Article

2019-07-30 Economy

The Real Reason Millennials Aren't Buying Homes? They're Too Expensive

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Posted by Bright Pebbles 2019-07-30 04:13|| E-Mail|| Front Page|| [1789 views ] Top

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|| 2019-07-30 07:29|| Front Page Top

2 Location, location, location:

Got to live within walking distance of the shops and pubs.....

Posted by Besoeker 2019-07-30 07:33|| 2019-07-30 07:33|| Front Page Top

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|| 2019-07-30 07:40|| Front Page Top

4 Its because MotherFatherGovernment won't buy them their dream house.

Posted by CrazyFool 2019-07-30 08:07|| 2019-07-30 08:07|| Front Page Top

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|| 2019-07-30 08:13|| Front Page Top

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|| 2019-07-30 08:28|| Front Page Top

7 Real Estate fees, bank closing costs (spit, spit), HOA's, taxes....little ****ing wonder.

Posted by Besoeker 2019-07-30 08:54|| 2019-07-30 08:54|| Front Page Top

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|| 2019-07-30 09:05|| Front Page Top

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|| 2019-07-30 09:07|| Front Page Top

10 Millennials are too busy playing video games in their parent's basements?

Posted by JohnQC 2019-07-30 09:19|| 2019-07-30 09:19|| Front Page Top

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|| 2019-07-30 10:02|| Front Page Top

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|| 2019-07-30 10:58|| Front Page Top

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|| 2019-07-30 12:13|| Front Page Top

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|| 2019-07-30 12:41|| Front Page Top

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|| 2019-07-30 13:36|| Front Page Top

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|| 2019-07-30 15:49|| Front Page Top

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|| 2019-07-30 18:09|| Front Page Top

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