Yep, far easier in my case: my parents moved out of their apartment in nyc by the beach and gave it to me and I instead helped pay off their cheaper home in Florida. They bought the apartment when the it cost about 8x less 20-30 years ago.
Justin Mason that’s actually a pretty cheap house, but I see it’s all the way in the edge. I wonder why it hasn’t been taken. I’ve been to California and saw small houses for $700,000 in not so good areas so it makes me wonder about this one. Oh and buddy I make the money so I know it’s not impossible.
For anyone looking for the answer to why it’s so hard for millennials to buy homes - you can skip his video, it does not answer that question at all. Saved you 3 minutes.
@Bonnie Cull 100K CAD is 76K USD. Which... for raising a family is a pretty low income depending on the area. That and canada has an average 8-10% higher tax rate. I pull a 28K salary in America doing software engineering but it's just me and i'm pretty frugal. If I had to raise a family or take care of anyone, that would be highly impractical.
@Bonnie Cull Yeah I know the pay is horrible but where I work is basically the competition for India Outsourcing. So horrific pay but at least it's IN the country.... we get a lot of the crap work that nobody else wants to work on. I grew up in a shithole of a location so it was really the best opportunity I had at the time. I'm not too worried about it currently though because i've been using it as a stepping stone to build up additional capabilities as of the last five years.
The video subtly implied it. In general, millennials are "idealistic" (as the woman in the video said she was) instead of being realistic; they have absurd expectations on the type of home they can get in relation to their earnings.
Dude, Abraham, they literally said the median cost of housing in NY city is 770,000 how is that remotely making the "millennal" idealistic and having absurd expectations?
The problem is not wages. the problem is government that makes everything expensive. the FED doesn't help either. They all distort the natural flow of market pricing. A wage is worth what a person is able to do based on the nature of the job. That's achieved thru negotiation. 60 years ago, people made FAR less than today, but their dollar went further as business climate was MUCH more favorable than it is today.
@@bmw803 Everything expensive?? USA have the cheapest Petrol ( excluding the middle east countries ) , Gas , Tech , Cars , Electricity , Food and have a Huge discounts and Thrift shops everywhere. Also USA have higher wages and lower taxes than 99% of the world. Here in Europe you may have the same salary but everything is more expensive + the tax is 40-45% not 25% like in usa and the HealthCare still sucks ass.. And thats only in Germany and Scandinavian countries. People in East Europe make like 300-400 Euro a month for 9 hours a day workday.
As a fifteen year old, house prices terrify me. How will I be able to afford a home? I'm starting to save right now for one, but it's going to take a while.
@@jinxd511 still much cheaper. And they have universal free healthcare, and great public transportation, and make higher wages, so overall it's much better.
@@austinhernandez2716 no i wish i was american , only a couple countries in Europe are better than the US such as nordic ones austria switzerland etc. most arent
I did calculate the mortgage for 30 years, it was a lot more expensive than the rent + utilities. *The housing market* is not connected to reality anymore. The sellers expect to make ridicules profits.
you're saying rent is more expensive than a mortgage over 30 years? haha, no. Your mortgage doesn't go up every year, and you can always rent your home for more than your mortgage.
Rent 30 years ago were 4x-5x less than they are now. My mortgage 30 years ago was $700, and a similar place to rent was about $700-800. My last mortgage payment was $700 and a similar place to rent is $2,500-$3000. I now am in the possession of a tremendous asset with taxes, insurance and maintenance to pay, and that comes to about $500 a month. I don't expect ridiculous profits, but if the market provides me them, then that it even better. Rent if you must, buy if you can.
The sellers aren't the problem, price is determined by demand and supply. Population isn't the problem as more people can build more houses. Planning permission and nimbies are the problem.
Deicidium It’s also the housing bubble of investors buying up houses like crazy like jeez, I know they want that as an asset but damn no wonder people can’t afford houses blame the real estate investors not the home owners!
Everyone is shitting on people for getting into college debt, but that's what we were encouraged and expected to do in the 00's, and perhaps to this day. We're talking about 18 year olds who have worked their asses off to get good grades and take part in extracurriculars, while having almost no experience of the job market or the world outside academia. Hindsight is 20/20, but it seemed a reasonable investment to go to a good college as long as you majored in something relatively practical.
College isn't bad. People should go to affordable schools. I know way too many people that went to expensive colleges cause they wanted to be cool. Do community college for 2 years and then a public uni for 2 and you should be good. I did 4 years in public uni and college cost me 30k for all 4 years. Was able to pay it while in college too. Idk how people are ending college with 60k+ in debt. Went to expensive colleges I guess
@@DusanMilko I went to a state school but I had to live on campus because my hometown was in a very rural area. The commute to school would have been 3 hours one way. Graduated with 80k in loan debt.
@So So people want to live in the city because that's where jobs are. Small towns are small because of the small number of jobs. Any work I've found outside of the city paid next to nothing and some of the times the jobs were promised to a friend of the family or their neighbor. Don't just accept the popular opinion that every single person born after 1985 is entitled and lazy. We have hardworkers and lazy ass people but it's still not easy to set down roots with a house so a lot of us are not going to waste time and money on a home.
@@TheOneWithComments except you can live outside the city and commute to work. See the problem with millennials is that they think everything should be the exact way they want it, they shouldn't have to do anything that stays from the easiest plan.
In San Diego, starter homes are $500,000. No such thing as a home that is under that price unless it’s unlivable and in need of major repair and renovation smh
The American dream is what our parents had, they could easily buy a house have two cars and only one person had to work. Not today. Wages are stagnate, 20percent aren't making what they're parents did and the dollar has degraded to buy nothing.
"Older" people are nit holding onto any jobs that millennials should be competing for. There is a ton of new CG, media, and IT jobs that didn't even exist.
Yup. Me too. My wife doesn't work; she runs the house. We have six kids. I run my own business that was started with mowing lawns. I own my house, 4 trucks, 1 suv (only vehicle not paid off), 1 car, 1 motorcycle...it all comes down to being willing to do what those who are failing will not do. I dropped out of high school, but later graduated at 20. Then I dropped out of college before graduating. I realized I could make the same or more money hustling than with a piece of paper.
Your parents saved their money before they bought cars and houses. Interest rates were over 18% on mortgages, credit was tough to get, and wages were set up so low skilled workers got paid peanuts. The biggest difference is people bought local, food was grown close by, clothes were made nearby, people were not giant consumers, people lived within their means and saved.
I'm assuming you didn't watch the whole video. she advocated this exact thing. she looked at relocating, however that meant finding another job, which means recalculating your income...which if she's being paid NY wages, most likely means taking a lower pay grade. see the cycle.
Rockthemutt the trendies and liberals have already infested this city. With them the femnazis, SJW's, race sensitive have followed. This city must be purged muuuahahaaaaaaa
Even then and I agree with you, she's not completely wrong in general whether its NY or not, wages and living expenses are still out of balance no matter where you live. The real estate market is gutting people for every dollar they can to a point where they have barely any money left for anything else.
Land is not always good investment. There is a piece of land I now that is worthless, it has no sewer hook up and the land is appraised at $30k and just getting sewer hook up would cost over $60k+ alone before any permit would be issued, lol. Moron who bought has been trying to sell for 10 years looking for some misinformed sucker
@@iwontreplybacklol7481 land like that.... depending on access... could make for a great parking lot. Thats what im doing now for 1 acre of land. No water. No electricity. Np nothing. Just dirt. I rent the space out for truckers. Im a trucker too. I charge other companies $30/daily. $180/weekly and $700 monthly. So far i got 10 trucks with tankers hauling hazardous materials. Its sporatic but the land makes around $3150/month
@@lefthanded5473 millennials often spend more money on phones because many jobs requires them to have decent technology. most reliable, quality phones will cost more than $500 in todays world.
I’m Gen X, too. All of my friends own their own home. The first home we bought in the 90’s is the one we still live in. If we’d kept moving, we wouldn’t own a home now. Prices skyrocketed in the 00’s and keep going up.
Serious question: Why would anyone want to live in NYC? Outrageous cost of living, traffic is an absolute nightmare, over-crowded herds of people marching somewhere in a hurry, the lingering stench of garbage and emissions...
Stuey Collins The alternative is Kansas, where they give you a house for free as long as you promise to stay a set number of years. I know a few who took that pill and ended up going nutzoid from it. Remember, cities and oceans keep your mind sharp. Live in the plains, and you either go nuts or become one of the characters there.
I am a fan of any big city honestly. The multi-cultural vibe. Food from all corners if the Earth. I dont drive, you dont need to with public transportation. If you are lucky enough to have the skills to earn that big salary then it's heaven. Huge major business locate here for a reason. I literally walk to work. That said,..once you go into family mode it may be worth a commute to an outer bourogh. But that's personal preference.
It depends on personality. I'm really introverted and would hate living in NYC. I don't even enjoy visiting such places for a Vacation. Bleh! I can see why more extroverted types would thrive in a place like NYC though.
I live in TN and I think no one much understands how much was lost when factories left the US. Around here boomers have houses, several cars, and a boat if they want and they worked at factories. I work at one now. A man there told me he made more in the 70s at a factory than he makes now. I had several others tell me they were making 11 or 12 dollars an hour or more in the 80s and 90s. They start asking for higher wages and then many factories left the US to pay slaves 15 cents an hour. The factory jobs that are left.. Some start at 8 or 9 dollars an hour, work 12 hours a day 7 days a week and fire you and bring in more temps as soon as 6 months are up no matter how good a worker you were. Ask for better and they will just threaten to move overseas. Im lucky to be making 12 now and working full time but only 4 days a week. Low skill labor is not supposed to buy you a house and cars and a boat they tell you now, but Im telling you that for the boomers it did.
6 лет назад
NO one working in the 70s is working now. That was over 40 years ago. The REASON those jobs moved offshore is because they couldn't compete. Unions might have done well in the 70s but it was at the expense of all the rest of us in over-priced shoddy goods like Detroit cars.
My dad got a job 35 years ago stocking grocery store shelves. He's at the same job now earning over $20 per hour, has the best health insurance you'll ever find, a 401k, and a pension. His youngest coworkers are earning minimum wage and lucky to get full time hours.
No... The problem is student debt and the fact that 42% of Americans make under $15 dollars an hour. 30,000 a year is not enough for a house. Hell, that'll barely cover an apartment in any major Texas city.
6 лет назад+4
How did you get into that predicament? Aren't YOU responsible for making stupid decisions?
No one opress you to go to College with a dumb degree that wont make you any money in the future. My dad makes more money than 90% of college students and he have only high school diploma.
@@jinxd511 Its financial oppression, millenials are 100% being financially oppressed. Considering home ownership is down, Americans creating families and having children is down, americans starting storefront businesses is down. Wages are DOWN, while inflation SKYROCKETS. Most of my generation lives paycheck to paycheck, 50% of american make less than $45,000 per year. Your father makes that much money because he found a job during a time period where you didnt even need a nhigh school diploma lol. I hope you get some perspective cuz you clearly have none!
first of all i am not american. I live in a much poorer country and yes my father have a good job bcs its a family business and my comment was dumb bcs i was taling about College students in my country. MY father still makes much less than the avarage American. Americans have 1 of the highest wages and afrodable life style than 99% of people in the world. Come in Ukraine or Russia with 100-200usd minimal wage per month
Everyone wants to have a nice house have a brand new car, have money for two vacations a year and still have a pile of cash leftover but that’s not the way it works you have to sacrifice one thing if you want something else
Unknown I don't want a fancy expensive car and I hate going out of house if it's not school. So looks like I won't be sacrifsing vacation or the car because there's nothing scarafise lol.
Unknown I think the problem nowadays is that millennial and us younger generation kids want to start immediately at the top. However that’s not how it works; you start at the bottom and move up
Kielates im a millenial but thank god i dont need a fancy car or huge house or vacations ! I just chill outside with my skateboard and rent a place at low price :] its so easy to survive with minimal money.
It applies to work. I’m trying to get some guys to work with me but they don’t want to start at the bottom. But they don’t have the skills or drive to be at the lead.
I stopped buying breakfast and coffee everyday, according to boomers this will help me buy a house.... Saving $60 a week has not only not helped me buy a very over priced house sold by greedy boomers, but it has made my mornings less exciting and the thought of being hit by a car on my way to work not as bad.
....daym bruda...thats a mad 1, if i were 2 give advice id probs say...go for cheaper alternatives I guess, like u can make ur own coffee n breakie? But thats true like the only way out of this is a high paying job, a business, being involved in real estate, stocks...or just all em tbh
Not all millennials are like that the one that didn’t eat all that propaganda are doing ok. Some have even began to thrive I’m getting there also but we have to stop expecting that some one has to give us what we want. Nobody will do it so you have to do it yourself. And have a modest view of ourselves and realistic goals in this world. Seriously it seems that many think life is as easy as going to college getting a title in a random career and become a millionaire. When they see how false it is they go into panic and think life is that way and that you can’t even make ends meat without a college degree, all cause they don’t want to admit they are part of a scam, they were sold a false life.
This video is for upper-middle class millenials with spending problems. 100k a year should be more than enough to live comfortably. Live within your means or move.
The video is about why Millennials have it harder than their Parents. The Baby Boomer Gen had it easier bc budgeting wasn't as necessary as it is today. Higher cost of living + lower wages = working harder and longer It's that simple
Ken MacDonald. Sorry sir but you're factually incorrect. These are the things corporate media never tell you but wages have been stagnant while inflation & productivity have risen the early 70s, hence everything gets more expensive every year that passes
@@fbyi2940 No. I'm looking at a model that's 960 sf for under $100,000. Site prep appx. $10,000. I want a 5 acre lot: Another $100,000. Just over $210k total. Of course, you could get a much smaller lot, and pay even less. Don't be a lazy-ass millennial. Do some research, and some work.
Since the 1970s a 3-bedroom home was the most common. In the mid 1980s there was a small surge of 2-bed and smaller homes but it's been declining ever since. Meanwhile 4-or-more bedroom homes have recently become the most common. It's hard to find starter homes because hardly anyone builds them anymore. Every new housing development I see is nothing but gigantic half-million dollar 4-5 bedroom mini-mansions.
I am 30, married, have no student loan debt. I grew up very "socially economically disadvantaged" aka poor. My husband and I own a house that we bought shortly after the recession in late 2012 (our local economy was still recovering) ended and got a good interest rate. We purchased a $120,000 house with 3 bedrooms and 2 baths approximately 1980 sq ft. I went to some college, he never attended. Today we make around $55,000 together. We make it work, have retirement accounts and are working on building up savings, which most people I know my age don't have. Here's the thing, many millennials were sold this pipe dream that the ONLY THING they had to do to be successful was GO TO COLLEGE (repeat that 10x times) since before they were in high school. Every teacher, guidance counselor, coach and most parents drilled this into them. Taking out student loans wasn't seen to be a problem because along with this pipe dream they were told they would get jobs out of college (if it took that long) making $50K a year and would have the loans paid off in no time. Obviously this was not the case for many of them. So now they are stuck paying these debts and many have to work 2-3 part time jobs (as many employers have cut full time jobs and don't have to pay benefits) to make ends meet. Also many were never taught how to budget so even if they make decent money they have no idea how to manage it. I know some people will say "its because of their own bad decisions" and yes in some cases that's very true, but many people aren't really that smart at 18 years old especially when everyone you trust is telling you that this is a NECESSITY. I'm not saying it's not their fault but it's not JUST their fault either.
Millennial...wife and I own a home, two cars, little debt, great credit...wife has two degrees, I have one...only 28. Oh and we married at 19 years old. Can't generalize an entire demographic.
In Australia the government gives all uni students a HECS-HELP loan. It doesn’t count as debt and is paid off by automatically deducting a certain percentage of you income depending how much you make. At the moment if you make less than $56,000 per year nothing is deducted. The amount that is deducted starts at 4% and goes up to 8% for $104,000 per year or more.
Business Insider, it's disappointing that you would put out a video that makes it seem like the norm for Millennials to make poor financial decisions that lead to not being able to buy homes. This video is also hard to believe in the fact that this person supposedly graduated from grad school and works in NYC and at around age 28 still makes roughly $50,000 (based on the statement that they have a $100,000 combined income). The video makes a generalization about Millennials and the home buying market based on the poor financial decisions of one person, and these generalizations are simply not true. If the video had provided evidence such as more realistic income or examples of homes in more average locations than costly NYC, it could have been a lot more convincing.
I can understand where you are coming from, but what I cant understand is where you believe this woman had money in the first place? Making 50K a year after grad school is not really that far from the truth. A majority of jobs require extensive higher education and then pay 15-16 an hour. I wouldnt exactly call that a poor financial decision. More like this woman has an illusion of the american dream that was never actually there.
One of the issues of most importance is for Millenials to find good starter homes. In this video, I will be walking our viewers through one of our recently renovated properties that makes a great starter home for Millenials. ruclips.net/video/wwjPkw9is8A/видео.html
I don't think he was saying that because he likes her I think he said that because why would you buy a house with a your boyfriend or girlfriend? Like babe I don't know if I want to spend the rest of my life with you but let's go get a 2 year note on this house
Regardless of this clip. The honest answer no "older" person can accept, is that it was a helluva lot easier for the previous generation to get by, economically. This is not rocket science, it's rudimentary math for crying out loud. Compare the average wages and average house prices, then and now. People who say just move to a shitty place no one wants to live, are missing the point that our parents didn't have to. Things are harder now.
I disagree. it was different but not easier. we have tools to better our economic position that were not available to them. for instance credit monitoring services. back in our parents day if they wanted to know their credit score they had to take a 20 point hit on their credit.
@Salty Admiral Have a tissue cry baby. LOL Easier? Did you mean like being the drafted to go to war or? Typical utterly clueless Millennial generation with its "the world owes me" whining entiitled mentality. You really do have NO IDEA WTF you are talking about. Signed a non-entitled Boomer.
The Blytonian : the crying kid didn't remotely suggest that "the world owes him" anything...you made that up. Also, if you had read the comment, you might have seen the comment was qualified as "economically" -- so your arguments about "the draft or war" on their own don't translate well to personal finances. Also the "Millennials" actually have grown up under war, but maybe it would be more productive to hear a what war and the draft did to Boomers' development and finances.
Yea, I live in Silicon Valley, born and raised, and the average home price is about $900k+.... You can't even rent here because there are like 54237842378437843 temporary employees from Asia raising the cost of living here while contributing very little to the economy.
Same! I live in bay area and a house down the street of mine just went for 1.2 million. It was 2 bed one bath and less than 1k square feet. Housing here is nuta
There was a house in the Mercury that mentioned a condemned house had just went for something ridiculous, like $900k... it was falling apart! And I'm terrified to drive around here now!
So basically I need to move away from the city I currently live and work in to a city I don’t know to buy a home I can afford? What a load of crap.. we all know that any affordable home for the average middle class person is found in the ghetto. Even if you look out of state the cost of living is lower and would be able to afford a house with acres of land very cheap, but try finding a job that will pay you what it would cost to maintain the house and not to mention your hours of commute to and from your job and errands. Life has really been disappointing when you spend 18 years going to school 4 more in college.. now you get a job you think you wanted to pay back a loan that accrues interest.. you finish paying the loan and pull another out to buy a home that you will hardly be spending anytime in because of your job, family etc... day in day out working your ass off only to get ripped off by your government which taxes the crap out of you on money they should even be involved in. You grow old and retire yo find out all that money you put into social security is now impossible to receive. Is that really the meaning of life now a days.. seems that these days you can’t even stop or slow down to admire the world because everyone around you is so much in a hurry they will stomp all over you.. what a life..
Soooo you racked up a ton of student loan debt, and you can't afford your dream home in areas with a high cost of living. The fact that you would even consider relying on the income of someone, who is not your spouse, to help pay for such a huge financial decision is scary.
chase sanchez Every generation has its ups and downs though. Imagine how it must have felt before the civil rights movement when most of your neighbors were racist. I just think it doesn't seem right for her to pin idealism on everyone within her age group. Live and learn.
6 лет назад
Stranger - our country is WAYYY more racist now than it was 50 years ago. Someone is feeding you a lot of crap.
The reason houses are so expensive is because of supply and demand. There isn't that many affordable houses being build, more houses are being built for the wealthy than for regular people.
MrHoppers002 it isn’t the fact that she wants to own a home that is one dimensional. just the way she presented herself and her finances in this video. She took out an irresponsible loan and instead of working to save up for graduate school. When people takes breaks from their higher education like that it’s usually to save money so the debt is small as can be. She didn’t do that. But just shrugged her shoulders and said it was very common coz she’s a millennial. Then she described her dream home like she was a freaking Disney princess and shrugged her shoulders and said she’s a millenial when she knows damn well she should get as affordable a home as possible (out of New York🤦🏾♀️😒) while she pays of the massive debt she piled up. The entire video she basically made it seem like dumb financial mistakes and decisions are a side effect of being a millennial. Now We all know the statistics about millennials (selfish, greedy, entitled etc) but being born a certain year doesn’t automatically make u stupid.
@Gucci Chan I pay 16k in taxes on my 1300 sq ft house right now on long island. Its ridiculous. I already had a tax reduction company tell me I might not even see a reduction due to new valuations NY is doing.
@@TV-xv1le I don't live in New York, but their tax assessments do not seem correlated with property values. Do rich people bribe the assessors or something?
@@hypothalapotamus5293 Its long island specifically and has to do with corrupt teachers unions. My house for a small 1300 sq ft ranch was about 500k. My property taxes are 16k a year. Of that roughly 11k to 12k is just school taxes. The biggest kick in the nuts is having no kids. Our home values have no real basis in reality and our taxes are through the roof. The majority of teachers here are making over 6 figure salaries in just a few years. Most long term including 1st grade teachers are hitting 160 to 180k a year. Their pay is public info and anyone can lookup any teachers salary. Guess who pays for those salaries and how they get paid. I'm not against a teacher making good money but holy crap. 10 to 15 years from now I won't be able to pay the taxes anymore.
Shana the Multiboxer what even is liberal arts? Is it theatre? I’m a business undergraduate in accounting the financial industry is getting more competitive and I want to break into the world of finance too, my Supervisor told me liberal arts is a waste of time.
Keep renting.....a house will never be yours anyways, even if you payed it off completely. Even then you're stuck paying property taxes, and the government can seize your property whenever they feel like it.
AMERICAN REBEL wait what? You have property taxes on buildings and thry can seize it if you dont pay after you payed the full price ? Im stuck between wanting to making fun of you and feeling rly bad
Presiqn Qnkov yea I had a hard to decoding whether you were trying to be sarcastic or not. Anyways, yea after you finish paying off the mortgage, even then you'll still be making payments on your home/property. The whole thing is scam in my opinion, but to each his own I guess.
@C C really depends your field. I was working in my field but wasn't making enough money. Went back to school and had a job the moment I graduated. Best of luck!
And Gen Z is expected to buy housing for 500k while barely making enough income to rent a small apartment and provide food and utilities thank you millennials and boomers 🤩
Not everyone has the freedom to move to any city they want and have a nice job there waiting for them. She clearly mentions at the end that although there was a city that was very affordable she couldn't move there without a job lined up first.
Rabeet Ahsan I certainly can't afford to go to any city either and have a job lined up, but she also has unrealistic ideas for what she wants lol you always have to sacrifice something
Cannot speak for her, but for me, changing jobs typically resulted in fairly significant pay increases. Maybe my generation would be more willing to stick with a company if they actually gave out raises/promotions like they did for previous generations.
Sure, a house is affordable for a Millennial, if you want to live in a studio apartment where the rent continues to outpace inflation every subsequent year. And that dream will be replaced with the nightmare of sleeping on someone’s couch while you desperately try to find another place to live because the apartment complex you called home was turned into unaffordable condominiums.
Nathan Hullinger im 20, gen y just like you. I just get tired of people my age complaining how hard life is. Grab a ticket, get in line, join the club.
I empathize with her. I'm in the same situation, and have come to the conclusion that taking on 30 years of debt, out of nothing more than societal tradition- is not for me. Renting, stacking cash side and living a life.. are better options for me.
This isn’t a social problem, this is her own financial suicide trying to cope with entitled idealistic future she had planned. I’m 26, a “millennial” and have plans to buy a house in two years after saving 40% for a down payment to avoid PMI on a 15 year fixed in the DFW area. I don’t understand how this is viewed as a societal problem. Save and move out of NYC..
Elson Thomas She’s a graduate too not a regular of the mill bachelor major, you would think someone like her would at least taken finance or accounting jeez.
P7 West The point of her video is that the cost of housing isn’t equal to a manageable mortgage payment. This is a video about her “dream” home. I have an issue with the expectation that you deserve to be able to afford a home. No one is entitled to anything. zero, nothing. Nothing in this life is entitled to you.
When I graduated 35 years ago, there was plenty of starter housing priced at 3 times my annual income. Since then, house prices have quadrupled, and annual incomes for starting graduates has only doubled. We live with the result.
and why do you think that is? its not sully and demand because as we already noted this generation is not buying homes. The reason is that the government started guaranteeing subprime mortgages. It used to be that banks only lent money to people that we proven good with money, now they give money to everyone knowing that when they default the Us government will bail them out. his policy was created with good intentions but has had terrible consequences on my generation, and was the driving force that created the 2008 housing market bubble. FYI the next bubble is currently forming once again.
Depressed wages and the hollowing out of the middle class are the primary reasons for this. Real estate price growth has remained steady (with some wild fluctuations), but wages have been flat for decades. This has been going on long before any bank bailout.
Have you considered an FHA mortgage? FHA loans allow you to put down 3.5% when purchasing a home, however, I recommend consulting a mortgage professional and becoming preapproved to see if you meet the requirements. Learn more in this video ruclips.net/video/zWKOj5mo0HE/видео.html I hope this was helpful :)
If you had just taken the time to seriously consider the problems of an over inflated housing market weighed against the unprecedented rise in debt due to student loans, you could have made a very compelling argument and video. Ragging on millennial clichés and your completely indecisive attitude toward a very serious decision detract from the video and make it seem like millennials are just unwilling to assume hardship. "For me, owning a place is not worth moving somewhere where I don't know anyone and I don't have a job lined up" (loosely quoted). This to me seems to be the heart of your problem - comfort vs hardship/risk for the achievement of a goal.
The cost of a home is far higher than it used to be. Not to mention that college is now far more expensive and many students must take on debt that's on par with the mortgage of a starter home to get an education at a public college. Previous generations enjoyed affordable education, and then they burned that option so they could also enjoy tax cuts on the national credit card. Then they have the audacity to paint millennials as selfish and financially irresponsible. I guess if I voted like most in older generations to be the Takers Of Society, then I also wouldn't be able to acknowledge my role in the destruction of the American Dream. I got in on college and grad school right before the tuition super spike and left college from a state school without debt, in part thanks to rich parents. Not everyone is so fortunate.
Dosadoodle The reason why kids rack up $100000 in college debt is solely due to living on campus which is over half of that $100000. It's still possible to get out of college with a minimal amount of debt, you just have to stay local and begrudgingly live with your parents for 4 years.
WRONG. In 1988 the minimum wage was $3.35. That is $7.16 in 2018 dollars. Minimum wage in 2018 is $7.25. In 1988 the average annual wage was $19,334.04. That is $41,302.47 in 2018 dollars. The average wage in 2016 was $48,642.15. The average wage in 2018 is higher than in 2016. The average home price in 1988 was $138,300. That's $295,444 in 2018 dollars. The average home price in March 2018 was $369,900. But the average home square footage in 1988 was 1,995. In 2017 the average square footage was 2,571. That is a size increase of 28.9%, but the prices of 2018 homes are only 25.2% higher than 1988 homes. So homes, when adjusted for size, are actually cheaper in 2018 than in 1988. And the morgage intetest rates in 1988 were over 10%! In 2018 the rates are less than half that at only 4.5%. What's your excuse for failing now? Check the statistics and my math...and then when you finish crying, get to work.
Adam Smith I'm doing this right now. The only reason you should go into six-figure student loan debt is if you really, really want to be a lawyer or a doctor.
Nathaniel Hood where are you getting these numbers from? Your rate of inflation seems too high. But even in the event that they are correct, you forget two important factors. One - mortgage over 10% on a 138k house is more likely easier to pay off than 5% on a 276k house due to higher cost of living today. More property tax, hydro, heating, repairs, maintenance etc. Two. Cost of post secondary education was peanuts compared to today. Also most jobs that you require a post secondary education today you didn’t need back in 1988! So yeah I understand that there are people out there just complaining and saying wahh wahh give me this give me that, it’s so hard for me blah blah all the while sitting on their butts not doing anything but there are also people who are working their butts off getting nowhere. Just think about the bigger picture and do a little math. Did companies employ more workers domestically now or back in 1988? Did the developing countries like China and India not get a huge surge in GDP due to western countries moving their production there? Joe down the street used to be able to support his whole family working at an assembly line. Now he can’t even afford to feed his kid non-pulp orange juice.
2:55 I dropped when I say that price! $300k for an 850 sf apt!?! I'm a millennial in Illinois and I'm currently purchasing a house for 171k and it's 1200 sf, 2 bedroom and 3 bath! wow New York should be ashamed of themselves!
Because millenials prefer to lived in urban area, where the house available is limited and the demand is just unlimited. If you see the generation before, they tend to lived in outskirt of major cities, in sub urban or neigboring cities. These area are still expanding, there is a lot of space available to purchase and little to no competition getting it. What do you think of your chance, getting a room on 5th avenue or a house on Detroit? It's all back to the basic of demand and supply. The more people want something, the less the something is, the higher the price will be. Solutions? Spread the population.
Herr Rodrigo Hernandez 9806 For the house price, as I explained above, things happens that cause the price to be in such range. They do have the technology, what di you think they are, savages? Also their expenses are basically the same, even more probably. They have trends that they have to keep up with, their house have 'modern appliances' that cost the same as our own today. Don't think that your flat screen TV cost more than their tube TV, when it first comes out, it's the most expensive shit people could have in their houses. It's like VR, expensive at first but get cheap over time. Also to remind you that current generation have both couple working for income, while past generation usually only have the husband working, should put into perspective.
The suburbs-rural houses within a 50 mile radius of where i live are houses starting at 400k. I looked them up and theyre crapholes too. Not new or decent but need repairs. Im afraid to look for urban houses
Alex Shuysky even rural places are going up though, my old hick town has a population below 300 and houses there were 1200k a month rent on average, tiny closet sized 1 bedroom houses were 900 a month to live in the middle of nowhere and you wont get any good nearby jobs so you'd have to waste gas driving 45+ minutes to work unless you lived off a min wage salary of small shops around, which would be okay if you would like to not go broke paying rent
Then we should build more dense urban areas in all cities. They don't have to be high rise neighnorhoods but walkable with nearby shops and businesses like europe, japan, brooklyn etc
Kielates yes, because saving for something three times as much money would be take as much times as saving for the original. If it took people when millennials were born 10 years to save for a home, it would take a millennial 30 years to save for a home. So when the parents would home at 30, a millennial would have to wait until they are 50 years old. This is despite the problems with the wage gap and the dissolution of the middle class.
Houses aren't being built, not enough space to build housing, old people won't die already, and millenials have a large amount of debt from college. Oh and people don't wanna move to the Midwest where nothing happens, so that's another reason.
@@KirbyPwnz13 you must love the liberal shit hole you live in. the midwest is my home along with many others i like living in BFE i dont have too deal with moronic SJW's and crazy crime. it has its trade offs but i wouldnt trade it for ANY CITY
Darren Krock stuff does happen in the mid west but up north there’s more jobs that have higher salaries and just more people which means more businesses
Im in my mid 40s. Millennials, I feel for you and your anxiety. I can clearly see you have challenges that my generation didnt have. The one major challenge is the one thing you dont realize....you have TOO MUCH INFORMATION. You know too much. Im not being sarcastic or a dick. You are such a bright generation but you are pounded daily with so much data and opinions and facts etc. No wonder half of you are on anti depressants. Hear me out.....this is bad for you! You become overwhelmed with every possible outcome and everyone tells you about all these scary things everyday. "houses cost too much, school is way over priced, dont have kids, dont vaccinate, never get a home loan with PMI". Oh my GOD! 20 short years ago when I was starting out, houses cost just as much to us! I made $4.25 and hour trying to pay a $450 rent bill. Owning wasnt even an option or a dream. But listen, it didnt matter because we werent so aware of every negative outcome to every decision we made. IGNORANCE WAS BLISS! We didnt know everything nor did we have the means to quickly read and hear the horror stories and fear mongering the way you kids do now. If we wanted to "learn" we had to drive to a library and books sucked! We listened to friends stories and our parents. WE WERENT LISTENING TO 12 YEAR OLDS ON THE TWITTER STAGE that apparently know everything about life. My advice is simple. Stop listening to everything. Thats right. Stop looking for more information. You will know when you have enough. Go to work each day, love your friends and family and stop worrying so much! You poor kids are just slammed with crap from every angle. Stop and enjoy life! If you dont, life creeps up on your fast and decades pass and suddenly you are wondering why you spent every second of your life worrying about tomorrow. Its going to be ok, really, its going to be ok. If you dont think so, message me and I will tell you why its going to be ok!
@@CamKnoppMusic Im glad. My kids are now in their 20s and its a constant battle to remind them to LAUGH. Take time away from all the details of life. Dont worry so much. I dont know if its all going to turn out ok. Nobody does. However, there should be some "peace" in that statement.
I just want to have my own place...lol how in the livig hell would you be able to help me with that?! Its all about money, money, money. and if you don't have it, you don't have shit! ...And this is coming from a soon to be 36 year old who still lives with her parents! So in conclusion, I don't agree with that that too much information is bad! In fact, if anything, knowledge is POWER! Its allowed me to CALM my anxieties of my unanswered questions about life and the struggles of living and surviving in it! My parents are first generation Asian Filipinos and they've made it here in the good ole US of A! I want to emulate alot of that!
I live in Texan suburbs and I cant even afford anything near me. Yes, these people are stupid for attempting to purchase a home in an overpriced craphole like NY, but the general message theyre presenting is still true: This generation cannot buy a home since its just way out of our league.
It's about playing the mean income vs cost of living game. yes, there are areas that are better than most, but in general don't expect to move away from your area and find a job with the same pay grade.
I'm a Millennial and I own my own home. 3/2 in a gated community with 4 pools, tennis courts, gyms, within walking distance to shopping. It's called I don't live in NYC.
Elena Velasquez Jacksonville, FL. Developers in the next county over are building the nation's largest man-made lagoon. Another community has a lazy river. Planned communities here are amazing.
I sympathize with this girl and wish her to find a good place. The cost of living needs to be lowered. But her mindset of doing what is popular for "millennials" is part of her problem. Break the chains of labels and group mindsets. Do what YOU want to do, not what "millennials" do. Be yourself. Jailbreak the system.
My father bought his house in early 80tys in NY for 50K and was making 25K at the time. The same house is now worth 650K .. my career path is almost identical and for me to afford that same house in a responsible manner...”not having a bank own it for 30 years” I would need to be making over 300K. Boomers need to stop any of their BS whining they don’t have shit hard
Angel Gutierrez *Facepalm* Over time, if you stopped buying coffee and other items that aren't necessary, you could save up enough money to buy a house. Let's say a cup costs you $3(I don't buy coffee so I don't know the actual price), and you usually drink one cup a day. You could have an extra $1000 a year. If you invested that money, plus the same amount every year, then you could have a lot of money. Even just saving it would give you a bit towards buying a new house.
@@fizpop01 not everyone buys a cup a day, so your example is moot. A lot of people use this tone deaf approach of "just make your own coffee and you'll save enough." At best, you'd save $50, and that's not going to help you a house anytime soon.
Most of these comments are telling people to move out of big cities because it is too expensive. Sure the closer you live to downtown the more expensive it gets but that is not the full problem. Here in Arizona the housing market was one of the worse in the nation during the recession and now we are one of the most expensive. I've seen housing prices double in the past three years with a small makeover. The surrounding cities to phoenix are all overpriced as well with backed up traffic to get to and from phoenix. Towns up north from Phoenix are all over priced as well. One of the problems is so many people from California and Washington moving here because of their state laws and taxes. On top of that all new housing here in Phoenix and the surrounding cities are not your ideal starter homes. They are all luxury homes that are 1800sqf plus 45 mins from your job.
Quiet Generation Seriously? I was watching a video on finance and the lecturer instructed me to do an example on interest in real world markets and when I looked up the real estate for my local metroplex I was awestruck a shabby house worth $170,000 that’s smaller than my childhood home! Hmmm I think the housing market may be in another bubble again and that terrifies me.
You literally have to become a millionaire to afford a house that can burn entirely in a random arson attack, all that money gone in a few minutes. Its cheaper to buy a land and build your own house by hand but almost no one got time for that when they're busy with work and other commitments.
I'm a millennial and bought my own home last year on the outskirts of a big city. It's very modest and I'm very happy with what I have. You can't just buy your dream home a few years after moving out of your parents house. Also, I only took a year of college, got bored and preferred to work my ass off instead and so far I'm better off than most of my friends with degrees. Mostly because most of them were art majors. It's not the economies fault, it's because you followed the "do whatever makes you happy" motto instead of looking at careers realistically. I moved out of my parents because I didn't want to burden them with supporting me. 5 years later I'm a homeowner and help my mom out with bills.
Not only does this video barely address the question it claims to answer, when it does it is entirely focused on her. Now, while millennials are indeed screwed over by the economy, she made choices that clearly affect her ability to buy a house in a negative way. For example, living in NYC on a combined salary of $100k, going into debt for a master's degree, refusing to consider relocation to another city. These are all legitimate choices, but she made them. Having a bad starting point sucks and makes things difficult, but if you make choices that cause further difficulty then you are just asking for punishment.
But why are homes more expensive? .. well, here's the answer, that might hurt your feelings... We've imported 150 million immigrants since 1990 (that's 1/3 of the US population) so with the oversaturation of people looking for homes, coupled with the loss of jobs (due to jobs being shipped oversees and, again, an oversaturated labor market due to immigration) This is why homes cost more than 50 yrs ago. I'm for immigration, just on a smaller scale. This might hurt your feelings, but it's the truth
I’m a millennial and this video was useless and uninformative. Thanks for making us look even more entitled. You didn’t have to take out loans to get your masters and you don’t have to live in New York in an expensive apartment. Adapt and live below your means.
Honestly the biggest hardship is saving in a world where everything requires money move to a small town or city less opportunity but more stability. Home cost where I'm from is 160 on the expensive side
So you admitted in the beginning of the video that you made choices that got you where you are today and you follow it up with "But that's not uncommon for people my age"and that's the problem.😡 1. Just because it's common does not give you an excuse to continue the millennial trend of bad decisions. If you want to be able to live anywhere in the United States have a job that will afford you to live in that place and just be successful overall then there is one thing you need to do and no ot doesn't involve rocket science. 2. Take a look at the job market before choosing your degree or going into the workforce. Look for defrees or positions that are high in demand of people and pick from that litter. There are thousands of positions and degrees that you could take that you would more than likely enjoy as a career. This will allow you to work anywhere.
The Joker example: the tech industry is really hot right now and they need a lot of computer engineering and compsci students, sure you could do journalism, English or gender studies but they are not as necessary for companies. Companies need legal divisions, engineering, Public relations, advertisings, and business are all good options
Yea because you can absolutely predict where current job trends will be in 4-10 years. You're also ignoring the roughly 15% underemployment we have, you can't say any of those people just "picked a bad field" because it wasnt their choice what markets decided after they got out
Millennials are really not interested in buying homes... we are falling less and less into the whole, go to college, get a job, get a mate, buy a home, have kids and die miserably. our priorities are tottttttally far from that now. we wanna travel, eat awesome foods, have new and difference cultural experiences... and significantly higher quality of life than our former generation... and we'll do whatever it takes. so, yeah.
Solution 1: Do not try to buy a home in NYC
Yep, far easier in my case: my parents moved out of their apartment in nyc by the beach and gave it to me and I instead helped pay off their cheaper home in Florida. They bought the apartment when the it cost about 8x less 20-30 years ago.
Thankyou!
Leave NYC it’s not the only place in the planet. Same situation with California the US is huge plenty of places to live and be free.
I know, you literally have to be quite wealthy to buy a place in nice NYC neighborhoods
Justin Mason that’s actually a pretty cheap house, but I see it’s all the way in the edge. I wonder why it hasn’t been taken. I’ve been to California and saw small houses for $700,000 in not so good areas so it makes me wonder about this one. Oh and buddy I make the money so I know it’s not impossible.
For anyone looking for the answer to why it’s so hard for millennials to buy homes - you can skip his video, it does not answer that question at all. Saved you 3 minutes.
Thanks
The difficulty of affording a house is the location. Making 100,000 will net you a mansion in some state and a bathroom in others.
Usually making 100K a year requires to be in a city
@@VisioningHail hahaah right?? Anyone making $100,000 in the middle of west virginia is doing a lot better than someone making $100,000 in NYC...
Shit I would kill people for a 100K salary. Seriously.
Around here the best you can hope for is a 30K salary.
@Bonnie Cull 100K CAD is 76K USD. Which... for raising a family is a pretty low income depending on the area. That and canada has an average 8-10% higher tax rate.
I pull a 28K salary in America doing software engineering but it's just me and i'm pretty frugal. If I had to raise a family or take care of anyone, that would be highly impractical.
@Bonnie Cull Yeah I know the pay is horrible but where I work is basically the competition for India Outsourcing. So horrific pay but at least it's IN the country.... we get a lot of the crap work that nobody else wants to work on. I grew up in a shithole of a location so it was really the best opportunity I had at the time.
I'm not too worried about it currently though because i've been using it as a stepping stone to build up additional capabilities as of the last five years.
Thid video doesn't answer the question what the title says. It's only blabalblablab my dream house
The video subtly implied it. In general, millennials are "idealistic" (as the woman in the video said she was) instead of being realistic; they have absurd expectations on the type of home they can get in relation to their earnings.
The title is not a question 😂
Dude, Abraham, they literally said the median cost of housing in NY city is 770,000 how is that remotely making the "millennal" idealistic and having absurd expectations?
It was an excuse for her to talk about herself. Lazy reporting.
Abraham Salazar Millennials are not idealistic. Not according to the studies nor anyone I know.
Wages haven't even kept up with inflation.
Murilo Cruz the obvious answer .
E X A C T L Y
Wages have always stay the same for so many years.
The problem is not wages. the problem is government that makes everything expensive. the FED doesn't help either. They all distort the natural flow of market pricing. A wage is worth what a person is able to do based on the nature of the job. That's achieved thru negotiation. 60 years ago, people made FAR less than today, but their dollar went further as business climate was MUCH more favorable than it is today.
@@bmw803 Everything expensive??
USA have the cheapest Petrol ( excluding the middle east countries ) , Gas , Tech , Cars , Electricity , Food and have a Huge discounts and Thrift shops everywhere.
Also USA have higher wages and lower taxes than 99% of the world.
Here in Europe you may have the same salary but everything is more expensive + the tax is 40-45% not 25% like in usa and the HealthCare still sucks ass.. And thats only in Germany and Scandinavian countries.
People in East Europe make like 300-400 Euro a month for 9 hours a day workday.
Living in New York? Man you don't care about owning a house. You just dreaming. It's called moving.
New York sucks. California is better
2:06 That's what the adviser tells her.
Sophisticated Swanson dam right
Living in hongkong? That's 4 generations of saving for a houz
NY houses is like almost a million or more LOL
Student loans. Housing bubble. Done.
pain
It's almost like college is a death trap and you don't need college to have a good job
*pop*
@@copeharder7554 true I know I didn't i just learned to have good connections.
As a fifteen year old, house prices terrify me. How will I be able to afford a home? I'm starting to save right now for one, but it's going to take a while.
America have it easy.
Most European doesn't even own a house they live all they life in Rent house.
Kudos to you for thinking ahead👏
@@jinxd511 still much cheaper. And they have universal free healthcare, and great public transportation, and make higher wages, so overall it's much better.
Get an apartment. It’s better to start off small, then work your way up to a house. Don’t stress it
@@austinhernandez2716 no i wish i was american , only a couple countries in Europe are better than the US such as nordic ones austria switzerland etc. most arent
Millennials referring themselves as millenials are the worst kind of millenials.
right hahaha
So true.........I never called myself that, sounds like they playing the "victim" card.
Saw your comment and somewhat agreed. Heard her say "What? i'm a millennial, i'm idealistic" i knew i had to come back and like this comment!
Yeah but at least i have a job and also being a millennial. So it is a win-win
Xia Wei La my thoughts exactly.
I did calculate the mortgage for 30 years, it was a lot more expensive than the rent + utilities.
*The housing market* is not connected to reality anymore. The sellers expect to make ridicules profits.
you're saying rent is more expensive than a mortgage over 30 years? haha, no. Your mortgage doesn't go up every year, and you can always rent your home for more than your mortgage.
Rent 30 years ago were 4x-5x less than they are now. My mortgage 30 years ago was $700, and a similar place to rent was about $700-800. My last mortgage payment was $700 and a similar place to rent is $2,500-$3000. I now am in the possession of a tremendous asset with taxes, insurance and maintenance to pay, and that comes to about $500 a month. I don't expect ridiculous profits, but if the market provides me them, then that it even better. Rent if you must, buy if you can.
Can anyone guess who owns the house when you don't pay your maintenance and property taxes?
The sellers aren't the problem, price is determined by demand and supply. Population isn't the problem as more people can build more houses. Planning permission and nimbies are the problem.
Deicidium It’s also the housing bubble of investors buying up houses like crazy like jeez, I know they want that as an asset but damn no wonder people can’t afford houses blame the real estate investors not the home owners!
Everyone is shitting on people for getting into college debt, but that's what we were encouraged and expected to do in the 00's, and perhaps to this day. We're talking about 18 year olds who have worked their asses off to get good grades and take part in extracurriculars, while having almost no experience of the job market or the world outside academia. Hindsight is 20/20, but it seemed a reasonable investment to go to a good college as long as you majored in something relatively practical.
The trades are cheaper and more practical.
Who needs a college degree when you can just be Jenna Marbles
College isn't bad. People should go to affordable schools. I know way too many people that went to expensive colleges cause they wanted to be cool. Do community college for 2 years and then a public uni for 2 and you should be good. I did 4 years in public uni and college cost me 30k for all 4 years. Was able to pay it while in college too. Idk how people are ending college with 60k+ in debt. Went to expensive colleges I guess
@@DusanMilko I went to a state school but I had to live on campus because my hometown was in a very rural area. The commute to school would have been 3 hours one way. Graduated with 80k in loan debt.
@@WouldntULikeToKnow. I rented near my campus, was cheaper than on actual campus
Starter home 300k? No wonder everyone is in debt smh...
Right! My dream is for a tiny home.
@So So people want to live in the city because that's where jobs are. Small towns are small because of the small number of jobs. Any work I've found outside of the city paid next to nothing and some of the times the jobs were promised to a friend of the family or their neighbor. Don't just accept the popular opinion that every single person born after 1985 is entitled and lazy. We have hardworkers and lazy ass people but it's still not easy to set down roots with a house so a lot of us are not going to waste time and money on a home.
@@TheOneWithComments except you can live outside the city and commute to work. See the problem with millennials is that they think everything should be the exact way they want it, they shouldn't have to do anything that stays from the easiest plan.
In San Diego, starter homes are $500,000. No such thing as a home that is under that price unless it’s unlivable and in need of major repair and renovation smh
Right! I got mine for 170k and it's in California. I think alot of people my age want the fancy life now. Not start slow
The American dream is what our parents had, they could easily buy a house have two cars and only one person had to work. Not today. Wages are stagnate, 20percent aren't making what they're parents did and the dollar has degraded to buy nothing.
Baby boomers ruined the economy
"Older" people are nit holding onto any jobs that millennials should be competing for. There is a ton of new CG, media, and IT jobs that didn't even exist.
Wierd. I have a house, 2 cars and living alone in my 20s.
Yup. Me too. My wife doesn't work; she runs the house. We have six kids. I run my own business that was started with mowing lawns. I own my house, 4 trucks, 1 suv (only vehicle not paid off), 1 car, 1 motorcycle...it all comes down to being willing to do what those who are failing will not do. I dropped out of high school, but later graduated at 20. Then I dropped out of college before graduating. I realized I could make the same or more money hustling than with a piece of paper.
Your parents saved their money before they bought cars and houses. Interest rates were over 18% on mortgages, credit was tough to get, and wages were set up so low skilled workers got paid peanuts.
The biggest difference is people bought local, food was grown close by, clothes were made nearby, people were not giant consumers, people lived within their means and saved.
Literally stopped caring when you said you’ve lived in New York City the whole time, no shit you can’t buy a house be realistic move.
Anywhere but Austin, Tx, please for the love of god don't relocate to Austin!!
I'm assuming you didn't watch the whole video. she advocated this exact thing. she looked at relocating, however that meant finding another job, which means recalculating your income...which if she's being paid NY wages, most likely means taking a lower pay grade. see the cycle.
Rockthemutt the trendies and liberals have already infested this city. With them the femnazis, SJW's, race sensitive have followed. This city must be purged muuuahahaaaaaaa
Even then and I agree with you, she's not completely wrong in general whether its NY or not, wages and living expenses are still out of balance no matter where you live. The real estate market is gutting people for every dollar they can to a point where they have barely any money left for anything else.
15751Chris or Colorado Springs, it’s too crowded
Land is a good investment. For those that already have it.
Mark Twain said: " Buy land, it's the only thing they ain't making more of"
*Netherlands intensifies*
They in NYC. You ain’t gonna find no land
Land is not always good investment. There is a piece of land I now that is worthless, it has no sewer hook up and the land is appraised at $30k and just getting sewer hook up would cost over $60k+ alone before any permit would be issued, lol. Moron who bought has been trying to sell for 10 years looking for some misinformed sucker
@@iwontreplybacklol7481 land like that.... depending on access... could make for a great parking lot.
Thats what im doing now for 1 acre of land. No water. No electricity. Np nothing. Just dirt.
I rent the space out for truckers. Im a trucker too.
I charge other companies $30/daily. $180/weekly and $700 monthly.
So far i got 10 trucks with tankers hauling hazardous materials. Its sporatic but the land makes around $3150/month
@@dumbmoot1708 buy a building destroy it there you go now you have land
We're going into a 2nd Great Depression closely nearing the the 100yr annivery of the great depression.
This comment was before its time. I find this amusing
Who else is here before it happens
Plus a Civil War and likewise ww3
100k dual income WITH a graduate degree. Ouch, thats not good at all.
Extreme high property prices happen in many big cities around the world. It is just very heartbreaking for millennials and Gen Z like us!
@Aubrey boomers? No
Bankers? Yes
Millennials can't afford homes because of that *D A M N A V O C A D O T O A S T*
xD
Swag Lord Millennials do like to spend $1000 on phones every year. Imagine if that went towards saving for a house.
@@lefthanded5473 only 300 years for a house, nice
@@lefthanded5473 millennials often spend more money on phones because many jobs requires them to have decent technology. most reliable, quality phones will cost more than $500 in todays world.
I build avocado toast house
Why is nobody talking about that she went to grad school and came out making about 50k a year while living in New York. I wonder what her degree is in
Is that more or less
Probably Journalism or Mass Media, considering she works there.
If she just packed up and move out of New York she would easily be able to buy a home
bpaige12 I mean she could, but moving where you don’t know anyone and there’s no great jobs like the one she has is not a good deal.
Social Justice, some garbage like that
I'm Gen X, and I don't have a single friend my age who owns their own home.
😢
That’s probably because you live in a blue state
@@dusbus2384 You guessed wrong.
Gen X was handed a pretty raw deal too. X, Y and Z are all screwed.
I’m Gen X, too. All of my friends own their own home. The first home we bought in the 90’s is the one we still live in. If we’d kept moving, we wouldn’t own a home now. Prices skyrocketed in the 00’s and keep going up.
Serious question: Why would anyone want to live in NYC? Outrageous cost of living, traffic is an absolute nightmare, over-crowded herds of people marching somewhere in a hurry, the lingering stench of garbage and emissions...
Stuey Collins It's the center of everything.
Stuey Collins The alternative is Kansas, where they give you a house for free as long as you promise to stay a set number of years. I know a few who took that pill and ended up going nutzoid from it. Remember, cities and oceans keep your mind sharp. Live in the plains, and you either go nuts or become one of the characters there.
Great if you're in a rent controlled place.
I am a fan of any big city honestly. The multi-cultural vibe. Food from all corners if the Earth. I dont drive, you dont need to with public transportation. If you are lucky enough to have the skills to earn that big salary then it's heaven. Huge major business locate here for a reason. I literally walk to work. That said,..once you go into family mode it may be worth a commute to an outer bourogh. But that's personal preference.
It depends on personality. I'm really introverted and would hate living in NYC. I don't even enjoy visiting such places for a Vacation. Bleh!
I can see why more extroverted types would thrive in a place like NYC though.
I live in TN and I think no one much understands how much was lost when factories left the US. Around here boomers have houses, several cars, and a boat if they want and they worked at factories. I work at one now. A man there told me he made more in the 70s at a factory than he makes now. I had several others tell me they were making 11 or 12 dollars an hour or more in the 80s and 90s. They start asking for higher wages and then many factories left the US to pay slaves 15 cents an hour. The factory jobs that are left.. Some start at 8 or 9 dollars an hour, work 12 hours a day 7 days a week and fire you and bring in more temps as soon as 6 months are up no matter how good a worker you were. Ask for better and they will just threaten to move overseas. Im lucky to be making 12 now and working full time but only 4 days a week. Low skill labor is not supposed to buy you a house and cars and a boat they tell you now, but Im telling you that for the boomers it did.
NO one working in the 70s is working now. That was over 40 years ago. The REASON those jobs moved offshore is because they couldn't compete. Unions might have done well in the 70s but it was at the expense of all the rest of us in over-priced shoddy goods like Detroit cars.
Wages stagnating and rising prices
@ so if you were in your 20s in the 70s you'd be in your 60s now. I see plenty of people in their 60s still working, my parents for instance.
My dad got a job 35 years ago stocking grocery store shelves. He's at the same job now earning over $20 per hour, has the best health insurance you'll ever find, a 401k, and a pension. His youngest coworkers are earning minimum wage and lucky to get full time hours.
that was the generation before the boomers. A lot of the boomers can't even afford to retire.
No... The problem is student debt and the fact that 42% of Americans make under $15 dollars an hour. 30,000 a year is not enough for a house. Hell, that'll barely cover an apartment in any major Texas city.
How did you get into that predicament? Aren't YOU responsible for making stupid decisions?
@ So 150 million americans are making dumb decisions??? Or were being oppressed by banks billionaires and corporations??
No one opress you to go to College with a dumb degree that wont make you any money in the future.
My dad makes more money than 90% of college students and he have only high school diploma.
@@jinxd511 Its financial oppression, millenials are 100% being financially oppressed. Considering home ownership is down, Americans creating families and having children is down, americans starting storefront businesses is down. Wages are DOWN, while inflation SKYROCKETS. Most of my generation lives paycheck to paycheck, 50% of american make less than $45,000 per year. Your father makes that much money because he found a job during a time period where you didnt even need a nhigh school diploma lol. I hope you get some perspective cuz you clearly have none!
first of all i am not american.
I live in a much poorer country and yes my father have a good job bcs its a family business and my comment was dumb bcs i was taling about College students in my country.
MY father still makes much less than the avarage American.
Americans have 1 of the highest wages and afrodable life style than 99% of people in the world.
Come in Ukraine or Russia with 100-200usd minimal wage per month
Companies don't pay living wages but the cost of living is going up. It's not that hard to figure out.
Everyone wants to have a nice house have a brand new car, have money for two vacations a year and still have a pile of cash leftover but that’s not the way it works you have to sacrifice one thing if you want something else
Unknown I don't want a fancy expensive car and I hate going out of house if it's not school. So looks like I won't be sacrifsing vacation or the car because there's nothing scarafise lol.
Unknown I think the problem nowadays is that millennial and us younger generation kids want to start immediately at the top. However that’s not how it works; you start at the bottom and move up
It's like you didn't even watch the video. Where did she say she wanted that?
Kielates im a millenial but thank god i dont need a fancy car or huge house or vacations ! I just chill outside with my skateboard and rent a place at low price :] its so easy to survive with minimal money.
It applies to work. I’m trying to get some guys to work with me but they don’t want to start at the bottom. But they don’t have the skills or drive to be at the lead.
I stopped buying breakfast and coffee everyday, according to boomers this will help me buy a house.... Saving $60 a week has not only not helped me buy a very over priced house sold by greedy boomers, but it has made my mornings less exciting and the thought of being hit by a car on my way to work not as bad.
....daym bruda...thats a mad 1, if i were 2 give advice id probs say...go for cheaper alternatives I guess, like u can make ur own coffee n breakie? But thats true like the only way out of this is a high paying job, a business, being involved in real estate, stocks...or just all em tbh
@@basileldose1719 he was joking and being sarcastic
My parents got an old small apartment for 200k and now it costs 600k. Talk about overpriced.
so she still has no real action plan in place to get what she wants.
She's going to give up avocado toast.. did you not watch the video? Haha
but she just "feels" that its not worth it. she hasn't determined what actions she needs to take for it to be worth it and by what time.
Not all millennials are like that the one that didn’t eat all that propaganda are doing ok. Some have even began to thrive I’m getting there also but we have to stop expecting that some one has to give us what we want. Nobody will do it so you have to do it yourself. And have a modest view of ourselves and realistic goals in this world. Seriously it seems that many think life is as easy as going to college getting a title in a random career and become a millionaire. When they see how false it is they go into panic and think life is that way and that you can’t even make ends meat without a college degree, all cause they don’t want to admit they are part of a scam, they were sold a false life.
Krishna Bakshi what, is she supposed to magically pick a six figure income job off of a tree?
She 28 you should have something going right now
This video is for upper-middle class millenials with spending problems. 100k a year should be more than enough to live comfortably. Live within your means or move.
Anthony Thomas My family of 9 lives off of my Dad's teacher income of less than 50k. Learn to to budget.
The video is about why Millennials have it harder than their Parents. The Baby Boomer Gen had it easier bc budgeting wasn't as necessary as it is today. Higher cost of living + lower wages = working harder and longer It's that simple
I mean she is a upper middle class millennial and if she can't afford to buy a condo neither can anyone at or below her income level.
Ken MacDonald. Sorry sir but you're factually incorrect. These are the things corporate media never tell you but wages have been stagnant while inflation & productivity have risen the early 70s, hence everything gets more expensive every year that passes
wtf, nothing is cheaper now, price always goes up
She didn't even mention the declining purchasing power of the dollar. Like that's not a problem?
We're all going to live in shipping containers.
More expensive😂😂
Ay, whatever keeps me out of the rain
And the problem with that is?
@@fbyi2940 No. I'm looking at a model that's 960 sf for under $100,000. Site prep appx. $10,000. I want a 5 acre lot: Another $100,000. Just over $210k total.
Of course, you could get a much smaller lot, and pay even less.
Don't be a lazy-ass millennial. Do some research, and some work.
@@fredweller1086 and where is the land? And what does millienal has to do with this? i am gen Z ,Are u a boomer?
Its hard to find a cheap house, and if there is one, its haunted.
Yoga Prasidya Basically my home. Constantly keeps creeping up in the night. Horrifying
Data Base like what type of stuff happens?
Just freaking charge them rent too they should get out then.
Alexis Versa not till they really "play" with you
I can handle a few ghosts. Used to see some in my house but I seem to have yelled at them to go away and they did
Quick answer inflation, cost of living is going up at a faster rate then the average income is . It's getting more expensive to live 👎
Frank White U MAD ?
Funny thing is the dollar is actually starting to deflat now
Since the 1970s a 3-bedroom home was the most common. In the mid 1980s there was a small surge of 2-bed and smaller homes but it's been declining ever since. Meanwhile 4-or-more bedroom homes have recently become the most common. It's hard to find starter homes because hardly anyone builds them anymore. Every new housing development I see is nothing but gigantic half-million dollar 4-5 bedroom mini-mansions.
I am 30, married, have no student loan debt. I grew up very "socially economically disadvantaged" aka poor. My husband and I own a house that we bought shortly after the recession in late 2012 (our local economy was still recovering) ended and got a good interest rate. We purchased a $120,000 house with 3 bedrooms and 2 baths approximately 1980 sq ft. I went to some college, he never attended. Today we make around $55,000 together. We make it work, have retirement accounts and are working on building up savings, which most people I know my age don't have.
Here's the thing, many millennials were sold this pipe dream that the ONLY THING they had to do to be successful was GO TO COLLEGE (repeat that 10x times) since before they were in high school. Every teacher, guidance counselor, coach and most parents drilled this into them. Taking out student loans wasn't seen to be a problem because along with this pipe dream they were told they would get jobs out of college (if it took that long) making $50K a year and would have the loans paid off in no time. Obviously this was not the case for many of them. So now they are stuck paying these debts and many have to work 2-3 part time jobs (as many employers have cut full time jobs and don't have to pay benefits) to make ends meet. Also many were never taught how to budget so even if they make decent money they have no idea how to manage it.
I know some people will say "its because of their own bad decisions" and yes in some cases that's very true, but many people aren't really that smart at 18 years old especially when everyone you trust is telling you that this is a NECESSITY.
I'm not saying it's not their fault but it's not JUST their fault either.
Explain how you were able to afford everything without college so the rest of us can do that
Millennial...wife and I own a home, two cars, little debt, great credit...wife has two degrees, I have one...only 28.
Oh and we married at 19 years old.
Can't generalize an entire demographic.
Joe Joe 💪🙏goals
Joe Joe all that glitters are not gold
In Australia the government gives all uni students a HECS-HELP loan. It doesn’t count as debt and is paid off by automatically deducting a certain percentage of you income depending how much you make. At the moment if you make less than $56,000 per year nothing is deducted. The amount that is deducted starts at 4% and goes up to 8% for $104,000 per year or more.
interest free ?
College is a scam. Unless you are becoming a MD, don’t bother, you can learn all the other stuff in the library.
Business Insider, it's disappointing that you would put out a video that makes it seem like the norm for Millennials to make poor financial decisions that lead to not being able to buy homes. This video is also hard to believe in the fact that this person supposedly graduated from grad school and works in NYC and at around age 28 still makes roughly $50,000 (based on the statement that they have a $100,000 combined income). The video makes a generalization about Millennials and the home buying market based on the poor financial decisions of one person, and these generalizations are simply not true. If the video had provided evidence such as more realistic income or examples of homes in more average locations than costly NYC, it could have been a lot more convincing.
Megan Bailey well, most of millenials I know are prone to make fatal financial decisions
Many college students and their reckless borrowing are well on their way to becoming members of tomorrow's homeless population. So sad.
I can understand where you are coming from, but what I cant understand is where you believe this woman had money in the first place? Making 50K a year after grad school is not really that far from the truth. A majority of jobs require extensive higher education and then pay 15-16 an hour. I wouldnt exactly call that a poor financial decision. More like this woman has an illusion of the american dream that was never actually there.
One of the issues of most importance is for Millenials to find good starter homes. In this video, I will be walking our viewers through one of our recently renovated properties that makes a great starter home for Millenials. ruclips.net/video/wwjPkw9is8A/видео.html
I stopped watching when she said she had a boyfriend.
Public_ Juan glad to see someone out here respeccing wamen
Wimmins are always mentioning they have boyfriends
Public_ Juan shes not all that, but check out the guns on Lauren, lol.
You like her
I don't think he was saying that because he likes her I think he said that because why would you buy a house with a your boyfriend or girlfriend? Like babe I don't know if I want to spend the rest of my life with you but let's go get a 2 year note on this house
Regardless of this clip. The honest answer no "older" person can accept, is that it was a helluva lot easier for the previous generation to get by, economically. This is not rocket science, it's rudimentary math for crying out loud. Compare the average wages and average house prices, then and now.
People who say just move to a shitty place no one wants to live, are missing the point that our parents didn't have to. Things are harder now.
I disagree. it was different but not easier. we have tools to better our economic position that were not available to them. for instance credit monitoring services. back in our parents day if they wanted to know their credit score they had to take a 20 point hit on their credit.
@Salty Admiral Have a tissue cry baby. LOL Easier? Did you mean like being the drafted to go to war or? Typical utterly clueless Millennial generation with its "the world owes me" whining entiitled mentality. You really do have NO IDEA WTF you are talking about. Signed a non-entitled Boomer.
Exactly
The Blytonian are you really that angry at 80 million people? You must live a sad life
The Blytonian : the crying kid didn't remotely suggest that "the world owes him" anything...you made that up.
Also, if you had read the comment, you might have seen the comment was qualified as "economically" -- so your arguments about "the draft or war" on their own don't translate well to personal finances.
Also the "Millennials" actually have grown up under war, but maybe it would be more productive to hear a what war and the draft did to Boomers' development and finances.
Yea, I live in Silicon Valley, born and raised, and the average home price is about $900k+.... You can't even rent here because there are like 54237842378437843 temporary employees from Asia raising the cost of living here while contributing very little to the economy.
Same! I live in bay area and a house down the street of mine just went for 1.2 million. It was 2 bed one bath and less than 1k square feet. Housing here is nuta
There was a house in the Mercury that mentioned a condemned house had just went for something ridiculous, like $900k... it was falling apart! And I'm terrified to drive around here now!
Yup..these companies have been using consulting companies from India and other parts of Asia for some time now.
So basically I need to move away from the city I currently live and work in to a city I don’t know to buy a home I can afford? What a load of crap.. we all know that any affordable home for the average middle class person is found in the ghetto. Even if you look out of state the cost of living is lower and would be able to afford a house with acres of land very cheap, but try finding a job that will pay you what it would cost to maintain the house and not to mention your hours of commute to and from your job and errands. Life has really been disappointing when you spend 18 years going to school 4 more in college.. now you get a job you think you wanted to pay back a loan that accrues interest.. you finish paying the loan and pull another out to buy a home that you will hardly be spending anytime in because of your job, family etc... day in day out working your ass off only to get ripped off by your government which taxes the crap out of you on money they should even be involved in. You grow old and retire yo find out all that money you put into social security is now impossible to receive. Is that really the meaning of life now a days.. seems that these days you can’t even stop or slow down to admire the world because everyone around you is so much in a hurry they will stomp all over you.. what a life..
Yes the problem is it’s a trap because if you stop you won’t survive.
Soooo you racked up a ton of student loan debt, and you can't afford your dream home in areas with a high cost of living. The fact that you would even consider relying on the income of someone, who is not your spouse, to help pay for such a huge financial decision is scary.
ishtarNike -- just because you are desperate for the plain jane in this video does not mean everyone else is. What a dork you are.
Yes, because a piece of paper saying "marriage" will make their relationship so much more stable than it already is or isn't. Idiot.
She's idealistic, when she should be a bit more realistic. Not all so called "millennials" think like her.
chase sanchez
Every generation has its ups and downs though. Imagine how it must have felt before the civil rights movement when most of your neighbors were racist. I just think it doesn't seem right for her to pin idealism on everyone within her age group. Live and learn.
Stranger - our country is WAYYY more racist now than it was 50 years ago. Someone is feeding you a lot of crap.
I wish I could tell my younger self that college is a scam and to just be self-taught or even take classes in the city.
Yes it is a scam. I stopped going for my doctorate after two years because I realized it would put me in debt. No debt is better than any debt.
The reason houses are so expensive is because of supply and demand. There isn't that many affordable houses being build, more houses are being built for the wealthy than for regular people.
She is literally so one dimensional it hurts my soul
LoL Dab xD "what, I'm a millennial? I blame every poor circumstance in my life on the year in which I was born!"
Maybe she should switch priorities instead of chasing the shiny object (a home).
MrHoppers002 it isn’t the fact that she wants to own a home that is one dimensional. just the way she presented herself and her finances in this video. She took out an irresponsible loan and instead of working to save up for graduate school. When people takes breaks from their higher education like that it’s usually to save money so the debt is small as can be. She didn’t do that. But just shrugged her shoulders and said it was very common coz she’s a millennial. Then she described her dream home like she was a freaking Disney princess and shrugged her shoulders and said she’s a millenial when she knows damn well she should get as affordable a home as possible (out of New York🤦🏾♀️😒) while she pays of the massive debt she piled up. The entire video she basically made it seem like dumb financial mistakes and decisions are a side effect of being a millennial. Now We all know the statistics about millennials (selfish, greedy, entitled etc) but being born a certain year doesn’t automatically make u stupid.
MrHoppers002 oh ok😅😂🙃
AKA a basic white girl.
Did she make this video just to embarrass herself
Justice4x loool
I'm 35 and, I just bought my house. It's a 4 bedroom, 2 full bathroom. I paid 55,000, my town only has 46,000 residents.
I like how she says you don't have a lot of options for homes that would cost 300k in NY. You literally have NO OPTIONS today.
@Gucci Chan I pay 16k in taxes on my 1300 sq ft house right now on long island. Its ridiculous. I already had a tax reduction company tell me I might not even see a reduction due to new valuations NY is doing.
@@TV-xv1le I don't live in New York, but their tax assessments do not seem correlated with property values. Do rich people bribe the assessors or something?
@@hypothalapotamus5293 Its long island specifically and has to do with corrupt teachers unions. My house for a small 1300 sq ft ranch was about 500k. My property taxes are 16k a year. Of that roughly 11k to 12k is just school taxes. The biggest kick in the nuts is having no kids. Our home values have no real basis in reality and our taxes are through the roof. The majority of teachers here are making over 6 figure salaries in just a few years. Most long term including 1st grade teachers are hitting 160 to 180k a year. Their pay is public info and anyone can lookup any teachers salary. Guess who pays for those salaries and how they get paid. I'm not against a teacher making good money but holy crap. 10 to 15 years from now I won't be able to pay the taxes anymore.
Because we get out of college with tons of debt and the workforce wants to hire us for a nopay "internship".
1120go and who's fault is it you paid $30K a year to get a degree in philosophy of gender? HAHAHA sucker.
You're correct. My engineering Co-op pays 26 / hr while the liberal art internships pay nothing.
Shana the Multiboxer what even is liberal arts? Is it theatre? I’m a business undergraduate in accounting the financial industry is getting more competitive and I want to break into the world of finance too, my Supervisor told me liberal arts is a waste of time.
chris leonard less than 0.4% of all bachelor's degrees are in gender studies, so...kind of a weak joke.
Gee, same as it’s been forever...
Keep renting.....a house will never be yours anyways, even if you payed it off completely. Even then you're stuck paying property taxes, and the government can seize your property whenever they feel like it.
AMERICAN REBEL wait what?
You have property taxes on buildings and thry can seize it if you dont pay after you payed the full price ?
Im stuck between wanting to making fun of you and feeling rly bad
They* make*
Presiqn Qnkov yea I had a hard to decoding whether you were trying to be sarcastic or not. Anyways, yea after you finish paying off the mortgage, even then you'll still be making payments on your home/property. The whole thing is scam in my opinion, but to each his own I guess.
uh yea. they just tried to do that to a family member of mine last month!
we dont have that in my part of Europe ,but we have our problems too.
cought*immigration* cought
I had to relocate, change careers, and start paying off debt. Aiming to buy a house in my mid 30's. 🙌
@C C really depends your field. I was working in my field but wasn't making enough money. Went back to school and had a job the moment I graduated. Best of luck!
@@JoshIsOnAMission What is your difference of income then and now?
And Gen Z is expected to buy housing for 500k while barely making enough income to rent a small apartment and provide food and utilities thank you millennials and boomers 🤩
Why are you blaming millenials? We are renting.
this video is totally out to lunch lol move out of ny and don't change careers at 27 while in debt lol
Not everyone has the freedom to move to any city they want and have a nice job there waiting for them. She clearly mentions at the end that although there was a city that was very affordable she couldn't move there without a job lined up first.
Rabeet Ahsan I certainly can't afford to go to any city either and have a job lined up, but she also has unrealistic ideas for what she wants lol you always have to sacrifice something
Matt Stelljes but...shes a girl and she wants what she wants! Surely it’s not her fault at all that she can’t get what she wants!
StllBreathnBut_Y hahaha your right I totally forgot.. she should be able to get whatever she wants! Lol
Cannot speak for her, but for me, changing jobs typically resulted in fairly significant pay increases. Maybe my generation would be more willing to stick with a company if they actually gave out raises/promotions like they did for previous generations.
Just because it's "not abnormal" or "common for millennials" does not mean it's the best thing, or even a good thing to do.
spot on
Truth
Exactly
Amor Royer Precisely lol I just wanted to add in but I agree tho.
Amor Royer yep,just because everyone does it,you shouldn't follow
Sure, a house is affordable for a Millennial, if you want to live in a studio apartment where the rent continues to outpace inflation every subsequent year. And that dream will be replaced with the nightmare of sleeping on someone’s couch while you desperately try to find another place to live because the apartment complex you called home was turned into unaffordable condominiums.
Complaining about $300k when we don’t complain about buying $800k homes now lol
The self entitlement is strong with this one.
This "house" she wants is way beyond average, and she went to college and racked up debt she knew what was going to happen but she did it anyways
Nathan Hullinger im 20, gen y just like you. I just get tired of people my age complaining how hard life is. Grab a ticket, get in line, join the club.
It's fake
I empathize with her. I'm in the same situation, and have come to the conclusion that taking on 30 years of debt, out of nothing more than societal tradition- is not for me. Renting, stacking cash side and living a life.. are better options for me.
Our parents generation cut off our legs & then blame use for not being able to walk
At 100,000.00 you make 250% more than the average family. Quit crying. Walk back to reality
matthew baese She should move out of New York then.
Combined income of her and her boyfriend. Average household income in the US is around 60k, which is crazy low
more like 65% (considering that the average US household income is $60K).. either way she's being too unrealistic, trying to live beyond her means
Wait wait wait her and her boyfriend make a $100,000 a year.. that’s just sad.. she must have a degree in under water basket weaving.
For real!!!
This isn’t a social problem, this is her own financial suicide trying to cope with entitled idealistic future she had planned. I’m 26, a “millennial” and have plans to buy a house in two years after saving 40% for a down payment to avoid PMI on a 15 year fixed in the DFW area. I don’t understand how this is viewed as a societal problem. Save and move out of NYC..
Elson Thomas She’s a graduate too not a regular of the mill bachelor major, you would think someone like her would at least taken finance or accounting jeez.
Elson Thomas another fool who missed the entire point of the vid smdh
P7 West The point of her video is that the cost of housing isn’t equal to a manageable mortgage payment. This is a video about her “dream” home.
I have an issue with the expectation that you deserve to be able to afford a home. No one is entitled to anything. zero, nothing. Nothing in this life is entitled to you.
I didn't watch the whole video cause she annoyed the hell out of me, but I feel her graduate degree is in a art and not a science.
You make it sound so easy to save what about her expenses.
When I graduated 35 years ago, there was plenty of starter housing priced at 3 times my annual income. Since then, house prices have quadrupled, and annual incomes for starting graduates has only doubled. We live with the result.
and why do you think that is? its not sully and demand because as we already noted this generation is not buying homes. The reason is that the government started guaranteeing subprime mortgages. It used to be that banks only lent money to people that we proven good with money, now they give money to everyone knowing that when they default the Us government will bail them out. his policy was created with good intentions but has had terrible consequences on my generation, and was the driving force that created the 2008 housing market bubble. FYI the next bubble is currently forming once again.
Depressed wages and the hollowing out of the middle class are the primary reasons for this. Real estate price growth has remained steady (with some wild fluctuations), but wages have been flat for decades. This has been going on long before any bank bailout.
Have you considered an FHA mortgage? FHA loans allow you to put down 3.5% when purchasing a home, however, I recommend consulting a mortgage professional and becoming preapproved to see if you meet the requirements. Learn more in this video ruclips.net/video/zWKOj5mo0HE/видео.html I hope this was helpful :)
we are all going to be dead in a few years waiting like that.
If you had just taken the time to seriously consider the problems of an over inflated housing market weighed against the unprecedented rise in debt due to student loans, you could have made a very compelling argument and video. Ragging on millennial clichés and your completely indecisive attitude toward a very serious decision detract from the video and make it seem like millennials are just unwilling to assume hardship. "For me, owning a place is not worth moving somewhere where I don't know anyone and I don't have a job lined up" (loosely quoted). This to me seems to be the heart of your problem - comfort vs hardship/risk for the achievement of a goal.
The cost of a home is far higher than it used to be. Not to mention that college is now far more expensive and many students must take on debt that's on par with the mortgage of a starter home to get an education at a public college. Previous generations enjoyed affordable education, and then they burned that option so they could also enjoy tax cuts on the national credit card. Then they have the audacity to paint millennials as selfish and financially irresponsible. I guess if I voted like most in older generations to be the Takers Of Society, then I also wouldn't be able to acknowledge my role in the destruction of the American Dream.
I got in on college and grad school right before the tuition super spike and left college from a state school without debt, in part thanks to rich parents. Not everyone is so fortunate.
Dosadoodle The reason why kids rack up $100000 in college debt is solely due to living on campus which is over half of that $100000. It's still possible to get out of college with a minimal amount of debt, you just have to stay local and begrudgingly live with your parents for 4 years.
WRONG.
In 1988 the minimum wage was $3.35. That is $7.16 in 2018 dollars. Minimum wage in 2018 is $7.25.
In 1988 the average annual wage was $19,334.04. That is $41,302.47 in 2018 dollars. The average wage in 2016 was $48,642.15. The average wage in 2018 is higher than in 2016.
The average home price in 1988 was $138,300. That's $295,444 in 2018 dollars. The average home price in March 2018 was $369,900. But the average home square footage in 1988 was 1,995. In 2017 the average square footage was 2,571. That is a size increase of 28.9%, but the prices of 2018 homes are only 25.2% higher than 1988 homes. So homes, when adjusted for size, are actually cheaper in 2018 than in 1988.
And the morgage intetest rates in 1988 were over 10%! In 2018 the rates are less than half that at only 4.5%.
What's your excuse for failing now? Check the statistics and my math...and then when you finish crying, get to work.
The thing is you don't have to go to collage. and the degrees people are getting are becoming more and more useless.
Adam Smith I'm doing this right now. The only reason you should go into six-figure student loan debt is if you really, really want to be a lawyer or a doctor.
Nathaniel Hood where are you getting these numbers from? Your rate of inflation seems too high.
But even in the event that they are correct, you forget two important factors.
One - mortgage over 10% on a 138k house is more likely easier to pay off than 5% on a 276k house due to higher cost of living today. More property tax, hydro, heating, repairs, maintenance etc.
Two. Cost of post secondary education was peanuts compared to today. Also most jobs that you require a post secondary education today you didn’t need back in 1988!
So yeah I understand that there are people out there just complaining and saying wahh wahh give me this give me that, it’s so hard for me blah blah all the while sitting on their butts not doing anything but there are also people who are working their butts off getting nowhere.
Just think about the bigger picture and do a little math. Did companies employ more workers domestically now or back in 1988? Did the developing countries like China and India not get a huge surge in GDP due to western countries moving their production there? Joe down the street used to be able to support his whole family working at an assembly line. Now he can’t even afford to feed his kid non-pulp orange juice.
Poor little girl, her dreams are not reality
didine256
Liberals
"Her dreams" -> Owning a reasonably priced home
Republicans are puppets for the rich.
absentmindedjwc lmfaooo
It could be with a Reality Stone.
See zero value in becoming slave to a lender. Getting a mortgage is NOT owning a home you fools.
2:55 I dropped when I say that price! $300k for an 850 sf apt!?! I'm a millennial in Illinois and I'm currently purchasing a house for 171k and it's 1200 sf, 2 bedroom and 3 bath! wow New York should be ashamed of themselves!
Watch out for incoming taxes...
Because millenials prefer to lived in urban area, where the house available is limited and the demand is just unlimited. If you see the generation before, they tend to lived in outskirt of major cities, in sub urban or neigboring cities. These area are still expanding, there is a lot of space available to purchase and little to no competition getting it. What do you think of your chance, getting a room on 5th avenue or a house on Detroit? It's all back to the basic of demand and supply. The more people want something, the less the something is, the higher the price will be. Solutions? Spread the population.
Herr Rodrigo Hernandez 9806 For the house price, as I explained above, things happens that cause the price to be in such range. They do have the technology, what di you think they are, savages? Also their expenses are basically the same, even more probably. They have trends that they have to keep up with, their house have 'modern appliances' that cost the same as our own today. Don't think that your flat screen TV cost more than their tube TV, when it first comes out, it's the most expensive shit people could have in their houses. It's like VR, expensive at first but get cheap over time. Also to remind you that current generation have both couple working for income, while past generation usually only have the husband working, should put into perspective.
The suburbs-rural houses within a 50 mile radius of where i live are houses starting at 400k. I looked them up and theyre crapholes too. Not new or decent but need repairs. Im afraid to look for urban houses
Alex Shuysky even rural places are going up though, my old hick town has a population below 300 and houses there were 1200k a month rent on average, tiny closet sized 1 bedroom houses were 900 a month to live in the middle of nowhere and you wont get any good nearby jobs so you'd have to waste gas driving 45+ minutes to work unless you lived off a min wage salary of small shops around, which would be okay if you would like to not go broke paying rent
Then we should build more dense urban areas in all cities. They don't have to be high rise neighnorhoods but walkable with nearby shops and businesses like europe, japan, brooklyn etc
Apoc Sentinel was
Oh god millennials are in desperate need of financial education!!!✌
What’s the education? The root of the problem is central banks inflating asset bubbles.
WRONG, dead wrong. The economic and social environment is multitudes harder than any prior generation has faced.
Yea, millennials cab do something called saving.
Jazz Munden #investments
Kielates yes, because saving for something three times as much money would be take as much times as saving for the original. If it took people when millennials were born 10 years to save for a home, it would take a millennial 30 years to save for a home. So when the parents would home at 30, a millennial would have to wait until they are 50 years old. This is despite the problems with the wage gap and the dissolution of the middle class.
Houses aren't being built, not enough space to build housing, old people won't die already, and millenials have a large amount of debt from college. Oh and people don't wanna move to the Midwest where nothing happens, so that's another reason.
I don’t blame them! I mean holy shit is the Midwest depressing and boring.
@@KirbyPwnz13 you must love the liberal shit hole you live in. the midwest is my home along with many others i like living in BFE i dont have too deal with moronic SJW's and crazy crime. it has its trade offs but i wouldnt trade it for ANY CITY
Darren Krock stuff does happen in the mid west but up north there’s more jobs that have higher salaries and just more people which means more businesses
@Darren Krock mid west sucks. Unless your born and raised there and dont know anything else
Im in my mid 40s. Millennials, I feel for you and your anxiety. I can clearly see you have challenges that my generation didnt have. The one major challenge is the one thing you dont realize....you have TOO MUCH INFORMATION. You know too much. Im not being sarcastic or a dick. You are such a bright generation but you are pounded daily with so much data and opinions and facts etc. No wonder half of you are on anti depressants. Hear me out.....this is bad for you! You become overwhelmed with every possible outcome and everyone tells you about all these scary things everyday. "houses cost too much, school is way over priced, dont have kids, dont vaccinate, never get a home loan with PMI". Oh my GOD! 20 short years ago when I was starting out, houses cost just as much to us! I made $4.25 and hour trying to pay a $450 rent bill. Owning wasnt even an option or a dream. But listen, it didnt matter because we werent so aware of every negative outcome to every decision we made. IGNORANCE WAS BLISS! We didnt know everything nor did we have the means to quickly read and hear the horror stories and fear mongering the way you kids do now. If we wanted to "learn" we had to drive to a library and books sucked! We listened to friends stories and our parents. WE WERENT LISTENING TO 12 YEAR OLDS ON THE TWITTER STAGE that apparently know everything about life.
My advice is simple. Stop listening to everything. Thats right. Stop looking for more information. You will know when you have enough. Go to work each day, love your friends and family and stop worrying so much! You poor kids are just slammed with crap from every angle. Stop and enjoy life! If you dont, life creeps up on your fast and decades pass and suddenly you are wondering why you spent every second of your life worrying about tomorrow. Its going to be ok, really, its going to be ok. If you dont think so, message me and I will tell you why its going to be ok!
Damn this advice actually makes me feel better. Thanks for that.
@@CamKnoppMusic Im glad. My kids are now in their 20s and its a constant battle to remind them to LAUGH. Take time away from all the details of life. Dont worry so much. I dont know if its all going to turn out ok. Nobody does. However, there should be some "peace" in that statement.
I just want to have my own place...lol how in the livig hell would you be able to help me with that?! Its all about money, money, money. and if you don't have it, you don't have shit! ...And this is coming from a soon to be 36 year old who still lives with her parents! So in conclusion, I don't agree with that that too much information is bad! In fact, if anything, knowledge is POWER! Its allowed me to CALM my anxieties of my unanswered questions about life and the struggles of living and surviving in it!
My parents are first generation Asian Filipinos and they've made it here in the good ole US of A! I want to emulate alot of that!
I live in Texan suburbs and I cant even afford anything near me. Yes, these people are stupid for attempting to purchase a home in an overpriced craphole like NY, but the general message theyre presenting is still true: This generation cannot buy a home since its just way out of our league.
I must have broken some rule when I bought my 1200sf house last fall , as a 28yo with 2 cars, lots of toys, and no college education
lower your standards. and boom you can get a starter home.
ricomock2 Just curious. Are you working some kind of trade?
Apoc Sentinel get a fully remote high earning remote job, he only way for. It worked but it took time to get it. I move out of my country.
It's about playing the mean income vs cost of living game. yes, there are areas that are better than most, but in general don't expect to move away from your area and find a job with the same pay grade.
I'm a Millennial and I own my own home. 3/2 in a gated community with 4 pools, tennis courts, gyms, within walking distance to shopping. It's called I don't live in NYC.
TheCristallo83 gud for you. You could buy foreign homes with USD currency and they may be cheap too.
What city and state do you live in? Some of us are in Ohio and we don’t even have houses in communities like that.
TheCristallo83 Do you share a pool with your neighbors? Is it a “community” pool?
Elena Velasquez Jacksonville, FL. Developers in the next county over are building the nation's largest man-made lagoon. Another community has a lazy river. Planned communities here are amazing.
starventure No I personally own 4 pools. 😒
You can’t even buy an apartment with these 300k where I live. :__(
@fjf sjdnx and because everyone wants them
There is no "starter" homes.
That's Realtor bullshit
I sympathize with this girl and wish her to find a good place. The cost of living needs to be lowered. But her mindset of doing what is popular for "millennials" is part of her problem. Break the chains of labels and group mindsets. Do what YOU want to do, not what "millennials" do. Be yourself. Jailbreak the system.
Correct answer: bank leveraging ratios.
Don’t dream, just start with your first house however small it only advances you to your next upgrade.
My father bought his house in early 80tys in NY for 50K and was making 25K at the time. The same house is now worth 650K .. my career path is almost identical and for me to afford that same house in a responsible manner...”not having a bank own it for 30 years” I would need to be making over 300K. Boomers need to stop any of their BS whining they don’t have shit hard
US is no longer what it used to! I don't even know why people move here
Stop buying crap: coffee
TheBagBalm Yeah because a cup of coffee is just as expensive as a house. Moron.
Angel Gutierrez *Facepalm* Over time, if you stopped buying coffee and other items that aren't necessary, you could save up enough money to buy a house. Let's say a cup costs you $3(I don't buy coffee so I don't know the actual price), and you usually drink one cup a day. You could have an extra $1000 a year. If you invested that money, plus the same amount every year, then you could have a lot of money. Even just saving it would give you a bit towards buying a new house.
@@fizpop01 not everyone buys a cup a day, so your example is moot. A lot of people use this tone deaf approach of "just make your own coffee and you'll save enough." At best, you'd save $50, and that's not going to help you a house anytime soon.
Most of these comments are telling people to move out of big cities because it is too expensive. Sure the closer you live to downtown the more expensive it gets but that is not the full problem. Here in Arizona the housing market was one of the worse in the nation during the recession and now we are one of the most expensive. I've seen housing prices double in the past three years with a small makeover. The surrounding cities to phoenix are all overpriced as well with backed up traffic to get to and from phoenix. Towns up north from Phoenix are all over priced as well. One of the problems is so many people from California and Washington moving here because of their state laws and taxes. On top of that all new housing here in Phoenix and the surrounding cities are not your ideal starter homes. They are all luxury homes that are 1800sqf plus 45 mins from your job.
Quiet Generation Arizona has the best raves though
Quiet Generation Seriously? I was watching a video on finance and the lecturer instructed me to do an example on interest in real world markets and when I looked up the real estate for my local metroplex I was awestruck a shabby house worth $170,000 that’s smaller than my childhood home! Hmmm I think the housing market may be in another bubble again and that terrifies me.
I wouldn’t move to Arizona if the united state government paid me to move there. No offense.
michael baughman Arizona is a great place to live
LOL ... 1800 sq ft is NOT a luxury home, that's on the small side of a median sized home in DFW.
You literally have to become a millionaire to afford a house that can burn entirely in a random arson attack, all that money gone in a few minutes.
Its cheaper to buy a land and build your own house by hand but almost no one got time for that when they're busy with work and other commitments.
Um..... you don't have to be a millionaire to buy a house
In other words your screwed. Especially now, this video was 4 years ago. Prices have doubled since 2018
I'm a millennial and bought my own home last year on the outskirts of a big city. It's very modest and I'm very happy with what I have. You can't just buy your dream home a few years after moving out of your parents house. Also, I only took a year of college, got bored and preferred to work my ass off instead and so far I'm better off than most of my friends with degrees. Mostly because most of them were art majors. It's not the economies fault, it's because you followed the "do whatever makes you happy" motto instead of looking at careers realistically.
I moved out of my parents because I didn't want to burden them with supporting me. 5 years later I'm a homeowner and help my mom out with bills.
Same story for me .
5 yrs an able to buy a house where do u live
My husband and I bought our first house at age 30 and 27 respectively. We lived in a one bedroom apartment and saved for a bit first.
Most likely Texas
I can't even afford a tiny house in the worst neighborhood in Detroit. I don't even have debt.
Maybe you shouldn't be living in New York tf? One of the most expensive cities to live in.
@@sb6162 130k that's very cheap where I'm at even in worse area
I'm 32 now.
My goal is to be a home owner by 38
realistically probably by 40
in actuality 45
Not only does this video barely address the question it claims to answer, when it does it is entirely focused on her.
Now, while millennials are indeed screwed over by the economy, she made choices that clearly affect her ability to buy a house in a negative way.
For example, living in NYC on a combined salary of $100k, going into debt for a master's degree, refusing to consider relocation to another city.
These are all legitimate choices, but she made them.
Having a bad starting point sucks and makes things difficult, but if you make choices that cause further difficulty then you are just asking for punishment.
300k? Move to the country and learn to live in a budget
But why are homes more expensive? .. well, here's the answer, that might hurt your feelings... We've imported 150 million immigrants since 1990 (that's 1/3 of the US population) so with the oversaturation of people looking for homes, coupled with the loss of jobs (due to jobs being shipped oversees and, again, an oversaturated labor market due to immigration)
This is why homes cost more than 50 yrs ago. I'm for immigration, just on a smaller scale. This might hurt your feelings, but it's the truth
I’m a millennial and this video was useless and uninformative. Thanks for making us look even more entitled. You didn’t have to take out loans to get your masters and you don’t have to live in New York in an expensive apartment. Adapt and live below your means.
Honestly the biggest hardship is saving in a world where everything requires money move to a small town or city less opportunity but more stability. Home cost where I'm from is 160 on the expensive side
So you admitted in the beginning of the video that you made choices that got you where you are today and you follow it up with "But that's not uncommon for people my age"and that's the problem.😡
1. Just because it's common does not give you an excuse to continue the millennial trend of bad decisions. If you want to be able to live anywhere in the United States have a job that will afford you to live in that place and just be successful overall then there is one thing you need to do and no ot doesn't involve rocket science.
2. Take a look at the job market before choosing your degree or going into the workforce.
Look for defrees or positions that are high in demand of people and pick from that litter. There are thousands of positions and degrees that you could take that you would more than likely enjoy as a career. This will allow you to work anywhere.
The Joker example: the tech industry is really hot right now and they need a lot of computer engineering and compsci students, sure you could do journalism, English or gender studies but they are not as necessary for companies. Companies need legal divisions, engineering, Public relations, advertisings, and business are all good options
Yea because you can absolutely predict where current job trends will be in 4-10 years. You're also ignoring the roughly 15% underemployment we have, you can't say any of those people just "picked a bad field" because it wasnt their choice what markets decided after they got out
Millennials are really not interested in buying homes... we are falling less and less into the whole, go to college, get a job, get a mate, buy a home, have kids and die miserably. our priorities are tottttttally far from that now. we wanna travel, eat awesome foods, have new and difference cultural experiences... and significantly higher quality of life than our former generation... and we'll do whatever it takes. so, yeah.
I am 38, teach for a living, live in a small town and I still rent. It sucks.