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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.'
I'd prefer to wait till this new bubble pops. Millennials being this poor is a bad omen for the future economy, and prices will fall accordingly.
Disclaimer: I'm one of these terrible, no-good, lazy, overspending millennials. I have actually a pretty good job situation, but that doesn't mean I'm going to lie to myself that somehow I've done better because I'm somehow a better person. I've been very lucky, and a lot of millennials are being screwed over through no fault of their own at all.
Bullshit.
What we have is degrees that are worth something in the real world out there. If you complain about not getting hired and your degree is about something no sane person considers marketable, it ain't the market that's wrong.
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
I would be interested in hearing about these social programs that let us ride care free and rich though college
I moved out of my parents house at 19 with a duffel bag and a shitty old car, I payed for my education in cash one semester at a time, and I own a house today ... and I am not even 40 yet.
SO what is the problem snowflake, not my fault you are graduating at age 27 with a phd in basket weaving, own 4 game consoles and a smartphone that lets you fuck off at work all day long on facebook
I would mod you up for being reasonable and intelligent...
Though I disagree a little bit. There are places you can hide and stay stable for long periods of time. Try doing IT for a stable manufacturer. They are out there. That's what I did.
After spending time in the "big league IT world" in, or associated,with silicon valley, I decided my last job before retirement would be at a successful commodity manufacturer. It worked. There are people here who have worked for 40 years in this company.
Though I did a lot of research of the local companies before trying for a position. And when I got the position it was as a tech rather than my usual executive/IT Director type gig. It's a big pay cut. I have good benefits. And drive 12 minutes to work with no traffic in a small town setting.
Successful manufacturers are hurting for IT people.. especially outside of major cities. They regularly promote from within, pay a lot less, and exist in rural or semi-rural areas.
Seems to me my lifestyle is about the same as it was in San Jose or Cupertino. A movie, popcorn, and a drink is less than $10.00 at the first run theater.
But the fun part? If you've held some decent positions and come out to the country with a fat resume.... suddenly you are a very big fish in a small pond. It's nice. And if you are struggling in a major metro area.... the undiscovered hinterland is bleeding for talent.
Keep an open mind... It's out there...
Another consultant who stuck it out.
"We are the Priests, of the Temples of Syrinx..."
You're making about twice as much as the average millennial. However, you didn't mention how much student debt you were carrying, which is a major factor.
Any other questions?
"When information is power, privacy is freedom" - Jah-Wren Ryel
I have $80k liquid saved (still live at home) but because I live in Orange County, my choices are an overvalued condo, a house in Santa Ana or Long Beach (ehhh), or finding a place in Riverside (reasonable, nice homes, but very hot and a terrible commute).
Hoping there's another housing collapse relatively soon (even ~half as significant at the ~'08 one would be great for me), or I'll likely have to move.
You're probably taking out your smallest violin at the moment, but a ~600 sq ft condo w/ garage in a nice area (~$320k) or house w/ bars on the windows (Santa Ana/Long Beach) isnt my idea of a great trade for all the cash I've saved.
Indeed. I got my first job in the 1970s. I clearly remember many of my co-workers constantly complaining about being broke. Financial incompetence is nothing new and I have seen no evidence that it is worse with millennials.
Also, as a Millennial, I prefer ...
I say this as a late gen Xer, that what, as a millenial, you are missing is the appeal of good, old-fashioned ageism. There seems to be nothing more fun for some people to basically aggregate every thing they dislike that they've ever seen or heard of a young person doing, assuming that all young people do all of them, blaming you therefore for doing them and then getting to feel entirely superior to you because they are too smart to do all of those things.
It's very appealing because you don't have to be more clever, richer, more virtuous, more experienced, skilled or really anything to feel superior to whole swathes of the population. You simply have to be older, which is free and easy.
SJW n. One who posts facts.