Author Topic: 18-34 year olds could be blamed for dragging down housing market  (Read 8555 times)

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Offline CaseAgainstFaith

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Millennials could be dragging down the housing market, and--in effect--the national economy.
Now young people graduating from college are entering an improving job market. But don't expect these millennials starting their careers to give the housing market a boost by buying their first home.

The Pew Research Center found among those 25 to 34 year-olds who have taken shelter with their parents, 80 percent are just fine with the arrangement. Meaning, they aren't in a rush to get to a point where they do jump into the housing market.

The effects can be felt throughout the economy, not just in the housing market.

Minnesota Public Radio calls them "Generation Rent," and points out that when an entire age group is avoiding home ownership, that has ripple effects throughout the community.
http://www.huffingtonpost.com/2012/06/08/millennials-chose-rent-over-mortgages_n_1582420.html

I'm kind of lost for words here.  I almost think that my age group isn't buying houses not only because we can't afford them (see college debt) but also because this housing collapse taught us that houses for the most part aren't worth it.  The taxes, the up keeping, the inflated prices, and so on. ( Also a personal gripe for me is I wouldn't want to deal with the Home owners Assoc. bullcrap either. )  So while I don't live with my parents, I see nothing wrong with renting.   But I guess that makes me "part of the problem" huh?
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Offline Witchyjoshy

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #1 on: June 11, 2012, 06:59:19 pm »
Give us a sustained cash flow that isn't minimum wage and maybe we can actually BUY SHIT.

-_-

That being said, it's better to stay home until you can get a good financial backing instead of just rushing out the door as soon as you graduate from college.
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Offline m52nickerson

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #2 on: June 11, 2012, 07:15:09 pm »
So let me get this straight, they are blaming younger people for not rushing in and buying homes they can't afford...which was part of the problem in the first place.
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Offline TheL

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #3 on: June 11, 2012, 08:37:48 pm »
I was going to buy a condo, but EVERY SINGLE ONE I could afford got snapped up by wealthy investors.

Even though the condo associations involved had a policy that you weren't allowed to rent out the place for a year after closing.  That's right, these people were buying condos to have them sit empty for a year.
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Offline Xander Zzyzx

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #4 on: June 11, 2012, 08:41:28 pm »
So let me get this straight, they are blaming younger people for not rushing in and buying homes they can't afford...which was part of the problem in the first place.

That's basically the impression I got from reading the story.

Let's see, we get priced out of the market compounded by most of us being unable to find stable/good work, then they blame us for dragging down the housing market. Whatever.

Offline Id82

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #5 on: June 11, 2012, 08:58:18 pm »
I would love to buy a house. If I wasn't in massive debt.
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Offline Her3tiK

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #6 on: June 11, 2012, 09:09:23 pm »
Yeah... let's blame it on those damn kids, and not the greedy old fucks who ran up national debt, destroyed the social safety nets, and gambled away everyone else's money*. It's totally our fault jobs are hard to find, and what jobs there are pay shit wages... >_>
Fuck dude, my band is giving me more of a revenue stream than I've seen from actual employment this year. What's that tell ya about the state of the economy?



*I realize that there are many in our parents'/grandparents' generations who don't deserve blame for these
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Offline booley

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #7 on: June 11, 2012, 09:24:47 pm »
Funny how it keeps being the fault of everybody but the ones who were writing the rules and making billions of dollars.
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Offline Osama bin Bambi

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #8 on: June 11, 2012, 09:39:10 pm »
Give us a sustained cash flow that isn't minimum wage and maybe we can actually BUY SHIT.

-_-

That being said, it's better to stay home until you can get a good financial backing instead of just rushing out the door as soon as you graduate from college.

After my mom got out of college, she stayed with her parents for a while, but she payed rent to them. When she finally saved up the money to go live somewhere else, her parents gave her back all the money she had payed them in rent over the months.
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Offline armandtanzarian

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #9 on: June 11, 2012, 11:17:13 pm »
I was going to buy a condo, but EVERY SINGLE ONE I could afford got snapped up by wealthy investors.
Ran into the same problem recently looking at some apartments. In any case my city is also experiencing a property bubble, so any house I buy will kill half of my salary for the next 30 years.

Offline nickiknack

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #10 on: June 11, 2012, 11:46:54 pm »
Yay, more bashing those who still live with their parants at a certain age.

Offline Thejebusfire

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #11 on: June 12, 2012, 01:59:18 am »
And I bet this has nothing to do with the fact that most of these people live with massive student loan debts and often have to work at Wal*Marts and fast food places (and that's if they're lucky).

Offline Sylvana

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #12 on: June 12, 2012, 02:39:53 am »
Getting a reasonable loan from a bank to buy a house is almost impossible, and that assumes that you are actually making enough money to afford the damn thing to begin with. I am having a hard enough time saving up money to afford a new car let alone a house, but of course we are all to blame for making the retail house market go through difficult times.

Offline tempus

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #13 on: June 12, 2012, 04:48:39 am »
To be sure, it's hard as hell to buy anything when you're flat-ass broke and living hand-to mouth working retail or fast food, while trying to pay back the student loans you took out to pay your way through the college you were hoping would help you find a good, stable, high-paying job (everyone told you it would, after all, including your high school guidance counselor), yet somehow didn't because most of the better-paying jobs had been sent overseas to people working for cents on the dollar compared to their US counterparts in order to save the company money.  So in a way, I suppose they're right. 
« Last Edit: June 12, 2012, 04:51:11 am by tempus »
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Offline starseeker

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #14 on: June 12, 2012, 06:55:18 am »
Do these people not know how much it costs even to rent here? Even sharing a house it's still £250 a month plus.