Current Events > My conservative grandpa said that Millennials could own homes if they wanted to.

(+) Yeah! (+)

Eh, no joke, construction is still pretty good money.

I knew a bunch of guys that did it and most of them owned their own homes. Owned in quotations because they were still paying the mortgage of course. They werent the nicest places, but they were decent and better than an apartment.

It is a pretty tough life and that was ~2014, but still.

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I'm a Millennial. Have a nice 3000 sq/ft house.

Couldn't if done it if I didn't get married, though. If I was single, I would of had to buy a house built in the 50s or something with one bathroom.

EnvoyOfTheLight posted...

KINDA FUCKING DIRECT but sure

NJ, and it was 9$ for my first non-contract entry job. Pretty good at the time.

I'll be honest, I thought if I explained why I asked those questions, you wouldn't answer. Since you did, though, let's see what options you have. $9/hr is about $20k/yr. Let's say you wanted a 3 bedroom, 2 bath house in NJ, and you wanted to pay for it in full using one year's salary, and you didn't want to live in Camden. That'll be a bit tough, because NJ is one of the most expensive states in the country, but let's just start with the criteria above:
https://www.zillow.com/homedetails/2110-Mayslanding-Rd-Millville-NJ-08332/2076567513_zpid/

There's one. But that's not the best you can do and it's not the best looking place. Let's say you follow the rule of thumb that a mortgage should be no more than 3x your salary. So that's about $60k. Zillow says there are 27 listings that fit that criteria.

Now let's say you're willing to move to one of the surrounding states but don't want to move too far from home. Zillow says there are 183 listings like that.

Now let's say you don't care about staying in NJ because you want something nicer for that $60k. Let's say you're willing to move to Ohio. How's this look:
https://www.zillow.com/homedetails/830-Roxbury-Ave-Youngstown-OH-44502/34852501_zpid/

If you're willing to look at any state, there are literally thousands of houses that fit your criteria.

Entry level jobs can get you a house. You're either not looking, not willing to compromise on your current living situation, or believe you deserve more.

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kelemvor posted...

I'm a Millennial. Have a nice 3000 sq/ft house.

Couldn't if done it if I didn't get married, though. If I was single, I would of had to buy a house built in the 50s or something with one bathroom.

My house is 100 years old and only has 1 bathroom. I am single though, so it's not a forever home.

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Fair point, if you're looking to be technically correct. I would certainly not compromise my current living situation to live in fuckin' Millville, but if you desperately needed a house, you could, technically, do that, or move to Ohio, if you could somehow commute to your job.

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He isn't wrong, the problem is that these millennials don't want to leave the expensive crapshoots that are the East and West Coast to own homes.
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Will_VIIII posted...

There's a lot of generalizing here.

The fact is, millennials have higher student debt (boomers told us we needed to go to college), housing costs are higher, and available houses are older meaning that there's likely going to be some work needed on them.

I'm okay with generalizing. This is a brief conversation on a forum, not a dumb internet debate.

Yeah. Millennials may have more student debt, sure. People who get degrees tend to earn several times the income as those who don't. Making more money often requires a higher initial investment.

The average cost of a home in LA is $816,000, or $2800 for an apartment. In Houston, its $304,000 or $1250. That's a 76 - 91% difference. Using Texas and California to compare, since the meme thing online is about people moving from California to Texas. My point is, you can buy your own home if you're willing to living within your means, particularly if you avoid the biggest coastal cities.

I dont know what specialized degrees you have in mind that would be available in California, but not Texas.

literally saving for a down payment on my first house as we speak. I was floored to find that the fucking mortgage on a 2-3 bedroom house is about the same, if not a bit less than, the rent on a 1 bedroom apartment where I live.

Its definitely more doable than some people think, but I'm not gonna pretend the barriers to entry aren't huge. And location is a fucking enormous factor.

Also, anyone making the "just work harder/longer, and stop buying avocado toast" argument is being an out-of-touch asshole.

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I had no business going to a private college for animation. I should have been deterred, rather than pushed.

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They also have to want it. Most don't want it.

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When you're not tied down to any 1 place just the thought of settling down in a location for life is such a foreign concept to me that I cant even wrap my head around it.


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Part of it is inflation not lining up with current wages. Its incredibly difficult to save for a down payment for a home. Im in SoCal and when we bought out home we were making a combined $200k and we still borrowed money from a family member to help us with a down payment. Without their help, we would have had a much difficult time saving the money while the market kept increasing beyond our ability to catch up.

There are definitely people who dont manage money well or spend frivolously. My sister has always made a decent income but spent her money on big luxurious trips and entertainment and now is getting hit with reality of how difficult buying a home is. I kept warning her that she should save more and she was adamant that she didnt care to buy a house. Now shes complaining all the time about how badly she wants a house and how expensive the market is.

why does it matter if he is conservative or not? Seems like a silly adjective point to bring up unless you are trying to say he is silly since he is conservative.

pakole posted...

why does it matter if he is conservative or not? Seems like a silly adjective point to bring up unless you are trying to say he is silly since he is conservative.

Hes wise because hes conservative.

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But Belle Delphine's bath water is worth a monthly purchase.

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Prismsblade posted...

When you're not tied down to any 1 place just the thought of settling down in a location for life is such a foreign concept to me that I cant even wrap my head around it.

Dude, getting a mortgage isn't settling down. I became a home owner less than 6 years ago and I'm signing my 3rd mortgage Monday next week. With all the online banks letting you e-sign everything it's so easy. You still have to actually move your stuff, but how is that any different than having an apartment? I've made over $100,000 in equity in those 5 years, and my monthly mortgage rate has been less than most people's rent around here. I started with $7K for a down payment back in 2015

Also, it's true that saving for a down payment can be hard. But in some ways its easier to qualify for a mortgage now than it's ever been. My parents (both boomers) couldn't buy a house because the interest rates were in the 15%-20% range! Because of that, I grew up in a trailer park.