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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 |