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80% of Millennials Say They Want To Buy a Home -- But Most Have Less Than $1,000 (cnbc.com)
An anonymous reader writes: Millennials aren't buying homes in the same numbers as previous and older generations, but it's not because they don't want to. The vast majority of millennials do indeed aim to buy someday, or would even like to now if they could. Unfortunately, the numbers don't look good. New data from Apartment List shows that, although 80 percent of millennials would like to purchase real estate, very few are in a good position to buy, largely because they have nothing saved. According to the report, '68 percent of millennials said they have saved less than $1,000 for a down payment. Almost half, or 44 percent, of millennials said they have not saved anything for a down payment.'
What this article also missed is that nearly 60% of all Americans don't have enough savings to cover a $500 - $1000 unplanned expense. This article is trying to make this a Millennial problem, but in truth it is just a reality of the majority of all US households.
-- All that is necessary for the triumph of evil is that good men do nothing. -- Edmund Burke
No it is the cause, along with universities hiring top dollar professors and excessive spending on non academic items like new venues and buildings.
Many universities have endowments and their tuition have increased at the same rate. So public dollars doesn't explain it.
I paid $16 per credit hour 30 years ago plus some fees and books. Today it's over $500 at the public university I attended. An increase of over 3000%. 12% per year average increase. Tax dollar spending hasn't decreased in that state and endowments are still used.
That's just it. 80% of millennials have less than $1000 "FOR A HOME DEPOSIT". I'm sure they can tell me all about it when I meet them on their yearly international holiday on the beach sipping margaritas, or when they invite me to their expensive inner city rental for a nice fresh pressed juice from their $400 juicer.
Yes the specifics of the examples are facetious. The value however is not. There's about as many articles discussing the millennial trait of living for the now as there are articles talking about them having a lack of savings for the future.
Nope, sorry. I know that is how people like to sell it, but that's not how it works. State universities have their tuition controlled by a board of regents and funding regulated by the state and those states have been cutting and cutting and cutting. If you are interested, go and get the numbers from any of them you wish. Being public, they have to have their books open. Also realize it isn't like they can charge a lot and pocket the money like a private business. Again, the books are open, you are welcome to go and see where the money goes.
I work at a state university so I've seen it happen. Year after year the state kept cutting the universities' allocation. I don't mean "cutting the rate of increase" or even "not increasing it" I mean outright saying "You have $500 million less from us than you did last year." The response from the universities has been to make cuts where they can, try to bring in more private research dollars, and to skyrocket tuition. It turns out that the facilities, computers, materials and people you need are not cheap, the dollars have to come from somewhere.
Ok, I went and looked at the California State University system. 1999-2000 Allocation (Funding) $2.25 billion. 2016-2017 $3.4 billion, the highest it has ever been. It peaked near $3 billion around 2010, fell off for a few years and bounced way back. Maybe you should go work at a CSU? The real problem there is the same as many places, vastly more overpaid administrators, not enough spent on students and education.
Sources
http://www.calstate.edu/budget...
http://www.ebudget.ca.gov/2016...