But can the Millennials afford it?
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Why fixating on single family houses? Why not apartments/condos or multi family houses?
As a matter of public policy, fix zoning and incentives to promote low cost housing, multi family ones too; with means- and asset-testing to ensure that only those with modest income/asset get to buy them as their main residences (screen out “investors” looking to collect rental properties).
As matter of individual choices, take advantage of federal government programs like the FHA loans.
@axtremus said in But can the Millennials afford it?:
As a matter of public policy, fix zoning and incentives to promote low cost housing, multi family ones too; with means- and asset-testing to ensure that only those with modest income/asset get to buy them as their main residences (screen out “investors” looking to collect rental properties)
If you fix zoning none of the rest is necessary. In fact the rest is counterproductive.
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According to a friend in the business, the biggest cause of the surging real estate market is because the lagging millennials are finally buying homes in force. He doesn’t expect it to end that soon, either.
@lufins-dad said in But can the Millennials afford it?:
According to a friend in the business, the biggest cause of the surging real estate market is because the lagging millennials are finally buying homes in force. He doesn’t expect it to end that soon, either.
I'm currently working with a bid process at church, to repair some ice storm damage. One of the contractors and I were kicking some if this stuff around yesterday.
This guy has a lot of work, because his crew does things the old-fashioned way...His guys do the carpentry, roofing, sheet rock and millwork. That is unusual, but he has a tight reign on quality. Because of that, he stays pretty busy
But he thinks people are worried about rising interest rates more than material prices. He is almost to the point of turning down work, he's so hooked up. He's not building the type of stuff we're talking about here, though. When he left our meeting, he was driving to Toledo Bend, where he's starting a $600,000 house on the lake, for a guy retiring and moving out of Lake Charles.
That's a nice home for down here.
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Why fixating on single family houses? Why not apartments/condos or multi family houses?
As a matter of public policy, fix zoning and incentives to promote low cost housing, multi family ones too; with means- and asset-testing to ensure that only those with modest income/asset get to buy them as their main residences (screen out “investors” looking to collect rental properties).
As matter of individual choices, take advantage of federal government programs like the FHA loans.
@axtremus said in But can the Millennials afford it?:
Why fixating on single family houses? Why not apartments/condos or multi family houses?
As a matter of public policy, fix zoning and incentives to promote low cost housing, multi family ones too; with means- and asset-testing to ensure that only those with modest income/asset get to buy them as their main residences (screen out “investors” looking to collect rental properties).
As matter of individual choices, take advantage of federal government programs like the FHA loans.
I don’t mind having some condo buildings and townhome developments designed to prevent investors from scooping up the properties, but you handle that through HOA and community rules, not means and asset testing.
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Why fixating on single family houses? Why not apartments/condos or multi family houses?
As a matter of public policy, fix zoning and incentives to promote low cost housing, multi family ones too; with means- and asset-testing to ensure that only those with modest income/asset get to buy them as their main residences (screen out “investors” looking to collect rental properties).
As matter of individual choices, take advantage of federal government programs like the FHA loans.
@axtremus said in But can the Millennials afford it?:
Why fixating on single family houses? Why not apartments/condos or multi family houses?
As a matter of public policy, fix zoning and incentives to promote low cost housing, multi family ones too; with means- and asset-testing to ensure that only those with modest income/asset get to buy them as their main residences (screen out “investors” looking to collect rental properties).
As matter of individual choices, take advantage of federal government programs like the FHA loans.
Maybe in your neck of the woods it's different, but few people I know point to a condo with pride of ownership.
“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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@axtremus said in But can the Millennials afford it?:
Why fixating on single family houses? Why not apartments/condos or multi family houses?
As a matter of public policy, fix zoning and incentives to promote low cost housing, multi family ones too; with means- and asset-testing to ensure that only those with modest income/asset get to buy them as their main residences (screen out “investors” looking to collect rental properties).
As matter of individual choices, take advantage of federal government programs like the FHA loans.
Maybe in your neck of the woods it's different, but few people I know point to a condo with pride of ownership.
@jolly said in But can the Millennials afford it?:
Maybe in your neck of the woods it's different, but few people I know point to a condo with pride of ownership.
Completely untrue here. Location >> type of house.
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@axtremus said in But can the Millennials afford it?:
Why fixating on single family houses? Why not apartments/condos or multi family houses?
As a matter of public policy, fix zoning and incentives to promote low cost housing, multi family ones too; with means- and asset-testing to ensure that only those with modest income/asset get to buy them as their main residences (screen out “investors” looking to collect rental properties).
As matter of individual choices, take advantage of federal government programs like the FHA loans.
Maybe in your neck of the woods it's different, but few people I know point to a condo with pride of ownership.
@jolly said in But can the Millennials afford it?:
@axtremus said in But can the Millennials afford it?:
Why fixating on single family houses? Why not apartments/condos or multi family houses?
As a matter of public policy, fix zoning and incentives to promote low cost housing, multi family ones too; with means- and asset-testing to ensure that only those with modest income/asset get to buy them as their main residences (screen out “investors” looking to collect rental properties).
As matter of individual choices, take advantage of federal government programs like the FHA loans.
Maybe in your neck of the woods it's different, but few people I know point to a condo with pride of ownership.
People need to change their expectations. When we moved from Canada we were basically forced to buy a house that was half the square-footage for double the price.
Not being able to own the house you'd really like isn't the same as not being able to own a home.
I was only joking
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I don't understand. Aren't we supposed to make fun of Millennials for whining about housing prices, because that's something they whined about during the Occupy Wall Street B.S.? We're not expected to take anything that came out of that seriously, are we? We're supposed to just say it's their fault and bring up participation trophies, right?
Please love yourself.
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Listening to millennials complain about house prices is nowhere near as annoying as listening to middle-aged Gen-x'ers complain about the tax they have to pay on their company cars.
I was only joking
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Listening to millennials complain about house prices is nowhere near as annoying as listening to middle-aged Gen-x'ers complain about the tax they have to pay on their company cars.
@doctor-phibes said in But can the Millennials afford it?:
middle-aged Gen-x'ers
I can't believe or understand how incredibly, amazingly, astonishingly redundant and repetitive and unnecessarily wordy that is.
Education is extremely important.
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Listening to millennials complain about house prices is nowhere near as annoying as listening to middle-aged Gen-x'ers complain about the tax they have to pay on their company cars.
@doctor-phibes said in But can the Millennials afford it?:
Listening to millennials complain about house prices is nowhere near as annoying as listening to middle-aged Gen-x'ers complain about the tax they have to pay on their company cars.
I didn't know you had a company car.
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Consider the couple...A postman married to a schoolteacher and they have two children. They have a credit score of around 700. A new home is 300-350 thousand dollars.
To get around PMI, they need $60-70k down payment.
And they need to be able to pay a $1200-$1300 monthly note + insurance + maintenance.
How can a couple like this ever own a home? Or any of many similar couples like cop/pharm tech, construction worker/waitress, teacher/teacher...guys that are making anywhere from $75k-$90k/yr.
@jolly said in But can the Millennials afford it?:
How can a couple like this ever own a home? Or any of many similar couples like cop/pharm tech, construction worker/waitress, teacher/teacher...guys that are making anywhere from $75k-$90k/yr.
You mean household income of 75-90K$, right? If each of them makes that amount of $, that's would be way above average, no?
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I don't understand. Aren't we supposed to make fun of Millennials for whining about housing prices, because that's something they whined about during the Occupy Wall Street B.S.? We're not expected to take anything that came out of that seriously, are we? We're supposed to just say it's their fault and bring up participation trophies, right?
@aqua-letifer said in But can the Millennials afford it?:
I don't understand. Aren't we supposed to make fun of Millennials for whining about housing prices, because that's something they whined about during the Occupy Wall Street B.S.? We're not expected to take anything that came out of that seriously, are we? We're supposed to just say it's their fault and bring up participation trophies, right?
Don't think anything in this thread even hints at that.
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@jolly said in But can the Millennials afford it?:
How can a couple like this ever own a home? Or any of many similar couples like cop/pharm tech, construction worker/waitress, teacher/teacher...guys that are making anywhere from $75k-$90k/yr.
You mean household income of 75-90K$, right? If each of them makes that amount of $, that's would be way above average, no?
@klaus said in But can the Millennials afford it?:
@jolly said in But can the Millennials afford it?:
How can a couple like this ever own a home? Or any of many similar couples like cop/pharm tech, construction worker/waitress, teacher/teacher...guys that are making anywhere from $75k-$90k/yr.
You mean household income of 75-90K$, right? If each of them makes that amount of $, that's would be way above average, no?
Household income. A young postman and a teacher or teacher/teacher down here would make around $80k-ish, together.
“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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I don't understand. Aren't we supposed to make fun of Millennials for whining about housing prices, because that's something they whined about during the Occupy Wall Street B.S.? We're not expected to take anything that came out of that seriously, are we? We're supposed to just say it's their fault and bring up participation trophies, right?
@aqua-letifer said in But can the Millennials afford it?:
I don't understand. Aren't we supposed to make fun of Millennials for whining about housing prices, because that's something they whined about during the Occupy Wall Street B.S.? We're not expected to take anything that came out of that seriously, are we? We're supposed to just say it's their fault and bring up participation trophies, right?
I mostly remember Occupy being primarily about dudes being upset because they were $150K in debt for erring a Masters Degree in Puppetry and Marionettes and were only able to get jobs as Elementary School Teachers making $45K a year living in NYC with a rent of $2500.
That and drum circles.
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@aqua-letifer said in But can the Millennials afford it?:
I don't understand. Aren't we supposed to make fun of Millennials for whining about housing prices, because that's something they whined about during the Occupy Wall Street B.S.? We're not expected to take anything that came out of that seriously, are we? We're supposed to just say it's their fault and bring up participation trophies, right?
I mostly remember Occupy being primarily about dudes being upset because they were $150K in debt for erring a Masters Degree in Puppetry and Marionettes and were only able to get jobs as Elementary School Teachers making $45K a year living in NYC with a rent of $2500.
That and drum circles.
@lufins-dad said in But can the Millennials afford it?:
@aqua-letifer said in But can the Millennials afford it?:
I don't understand. Aren't we supposed to make fun of Millennials for whining about housing prices, because that's something they whined about during the Occupy Wall Street B.S.? We're not expected to take anything that came out of that seriously, are we? We're supposed to just say it's their fault and bring up participation trophies, right?
I mostly remember Occupy being primarily about dudes being upset because they were $150K in debt for erring a Masters Degree in Puppetry and Marionettes and were only able to get jobs as Elementary School Teachers making $45K a year living in NYC with a rent of $2500.
That and drum circles.
You don't remember that because you believed what you wanted without actually listening to any of them. I found most of their shit completely ridiculous, but I spent a lot of time listening anyway. That's why I'm able to tell you that a shitload of Occupy folks complained about housing prices being not only out of their reach, but perhaps forever so. Those complaints went on for months. You don't remember because Not My Side = they're everything I think they are and I have their number.
Please love yourself.
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@doctor-phibes said in But can the Millennials afford it?:
middle-aged Gen-x'ers
I can't believe or understand how incredibly, amazingly, astonishingly redundant and repetitive and unnecessarily wordy that is.
@horace said in But can the Millennials afford it?:
@doctor-phibes said in But can the Millennials afford it?:
middle-aged Gen-x'ers
I can't believe or understand how incredibly, amazingly, astonishingly redundant and repetitive and unnecessarily wordy that is.
And you used 17 words to set me straight about my 4. Well done, H. It's almost as if you wanted to waste bandwidth, create unnecessary wordage, and simulate substance where there is none.
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There was an old rule. It was a rule Karla and I followed when we bought our current house and it works in most areas of the country (or it did pre-Covid, now? Who knows...)
The rule was 2.5. Your house should cost about 2.5 times your annual income. And in most of the country that still worked a few years ago.
The Brad
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The 2.5 rule is pretty much impossible to follow in most of Massachusetts, at least when you're starting out. I followed it for our first two houses (UK and Canada), but not the third one, which is actually the smallest of the three.
Bloody New England.
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@doctor-phibes said in But can the Millennials afford it?:
The 2.5 rule is pretty much impossible to follow in most of Massachusetts, at least when you're starting out. I followed it for our first two houses (UK and Canada), but not the third one, which is actually the smallest of the three.
Bloody New England.
Median income in Massachusetts is $80K. So $200K homes.
https://www.zillow.com/homedetails/79-Hope-St-Greenfield-MA-01301/56135299_zpid/
I found about 15 similar around the state. If you bump it up to 3 - 3.5% the options open up quite a bit more.
The Brad
