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The New Coffee Room

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  3. Millennials making 250k can't afford house

Millennials making 250k can't afford house

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  • 89th8 Offline
    89th8 Offline
    89th
    wrote on last edited by
    #1

    Ugh, I know the article is mostly clickbait, and probably completely fabricated, but it got me.

    https://www.msn.com/en-ca/money/finance-real-estate/millennial-couple-earning-250-000-say-they-can-t-afford-a-home/ar-AA1oJzp6

    1 Reply Last reply
    • MikM Away
      MikM Away
      Mik
      wrote on last edited by
      #2

      I think maybe they can't get a house they WANT on 28% of take home pay. Go to Zillow and put in $30,000 down and a $3500 max mortgage payment. 881 results. And that doesn't even include Vancouver across the river.

      “I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill

      1 Reply Last reply
      • JollyJ Offline
        JollyJ Offline
        Jolly
        wrote on last edited by
        #3

        Started to say...They want a half-million dollar house.

        “Cry havoc and let slip the DOGE of war!”

        Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

        1 Reply Last reply
        • AxtremusA Offline
          AxtremusA Offline
          Axtremus
          wrote on last edited by Axtremus
          #4

          A $250k annual household income should be able to afford a $500k house, unless you're already weighed down by other debts (student loans, luxury car, lots of credit card debts).

          1 Reply Last reply
          • X Offline
            X Offline
            xenon
            wrote on last edited by
            #5

            Many millennials and younger have under-developed domestic skills. It takes a lot of savvy to buy groceries effectively and cook cost-effective meals - esp. with the price of grocery lately.

            I'm not blaming them - it's not as emphasized as things like going to school, sports, extra-circulars, college, etc. But it took us years to understand how to use our groceries well.

            Anyways all that to say - takes a lot of money to keep yourself fed these days.

            JollyJ 1 Reply Last reply
            • X xenon

              Many millennials and younger have under-developed domestic skills. It takes a lot of savvy to buy groceries effectively and cook cost-effective meals - esp. with the price of grocery lately.

              I'm not blaming them - it's not as emphasized as things like going to school, sports, extra-circulars, college, etc. But it took us years to understand how to use our groceries well.

              Anyways all that to say - takes a lot of money to keep yourself fed these days.

              JollyJ Offline
              JollyJ Offline
              Jolly
              wrote on last edited by
              #6

              @xenon said in Millennials making 250k can't afford house:

              Many millennials and younger have under-developed domestic skills. It takes a lot of savvy to buy groceries effectively and cook cost-effective meals - esp. with the price of grocery lately.

              I'm not blaming them - it's not as emphasized as things like going to school, sports, extra-circulars, college, etc. But it took us years to understand how to use our groceries well.

              Anyways all that to say - takes a lot of money to keep yourself fed these days.

              Mandatory home economics in high school. Mandatory.

              Household budgeting, simple finance and investment, basic cooking skills, use of common hand tools, basic societal courtesy, how to write an email or letter and job seeking skills, along with some education on work ethic.

              Just these simple things could make a difference of thousands of dollars per year.

              “Cry havoc and let slip the DOGE of war!”

              Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

              taiwan_girlT 1 Reply Last reply
              • JollyJ Offline
                JollyJ Offline
                Jolly
                wrote on last edited by
                #7

                Another idea...

                I've got a friend who insisted his children (3) start cooking the family's supper one night per week, starting in the sixth grade and ending when they left home to start their own lives.

                A sixth grader may not know much more than how to boil a weenie or cook a frozen pizza, but you build from there. Next thing you know, you've got a kid who can cook breakfast foods. Then, they can grill hamburgers. Maybe make a spaghetti sauce.

                By the time his kids were halfway through high school, they could cook just about anything mama and daddy could. And speaking from personal experience, mama and daddy could cook. Mike could make the best duck and dressing I've ever had, along with great soups, gumbos and gravies. His wife was a good cook, too.

                Guess what? All three kids can hold their own in the kitchen.

                “Cry havoc and let slip the DOGE of war!”

                Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                1 Reply Last reply
                • JollyJ Jolly

                  @xenon said in Millennials making 250k can't afford house:

                  Many millennials and younger have under-developed domestic skills. It takes a lot of savvy to buy groceries effectively and cook cost-effective meals - esp. with the price of grocery lately.

                  I'm not blaming them - it's not as emphasized as things like going to school, sports, extra-circulars, college, etc. But it took us years to understand how to use our groceries well.

                  Anyways all that to say - takes a lot of money to keep yourself fed these days.

                  Mandatory home economics in high school. Mandatory.

                  Household budgeting, simple finance and investment, basic cooking skills, use of common hand tools, basic societal courtesy, how to write an email or letter and job seeking skills, along with some education on work ethic.

                  Just these simple things could make a difference of thousands of dollars per year.

                  taiwan_girlT Offline
                  taiwan_girlT Offline
                  taiwan_girl
                  wrote on last edited by
                  #8

                  @Jolly said in Millennials making 250k can't afford house:

                  Mandatory home economics in high school. Mandatory.

                  Household budgeting, simple finance and investment, basic cooking skills, use of common hand tools, basic societal courtesy, how to write an email or letter and job seeking skills, along with some education on work ethic.

                  Just these simple things could make a difference of thousands of dollars per year.

                  That is a good idea!

                  JollyJ 1 Reply Last reply
                  • taiwan_girlT taiwan_girl

                    @Jolly said in Millennials making 250k can't afford house:

                    Mandatory home economics in high school. Mandatory.

                    Household budgeting, simple finance and investment, basic cooking skills, use of common hand tools, basic societal courtesy, how to write an email or letter and job seeking skills, along with some education on work ethic.

                    Just these simple things could make a difference of thousands of dollars per year.

                    That is a good idea!

                    JollyJ Offline
                    JollyJ Offline
                    Jolly
                    wrote on last edited by
                    #9

                    @taiwan_girl said in Millennials making 250k can't afford house:

                    @Jolly said in Millennials making 250k can't afford house:

                    Mandatory home economics in high school. Mandatory.

                    Household budgeting, simple finance and investment, basic cooking skills, use of common hand tools, basic societal courtesy, how to write an email or letter and job seeking skills, along with some education on work ethic.

                    Just these simple things could make a difference of thousands of dollars per year.

                    That is a good idea!

                    Common sense.

                    It's what parents are responsible for and most no longer do.

                    “Cry havoc and let slip the DOGE of war!”

                    Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

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