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

[EDH]

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.

Dang! You need to move to Paulding County brother.

 

[Big7]

What happened to NOYDB ?

He was here a while. I liked some of his post.

 

[KyDawg]

Good point, In my days cars meant girls !!!! Now it it’s not that big of a deal .

Cars or Girls?

 

[LTZ25]

Cars or Girls?

Both

 

[GeorgiaGlockMan]

They cant afford a house because that would involve a downpayment.

Kids these days live paycheck to paycheck and most have $0 in savings.

They will tell you anything but this when you ask...

They are mostly ok with living on the edge.

 

[greg_n_clayton]

I didn't read all the posts pappy. But I can tell ya one thang ! The rental market here in Rabun County as far as houses is wide open !! A house rental here is almost nonexistent which is driving the rent of what does come available through the roof !! And if it is a decent place outside of town and a little private...even more !!

 

[Core Lokt]

It's a different time now. These younger folks just don't want to work like before. Many trades are having a hard time finding workers. I don't know what all these young 20-30 yr old folks do to make money around here other than live check to check.

I've lived in two mobile homes in the last 25 years. Paid both off. Had a house built and moved in Feb 2 of this year. I will say the mortgage I don't like (didn't have one the last 7 years and saved that payment) but I'm not paying it on something that I won't own outright one day.

Renting isn't for everyone ( I never have rented and won't) but I can see how it works for some.

 

[BeerThirty]

Another millennial bashing thread.

 

[Quepos1]

Another millennial bashing thread.

Only because it is warranted.

Now, GET OFF MY LAWN!

 

[ryanh487]

The main problem with millenials and home affordability is that so many of them want to live in a city. It's expensive to live in a city. I fall into the "millenial" age group but I bought a house fresh out of college at 23 years old. I used a local county incentive program for the downpayment, financed through an FHA loan, and bought a forclosure. My home is now worth 2.5 times what I paid for it. But if you put my house inside 285, it would be worth another 2-3 times more, which is ridiculous. The crime rate would also be 2-3 times higher than my area and my commute would be longer despite less mileage due to traffic.

Millenials need to learn to live and work in the suburbs/extended metro area instead of sticking to the college party/entertainment/convenience first attitude of "needing" to live in a big city.

 

[mallardsx2]

Not sticking up for younger people too much here. But the difference between wages and what things really cost these days is far greater than what it was 20-50 years in the past.

Your dollar doesn't go nearly as far and health care is through the roof.So is gasoline, insurance, cars etc etc.

Owning a home isn't as easy as it used to be.

If I made what I made today 30 years ago I would be living like a king.

Today, my income just gets me by and I have enough to stick into my retirement fund.

And No, I'm not voting for Elizabeth warren and no, I'm not a socialist...

 

[j_seph]

Guess the one benefit is, if you rent all ya got to do is keep it clean and pay utilities. No maintenance to worry about, grass to cut, leaves to rake, trees to trim, painting and such.

 

[NE GA Pappy]

Guess the one benefit is, if you rent all ya got to do is keep it clean and pay utilities. No maintenance to worry about, grass to cut, leaves to rake, trees to trim, painting and such.

that all depends on the lease... some around here still have to mow, rake,and such.. Mostly just does away with the house maintenance.

 

[ryanh487]

Guess the one benefit is, if you rent all ya got to do is keep it clean and pay utilities. No maintenance to worry about, grass to cut, leaves to rake, trees to trim, painting and such.

The thing is though, my mortgage on a 4 bed/3 bath house is less than rent on a 2 bed/2 bath apartment in a decent area. I don't know how they're not "affording" a mortgage.

Downtown, apartments are double that. I think it has more to do with where they WANT to live as opposed to what's out there.

 

[bassboy1]

The thing is though, my mortgage on a 4 bed/3 bath house is less than rent on a 2 bed/2 bath apartment in a decent area. I don't know how they're not "affording" a mortgage.

Same situation here regarding mortgage vs apartment rent. Annoying thing for me is the lack of smaller houses. We also have a 4/3, no kids, no plans for kids - a 4/3 is a huge waste, but it's what was available that ticked the boxes that were important to us, so that's what we've got.

If I had my druthers, we'd have a 2/2 with a 5 car garage.

 

[Stroker]

I own a few pieces of property and all paid for. But, I see nothing wrong with renting for those that choose to do so. You spreadsheet all of your expenses on home ownership and it will frighten you at what it costs to own a home over a 20 year period, regardless of the appreciation. I'm not sure you come out ahead. Taxes, insurance, repairs, big ticket replacement items like HVAC, new roofs, lawn care...the list goes on and on. But, I never want to be in a position of someone telling me I've gotta move so I choose to own.

Kind of like vehicles. We have 2, both paid for. But, when you figure depreciation and all of the related expenses, it's about the same as leasing, if not more, particularly if you don't keep a vehicle more than 4 or 5 years and most don't. When I retire, I'll be leasing vehicles for the wife and me going forward. Drive em for 3 years, turn em in and get a new one.

Got a co-worker that Ubers to work and every where else he goes. Doesn't even own a vehicle. He's an IT guy and says it's cheaper than owning. When he takes a trip he just rents a vehicle it it's long distance.

I guess I said all that to say...To each his own.

My brother rented for over 30 years. I always questioned him about it, he said that in the long run it was cheaper.

 

[leroy]

Not sticking up for younger people too much here. But the difference between wages and what things really cost these days is far greater than what it was 20-50 years in the past.

Your dollar doesn't go nearly as far and health care is through the roof.So is gasoline, insurance, cars etc etc.

Owning a home isn't as easy as it used to be.

If I made what I made today 30 years ago I would be living like a king.

Today, my income just gets me by and I have enough to stick into my retirement fund.

And No, I'm not voting for Elizabeth warren and no, I'm not a socialist...

More "stuff" this day and time. Cell phones, internet, cable, laptop, ipad, couple video game systems, pay to have ur oil changed, pay to have ur car washed, etc etc. nothing left for a mortgage.

 

[jdgator]

interesting to look back and see how this thread aged.

 

[livinoutdoors]

interesting to look back and see how this thread aged.

My quote still stands the test of time.

Main problem today is people think they are too good for the lifestyle they can afford so they finance everything. Live within your means and dont worry bout anybody else. You will be much wealthier for it.

As for the rest if it, houses have never been less affordable for younger folks and oh yeah! There was that pandemic thing where they messed up the worlds markets beyond repair. Check back for home prices again in say, two years.

 

[livinoutdoors]

I'll add this too, the longer things go on in this modern age the more sympathy i have towards the younger generation. This last 20 years would be a rough time to build a furture in.