon, Somerset and Mercer are insanely high
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Actually my GF, her job is more in demand down in NC than it is up here because there aren't as many trained technology analysts down there versus up here in Northeast. She would actually somehow bring in slightly more $$$ down there, and that's before the lesser taxes, etc.
 
digitalrelic

digitalrelic

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I live in a wonderful home that I bought for $78k. And it's not a starter home (whatever that means).
 
TarpitCarnivore

TarpitCarnivore

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Oct 25, 2017
20,264
peteykirch said:
Actually my GF, her job is more in demand down in NC than it is up here because there aren't as many trained technology analysts down there versus up here in Northeast. She would actually somehow bring in slightly more $$$ down there, and that's before the lesser taxes, etc.
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It's obviously not a hard and fast rule, but you have to survey the job market. You can't expect to go from making 150K as a senior engineer in a tech hub to making the same in like Omaha or Cleveland
 

Deleted member 4574

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TarpitCarnivore said:
This plays into how affordable philly is too relative to NYC. 3500 goes a lot further in Center City than midtown, the downside is the job market may not be as strong or competitive for you. It's pretty ludicrous just how much of NJ is high COL when you begin to think about it. Even parts of Hunterdon, Somerset and Mercer are insanely high
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As I sit working in Philly typing this, I agree 110%. Even after paying Philly wage tax, I made out like a bandit for moving 3 exits south on the Turnpike. Hell, even parts of northern Burlington and western Ocean are getting out of hand.
 
peteykirch

peteykirch

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Oct 25, 2017
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TarpitCarnivore said:
It's obviously not a hard and fast rule, but you have to survey the job market. You can't expect to go from making 150K as a senior engineer in a tech hub to making the same in like Omaha or Cleveland
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She's been in touch with headhunters down in NC, mainly Charlotte, Greensboro, Triangle Area and the salaries they are telling her are more than she is making up here, so unless they are just completely fudging the numbers, there shouldn't be much of a decline if any at all.
 
EnronERA

EnronERA

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Oct 25, 2017
4,058
BronzeWolf said:
Why are millenials buying homes with no golf clubs to store? I don't understand
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Because like everyone else that plays golf, they store them in the trunks of their cars duh

Slayven said:
Trying to pass laws that piss off companies responsible for the Georgia boom
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Oh, that. I thought perhaps you were referring to a particular piece of legislation aimed at housing.

I don't know if the Ga business boom is what is primarily driving the housing market in ATL or not - I've been an in-town ATL resident for almost 13 years now, and I remember the pre-2008 housing boom which was before Ga business kicked into high gear that we've been seeing in the last 7 or 8 years.
 
Carthago Delenda Est

Carthago Delenda Est

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Oct 28, 2017
6,119
That statistic is so outrageous due to the massive differences in certain cities. You can get a four bedroom house in a nice neighborhood in San Antonio for the same price you can get a run-down, 30 year old house with less space in a terrible school district in Austin.

I got lucky getting my house. I don't know a single millennial who has a home who wasn't helped out substantially. I'm 29. My few friends with $100k+ jobs will likely buy in the coming years, but that's about it.
 

Robdraggoo

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Oct 25, 2017
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I could have sworn we had a thread last year where an article was saying the exact opposite of this.
 
Nothing Loud

Nothing Loud

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Tapeworm said:
Millenials basically used the job market and student loans as an excuse to freeload off their parents just so they could accumulate wealth by not paying rent. Now they are buying very nice houses, whereas as people who worked hard and lived on their own post graduation (aka behaved like adults) are left struggling, unable to find appropriate housing for themselves and family. Millenials love playing the victim while reaping nothing but benefits from the goodwill of others—mainly their parents. They are parasites.
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This is a stupid and insulting generalization of people who share nothing in common but birth years. Do some of you honestly construct your world views from some anecdotes and an article?

I'm a really successful millennial but I can't see myself affording a house until I'm 37 because I have $100k in undergrad debt at a state school most older generations didn't have to live with that is basically a mortgage payment for me all on its own.
 
Brass Body Dave

Brass Body Dave

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Oct 25, 2017
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Here's the housing affordability index by NAR
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There's much more to it than just affordability, but this is the expectation of where you need to be if not further along. There's a ton of different reports at NAR.
 

Deleted member 11822

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Oct 27, 2017
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I am super confused, I though Millennials were ruining all aspects of the American dream!?!?!

- home sales dead
- fast food dead
- non-bespoke products dead
- non-artisanal products dead
- voting dead
- owning a car dead
- all traditions dead
- avocado toast addiction thriving

We need to get our shit together here folks, are we still blaming Millennials for everything wrong in the world or not?!
 
Daschiel

Daschiel

Member
Oct 28, 2017
754
Nicktals said:
30% of all millenials bought a 300k home? I find that really hard to believe!
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I can she'd some light on this, many of my friends are buying but is all for resale or rent. Where I am it's mostly that reason, they are doing this all over as soon as they sell one moving on to the next house purchase.
 
House_Of_Lightning

House_Of_Lightning

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Oct 29, 2017
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All these replies like "This can't be right, I'm 22 and living in *insert incredibly huge and generally expensive metropolis* and can't afford a 4 bedroom 2500 square foot house!"
 

Titanos

Member
May 2, 2018
76
A fix upper one bedroom in London in a not so great area costs around £228,000 ($307,609) and it's probably gone right now.
 
EnronERA

EnronERA

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Oct 25, 2017
4,058
Phonzo said:
uh a 100K home is like 500 a month, after the down payment ofcourse. you dont need a well paying job.
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a 100k home is really nothing in terms of real estate. I know it sounds strange to say anything that costs 100k is "nothing" but it really is. A 260k dollar house on average is like like a 950$/mo mortgage or something like that.
 
Nothing Loud

Nothing Loud

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Oct 25, 2017
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Captain Tuttle said:
I don't mean to dismiss your situation but you are a bit of an outlier.

That said I do think it's a disgrace that you're on full disability and still can't afford your own place, your SS disability payment should cover that and then some
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Yeah right. My mom is on disability income in the US and she gets what, less than $2000 per month plus has to pay her own medical copays and OOPs for the condition that makes her too sick to work in the first place.

Garbage country.
 
steejee

steejee

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Oct 28, 2017
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Three of my college friends bought houses (graduated college in 2004) at various points. All three lost money selling those houses even before factoring in inflation. Though none were bought in 'hot' markets - here in Boston the prices rise like crazy and are crazy to begin with. One will definitely make money if/when they sell their current place (though it's a huge place where the taxes alone are close to my rent)

I'm perfectly fine renting - yeah I don't have anything to sell at the end, but I get a nice place, for cheaper than I can get a mortgage in a condo around here, and the 'value' of not having to worry about issues with my place is worth a lot to me. If my water heater goes out or roof is leaking, I tell the landlord and carry on with life.
 
shanshan310

shanshan310

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Oct 27, 2017
35
House_Of_Lightning said:
All these replies like "This can't be right, I'm 22 and living in *insert incredibly huge and generally expensive metropolis* and can't afford a 4 bedroom 2500 square foot house!"
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On one hand big cities are expensive, but on the other you gotta live where the jobs are. A lot of jobs necessitate living in a city.

Also even crappy apartments are ridiculously priced in some cities. Look at the market in Sydney for example.
 

Deleted member 6582

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Oct 25, 2017
3,789
Are they sure they didn't mean 30% of home sales were to millennials? I mean they a literally stating that 30% of all millennials bought $300,000+ houses just this year.

Thirty percent of Millennials -- those born between 1980 and 2000 -- bought homes for $300,000 and above this year
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Phonzo

Phonzo

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Oct 26, 2017
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EnronERA said:
a 100k home is really nothing in terms of real estate. I know it sounds strange to say anything that costs 100k is "nothing" but it really is. A 260k dollar house on average is like like a 950$/mo mortgage or something like that.
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pretty much, my rough calculations include prop tax.
 
Brass Body Dave

Brass Body Dave

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Oct 25, 2017
16,568
ShadowFox said:
Bruh, that shit's been on the list since redlining became a term.
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familiarize yourself with the fair housing act so you can make any sellers or real estate agents eat shit if they do it. file a complaint if it happens to you and shred their business. there's a code of ethics and if they're not in compliance, they -should- get fuuuucked.
 
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