Homes aren't for living in any longer. They're for flipping to turn a profit.
Homes aren't for living in any longer. They're for flipping to turn a profit.
Not if you live in America. First Time Home Buyer mortgages are fine if you don't mind PMI. We have a 3.36% interest rate and a PMI bill of $150 a month. We put about $7K down on a $335K home and pay $2500 a month including an $8K a year tax bill.I have about $20k in savings. Not even enough for a down-payment these days except maybe on the most fixer-upper of homes. Which is a separate investment in itself.
Yeah I live in a fairly expensive part of the UK and the only way I can afford property is if I move to Wales where my partner's family live. There property costs about 40% of the price. I will probably do it eventually, because that way I could actually own a house outright by the time I'm 45.
I have friends in London who are 35-40 and still living with their parents because buying property if you have a regular job is impossible. They're basically just waiting to inherit their parents homes in 10-20 years.
Where I live now I would probably be close to death before paying it off lmao because property inflation is wildly out of wack with wage stagnation.
I'm being realistic, not pessimistic. The issue of housing is the same as health care, the same as poverty, and the same as student loans: income inequality is a bloodstream poisoning all of the wells, and that's the rail many politicians wish to not touch.
For example, increased taxation is a pipeline to fix nearly all of that to fund programs and routes out of the mess, but this country is a goddamn death machine when it comes to the idea of increasing taxes. All of the problems Millennials face today can be traced to this deregulatory tax dropping cult this country has been since the 1970s. Who is campaigning, winning, and winning the public on increased taxation? If you want to fix housing, you need affordable housing, and that..surprise, requires a program likely funded through increased tax measures, and this country often comes off as it'd rather have homelessness than actually do that.
You're a millennial. Anyone younger than 39 is according to most reckonings.
I don't know if they're fucked. Renting will just become the new normal. And home buying, something that even lower middle class could do with ease, will be increasingly available only to upper middle classes. Not really the upward mobility story the American Dream loves to fantasize about.Homes are investments now. Previous generations are capitalizing on this. They got their homes on the cheap and were able to buy more investment properties too.
Foreign investments also are having a major impact too. There's big money from wealthy Chinese buying up property in mass as investments.
The housing crisis fucked us up a decade ago. Construction went down the shitter, even less houses were being made. We need more construction, especially in urban areas but there's an issue with nimbysm and red tape.
Cost of construction is not cheap. There's less youth going into construction field (builders, electriciana, hvac, etc). This raises the cost of labor since there's a labor shortage.
Land is expensive plain and simple now.
High cost of land + higher construction costs leads to
developers having to build massive sq foot houses to turn profit. They cant build regular single family homes of 1500-2500 sq feet. They build the 3500-5000 sq feet behemoths cuz the price of construction dictates what they must build for profits.
This is a very complex issue we are facing in metro areas in america and it will spread if nothing is done about it.
Millenials and future generations are fucked unless we get more housing built quick. We need more supply and smart regulations and govt to step in to help make it happen
This us the 3rd article in a year that had conflicting information about millennials and home buying.
Are buying less homes thsn any generation
Are buying the most homes of any generation
Which is it!?
This us the 3rd article in a year that had conflicting information about millennials and home buying.
Are buying less homes thsn any generation
Are buying the most homes of any generation
Which is it!?
I mean buying a home takes time to save for most. Unless parents or you have a nice lump of cash.
Bullshit. 1980 made it into the ass end of Gen X.
https://www.google.com/amp/s/amp.usatoday.com/amp/386562002
Don't call me a millennial. It's insulting, lol. But don't worry I'll get over it without a safe space.
Haha, saving takes time. You don't just graduate and have that down payment ready to go. Shit, it's why I bought a condo and not a house. Was cheaper.
I currently live and work in Copenhagen, the capital of Denmark. Getting to work takes 30 minutes by much too crowded bus.
In two months I will be moving into my house which is 60km from Copenhagen. My commute will be 60 minutes by half-empty train.
Small town with complete silence and no traffic. I'll have more space (dedicated hometheater here I come) and much bigger and newer kitchen. Can't wait!
Do you have to go to the office everyday? I can't imagine giving up 10 hours a week of my life just commuting. I have a 15 minute walk and even that is terrible.
I was spoiled working from home for a decade. Once you do that everything else is soul sucking.
Yeah, more threads should specify the country in the title if it only applies to one country/region.
I grew up in a small house and there was pretty constant maintenance and repair - enough to make me not really see the appeal in it. I can only image the work a larger home requires.
The vast majority, 85 percent, said they expect a down payment to cost more than half of the total value of their personal assets.
Oh I wasn't being dismissive, haha. I just thought it was funny how you really didn't want to be identified with millennials.
Do you have to go to the office everyday? I can't imagine giving up 10 hours a week of my life just commuting. I have a 15 minute walk and even that is terrible.
No, that is not terrible. Don't be asinine. I had a job for several years that was only a 10-15 minute walk away and as much as I hated that job I felt immensely fortunate that it was so close.Do you have to go to the office everyday? I can't imagine giving up 10 hours a week of my life just commuting. I have a 15 minute walk and even that is terrible.
I feel the same way. My parents treated their house as in investment. Then 2008 came.Watching people lose their houses left and right in the wake of the recession, even if it was "people who shouldn't have been approved," was enough to wash away any notion of homes being a sound investment. The wrong person at the wrong bank can decide you're over that line and then everything is gone. Additionally, the way Millennials are constantly changing jobs (it's every two years on average, last I looked) or even careers means staying rooted in one location may not be viable (for example, my wife is looking at job opportunities on the other side of the country and we can reasonably move if we want).
Personally, I would also live in constant fear of the upkeep. I'm on my apartment's third water heater, had a ton of A/C / furnace repairs (including one in the middle of the night in the dead of winter which got fixed quickly), a bunch of washer/dryer/dishwasher issues, little issues like leaks / cracks / blinds / etc., not to mention stuff like mowing, snow removal and trash (our complex covers water and sewage as well). Yes, the rent I pay includes the cost of all that, but none of those were unexpected expenses where we had to scramble to pay for the repair. Whereas I've seen family and friends have to scramble to cover the cost of a sudden household expense, paying an exorbitant amount just to have someone show up and look at the problem.
Basically, I only see houses as a risk, with a ton of maintenance risks on top of that, and I'm not the gambling type. We have more space than we need as it is and are happy not being tied down to anything longer than a yearly lease. We have decent neighbors (I can't imagine investing in a house only to have horrible neighbors move in and being stuck with them, never mind having your property values drop because of them), we're in a nice area close to shopping / work / entertainment but far enough away from everything that we feel safe. Whatever complaints I have about apartment living are tiny compared to the stress I would have dealing with a house.
Literally the only reason I can think of for owning a home is getting a dog. I know plenty of breeds are okay in apartments but I'd rather they have a yard to run around in.
"Put $40k down when you make $50k/yr with no benefits or security and before you pay off your student loans you coward."
"Put $40k down when you make $50k/yr with no benefits or security and before you pay off your student loans you coward."
I was spoiled working from home for a decade. Once you do that everything else is soul sucking.
I have $130K remaining in student debt, I have a son, and I own a house. You make it work. You don't whine about being afraid you won't be able to eat healthy anymore.
I have $130K remaining in student debt, I have a son, and I own a house. You make it work. You don't whine about being afraid you won't be able to eat healthy anymore.
It also doesn't help that job security isn't anything like it used to be. Why commit to a huge investment and monthly fees if you no longer have the job security your grandparents did?