I Can't Afford It. Millennials Are Not Buying Homes.

Ruger#3

RAMBLIN MOD
Staff member
I thought they figured the world is going to end in ______ (you fill in the blank) years anyway from global warming. My brother's son tells him our generation stole from his generation is why they can't seem to thrive. Kindof funny if you ask me.
This is bovine excrement, the millenials are forecast to be the wealthiest generation of Americans ever. The majority of the assets being inherited from their parents and grandparents.
 
My son is a so-called Millennial. He owns a house that is nicer than mine. He and his wife also work long hours. 12 hours (not counting travel time) a day and lots of Saturdays. They are young, it doesn't bother them. I know a whole lot of people older than me and older than my son that have rented all their live. Their reasoning is they don't want to worry about the up-keep on a home.
 
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JSnake

Useless Billy Bouncer
Nothing wrong with renting. Apples to apples, it's usually cheaper in the long run. Buying (conventionally) creates a forced investment. If you were to rent something the same age/spec/location as to what you're buying it would usually be cheaper and you could invest that delta and probably come out better in 30 years after all financing costs, maintenance, upgrades, taxes, and transaction fees on a home are factored into the equation.

That said, many renters desire certain spec/finishes/features and a location where they generally could not afford to own. While they do income qualify to rent, they'll rent more than they really can afford. Then they do the same with a vehicle and save little to nothing.

You can accomplish your goals either way. As usual, it really boils down to financial planning, responsibility, and restraint. Renters and owners alike make horrible financial decisions.
 

DAVE

Senior Member
Some people don't want the hassle or being tied down by owning a home. I have owned three and can see a lot of benefits of renting compared to owning. As a young man I always dreamed of not owing on a mortgage, when I payed off my mortgage, I then realized property is never really owned but rented from the Government and rent payments in the form of taxes are always due.
 
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joepuppy

Senior Member
Each has it's place I believe. I rented when I was in school, but I've owned ever since. I like owning because I tend to do what I please, when I please. My oldest son's rent is more than my house payment, but he likes living in a nice neighborhood in town. I like living where I'm hard to find, and have to drive to the nearest neighbor.I also never plan to move, for any reason.
 

joepuppy

Senior Member
I noticed other things as well. In the older generation, houses were a lot smaller ( at least in my area). Things like cell phone bills, internet bills, were non-existent. Light bills were cheaper, and vehicles were a lot less. It is a different world now, for sure.
 
My wife and I were discussing this just two days ago. Our home is 2100 sq ft and we bout two years ago to downsize for pending retirement. Presently our property taxes are $14,000 per year, homeowners &5,000 per year and insurance $3,000 per year. These figures do not include repairs, maintenance, lawn service.

We could rent an equivalent home for probably $25,000 per year and not have to worry about insurance, maintenance, etc. This why many choose to rent rather than buy and I did not factor a house payment as ours is paid for but a young person or couple would need the funds for downpayment plus ongoing house payment.
!!!!!$14,000 property taxes on a 2100 sq ft home??!!!! Surely that’s a typo?
 

bassboy1

Senior Member
I could buy a home on what they spend on Vapes, Starbucks, and monster drinks alone.
The things they think are necessities of life are money pits that cause them to stay poor for life.
In all fairness, the amounts being spent on Vapes, Starbucks, and monster drinks isn't much different than what prior generations spent on beer, smokes and lotto tickets. Probably a hereditary connection between the two groups as well.

The more things change, the more they stay the same.
 

Quepos1

Senior Member
Redmond, I wish it was a typo. 2017 property taxes were 12K they went up 2K this past year. Remember, Texas does not have an income tax so they must confiscate your money somehow. Plus, we live on a 25,000 acre lake and like everywhere water drives prices up
 
Somewhere along the line someone decided to change the definition of the American dream. It’s no longer a nice small home, and a family car.

Now days it’s

A $70,000 expedition for momma to drive your single child around in

A $65,000 F250 to drive back and forth to work

A $250,000 - $300,000 home because Jackie at work surely can’t post pictures on Facebook in a bigger kitchen with higher ceilings than mine.

$200 a month for cable and internet

$200 a month for cellphones

The newest iPhone every 3 months

Insurance payments to go along with all of the above, not to mention the 5-10% interest rate they are paying on all of it.

And that’s just getting started.

And these idiots wonder why they can’t afford a 12 pack come Saturday.

YOUR LIVING A DR’s LIFESTYLE ON A TEACHERS SALARY YOU IDIOT!!!!

If they would buy a home they can afford, they would be able to afford a home.
 
Redmond, I wish it was a typo. 2017 property taxes were 12K they went up 2K this past year. Remember, Texas does not have an income tax so they must confiscate your money somehow. Plus, we live on a 25,000 acre lake and like everywhere water drives prices up
I could definitely see where renting would be cost saver in your position. Heck I rented a 2200 sq ft home for 4 grand less than your property taxes. Geeze I couldn’t imagine getting that bill every year
 

JSnake

Useless Billy Bouncer
Redmond, I wish it was a typo. 2017 property taxes were 12K they went up 2K this past year. Remember, Texas does not have an income tax so they must confiscate your money somehow. Plus, we live on a 25,000 acre lake and like everywhere water drives prices up

Yep. I manage the property tax appeals for my employer's apartment communities out in Texas. Majority of our annual property tax bills are over $1.0 million
 
I know where your coming from Redmond. My Boss is in his late 60's and it just kills me when he has to run up and see what kind of car people are driving. Then he looks their house up on the innerwebs to see how much it's worth. WHY IN THE WORLD does it matter. I feels sorry for his child, She's the same way. Boss bought her a BMW and she can't pass the driving test to get her license. Bless her heart.
 

rayjay

Senior Member
One of my rules of thumb is that your house needs to be paid off before you retire. For a lot of people they will be working until they drop dead.
 
One of my rules of thumb is that your house needs to be paid off before you retire. For a lot of people they will be working until they drop dead.
Sad but true. I encourage my son to try to pay his off as early as possible and NEVER borrow against it. That's what we did and it's a wonderful feeling to not owe anybody any $$. If I HAVE to buy a car, I will pay for it then and there. I don't like paying interest:waggingfinger:, but I sure don't mind earning it.:rockon: Still cost a lot to live though.facepalm:
 
We got married in '79. In 1982, we had saved enough that I was able to buy some property, pay for a used mobile home, and get it ready to live in. Yeah, it was a 10 x 30, but it was mine. Then #1 baby came along. In 1984 I started building my house. I did all the work on the house except laying the blocks for the basement, nailing on the shingles, and I only hung about 1/2 the sheetrock. My appendix burst, and I was in the hospital for 10 days or so. I hired the rest of it hung and finished.

If you are willing to work, there are ways to own your home
That is the key Pappy. Some may be waiting until they save up enough for a down payment. Got a feeling that a lot of them are not saving up, and some of them are so deep in student debt, that it will take years on top of years, to ever save that much. This is what happens when you pay $150,000 for a 4 year degree in Siberian Sheep Herding.
 
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