Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
OP, in China 70% of millennials are homeowners, with Mexico following in second place with distant 46%. In the U.S it's 35%, behind France but ahead of UK and Australia.
Yep, I would be curious what the voting patterns look like between boomers and millenials, someone is voting against millenials. Either millenials are voting against their own best interests or boomers are voting against them.
China got rich off of our stupidity and our continuing stupidity (I still don't see a 45% tarrif), I am guessing its boomers that are keeping the status quo.
Millenials will suffer until boomers start dying ... and stop voting. So grandma and grandpa boomer you cant complain when you keep voting against your kids and you have no grand kids and your kids are living transient life styles and never see you.
Without getting rid of foreigner work visas of all types and imposing draconian tarrifs on china and mexico as well as bringing back anti trust in full force nothing will change. However a trade war and busting up of companies would decimate boomers investment accounts so they will never vote for it.
You are ASSUMING that rent = mortgage PITI plus maintenance, and also ASSUMING that a person does not buy more than they would rent. I rent a room, what do you suggest, should we change the laws so that it is possible to buy a room?
One or two room cabins are all over the place in rural states. I saw a nice stone cottage/cabin go for only $40K with some nice land here. I'm literally building my house one room at a time right now. When done the only payment will be what I owe on the land ($300 a month roughly) but I hope to have that paid off in 5 years. Well and taxes but not a big deal. One bedroom apartments are $900+ there and you're stuck living on top of lousy neighbors.
Research is showing that the millennial generation is forgoing the once cherished tradition of purchasing a home. For many of us 'Baby Boomers' our greatest asset is the equity we have built up over the years by buying rather than renting. In my case several hundred thousand thousand dollars. If I had chosen to rent through the years and perhaps taken the easy route (no maintenance, freedom to move at will, etc) I probably would have payed about the same in rent as I did in mortgage.
I can see singles or childless opting for urban rentals and walk to work and bars but I can't really understand why families would choose to rent.
Lots of very smart folks on this CD forum so I would appreciate insight. Maybe things have changed and I am looking at things totally wrong.
hard to know.
It is likely we are in a global asset bubble, if it managed through inflation they have made a huge error. If it is managed by deflation of the bubble, than they are winners.
It really depends how this gets resolved. as it stands housing is too high a multiple of incomes. 5 years we might have high inflation and interest rates, would love to see folks buying at 7 times income under those conditions....
Yep, I would be curious what the voting patterns look like between boomers and millenials, someone is voting against millenials. Either millenials are voting against their own best interests or boomers are voting against them.
China got rich off of our stupidity and our continuing stupidity (I still don't see a 45% tarrif), I am guessing its boomers that are keeping the status quo.
Millenials will suffer until boomers start dying ... and stop voting. So grandma and grandpa boomer you cant complain when you keep voting against your kids and you have no grand kids and your kids are living transient life styles and never see you.
Without getting rid of foreigner work visas of all types and imposing draconian tarrifs on china and mexico as well as bringing back anti trust in full force nothing will change. However a trade war and busting up of companies would decimate boomers investment accounts so they will never vote for it.
Don't worry, once that happens the generation behind us will start complaining about how we're screwing them over
Research is showing that the millennial generation is forgoing the once cherished tradition of purchasing a home. For many of us 'Baby Boomers' our greatest asset is the equity we have built up over the years by buying rather than renting. In my case several hundred thousand thousand dollars. If I had chosen to rent through the years and perhaps taken the easy route (no maintenance, freedom to move at will, etc) I probably would have payed about the same in rent as I did in mortgage.
I can see singles or childless opting for urban rentals and walk to work and bars but I can't really understand why families would choose to rent.
Lots of very smart folks on this CD forum so I would appreciate insight. Maybe things have changed and I am looking at things totally wrong.
I'm not a millennial, but I've rented and I've owned. I liked owning for about five years. You still don't get to choose who moves in next door and can end up with obnoxious neighbors. You have to deal with all the expense, maintenance and stress of repairs, insurance and property taxes.
Biggest downside for me was we could not move. Got trapped in the RE crash and had to wait for prices to come back up to get out. The house was an albatross that kept us in a town we pretty much detested.
For millennials, unless they've decided where they want to live for the next 10 years, it's an anchor they may not want. What if they are offered a better job in another state? There's the house to deal with...
I'm back to renting and quite happy not to have to pay for the repairs or deal with lawn/pool maintenance, insurance, taxes. Also, we're not sure if we want to stay around forever--may want to experience life in another country in the not too distant future and don't want to be saddled with a home to sell or rent.
It's really a personal choice that has a lot to do with your circumstances. One size does not fit all.
I don't know about that. It depends on where they buy, and the demand there.
Not really. When interest rates fall from 15% to 0%, everything bought with borrowed money goes up in value.
Quote:
Our value went from 190k to 674k from 1993 until the recession
Most of the boomers I know bought houses in the late 70's / early 80's. Like if you were born in 1950 then you would've been about 30 years old when rates were about ~15-20%.
Which probably seemed like a bad thing at the time, but with the benefit of hindsight we can see that it was a tremendous advantage, buying at high rates.
Quote:
Several of my employees are millennials, and have managed to buy in the Seattle area. Two condos, one a 4 unit apartment building, just a year after getting his MBA. Working while going to school reduces or even eliminates student loan debt and results in experience when applying for a job.
You're getting into the weeds here talking about student debt and your employees buying condos. That's not very closely related to what I'm talking about. It's also missing the point. You don't need to prove to me that some millenials can buy houses. I'm a millenial and I can buy a house. My friends are millenials and they own houses. I just think it's unreasonable to expect them to appreciate for millenials like they did for boomers. The monetary environment isn't the same.
Although I am curious how much this person paid for an entire apartment building in seattle, just one year after getting an MBA. That sounds as if there's something else to the story.
Not really. When interest rates fall from 15% to 0%, everything bought with borrowed money goes up in value.
Most of the boomers I know bought houses in the late 70's / early 80's. Like if you were born in 1950 then you would've been about 30 years old when rates were about ~15-20%.
Which probably seemed like a bad thing at the time, but with the benefit of hindsight we can see that it was a tremendous advantage, buying at high rates.
You're getting into the weeds here talking about student debt and your employees buying condos. That's not very closely related to what I'm talking about. It's also missing the point. You don't need to prove to me that some millenials can buy houses. I'm a millenial and I can buy a house. My friends are millenials and they own houses. I just think it's unreasonable to expect them to appreciate for millenials like they did for boomers. The monetary environment isn't the same.
Although I am curious how much this person paid for an entire apartment building in seattle, just one year after getting an MBA. That sounds as if there's something else to the story.
Yea sounds like they "worked" during school to subsidize 5% of their total cost of education (to include housing) and the rest was financed by mom and dad or some other entity. Everyone who has ever went to a credible recognized school knows that working at burger king ish jobs during college does not come close to covering the costs. This sort of dynamic is created because mom and dad hold the purse strings and they want their kids to work at the dairy queen because that's what they did, they have to know its a sham when they write the checks though so its all a game.
As far as the condo there was an inheritance or they got a Bloomberg lay off package lol, where some dim witted company gave them big money to go away.
Everyone knows these numbers don't add up and there is something else significant at play with these employees.
I would be curious how many millenials have these sorts of favorable circumstances in these crappy times, I bet its very low.
I'm not a millennial, but I've rented and I've owned. I liked owning for about five years. You still don't get to choose who moves in next door and can end up with obnoxious neighbors. You have to deal with all the expense, maintenance and stress of repairs, insurance and property taxes.
Biggest downside for me was we could not move. Got trapped in the RE crash and had to wait for prices to come back up to get out. The house was an albatross that kept us in a town we pretty much detested.
For millennials, unless they've decided where they want to live for the next 10 years, it's an anchor they may not want. What if they are offered a better job in another state? There's the house to deal with...
I'm back to renting and quite happy not to have to pay for the repairs or deal with lawn/pool maintenance, insurance, taxes. Also, we're not sure if we want to stay around forever--may want to experience life in another country in the not too distant future and don't want to be saddled with a home to sell or rent.
It's really a personal choice that has a lot to do with your circumstances. One size does not fit all.
Being forced to move due to business hating employees and doing mass lay offs as soon as the work load falters even a little bit makes home ownership a liability. Couple that with the fact that companies have been allowed to merge and buy other companies out you end up with a hand full of monolithic companies that can dictate the entire states employment situation. If anti trust were enforced and companies were busted up it would create more competition and a mass lay off from a monolith would not be so destructive to a local economy.
OP, in China 70% of millennials are homeowners, with Mexico following in second place with distant 46%. In the U.S it's 35%, behind France but ahead of UK and Australia.
Thanks to the One Child Policy, there will be 30 million more men than women looking for a partner in China by 2020.
Dr Jieyu Liu, deputy director of the SOAS China Institute, told the BBC: "It is the custom that husbands will provide a home.
"As young people's wages are too low, the husband's family is expected to take on the responsibility to purchase the property in their son's name, or pay the deposit.
"Many love stories fail to turn to marriage if the men fail to provide a marital house."
The lonely men of China's 'bachelor village'
And then there's the fact that elderly Chinese often move in with their children in their twilight years.
As a result, many see buying a property in their son or daughter's name as an investment in the family's future.
This segues into my comments in the thread about Millennials living too long with parents. The Chinese Millennials aren't doing it on their own, and marriage is the intention.
I'm also a millennial (age 34) and couldn't be more different than you. I took advantage of prices during the recession and bought my house at 26. I pretty much live the typical suburban lifestyle; a wife, two kids, a dog, a cat, two cars in the driveway and couldn't be happier!
Maintenance can be a pain sometimes. As far as that goes though, it feels much different working on your own property than doing it for your dad when you're a kid!
Still, different strokes for different folks, so whatever makes you happy!
The difference between you and the other guy is marriage. Totally expected difference given that difference in circumstances.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
