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The Most Confusing Reason Why Millennials Aren't Buying Houses
In “This Is What Happens When Millennials Try To Find A Job,” we discussed high youth unemployment rates and the difficulty many recent college graduates have in finding a job in today’s double-adjusted US economic “recovery.” We also noted that a lack of gainful employment opportunities and stagnant (at best) wage growth are forcing some millennials to delay “important life decisions … like buying a house.”
So while we were certainly not surprised to learn that excessive student loan and credit card debt were responsible for keeping many of America’s youth from buying their first home, we were surprised to discover that for millennials in around one third of US states, the chief impediment is apparently “not knowing how to start”...?
Draw your own conclusions.
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Is there any way to unread something?
Severe concussion might get the job done.
Propofol. Try about 150mg total, 50 mg every 10 seconds until induction. You won't remember a thing.
A nurse friend of mine refers to Propofol as "Milk of Amnesia."
Best thing for Millennials to be up against, a over priced fraud market and some smiling jackass top producer cheese ball photos of agents. Ball and chain.
Maybe "doesn't know where to start" is code for "fear of being ripped off in a big way"
How to start? Similar to how you buy a car: walk in with a briefcase and say "Here's a pile of cash, give me a car."
Here's a pile of big city money. Give me a house. We do not need to involve pen & paper in this transaction.
Bubbles
I think "Not Knowing How to Start" mean't "Not Knowing How to Start to Explain Why They Don't believe They'll Ever Be Able to Buy Their Own Home"
No job, no money, no war?
Bullshit on the map and its "conclusions".
Why buy a house right now, they are not that dumb, they are waiting for the market to crash again, just like it did when they were in high school....
http://lmgtfy.com/?q=credit+union+for+college+students
0 Down 100 year NO Income verification, no asset verification No Credit scored; mortgages like in 2005- 2007; 100% LTV...
Immediately on closing, have the milleniels get a check in mail to cash or payoff student loans with a HELOC 10% 2nd
ONLY to payoff all student loaned debt @ $ 30,000 and some wicker furniture.
and/ Illegals aliens (2 families per) buy a house 5% down fha, they get a green card, perfect payment history in 5 years, Citizenship.
Dere ya go...morons. Call it the Lick da Dick and Kick the Can down the road Mortgage Loan.
CRA certified....giggle
Seems like you know Hillery's plan already.
Boy that Onion really cracks me up! That was from The Onion wasn't it?
I have a futurism class with millenials. They are not buying because they think they are doomed. I told them yes bitchez. You are doomed.
Q99 - Well that still a future...
Well, this fellow won't be needing a house anymore ...
Another banker bites the dust -
An investment banker jumped to his death from the window of his million-dollar apartment in the Financial District on Thursday, sources and authorities said.
The 29-year-old man plunged from the 24th floor of the luxury Ocean apartment building at 1 West St. at about 10:40 a.m. and landed on a guardrail near the northbound Battery Park Underpass, narrowly missing a black SUV.
The man’s body was mangled by the impact, leaving one of the vehicle’s passengers horrified, witnesses said.
“I went outside, and the woman in the car was screaming, ‘I didn’t know where he came from!’ ” said Hans Peler, 48, a manager at the building’s parking garage.
“It happened right in front of our guy who waves cars in with the flag. He was so shaken up, I told him to go home.”
The gruesome aftermath sent tourists on an open-air bus that was stuck in traffic scrambling for their cellphones to snap pictures of the body, said workers at the building.
“The head hit the railing . . . Half his head is on one side of the railing, half on the other,” recalled Frank Rodriguez, 44, a handyman who was working nearby. “It’s never worth this . . . Life is too precious.”
Sources said the young banker had made several attempts to kill himself earlier in the morning, including cutting his wrists, before making the plunge.
The man — whom police did not immediately identify — was from a wealthy family in Westchester County, sources said.
He had apparently become very successful on his own.
He owned his apartment in the 36-story Ocean complex, which overlooks The Battery and New York Harbor, and had just returned from a vacation in the Bahamas, sources said.
1 West St This Condo is located at 1 West Street, New York NY. 1 West St is in the Financial District neighborhood in New York, NY and in ZIP Code 10004. The average listing price for Financial District is $1,969,870.
http://www.trulia.com/property/1060933882-1-West-St-New-York-NY-10004
"Where the Isle of Manhattan meets the Blue of the Ocean"
Set a course for Ocean. The luxurious rental residence that combines the rich architectural history of New York with a new wave of enchantments. Features that offer a unique level of luxury most Manhattan residents can only dream of.
http://www.ocean1west.com/
Gee reasons for not owning your home: Taxes in most regions pay for stupid socialist shit. Ummmm because at any time the Feds can come in and take it by declaring "eminent domain". Some say "you need a reason that justifies eminent domain in court", but we've seen how the court favors the feds. And oh yea, my personal favorite: you have to MAINTAIN IT! BOOM!
you forgot insure it, another hand in your pocket rooting around for cash amongst many others...
Or...seen another way
Credit Score: No jobs period in the South
Student Loan Debt: Job, but income too low in North
Down Payment: House prices too high in the West
Credit Card Debt: General cost of living/education too high in the East
Are you kidding me ??? Don't equate job title with income; you'd likely be surprised how stretched they are with $700/month rent. The two community college "professors" are probably adjuncts, making 25k a year if they're lucky. The journalist is maybe the same or likely less - some newspapers only offer $50 per story. The programmermight be doing OK but is facing H1B competition, so making $20 per hour likely.
None are particularly in what you'd call a high income bracket :/
I never called them professors, and I know how much they make as my due diligence requires. They can afford to buy, but they do not have an interest in it. You are simply wrong.
What's funny is, that you're actually quoting pretty good pay, on average, if you include minimum-click per story outlet jobs.
Yeah, buy a house and do not worry, soon we'll take it away from you. Everything is a big scam! The millennia knows it by now.
why do we like college students so much? millenials in college are the last recipients of the free cash to not suffer. i like the drop outs more, proportionally and per diem. although i do live in a 'college atmosphere', where the rate of obesity is far less proportional. even better is russia, where happy endings dont come at the expense of stretched panties. :3
This is a bogus chart
Thats nowt, at work yesterday afternoon I had BBC radio 5 on, and at about 3pm a news presenter said us fuckers have never had it better, and according to her, us smarmy buggers here are at an all time high, never been recorded before in British history.
We have on our hands, a disposable income of £17,500, after paying our dues!!! And thats just an average, and trust me I aint average. This is fucking mint as far as I'm concerned, seeing as I have £17,500 spare for free time after paying me bills, as my accountant told me last month I didnt even make that much in wages, the government of child rapists can fuck off if they expect folks like me to pay towards their upkeep, or that of the cuntry. The 'Average' of disposable income is now £17,500 as they say it is.
I will now sit back and enjoy the magical, if somewhat illusionary and not quite there after work income they told me I have.
Its fucking coming apart at the seams folks. Enjoy this while it lasts. This is well beyond clutching at straws, this is fucking imbecilic lunacy.
:-)
In today's environment, traditional "home ownership" is a liability.
Had a woman friend call me, freaked out, her toilet didn't work.
Went over to the house, took the lid off the tank and found the wire from the flush handle to the float had come loose. Somehow she was impressed by this fix.
A few months later, she ended up selling her 12-year-old house when the water heater broke. Shake my head.
I suggest, 'traditional home ownership' is a liability only for those who lack the most basic of skills.
Sweat equity has been very good to me.
The builder takes out a builder loan. The interest accrues on the backend, so he is in a hurry to build the home and sell it before drop dead data.
Builder hires third world labor in order to make more profit. Said third world labor has no connection to the “country” and hence has no real moral compunction to his fellow citizens, as they are not fellow citizens. Homes are built poorly.
New home comes on line as a function of new credit spewing forth from banks. Various maneuvers by bankers and government have ignited a bubble. Some factors behind bubble: GLB passage breaks Glass-Steagall, Redlining provisions in CRA, creation of SPV’s in order to have MBS, Insurance co-signing to give debt instrument higher ratings, tranching, regulatory malfeasance, liar loans etc.
New credit is issued and points at housing. Land locked areas follow supply/demand, and since no new supply can come on line easily, prices rise.
Rising prices signal for more credit formation, because after all a house is the way to wealth. One can sell their home and retire later without any real pain.
But, credit as money responds to pricing, to then create more credit, which pushes prices, which makes more credit, until it can’t anymore. It stops when the people cannot pay out of existing wages. Increasing prices due to credit is false signaling and junk economics. Positive unwanted feedback is a feature of the system.
Prices fall, the feedback goes the other-way, and debt depression sets in. No new credit enters the supply as people stop taking out loans. A sawtooth response is now evident, as credit bubble builds up, and then collapses suddenly into depression. Housing bubble has now induced a balance sheet recession (depression). Private debts cannot be paid, because money as demand is disappearing into the ledger. Debt instruments demand to be paid, and debt’s credit is being drained from money supply in its accounting period.
Enter QE. Central Banks buys up debt instruments that are available. Buy buying bonds props up price, and makes interest rates low. The hope is that more debtors will show up to borrow to then re-flate the credit money supply. Pushing on a string. Former debtors are already in debt and tend to not take out more. Former debt instrument holders, who don’t really need the money, might take out new loans to then gamble with it….say in the stock market; after all, they wanted the usury and now seek alternate gains in stock market.
QE allows home re-financing and low interest rates, which continues to hold home pricing high.
Enter MIllenials. They have taken on student debt, as supposedly that is path to success. To buy a high priced home means a lifetime of debt.
The winner in the scheme: It is the banker. He gets his usury up front, effectively it is interest rate seigniorage. Principle on the loan simply decrements the loan, and that money disappears. A positive meets a negative and they cancel out. Money supply shrinks and desperate debtors sell their perishable goods and wares for cheap. Banker wins again, his almost free usury now has a lot of purchasing power. Debtors continue to go into depression, banker wins again as he gets to harvest the homes in exchange for canceling debts.
Millennials and retired savers become screwed over by financial privateers who own the money power to create a nations credit.
People should be able to borrow real money from their neighbors. In this way debts are owed to other citizens. Private Banks should not be making credit as money.
MEFO,
Excellent summary ! Clear concise and true.
Only thing that might be expanded upon is the immotar / illegal QE money printing by Fed. Of course the Sandy Weill / Robert Rubin / Bill Clinton repeal of Glass Steagal as well.
I would hate to be a buyer looking for a mortgage right now. The fees associated with buying a house and getting a mortgage have skyrocketed hugely in the last 10 to 15 years. They are insane and take advantage of new buyers especially.
Banks and other finance companies really suck and need to be fixed or disposed of.
Ask for closing costs.
Perhaps these non-house-owning Millennials are a lot smarter than we give them credit for. After all, housing has obviously been hyperinflated by the cheap money, and paying current top dollar prices is just cashing out a bunch of old rich people.
Here in Illinois next to the murder capital city of Chicago we are looking to move to get out of the
1200 a month property tax on a 350,000 dollar home. Most of the property taxes go to schools which
I cant send my kids to because the have lowered the level so that that everyone can pass and thekids
learn very little. No application , little or no understanding and certainly not someone you can throw
out in the workforce or otherwise and accomplish anything of note unless they got it elsewhere.
We asked the teachers whats going on as one of my kids was doing just about nothing and getting
straight Bs. We were told that that give out the material and then pass out the test before they give
the test and then test them so they can pass so they can get their funding. Pathetic and a huge waste
of money and resources. Teachers are bright and willing the damm system they are working in sucks.
You know I researched this about six months ago even though I don't live there. About half of your property tax isn't going to schools -- that's just what they want you to think. Most of the tax is laundered through to schools, into the teacher's pension fund. Total school budgets are 9.8B, total TRS payout is about 4.6B (and the kicker -- it's only 40% funded.)
I don't blame you one bit for bailing out from that shining example of government.
Guys....don't worry, Illinois will collapse soon enough.
Love what they've done to the highways with the construction. West of 53 is where humanity begins.
They are waiting for Obama to give them one...
I down voted you for a glib accusation.
There is systemic corruption.
Google Fairbanks Capital class action lawsuit. And yes, we had (have) receipts.
Well, if it's not Obama trying to give them houses, then it's Yellen.
I sold in 2011 to a first time buyer, no down, 30 years at 3.75%. How much more fucking free can it be?
Hi Amy,
The reason I don't understand you is that I have always bought distressed properties - yes, 30 to 120-year-old houses that needed sills replaced, termite damage, 1920s-era cloth-wrapped electric wires re-run, etc, you name it. Historic district stuff, because it has a back end, with gentrification.
I don't 'flip' them, I live in them and fix them over time, as I can afford. Six properties so far, including two hurricane damaged properties and one flooded-and-gutted after Katrina in NO (talk about dystopian).
When you say 3.75%, well, what did you buy it for? What were the terms? What work did you put in, and what do you feel that you lost?
Not trying to be a smart ass, just don't know what your parameters are.
Sorry, there is a misunderstanding. I bought in 2000 at 7.5%/30yr, with 20% down.
I sold in 2011 (at a good gain) to a buyer with ZERO down, and 3.75%/30yr.
I didn't lose anything.
What I'm getting at is, over the course of a decade, mortgage rates were halved whilst simultaneously the buyer isn't even really buying, as he has no skin in the game!
I wish I was a millenial right now!
Holy shit, zero down. Yeah, I can see what you mean. Never had that deal.
I love old houses.
Sometimes I think about so many properties still marked to fantasy. Salivate when I imagine blood in the streets.
Maybe they saw their parents or their friend's parents lose or almost lose a home. That will scare the shit out of buying and leave some everlasting psychological damage.
Fool me once, shame on you. Fool me twice.....
Or, maybe they saw their parents or their friends parents simply stop paying the fucking mortgage and live for free in the same house for three or four years.
I know of nobody, and I mean nobody who "lost" their house. For one, it's not lost. It's still sitting right fucking there. Two, it's not "their" house, as they don't have enough equity to cover doorknobs.
Take a good look at the "millenials." Stand on any street corner, and see how many have the sense to look up from Farmville to check for traffic. 1 out of 7 with student loans are in default, yet I don't see 1 out of 7 millenials sweating that fact. They seem pretty free and easy about the whole situation.
Please inform the millenials, this is not 1935. You are educated and well nourished. You are unlikely to be drafted and sent into a meat grinder. You don't need 20% down on a house, and interest rates are what, 5% for the marginally qualified? Gee, life rilly sucks, eh.
This is crap, the "don't know where to start" areas are the ones with more affordable realestate and in many areas higher homeownership, including young first timers. Bad Tyler, bad!
That is a poor graphic. I don't think the "reasons" for not buying a house are correlated with specific geographical regions.
Maybe, just maybe they figured out you never "own" your home, even when you're done paying the mortgage to the shit bag banksterz.
You own the right to use your house within certain guidelines as long as you continue to pay government rent (property tax).
Stop paying that tax and you'll find out PDQ who the fuck "owns" your home.
Home "ownership" is not even as good deal as leasing a car.
Yes, what you say is true.
But where you going to live?
Property owners pass the expenses to renters.
Or, do you live in a car?
Minosgal: Yes, what you say is true.
But where you going to live?
Southern NH, 3 acres, property taxes $680 a year, land payments are $167.00 a month. I'm building my small eco / "green" home now. No scumbucket bankster loans for a home mortgage. When all is said and done in three years everything will be "paid off" and then I'll just have to pay the government rental fee of about $200 a month.
Property owners pass the expenses to renters.
Or, do you live in a car?
dog love you duc, I am a cash person as well.
Also, various counties have various qualifications for agricultural exemptions.
carry on wit your bad self-directed retirement plan
I actually like to work. In about two years I'll be working part time. I might just roll this property over and get the 6 acres so I can get the "farm" tax break. Retire? WTF is that? I have so many interests I'll be up and runnin' putzing around with fun stuff (and gettin' paid for it) until I keel over, but that's just me.
a man after my own heart.
Last spring I took a cob house building workshop in Jackson Oregon. Cob is a clay-earth mixed with sand and a right amount of water. Put this on a propylene tarp and stomp. Ten of us made a 200 square foot dwelling in ten days. Mostly finished. These structures are beautiful.
upvote, good on you. I look forward to the marriage of high tech and old school medieval.
A young 'millenial' working as a 'financial advisor' for the large brokerage firm I patronize cold-called me yesterday. We got to chatting, eventually about the housing market. Was quite surprised that this young family man, still renting, was completely unaware that the tax code for a married couple makes gain of up to $500k upon sale of home tax-free if lived in for at least 2 of past 5 years. Completely unaware of a key incentive to owning a home, particularly in a big-dollar, strong market like DC where big gains are not uncommon.
Thus supporting the assertion that perhaps they 'don't know how'. If I'm in his shoes, I'm looking for a beater on a nice but overgrown, let-go lot in Alexandria's Del Ray neighborhood, etc., that I can infuse with some weekender sweat equity to provide the down payment on a somewhat nicer home a few years down the road. Rinse/repeat. I mean, how many ways are there to put a sizeable slug of cash in the bank, tax-free - legally?
Using a bank for large sums of cash would be a mistake. RE around Alexandria is probabaly the most overpriced in the Nation save for SF and NYC.
It is not a universal truth that you will make a gain on the sale of your home, you know... See 2008. #canyouspotabubble
Prices here in DC are where they were a decade ago in late 2005. Flat for a decade, and then collapse? Maybe, maybe not. That risk of decline is why if you need a home for your family, you buy a beater you can fix up - lessens your downside risk and lower PITI.
Simply put, Millennials understand the system is stacked against them and would prefer to be mobile, debt free, enjoy vacationing, bar hopping and screwing each other until their later years when they may settle down to propogate if they are straight. Obviously developed nations are in decline with reduced birth rates adding to the problem of generating growth. The old tradition of family life is in decline spurred by a global economy and fiat financial system going bonkers to the point of human corruption
'Specially if you white mofo.
Propagating is now left up to the subsidized underclass. They will raise the next generation of working slaves for the top 0.5%. For the ones who think they have a great deal here and will probably get amnesty and instant citizenship, it's really a trap. Once this place sucks because we lose the reserve dollar status and the government starts hunting down every dime, they will decide it's time to leave and go back home. But the US has planted FATCA on their asses. So these poor free loading bastards will have to pay for it all anyway, even after they leave the US. Either that, or live like dirt the rest of their lives without a bank account anywhere.
See: Walmart for your propagators.
While "youth" makes fun of the old days when you were "shackled" to your employer, there were advantages. An actual retirement paycheck; a group of people you knew your entire life; a sense of community. My grandad was a water manager for a rural area. They had some pretty strong bonds in those days with the people in the area. Now, are kids are all five-minute friends. The destruction via immigraton can't be underestimated; the kids have gotten the message: We Are Giving AWay Your Country to the Third Worlders. Good luck and see ya around! Nice eh?
While "youth" makes fun of the old days when you were "shackled" to your employer, there were advantages. An actual retirement paycheck; a group of people you knew your entire life; a sense of community. My grandad was a water manager for a rural area. They had some pretty strong bonds in those days with the people in the area. Now, are kids are all five-minute friends. The destruction via immigraton can't be underestimated; the kids have gotten the message: We Are Giving AWay Your Country to the Third Worlders. Good luck and see ya around! Nice eh?
Why do people predominately gravitate towards buying houses versus renting (or even stay single & live in their cars or moms basement)
1) to raise a family in a (hopefully more) stable,wholesome environment
2) tax & appreciation reasons
3) social pressure to fit in and not be a maverick
Addressing reason #1 .... In a world of 7 billion plus, why? The world doesn't need more people, and if one chooses to raise a family, think of the cost. Food,shelter,medical care, education, insurance ...considering all that, why become a slave to the system just to follow in the footsteps of your parents.
Food,shelter,medical care,education,insurance is overwhelmingly controlled by entrenched interest groups with significant government lobbying to keep their (relatively) high profit monopolies protected.
Someone new on the scene (e.g. millennials) are subject to being reamed by those in control of resources & government. Japanese, and western (anglo) millennials behavior make perfect sense to me.
reason #2) mostly caused by government/CB policy and most definitely subject to changes that can leave one out on a limb when boom turns to bust.
reason #3) Ha, that's a personal matter for all to work out on their own
The world's economy is based on physical growth and cronyism.
How is that working out?
I work with 3 millennials, and the reason they are not buying houses is obvious.
SH
One of them just learned that 1lbs. equals 16 ounces.
Huh?
SH
Just shoot me in the fucking head!
I'm told that my oldest daughter now needs therapuetic boarding school at 95K for the year!
Really? Oh, they just told me that we can take out student loans?
Whatever.
SH
Just shoot me in the fucking head!
I'm told that my oldest daughter now needs therapuetic boarding school at 95K for the year!
Really? Oh, they just told me that we can take out student loans?
Whatever.
SH
Don't drink the Kool-Aid.
The why: Zion's central banksters have stolen the economy and economic opportunities with it while imposing massive fiat debts--representing wealth stolen from the same society--paying usury to the banksters and Zion.
Any questions?
Liberty is a demand. Tyranny is submission..
Turn on a light, and the cockroaches will scramble for the cracks. Turn on the guillotines, and the dual-citizen Zionists will scramble for the cracks; "return."
im a millenial
even if i had the $$ to buy a house outright, i wouldnt!!
Interested to hear the reasons.
1. Renting can be a better economic choice if the money not put in upfront is properly invested elsewhere (e.g., starting your own business), so that your net economic position would be better than if you sunk your money into the house
2. With rent, you stay flexible to move when needed
3. Landlord takes care of maintenance issues
4. No threat of house being confiscated by govt. for failure to pay taxes
5. No burden of humongous debt weighing on your shoulders
6. We don't trust people anymore when they say home prices will rise in perpetuity (i.e., not a good investment); see also point #1
big corporations dont want to hire people in my age group anymore and they aren't stable
i cant tie myself to one area..and even 'full time jobs with benefits' are just temporary
i also have no interest in being an adult other than having a 'real' job....
i am probably not getting married since most women in my age group are financially clueless..the ones that are smart and savvy come from upper middle class wasp/jew families and unfortunately for me i am a lower working class jew who is pretty street smart so i know when and where to pick my battles
My son feels the same. He bought a 2 bedroom yacht for the price of a home deposit and only pays $600 a year for registration & mooring. He has no intention of marrying or kids but has awesome parties with friends and can go where he likes with the money to do so.
How about a trailer?
you never REALLY own your home.....
Dreadnaught,
True. As long as you can lose your home for failure to pay property taxes, you truly never own it. In addition, those who own no property have the same vote to raise property taxes as those who do. Perhaps the Millennials have the right idea-just live in the basement.
How can you make a down payment if the money in "your" account is actually a loan to your bank? Some folks may get Cyprus'd.
Why they are not buying houses?
No job? No money? Old dumpy shacks on postage stamp lots for the price of what a mansion used to go for?
Gee, I don't know.
Total mystery.
Hey! Wait! I know, pass a law like Obaba's Cr*pCare with penalties for not buying a house.
Make it the law....got to buy overpriced health care, right?
So new law to buy overpriced house!
Call it Obama HouseCare and stick the word "Affordablee" in there somewhere which will be enough to fool a voting majority.
Problem solved!
Elizbeth Warren fixed it. Free college. Now you can go into debt on a house instead, and still somehow they will expect you to pay for that "free" college. This country is SO, SO screwed.
Put it in a bill that Congress has to pass to find out what's in it.
you have to buy it to see how much it costs
you have to buy it to see if you can afford it
you have to buy it to see you don't own it
you have buy your house to find out you are leasing your house from .gov
if you love your house, you're fucked, it's our house
"If you like your current rent payment, you can keep your current rent payment" "Rents will go down under this plan" etc.
You, Millennial, didn't build this.
The idiots made the whole system so complex and inscrutable to hide their skimming that they are driving away their own market!
Or, it could be that when they say they don't know where to start, really mean they couldn't give a rat's ass about "owning" a home...owning...lol! TPTB have utterly destroyed the whole concept of home ownership!
They are more aware of the bullshit than earlier generations were. They aren't handicapped by memories of an earlier, more 'innocent' and patriotic time.
How to buy a $450,000 home for only $750,000 dollars...
http://www.globaldeflationnews.com/inflation-vs-deflation-part-3how-the-...
Do Millennials have an autonomic nervous system?
Can they chew gum without thinking about it?
1. Yes
2. Sadly, No
Duh, first ya get da money, then you get da women, then you get da house……,
No wait, first ya get da woman, then you have nine kids, then you get da house……,
Dang it, first ya get da house, then ya get da meth lab, then you get da money, …..
Aw screw it.
Maybe they don't want to buy because they don't have a clue where they'll have move to get work.
Watch any old movie and you'll see that every family was a multigenerational one. There is nothing more STUPID than to tell our kids to live on their own and spend every penny for a rental, whether it's a house or an apartment. The real estate billionaire moguls pay fortunes to have the media make fun of the kids who live at home. They should be shot. It's ridiculous. Heat one house. Water one yard. Buy one set of pots. SAve all the rest!!! Works for kids and works for parents looking to save tfor retirement. The biggest lie Ever told to the youth is that they should live on their own. Oh yeah, it also makes them easy targets for the drug dealers adn locso who want to drag them into the gutter.
Don't let the kids get into debt until they are able to handle it.
Or let them go out in the world, tough and rough, and figure it out.
Better sooner than later. Mommy isn't going to be around forever.
Works for birds.
Oh, the American Dream. You can live in a 2 bedroom apartment with 13 of your closest friends.
Homes are overpriced by 8x to 12x.
That's part of the reason.
That and "no good jobs".
Actually, the only reasonable way for most people to have a decent job these days is to start their own productive endeavor. That is... produce some good or goodie people will pay you more than your cost to produce. What a concept!
I know of at least five empty houses within a mile of here. Banks foreclosed several years ago and keep them off the market. Wouldn't want to drag down house prices would we? Meanwhile they carry them on their books at mark-to-unicorn prices. Life is just so wonderful.
Remember when the fed gave the big banks $85 billion each month for a couple of years in QE, for asset backed mortgages? Those five houses have "asset backed" mortgages of $5 billion dollars tacked on to them.
They are fucking dummer than I thought.
Two down votes by Millennials.
12 yrs of public school
But but but on CNBC they said jaust two days ago that rising housing price valuations will make people feeling more wealthy.
But but but on CNBC they said jaust two days ago that rising housing price valuations will make people feeling more wealthy.
I got to work with two Millennials today. First of all they are twenty years old and both in between their sophomore and junior years in college. Is that a Millenennial or they some other named generation? I am a little unclear on the specifics as to how to determine what generation one is born. At any rate, they two nice young men and is a little brighter than the other. I like both of them but you should hear then talk between each other. It is male talk but there is no pussy of beer talk in there and that concerns me. Well maybe that is good thing. I don't know.
Naturally, I had to start chatting them up since we were all working together. I asked them why they are going to college and they are a little unsure themselves. Even some financials came up when when the brighter of the two complained to the other that he has pay rent all summer long just to keep his apartment for next year. The kid said that can't even afford to have internet in their apartment. No cable TV obviously. His parents were bitching at him about uing his smart over the data limit on their plan and you know how that goes. The internet was just barely in existence when I graduated college any no one had cell phone but I can't imagine the kids these days without some sort of net connectivity. If you don't have internet access you can't even apply for a job anymore.
I had to ask about the student loans and of course they have them. The brighter of the two piped up that he had been working at McDonald's part time during the school and stated "I was starting to lose faith in Humanity.". We talked about the debt thing and how criticial is that limit their debts and they seem to under and does seem to be at some level of understanding about finance. I just kept telling them to never get so far in debt that they can never get out of it and to keep their options open and this message is being received to at least some degree. I am going to keep telling them same message too over and over. That and "Don't be a fool, wrap your tool." You know what I mean by that.
I have had a quite a few opportunities to work with Millennials over the past couple of years. They are very different than my Gen X. Gen X grew up with three TV channels and a Cold War. No internet, no cell phones and maybe an Atari 2600 with a broken on/off switch and combat and pac-man for games. Gen X can remember when people would actually ANSWER their phones if you called. No one answers their phone anymore because it just too easy to let it go to voicemail. Have you ever done that? Yes you have.
I think that Millennials are good kids and I like them. All that they need to do is learn to question authority as well learn how to say FUCK YOU to the whole notion of a nanny state. That is up to people like us. Millennials are a fairly large generation as opposed to Gen X latchkey kids like I was. That is political force. I have a ten year old and a four your old and I wonder what that generation will be called. I am doing my best for them. My ten year daughter has more PM's then most people people on the planet and I she is responsible for taking care of her own things.
I am going to make her part of the "FUCK YOU Generation" as well as my son. Proudly sponsoring them will be Guns, Gold, Silver, Platinum and plenty of ammo. Speaking of which I am looking for a Springfield Amory V-16 longslide 45 ACP. Anyone willing to trade? I need that gun so that my sone can end up with it. Just thinking ahead here:-)
You just relegated them to the toss pile. Lemme count the ways.
1) You're white
2) You raise your children
3) See no 1.
Good luck with the culture war.
"They pay about $700 a month for rent when you can easily buy a nice starter home with 2br 2baths for $600 a month. I'm like wtf?? Anecdotal i know, but these kids don't have debt, they just don't have the desire or interest to buy a home..."
Renting vs ownership: If I rent, I'm not paying everyone else's salaries, pensions and benefits. Ownership means everyone working within the local taxing district mines me for their jobs and retirement; meanwhile that money doesn't contribute to my own happy ending.
Would never again fall for purchasing a house; ownership isn't best for everyone, and everyone should think over the decision to purchase very carefully. Property taxes are up, up, up, and most communities are hiring more public workers, not fewer. Property owners carry these obligations on their backs.
Either that or property taxes go down but valuations go up. So in the end you get screwed either way.
Now they have a new trick. They use something called classes like class 1, class 2 or even class 4. So if you are one of those who refuses to upgrade their home so that they won't kill you uwith taxes they use one of those jobbers. Now you are in even worse shape since because if you upgrade under one of those classes then you pay more in taxes than you take in. We don't own anything at all in this country and we never did its just more pronounced right now thanks to central bank power.
You do understand that the landlord pays the property taxes on the place you rent and then charges you rent to cover this cost?
So "everyone working within the local taxing district mines me for their jobs and retirement" still happens.
In fact in many places - if you live in the property you own you can file for a homestead exemption. I do in Texas.
What that means is - my property tax bill is smaller than it would be if I owned the house and rented it out to someone else.
So the renter actually pays a higher tax amount.
Why is buying a house a life decision ? Stil time warped in an economic system that has bred a culture of misplaced trust by the baby boomers ?
Millenials much smarter in avoiding debts thus out of the paws of Predators ? Remain flexible and movable to avoid traps to keep you captive as the 1%.
Rents on houses 30 years ago were less than 1/10 of today, and that's with moderate general inflation.
You "smarter" millennials are going to be killed/homeless over the next 30 years if you are unhedged and don't fix your housing costs by buying soon.
Inflation in the future is inevitable...whatever deflation you worry about now will be countered by monetary hyperinflation.
That incoming tsunami first appears as a negative tide, right, and fools a lot of victims.
Us boomers were paying 10%+ interest rates to buy our first houses, and making $4 an hour hustling second and third jobs to make it, and inflation was double digits back then. Plus we were having you and paying for all your after school special classes and activities and brand name shoes...
Man up, kids, and earn it, and own it. It's your turn to grow up.
But that same inflation meant that your house kept going up in nominal value , and your debt/equity ratio kept falling, and you ended up with increased equity (on paper).
If was in the market , I'd be waiting for the bubble to pop, if it hasn't already.
there are always bargains when inflation is low, or when deflation is occurring.
You just gotta do shit jobs and save.
When I look back at those 25% interest rates in 1987 , I wonder if i could go through that again.
Maybe these Millennials understand that the rate of current events the country may not exist as it is currently. I remember in history after the Mexican war how all the Mexicans in the US southwest were waving their Spanish land grants. The US courts were naturally suspect. Who knows who tomorrow belongs to?
Two men from Brooklyn were arrested for 'manspreading', it has been revealed, after police found them taking up too much room on the subway.
The Police Reform Organizing Project (PROP) poured over court testimony, talked to lawyers and reviewed lawsuits and news reports to produce a PDF on NYPD practice in the past few years.
http://www.independent.co.uk/news/world/americas/the-first-arrest-has-be...
Pored over
Bubba - get to DC with enough rope to string up 535 + ICiC
Buy old school bus. spend about 30k converting it,. get snipped and live the good life.
and then you meet your friends when you park and pick them up ?
Wake up in 2017 amazed that people judge you as either the "bad divorce Partridge Dad" or a filthy skeeve, your choice.
Best thing ever happened to me was getting turned down for VA home loan because they said I had to LIVE in it. I was working overseas and said I couldn't rent it out while away.
Shortly thereafter got another job offer that would keep over ''overseas'' forever.
Two Year Masters degree in "Buying Your Starter Home"
One Year Postgraduate Diploma in "Car Loans for Beginners"
PhD Degree Program Princeton "Debt Deflation for Displaced Legislators"
"Tyler: in today’s double-adjusted US economic “recovery.”"
Hilarious.......except for those at the receiving end of it.
I SMELL BULLSHIT, AND IT'S NEATLY COLOR CODED........BY REGION
Due to Global Warming I mean Climate Change, er.. The Ploar Votrex.......has caused the Millenennials to have student loan debt, credit issues, and lack of down payment.... Heck Global warming has even caused loss of jobs, layoffs and is causing companies to not hire... I know this because The President just said so.....
CBS just admitted on live television that they and their little friends are looking for a way to take advantage of these millinials who save their money and don't invest or buy things. The funny thing is that they say these things with a huge smile on their face. Probably taught by psyop specialists that if you tell people the truth and smile. They won't think that you are up to something evil, even though you really are. Cramer does it all the time which is why he has such a huge audience even though they are all losing money.
These millenials aren't stupid like their parents so I don't see them falling for the same tricks. Many of them are actually living paycheck to paycheck and accruing debt so that way when the bankster crooks come to take their belongings they won't find anything but IOU's.
I came here to poast something incendiary but when I read the comments I went away crying as I had become the edgiest of all.
Screw the charts. Americans are still not confident about their future no matter what they say publicly. Most do not believe the make you feel good bs stories. Toys have a higher priority in their lives.
GDP Q2 will be dismal ... BUT ... I am expecting the BLS to re-configure the equation removing all the negative data so they show [fake] green shoots.
Have owned my home for more than 40 years and rental properties for more than 30.
If you have no hope that house you buy today can be sold 10 years from now for at least what you paid for it (plus capital improvements), then why would you buy.
No hope, no buy.
Have hope, then buy, remembering that you make your profit or break-even when you sell, based on what you paid (including the cost of undetected repairs).
You need to investigate 10 or more properties to understand what you are getting into. Drag some old geezer around to look with you. That person can detect the most expensive problems in 15 minutes and tell you what the repairs/upgrades will cost.
Based on my experience, if you don't own your home by age 35, you will be a renter for life.
Good luck.
the millenials who "get it" and have good "corporate" jobs will never buy homes as they are a burden and a career killer
fuck baby boomers
ONLY a Dipshit would lay the blame on so called Baby Boomers. Get your $hit together!
iscollegetherightchoice.quora.com/James-Altucher-Is-Smarter-Than-Me
This website is full of shit.
Ship High In Payload. Donkeys
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