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re: Millennials will spend 45% of income on rent before age 30
Posted on 3/27/18 at 9:59 pm to OMLandshark
Posted on 3/27/18 at 9:59 pm to OMLandshark
It seems obvious young folks would be hesitant to lock themselves into a 15 or 30 year mortgage only 10 years after they watched all those boomers and Gen Xers lose their arse in homes.
1
Posted on 3/27/18 at 9:59 pm to Lima Whiskey
quote:
Commuting is hugely expensive, when you factor in time, and transportation costs
That's varies by person/area. I commuted about an hour one way to work for around 7 years. It was still cheaper than living closer to work. Maybe $150 more in gas per month but my house was $600 cheaper per month, property taxes were less etc.
In most cases living out a bit is cheaper. If you choose to live downtown and pay half of your income on rent than that's your decision but nobody is forcing you to do it.
This post was edited on 3/27/18 at 10:01 pm
Posted on 3/27/18 at 9:59 pm to Paul Allen
quote:
When was NOLA actually affordable? It’s always been expensive.
Wasn't always egregious. Before Katrina I paid under $500 for a studio apartment.
This post was edited on 1/11/21 at 9:25 pm
Posted on 3/27/18 at 10:01 pm to glassman
Posted on 3/27/18 at 10:03 pm to fallguy_1978
quote:
rather than buy a home.
Home ownership is something you should only consider if you plan on living somewhere for an extended period of your life. Its what you do when you are ready to settle down in one place for the rest of your life.
If you are trying to move to another state for better job opportunities, you should not buy a home. Example, plenty of people own family homes in Louisiana, but they live and work in other parts of the country.
Posted on 3/27/18 at 10:03 pm to St Augustine
quote:
Couldn’t you rent in a non downtown area if you’re really trying to save?
So, yeah, no. I mean, like, they have to live within walking distance to the bars and restaurants so they can live green and not have a car. So like they need to be downtown so they can be inclusive and diverse but, you know like, they don’t want to be poor.. But like they don’t want to spend a lot of money.
I mean like you know?
Posted on 3/27/18 at 10:04 pm to volod
12 pages incoming.
Posted on 3/27/18 at 10:04 pm to tigerinthebueche
Y so mad tho baw?
Posted on 3/27/18 at 10:04 pm to volod
quote:
Example, plenty of people own family homes in Louisiana, but they live and work in other parts of the country.
Wait, what?
Posted on 3/27/18 at 10:06 pm to fallguy_1978
I am a millennial. Bought my first house in 06. fricking bottom fell out the next year. Lost my arse in that house. The housing economy has been stagnant as hell since. Thanks, Bush.
Posted on 3/27/18 at 10:06 pm to volod
Seriously, I can’t think of a single reason as a single person you’d buy a home unless you were hellbent on not moving and had family nearby. Spending 40% of my income on housing is simply an inconvenience.
As a single man, if I get a dream job in say Atlanta, I’m fricked if I bought a house. Meanwhile if I rent, I only need 90 days notice or less to abandon everything and pursue my dream. Buying would be a horrible idea for me.
As a single man, if I get a dream job in say Atlanta, I’m fricked if I bought a house. Meanwhile if I rent, I only need 90 days notice or less to abandon everything and pursue my dream. Buying would be a horrible idea for me.
This post was edited on 3/27/18 at 10:07 pm
Posted on 3/27/18 at 10:08 pm to ellishughtiger
except you aren't finding one that cheap
Posted on 3/27/18 at 10:08 pm to OMLandshark
you need to settle down and buy a shitty starter home 45 minutes away from your job, you millennial POS
Posted on 3/27/18 at 10:11 pm to AUCE05
quote:
I am a millennial. Bought my first house in 06. fricking bottom fell out the next year. Lost my arse in that house. The housing economy has been stagnant as hell since. Thanks, Bush.
Same year I bought my first house. I lost money as well. Much of your anger is misguided though. A lot of the policies that caused the housing bubble were put in place under Clinton, particularly by Barney Frank and Chris Dodd.
This post was edited on 3/27/18 at 10:12 pm
Posted on 3/27/18 at 10:12 pm to GreatLakesTiger24
I don't want to live in shitty places just so I can I'm a homeowner.
Posted on 3/27/18 at 10:13 pm to ellishughtiger
quote:
No one wants to be BNT
What does that mean? Sorry long day. Probably something obvious.
This post was edited on 3/27/18 at 10:15 pm
Posted on 3/27/18 at 10:13 pm to GRTiger
You’re right it seems obvious to everyone except the boomers who lost their arse. These are the same people still buying cars with cash when money is cheap as it is now. Times have changed.
Posted on 3/27/18 at 10:21 pm to thesoccerfanjax
Why does any of this even matter? It’s their money, let them do as they wish. If they want to rent, have at it. If they want a home, they’ll have to figure out how to do so.
The whole thread is kind of pointless since it’s the millennials spending their own money.
The whole thread is kind of pointless since it’s the millennials spending their own money.
Posted on 3/27/18 at 10:21 pm to tigerinthebueche
quote:
Oh I bet the could afford a home. Just not the home they want. All part of growing up.
The economy didn't crash because people rented apartments they couldn't afford. It crashed because people felt like they had to buy houses.
Posted on 3/27/18 at 10:23 pm to St Augustine
BNT is slang for Bridge & Tunnel; someone who lives in Jersey, Brooklyn, Long Island ect. live and take the bridge are tunnel into the city
something snobby people who live on Manhattan say
something snobby people who live on Manhattan say
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