Why Aren't Millennials Buying Houses?
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Millennials are lazy and expect everything to be free
Millennial here. Bought my first property in a major European capital mortgage free last year.
Feels good bro
In Minecraft it is so why not
Why are these property taxes so high? What the fuck is going on in Fort Worth?
>California or anywhere Californians move inflates that market
W O W
This house sold for $35k in 1971. It's now for sale at $7.75 million. What the fuck is wrong with the world?
Young people... buy a co op instead of renting and sell for a house later on.
More population dummy, more desire, more money in circulation.. oh wait this is biz and I am trying to speak in logical terms
Just don't buy overpriced houses
Find somewhere where houses are affordable and buy one of those
Easy
concentration of wealth, population explosion, availability of cheap debt, fetishization of california dreamin' beach life. COVID19 was unironically the one chance we had at hitting the reset button but we blew it.
Are you one of those retarded Millennials that thinks if they buy a house today that it's going to appreciate 15-20x by the time you retire like it did for your parents?
No, this is what happens when you sell out to Chinks that are trying to hide sweatshop money.
Boomer faggots are trying to suppress the Work-From-Home movement because they know it will cause their urban cosmopolitan shitshaks value to implode
No but I am one of those millenials today who watched his older brother and his non white wife sink 100k into a shack in LA they will never own...and that is just the last 4.5years. I am going the buying route thanks champ
very good point, can't believe i forgot that. anyone who sells american real estate to subhuman dirty money chinks deserves to be stripped of their citizenship, tortured daily, and worked to death in a gulag.
I've been looking to buy a house for over a year now. In the last year I have seen prices skyrocket going from $250k for a decent 3/2 house to over $400k for the same house.
No major population increase, in fact real wages for my area has declined.
My wife and I moved in with my parents about 6 months ago to save more money and I feel completely stuck. It's really a shitty situation.
I genuinely do not know what to do here. I've been thinking a RE collapse was coming since later 2016 but prices have continued higher. Should I buy what I KNOW is an overpriced property? Keep waiting? Feel like my life is on hold while we live at my parents.
What makes you think prices won't continue to inflate? Immigration won't stop in the west. Japan's asset prices still haven't recovered because they don't have replacement birth rate + mass immigration. Ours will still go up because they'll never end mass immigration.
ouch
no good option, no way out
should have bought in the past, now the future is very uncertain
I had at least one person so far cold text me out of nowhere asking about my house. it's getting wild out there, mania and frenzy soon.
That's called death of the middle class and serfdom. So many people will be priced out of homes.
currently saving and flipping the market for 20% down. when my lease is up end of this year I'll get something. pretty excited desu senpai
Boomers had everything handed to them.
I understand 2008 led to a massive decline in new home construction, but why hasn't it picked up since then? you think there would be more construction companies capitalizing on over-inflated home values.
No state income tax in TX. They find other ways to get revenue. Their sales tax is on par with NY I think. Haven't lived there in almost 20 years.
God I fucking hope so. Cities stress me the fuck out, I just want a small home with distant neighbors I only have to leave in emergencies.
OK BOOMERS
Or the government could just fucking man up and limit foreign buying. But they won’t. Mexico didn’t allow foreign land purchase for most of its history, it’s been done. Obviously the powers that be see way more angles than we do but what is the advantage of allowing Chinese to buy up property at this rate?
that's a good question
most construction is in expensive homes or apartment buildings
it's basically impossible to build inexpensive, modest single family homes (in the 100s-200s) anywhere and make any money off of them, for the real estate developer. They might as well just build McMansions or apartment buildings, so that's what they've been doing.
I can understand that in cities where there isn't a lot of land can't be easily developed, but suburbs and rural communities still have affordable land that can be developed. Where I live (flyover country) you can find a home built within the last 5 years for around 250-300K
>most construction is in expensive homes or apartment buildings
i live in a pretty high COL suburban area (suburbs of philadelphia) and it's amusing how many developments are built every fucking year. if you drive by an undeveloped tract of land adjacent to an existing development, there's at least a 75% chance it will be clear cut and bulldozed for some TOLL BROTHERS monstrosity within the next year. poorly build clusters of boomer shitshack mansions with 0.1 acre lawns or, worse yet, townhomes stacked on top of one another, $400k minimum.
i fantasize about dressing in all black and burning them down at night.
Inability to understand the power of financial leverage. Look at historical SAT rates, the youth getting more and more retarded. Ask any millennial, “I don’t have $300k to buy a house!” Well retard, take out an FHA loan at 96% LTV, write off your mortgage interest and any capex on the property. Suddenly that $300k house only cost you $12k to get into and my monthly mortgage payment is near or lower than my rent payments would be, seeing as rates are at historical lows. Simply put, millennials are more concerned about social status than navigating finances.
that sounds nice. Where I live, the cheapest prices for new homes that I see advertised are high 300s for townhomes. That's just how it is.
>i fantasize about dressing in all black and burning them down at night.
supply down, demand up... then you'll see prices in the 500s
if you want cheaper prices, you want less demand (fewer humans), with the the number of houses staying the same or increasing.
that's a huge-ass keyboard