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juzcallmesnake

YOUR THE PROBLEM

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Seniors are to blame for housing shortage, study finds

YOUR THE PROBLEM ! if you worked hard saved and paid off your home and still live in it it seems that bankers mortgage lenders and real estate  tycoons are saying your the problem your living too long and your keeping what you earned IS THIS INSANEVILLE THE NUT HUT !  Socialism is seeping into everything now they begrudge you what you own and all the hard work it took to keep it these people are sick in the head real mental sh*tards Well I think they make too much money and they are not taxed enough and have to many vacations and way to much "privilege" so maybe we need to tax some of them till they squeal. 

Missing millennial homeownership endangers the American Dream

Maybe if they get off their azz and work 2 jobs instead of one and using their spare time to riot protest and post snarky remarks on social media. or piss away all their money on streaming the Oscars. When I was young we knew we had to have priorities save for a home or party like it's never going to end. today's punks want it all now the flashy car clothes big house and executive position before they graduate or even get an education. half the young people I know are paying child support and neither can save or afford a home they live with their parents or shack up with whoever they find. One has a child babysits and keeps house like a wife while her roommate works (they are not in a relationship) Relationship that's a joke most are bouncing one to another looking for a soft place to land and when their expected to pull some weight their off like a empty Walmart sack on the highway eventually find some muffler or grill to get stuck on, and just about as useful or wanted.

Cable TV, cell service WIFI, data plans video rental, sports packages, pay services like cable tv are like a fart in the wind the least 30 bucks up to as much as you can't imagine. this is only the tip of the iceberg cost of phones, apps, tv's, computers, antivirus software modems routers and widgets like speakers, SDcards cables adapters IT COSTS MONEY, money that should be saved or invested for a home. once these brainiacs get an apartment fill it with junk -- more money wont work extra or get a part time job and expect to eventually inherit cause the way they waste money they can't ever afford one.

It is always the pendulum it get good then back to fighting to keep what you have I think under these ideals that people cannot transfer or will more than 500,000.00  to anyone that did not work so children trophy wives and mistresses no more than that because they live too long have it too good and covet what little we have they don't respect our property we should make laws so they can't keep theirs , and vote against any bonds or stadiums that build wealth for the rich and raise our taxes in fact if your not a property owner just as if your not a citizen you shouldn't be able to vote, as where are your vested interest  if you don't stay in the area your voting for me to pay for things you want but don't stay around for the eventual effect like all the drug dealing in our parks pedophiles hanging around garbage used needles and people having sex in the bathrooms living in the bushes rapes murders law suits to the city more cops  -- it's nice at the park :(

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In my neck of the woods I see people in the ages from 18 to 30 driving the latest vehicles BMW, Porche, Lexes , all makes of SUV , Trucks etc.

Most have $500-800 monthly payments for 6-8 years. Living  with parents or renting. What ever they are doing to make a living, is barely covering their expences. They are living the rich life style, for the now/moment & have no thought about the future. 

As for my self, my latest car I purchased is 15 years old, paid in full for less than $1,000 to have it road worthy. I’ve been driving it for 2 years now , without any problems.

It’s a point A to B  car for me & I’m happy not having to make monthly payments & no stress.

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I understand your frustration but i think in order to solve the issue I think we need to first identify the true culprit of what's causing life to be so expensive that millennial and the generations younger than that are starting to look favorably at socialism.

The short answer for who is primarily blame is "the government".

Look, I'm 38 years old which makes me as old as you can be and still be a millennial.  There is no doubt in my mind that you are correct when you say a large percentage millennial's are self entitled and way too into material goods.  How did they get that way?  Firstly it's proper to blame the parents because kids don't come out entitled and irresponsible that is a learned skill.  But the sheer number suggests the problem is bigger than a crazy amount of bad Baby Boomer / Old Gen X parents.  

Let's look at the two things that Millennial complain about the most when it comes to expenses.  Education and Housing (Most are two young to care about healthcare yet).

For Education, I can tell you that I grew up being constantly told in every school I went too that if I wanted to get a good job, I had to go to college. 

The way the Government "helped" was by putting a guarantee on student loans making a risk free endeavor for companies to give out loans to kids.  These government backed loans by the way cannot be forgiven by bankruptcy like you can with other forms of debt.  

So why is this a problem?  Supply and demand.  If you artificially increase the demand for a product (college) the supply will either grow (if it can) or get more expensive to reach equilibrium. 

I went to a state school and transferred to a more prestigious university for the last two years.  I had to take student loans out to pay for it but was working at the time so i was able to cover my living expenses and only took the loans for tuition.  When i was done with my two years, i had about 55,000 dollars in debt.  This was in 2004.  15 years later, Tuition for that same school is 47,470, nearly double of what i paid.

That isn't the worst part though.  The "everyone" should go to college push by the government, means that you have huge increase in the supply of college graduates.  And when you have a huge supply of something, prices inevitably go down for that thing.  So now you have a huge population of young people who have paid 2-3 times as much for an education as gen X did and at the same time there is so many of them with the degree that there is no exclusivity to have the degree.  This is why you get people with degrees working at Starbucks.  

And this is why many of them are entitled.  They were told all their life that if you do good at school and get into college you will get a good job.  Well there isn't an infinite number of "good" jobs and you need to motivated, hardworking and smart to get them.  What's worse is many schools have significantly lowered their standards to get in on the government subsidized gravy train.  So they lower the bar and raise the price.  

What does this mean?  It means that you have a large number of college graduates who aren't smart or motivated enough to get the best jobs, but they feel like they are "too good" for many vocational jobs (That pay good money) because those were frowned upon in school (again government).  So not only are they not getting the good jobs, but they are saddled with a 100k or more in debt.  When that much of your income is going to pay for a overpriced education, you are going to have a hard time buying a house. 

Speaking of housing, that is the second thing the government has really screwed the pooch.  For all of my life, housing prices have been on a steady increase, greatly outpacing inflation.  Even with the great recession housing prices here in California now exceed the the amounts that existed at the height of the stupidness before the recession hit.  Why have they increased this much?  Again, it's government manipulation of the market.  They have kept interest rates artificially low, while creating programs to make it easier for less qualified people to buy a house.  

On the surface, that seems like a good thing.  Why wouldn't we want more people to be able to get loans for a house?  Again the answer is supply and demand, and it doesn't care about your good intentions.  If you increase the demand, and then you say put regulations in place that make building new homes harder or more expensive (California is particularly bad at this) then the only thing that can happen is prices go up. 

If you are a Boomer or Gen X this helps you because the house you bought is going up and you can eventually cash out on that equity and use it for anything you like.  But it's screwing the person who is looking to buy their first home.  When my wife and I bought our place, it was 2011 and was the "bottom" of the market.  We looked at a condo in a far suburb of LA that was reasonably close to my work and we paid over 400k for a "steal".  It ended up being a good investment when we sold it but that's still a lot of money.

When we looked at house with a yard, we looked at some of the older neighborhoods that had been traditionally standard middle class.  The houses were between 1400 - 2000 square ft and had a yards that were between a 1/10th of an acre and a 1/4 acre.  Most of the house were 30-40 years old and were selling for 700k!

Luckily at that point we were in a position where we could leave LA and still work and moved to a smaller town where the housing was comparatively reasonable. 

But how many people can work remote?  Even if the "good jobs" are available in places like this, what does it matter if such a giant chunk of your income goes to housing?    I always heard that you shouldn't be buying a house that exceeded three times your gross salary or else you would be spending too much on that house.  That means you would need to make over 230,000 a year to be able to "afford" what was in the 60's a starter house.  Also, you need to save up 140,000 to get the traditional 20% down that used to be the requirement.  

Imagine having to pay 3x what you did for your house when you were starting out.  You might say yes but inflation has also happened so that even though you paid less the dollar was worth more.  That's true, but if you look at average wages in the US, they have stayed pretty much consistent when you adjust for inflation (https://www.pewresearch.org/fact-tank/2018/08/07/for-most-us-workers-real-wages-have-barely-budged-for-decades/).  Housing has greatly outpaced inflation, meaning that people are paying more even in adjusted terms than they were.  

I know this is a long winded response but i wanted to bring this up because I find that engaging in these generation wars is a great way to distract us and be able to unite against what's actually causing this.  And the cause is our government's reckless policies.  I'm not even going to touch the national debt here. 

So while nothing pisses me off more than entitled social justice warrior, I do think it some of the grievances they are talking about are legitimate, like the two i just outlined.  

We need more millenial's to be prepared if we are to mitigate the negative impact to this country considering the economic challenges that face us.  Once you become prepared you tend to spend less on the frivolous anyhow.  

But the way to achieve this isn't to perpetuate a generation war.  The millenials have legitimate flaws and also legitimate grievances.  If we want to move them away from socialism, which will be a huge bloody disaster as history has shown,  we need to acknowledge where they have a right to be pissed and point them to the true culprit.... our Government. 

It's hard to advocate for more government (socialism) when you are eyes are opened to the fact that they caused the mess we are in.

 

 

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Great thread. My son is attending a higher-end university in VT. His tuition is over $60k a year - can you imagine getting out of school with almost  a quarter million dollars' debt and just starting at the bottom of the barrel? I started working construction when I was 20, learned an incredible amount, worked my ass off, and now I have a comfortable job with zero college debt. 

 

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