Well they finally connected dots 1 and 2, huh.
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I was going to but then I saw an avocado toast and now I can’t afford a house. Silly me.
Wait, why didn’t you get a 34k gift from your grandfather to buy your first property, like avocado toast dickhead did?
Youre just doing it wrong, bro
Is there an obvious answer to her question? Why did they think they/we aren’t doing it?
The obvious answer is that she’s wrong. By the numbers Millenialls born in 1990 have a slightly higher rate of home ownership (43%) than GenXs born in 1970 (41%). Most of GenZ simply isn’t old enough to purchase a home. If we define them as being born 1997 to 2012 then the very oldest of them are 27 with the youngest still being in Middle School! The vast majority of GenZ is somewhere in the middle around 18-24 years old. They either about to graduate High School or College but either way they’re not at home buying age yet.
Some think “younger people” shun the responsibility property brings with it. And obviously that we spend our money on traveling, Netflix and expensive gadgets instead.
Don’t you know, if you cancel Netflix you can afford to buy a new house or car!
Seems maybe they need to spend more time around younger people without simply dismissing them due to lack of real world experience.
This, you have to remember this is the same generation that thought we were being antisocial by staring at our phones all day. Ignoring the fact that we are actually talking to people all across the world while we do so, and that we were not in fact just staring blindly at a screen.
too much phone, not enough struggling with PDF
This is one of my favorite genres of journalism. See also: why is everyone so mad about the economy? Meanwhile, the economy: 3 chicken wings, a carrot, and a 1/2 lb of lentils is $37.
Seriously, we are also seeing record high inflation, used to 20 bucks could get me a bunch of drinks, a few microwavable meals to take to work, and some butter flavored Crisco to make my popcorn.
Now it might cover the butter flavored Crisco to make my popcorn and maybe one thing of drinks if it’s on special offer. And that wasn’t me comparing growing up to now, that’s me comparing two years ago to now
ah, you see, the trick to getting into real-estate is to have been born earlier … and not live in Canada, some Canadian boomers are learning about that requirement now as more of them are choosing to go homeless rather than pulling themselves up by their bootstraps.
Yeah the trick was buying a bunch of cheap homes in 2009 and sitting on them.
I’m a millennial and own a home and can fix things. I do get experts in sometimes when I am less familiar with the job. What I found was that the previous boomer owner did a lot of things wrong. I can find the code violations, but may need an expert to come up with better solutions. I shadowed my electrician and don’t need him anymore. Still have my plumber in a bit for now.
Some folks are able to buy a home but choose to rent because they can also afford a landlord that’ll actually do the job a landlord is hypothetically there to do and fix the place up if there’s an issue
GenX here. Why haven’t I bought a house?
Probably the same reason I didn’t - waited too long, and missed the window of affordability.
For years we all heard how renting is sooooooooo much better cuz u don’t have to fix anything. Now those ppl are learning why home ownership can be advantageous.
I feel for gen z but half of millennials were laughing all these years now have shocked Pikachu face and own nothing except mtg cards and Funko pops.
Who in the hell ever said renting was better? Since the advent of money it has been a losing proposition to continuously pay for something you won’t own. The only people pushing for renting over owning are the landlords.
I mean, if you search online you can find articles that talk about the pros of renting. I’m assuming those same points have been said before.
Who told you that? Was it your landlord? Millennial here. I’ve never heard that my entire life.
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A boomer I know blames young people being in house debt because “they all buy houses with quarts and granite counters, hardwood floors and heated tile floor bathrooms. They skip the starter homes and go right to the forever homes”.
He doesn’t consider the fact that no one is building starter homes anymore. Everything has heated tile floors, granite counters and hardwood floors because the contractors are demolishing all the older “starter” homes to build luxury houses and 55+ only condos to sell to boomers who throw all their money at it. There’s no profit in building starter homes anymore.
Ha, jokes on them. I moved to the countryside, and purchased a former starter home.
The joke on me is that it was 3/4 of a million dollars. I would have not been able to buy it at all if I didn’t have the support of my SO, who works full time like me, and my brother AND his wife, who all had full time jobs at the time of purchase…
Six bedrooms, two bathrooms, nearly 2800 sq ft. At least 15 minutes from anywhere, and at least 30 minutes from mid sized cities, and an hour and a half from the nearest major metro area. It’s quiet here… Like, weirdly quiet.
At least in our area, most of the starter homes were purchased and then completely redone internally to fancy up and then flipped. All of the homes went up about $100,000 at minimum because of people trying to profit off the housing market.
My first house, I bought in 2009 (so right during the crash). We offered full asking price, only to be told there was 3 higher cash offers, which I couldn’t compete with as a mortgage (FHA) offer. The seller made living in the house for 1 year a condition of sale, and all the higher offers disappeared. Guarantee those were just flippers looking to make a profit, rather than homebuyers.
I think capital gains taxes should be sky high on real estate if owned for less than a year.
Like 90% tax on any profit from a sale owned less than one year.
Only problem, is that house flippers are also the only ones you can rehab old POS falling down shacks I to a saleable and occupiable house. So many houses near where I live have been rehabbed from a teardown into a usable house.
Maybe exempt if the purchase price was a certain amount below the average for the market.
Like if the price per sq. ft / acre of the house was 75% of market average when purchased it’s exempt, that way the houses that really need to be repaired and fixed with get the attention they need to keep them in the market.
Then people can’t just buy a house, slap a coat of paint on it and some new counters then sell for $100k over the purchased price 6 months later.
Ehhh, I disagree with this a bit. People are still putting LVP instead of hardwood in new builds, with granite instead of quartz countertops, and no fancy heated floors, and the cheapest carpet they can find at Home Depot. I feel like most new builds I see going up are more on the “starter home” side of things, but maybe it’s an area specific thing.
The real problem though, is even these cheaper options still end up being unaffordable.
Pfft that’s stupid. Everyone knows millennials prefer to rent because settling down just doesn’t fit our lifestyle, bro.
Plus we aren’t “handy” enough to deal with all the work of owning a home.
Just kidding, it’s because we’d rather be driving for Uber or something, I don’t know.
Point is, we’re just lazy, entitled, inept children.
Sadly, Millennials aren’t handy. Baby boomers are famous for the idea of being able to fix it themselves. If the dishwasher broke, they fixed it. If the carpet needed cleaning, they cleaned it. They enjoyed doing these tasks on their weekend. That is not the case with Millennials. They don’t care to understand how to fix something.
These are the same people that can’t use an iPad unsupervised without somehow getting tricked into sending $2k worth of bitcoin and their SSN to a scammer.
Boomers invented using several different screws in a device to make it unfixable, and then making sure it broke in a year or two
Yeah, the shit they fixed was generally just a motor and some bearings, maybe with some simple electrical switches. Everything was simple and made as durable as possible because that used to be a selling point.
Modern appliances are specialized computers with moving parts that are designed with cheap, flimsy pieces that are only meant to last until their warrenty period runs out. One minute after that and its all “replacement parts? You mean call our service dept or buy a new one, right?”
Lots of boomers fixing modern machines out there? Somehow I bet they are still talking about that one time in 1983 when they changed out the belt in a dryer that had 6 parts total and had been working for 23 years. Yeah, congrats. You did a simple thing to a simple machine.
It doesn’t help that companies like Blackstone are buying up homes at auction, lightly flipping them and putting them back on the market as high-priced rental properties.
swear as a culture we’re not just headed toward being only renters, but we’re being primed for the cultural dialogue around home ownership to be about what a pain in the ass it is and how renting is just so much better. This weird, Deleuzeian dystopia where the thought of owning land is just completely foreign to most people.
News flash, the vast majority of people want to purchase a home, not continually rent forever. Yet, many can’t even afford to do so. More at 11.
