Landlords and Real Estate speculators the Slaveowners now
- Thread starter SoesWasBetter
- Start date
Aka Boomers. The generation that betrayed their children and grandchildren.
Here's the money quote..
Millennials do make more money than any other generation before them, but they’re also said to be spending more on things that are not necessarily essential, like Uber rides, pricey coffee or eating out. At the same time, spending habits depend very much on where they live, and as many Millennials prefer urban areas and big cities, this can only result in higher costs.
So, in a nut shell Millennial's are less responsible than their parents when it comes to money. Big surprise there.
Millennials do make more money than any other generation before them, but they’re also said to be spending more on things that are not necessarily essential, like Uber rides, pricey coffee or eating out. At the same time, spending habits depend very much on where they live, and as many Millennials prefer urban areas and big cities, this can only result in higher costs.
So, in a nut shell Millennial's are less responsible than their parents when it comes to money. Big surprise there.
All of my children in their 20s and their friends rent. They prefer to live expensive downtown areas in nice (but small) apartments with high rents plus additional fees for parking, etc. This is all by choice.
They enjoy dining out, taking expensive vacations, use Uber regularly and buy Starbucks once per day. This is their lifestyle and they don’t see the purpose in saving beyond a little in a 401K.
They have no interest in saving to buy a home — they watched many of their parents being screwed when real estate crashed in 08.
Most don’t have college loans — so the excuse that they can’t afford s house due to college loan payments does not fly. Locally the monthly mortgage payment involved with buying a home in the suburbs in Raleigh or Durham would be much cheaper than rent in the downtown — plus the starter home would be 4 or 5 times the space.
Most people were not screwed during the RE crash. Only those that bought near the top
Long time owners are banking
Long time owners are banking
Some Millennials are actually very practical and will focus on making the most of their time by living near work in the city. I had a friend who worked a blue collar job and bought a home at 19, rented out rooms, and then sold it to use the proceeds to pay for his medical degree.
Actually many who owned their houses for a long period of time and kept getting higher mortgages & home equity loans are the most screwed non-investor group in 2008. Many times these people also lost their jobs after using their homes as a “free cash machine” — behavior that was urged on by their bankers and financial advisors.
In the time of tinder, living in the hip areas is a must for young people. No booty call gets wet about the fixer upper in the 'burbs unfortunately.
