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Economy
The Real Reason Millennials Aren't Buying Homes? They're Too Expensive
2019-07-30
Posted by:Bright Pebbles

#17  People love to point out that there is affordable housing for sale. What they don't love to point out is the 1-2 hour commute that comes with it (and I'm in Metro Detroit, not exactly a major city). Of course you could also buy a foreclosed rat hole in the city proper where there's an extra $15,000 in back taxes and gang members to worry about. Neither is a very attractive idea. A lot of young people just stick to apartments and other rentals because of this.
Posted by: Vernal Hatrick   2019-07-30 18:09  

#16  My niece and her fiance just bought a home. $400,000+ for a renovated 19th century farmhouse in a good neighborhood. Fortunately, they are both young professionals with a combined annual (starting) income of 130,000+.

She's a good responsible kid, and I help her where I can like paying off 1/2 of her student loans.
Posted by: The peanut gallery   2019-07-30 15:49  

#15  Millennials are the generation that were told that any college degree is awesome take out student loans to get one, then reached adulthood after Sept 11 and faced a tepid job market until recently (except for STEM jobs of course).

Those Millennials? Who would have guessed they aren't buying homes.
Posted by: ruprecht   2019-07-30 13:36  

#14  There is plenty of affordable housing. Just not where those who at the drop of a hat will call others racist and white supremacists are interested in homesteading or gentrifying.
Posted by: Procopius2k   2019-07-30 12:41  

#13  Agree with Besoeker, but add zoning, building codes, inspections: not only the costs, but the delays caused by each step of the process. Right now it is taking 12-18 months from the time a person/couple want to build in our neighborhood until they move in!
Posted by: Alistaire Untervehr8459   2019-07-30 12:13  

#12  Our parents bought small post-war 2-bedroom Cape Cods or bungalows and thought they had it made.

We bought 3-bedroom ranch styles (with a small patio!) and thought we had it made.

Our kids want 'starter castles'.
Posted by: Mullah Richard   2019-07-30 10:58  

#11  I know a young married couple who just moved to San Jose and are renting a master bedroom for $1300/month.
Husband just got employment with a tech firm.
Posted by: crazyhorse   2019-07-30 10:02  

#10  Millennials are too busy playing video games in their parent's basements?
Posted by: JohnQC   2019-07-30 09:19  

#9  The average house used to be 2.5 times average earnings. now it's nearer 10.

That's way too expensive. It's not the home or fittings that#s risen (they've fallen in cost) it's the land title cost.
Posted by: Bright Pebbles   2019-07-30 09:07  

#8  Generally speaking, there are two factors involved - home prices and buyer's incomes. A reasonable column would have at least mentioned the latter in some fashion, maybe even have taken it into consideration. Nope, not this one.
Posted by: Raj   2019-07-30 09:05  

#7  Real Estate fees, bank closing costs (spit, spit), HOA's, taxes....little ****ing wonder.
Posted by: Besoeker   2019-07-30 08:54  

#6  Ditto #1.

The "people" that are considered millennials expectations are way out of wack. This is a pampered entitled generation (no, not all of them) that expects that their starter home should have a garage for the Beemer and an outlet for the Prius, not to mention the hot tub and Napolean grill and etc. etc.
Posted by: AlanC   2019-07-30 08:28  

#5  Daylight basement stubbed for plumbing.

He's only ten, that should give you plenty of time.
Posted by: Besoeker   2019-07-30 08:13  

#4  Its because MotherFatherGovernment won't buy them their dream house.
Posted by: CrazyFool   2019-07-30 08:07  

#3  My first home after I got married was large but a horrendous dog house when we moved in. My wife and I were so pleased to be homeowners we didn't care. It took years to "make it right" and I still spent a lot to "make it right" again when I sold it.
Posted by: M. Murcek   2019-07-30 07:40  

#2  Location, location, location:

Got to live within walking distance of the shops and pubs.....
Posted by: Besoeker   2019-07-30 07:33  

#1  I suspect they also suffer from high expectations - I gotta have my white kitchen with quartz countertops, a huge island, and matching stainless steel appliances.

I remember having to 'transition' from my parents new color TV to a black and white portable, when I got married. Whadda disappointment!
Posted by: Bobby   2019-07-30 07:29  

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