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Siebenstein
10:32 PM on 06/11/2012
Millenials are smart to not buy into the scheme that took the rest of us down in the first place.

Since we live in a country that rewards white collar crime and shoves trillions to the banksters, why not rent and screw their tactics ;-)

To the opportunistic Tyler Kingkade I would just say:" Dividing the population on made-up stories is really not what we need."

The ones who brought us down go by names like Jamie Dimon, etc. not Millenials.
10:02 PM on 06/11/2012
I think the problem is the Millennials, if thats what you want to cal them, have too high expectations for thier first house. My wife and I are in our 70's and our first house was very small, but the point was we were buiding eqity in something that we could use for a down payment on a larger house. I think the Millennials want a nice big house that they really can't afford. Also when we bought our first house we had to have a substancial down payment and the mortgage payments could only be a certain % of your income. Now people can finance 100% of the cost of the house with no downpayment. Yung people starting out like that have a tendancy to get in over thier heads.
10:31 PM on 06/11/2012
I'm getting a little sick of hearing older people gripe about how millennials expect too much out of the world. Two points: 1) Millennials were raised to demand nothing but the best, from themselves, and from the world around them. That was a choice their elders made for them, and a facet of their elders high opinion of themselves. The people who raised the millennials did so in an age of incredible opportunity and growth. They grew fat and happy, partly by delaying payment on the instant gratification they demanded. Millennials are now paying for the choices of their parents. 2) How is it ever...ever, a bad thing to demand the best? The millennials are making a choice to accept only the best value for themselves, and you're treating it like they're failing to fulfill an obligation to suffer. This idea that each individual owes the world their back, so that those who came before them can tread on them and continue their leisurely stroll toward a golden horizon, is absurd. You're afraid because the millennials are hungry, and coming for your lunch.
11:49 PM on 06/11/2012
I'm not afraid of them coming after my lunch. I am 72, retired and comfortable enjoying the fruits of my 40+ years of work and saving for my retirement. I have 2 homes, I am not rich but live comfortably with what I saved during my working years. My wife and I have traveled all over the world during our retirement and have had a ball. I have seen too many of the younger generations buying bigger houses, cars, truck, and toys and getting themselves in too much debt and then loosing most of what they have and ending up filing bankruptcy because they were in over thier heads. I am not against people having high expectations for themselves but I think they need to learn to live within thier means. My children didn't have to pay for my choices, I paid for them myself.
09:47 AM on 06/12/2012
Again, you and others are wrong. I am not looking to buy a large home as my first home, and I can say the same for many of my friends. A cute little 900 sq. ft. one bedroom home that is at least 50 years old and would need substantial work still costs a fortune where I live. An average home like that goes for $300k + still, and that is in an ok neighborhood. Oh and don't forget the $10k in taxes a year on top of that. By going through the rule of thumb that your mortgage payment should be 25% of your income, well I would need to be making $75k plus. At 27 years old, that is pretty unrealistic. I think the problem is the older generation has inflated the prices of homes to the point that us younger generation are no where close to being able to afford.
10:49 AM on 06/12/2012
Thank you, I stand corrected. I feel sorry for you because you are a victim of your parents generation that bought into the concept that bigger is better. So many couples in your parents generation bought houses that they really couldn't afford because everyone was doing that and the builders were building these huge houses that most people really couldn't afford. Now, unfortunately, people your age have no small starte homes that are affordable that they can buy to start building equity. The building industry needs to regear thier philosophy and start building affordable housing for people of your generation so you can start out like my wife and I did 50 years ago.
08:52 PM on 06/11/2012
I'm 28 years old. I desperately would love to purchase a house, but my student loans are 70% of my discretionary income. It's difficult to save enough money to put a down payment on a home, and banks are much more stringent on lending. I live in DC, where home prices are just insane. I'm considering relocating to a different city, but then I would have to re-enter the job market. I enjoy my job and make a living wage - the thought of having to find another job really scares me. I work a 2nd job - freelance illustration - to supplement my income, but it's still difficult. One day... one day
08:59 PM on 06/11/2012
Perhaps it would be better to say my student loans are 1/3 of my take-home pay (to avoid any confusion) - but I don't want to go on the income graduated repayment because I end up paying more in interest - I would rather get them out of the way now. Renting in DC is also expensive - I happened to find a very good deal on a house-share on Craigslist. Still working towards the goal of home-ownership! Give me another 5 years LOL
08:43 PM on 06/11/2012
I am 32 and about to be 33. I worked in a call center and worked my wayup fast to being a supervisor but the only way I could make a career with the company was to constantly relocate all of the US and well, Asia, they loved the company over there. I am not 100% ok with living at home after being out on my own for 10 years but I am doing what I have to do so that my son has a roof over his head, food on the table, and hopefully a better job for me at some point. I work but due to a lack of consisten work and decent pay, I cannot buy a car or a home. We barely even stay afloat most months. It is not because I am lazy. I am educated and can't find a good job. It is a no win situation. You cannot go out and just get any job you want, sorry folks, it does not work that way and so I cannot positively contribute to the economy.
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Thomas Stieglitz
09:28 PM on 06/11/2012
Shipping jobs overseas does one thing--it lowers the job levels that are available here.
08:36 PM on 06/11/2012
I am an engaged, 27 year old female who is currently renting (with my fiance) and has been looking to buy a home for over 6 months now. I have a solid savings account from my parents (thanks Mom & Dad), a rainy day fund that I have been contributing to since I started working at the age of 22, and I contribute 19% of my income into my 401K. I am doing everything right (and have an advantage with the extra savings from my parents and access to a financial advisor), however, the city I live in is an expensive city and the reality is as much as we are trying to buy a house together there is very little open on the market and houses that do open up in my price range get swooped up by investors immediately, flipped, and then sold for much more. We are at a complete disadvantage. We talk to many people in our age range who are trying to do the same thing and having the same problem. Millennials like myself do not choose to rent because we would rather rent then own, we rent because a house is much more expensive (to start out at least) and there is not much we can afford. So - let's not start blaming younger generations for the state of our economy.
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turnkey44
Support your local Animal Shelter
09:06 PM on 06/11/2012
I hope that you look at the taxes and insurance before you buy. I don't blame you if you don't buy, but others will.
First fan
08:36 PM on 06/11/2012
This is an odd article to say the least. It's time we start to recognize that renting isn't such a bad thing. And sorry, people renting are not dragging the economy down. Unless, of course, our ENTIRE ECONOMY is dependent on housing, which it isn't. What's dragging down the economy is the fact that companies are sitting on massive amounts of cash, instead of investing as they used to (in capital and labor). That's not a Republican or Democrat issue. That's a change in the mindset of US companies. In addition, thefinancial industry is extracting excessive rents for their services. Yes, it's called rent. :)
08:23 PM on 06/11/2012
Let's review: despite being saddled with high student debt and and the prospects of finding a good paying job the worst in years, the Millennials are now a major cause for the economy being in the toilet because they are not out their buying houses, even though most probably wouldn't qualify for a mortgage even if they wanted one. Could be, but they're the result, not the cause of an economic mess that their elders created. .
08:14 PM on 06/11/2012
Now only if the Boomers would stop consuming we could have a rational sustainable economy.
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lyredragon
Obey My Dog!
07:58 PM on 06/11/2012
sorry. I would love to own house right now, but I just can't. At 33 I can't even afford health insurance or even a second car so that I can get a career outside my home independent of my husband's work schedule. I've got a mortgage level's worth of student loans that I can't afford to pay, and food costs that are going through the roof and a stagnant wage coming into the household. you want to blame millennials and the tail end of gen x, fine, but we're not the ones who created the environment where financial independence for anyone under 40 is impossible.
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simplesins
A step left of center among right-leaning corn
08:08 PM on 06/11/2012
Don't kid yourself....it's not that easy for people over 40, either. The 99% has a wide age range.
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patriot1234
07:36 PM on 06/11/2012
What ever. Fact is Obama's policies have failed to turn the market around.
10:35 PM on 06/11/2012
Did Obama's policies have anything to do with JP Morgan losing 30 billion? I'd bet the stock market would be doing a heck of a lot better if our bankers weren't playing roulette. Obama tried to implement more pointed regulations that would have limited these kinds of gambles. Guess who blocked them?
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patriot1234
06:18 AM on 06/12/2012
Democratic Congress....Remember he had control for 2 years.   As commander in Chief he takes credit for anything good that happens (which isn't much)...Such as OBL.   Well as commander in chief you take responsibility for what happens during your watch.
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07:35 PM on 06/11/2012
Part 2 of 2
Facts about Rental Apartments: 1. Apartments create vibrant, highly social and personally connected living - as compared to homeowners who stay to themselves. 2. Rental Apartments are economically sound. The writer's comment about the economy failing b/c of Millennials renting makes no sense. A city/town will spend $13,470/yr to service a detached large-lot house vs. $6,405/yr for an apartment for municipal services/infrastructure. Furthermore, The construction of 1,000 apartment homes generates 1,160 full-time jobs in construction and related industries, $55M in wages, and $33M in combined federal, state, and local tax, revenue, and fees. 100 Apartments in your neighborhood generates 32 local jobs, $2.3M in local annual revenue, and $400K taxes and other revenues. Sidenote: Millennials are more social and lifestyle oriented. They reinvest their money into the local economy. And 3. Rental Apartments are environmentally sustainable. They are more environmentally friendly and energy efficient than other housing types, conserve land, and reduce the negative environmental impact created by sprawl and commuter-based communities (congestion, air & water pollution, and lost productivity/time). Source: www.nmhc.org and www.naahq.org/governmentalaffairs

My last comment on why Renting is a smart, financial CHOICE. In a 2011 published research study, over the past 30 years, households that rented, investing in stocks/bonds instead of home equity, outperformed homeowners' financial gains nearly 75% of the time. (same sources as above).

So, Millennials, keep renting and love everything it has to offer!
03:04 PM on 06/14/2012
Great comments vtopia! And...all true. To add to your comment about reinvesting money into the local economy:

* Younger renters tend to be more open to the more "transitional" neighborhoods (at least
in the Washington, DC market) and so are pumping their money into emerging
DC neighborhoods (and close in more urban suburbs (oxymoron...I know)) helping to
revitalize areas that have struggled economically and otherwise for long periods of time

* It isn't just the Millennials. There are plenty of Gen Xers (like myself) who also CHOOSE
to rent a lifestyle as opposed to purchasing a home. Could I afford to buy something in
a suburb (1/2 hour to 45 minutes without traffic from where I work without traffic)
probably. Do I want to? No. As a single 44 year old female, where I live is more
important to me than owning a home. I love my lifestyle and am not willing to give it up.
I may not be contributing to the economy by purchasing a home, but I certainly
contribute to my local economy in numerous ways

I will say...that as it's highly unlikely that I will ever have children, I don't know that I will ever purchase .
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Boatnmaniac
I'm just sayin'
07:35 PM on 06/11/2012
Rent costs in many areas now exceeds house mortgage costs. The recession pushed out many homeowners who then moved into apartments driving occupancy rates high and rents higher. At the same time, house values dropped and haven't gone back up because people are hesitant to buy. People who wish to pay themselves something each month instead of handing over their hard earned cash to a landlord can make some great housing buys right now.
barbara jay
my kid says hi
01:57 PM on 06/15/2012
This is an up-and-down thing. Though it took persistence, in two cities I've managed to find apartments with below-market rental rates. In comparison to buying, renting has clearly been the better deal. In the first city (NY) the maintenance fees alone on a co-op apartment in the same neighborhood would have been as high as my total rent. Obviously, depending on location, timing, opportunity, it's possible to find home ownership more economical than renting, so there's no real one-size-fits-all rule
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Boatnmaniac
I'm just sayin'
03:02 PM on 06/15/2012
Yes, every location does present different home ownership potential and opportunities. In some places home ownership costs are higher than renting and others it’s the opposite. When assessing what makes the most financial sense people too often overlook costs beyond the mortgage, like insurance, property taxes, and maintenance. In addition, renters often fail to take into consideration the equity and investment gains and income tax benefits of home ownership.

And personal wants and needs must be taken into account, as well, along with job/income stability and personal financials. Home ownership is probably not the best option for people who don’t want the responsibilities, plan to move frequently or who have job/income instability.

The point I was trying to make is that, for those who desire home ownership or wish to grow their equity, now is a very good time to consider buying instead of renting. Home prices are historically low meaning you can get a lot of home for the money and rents in many areas have increased and are likely to continue to rise for a while.
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07:35 PM on 06/11/2012
Part 1 of 2
Why is the article conveying that renting is bad? Renting is a great housing option! If the writer had done any legitimate research, he would have known (and stated in this article) that Millennials (and others) CHOOSE to rent for the following reasons: 1. Renting offers flexibility & mobility. Last Census data showed areas w/highest unemployment also had highest homeownership rates. People are burdened w/houses they cannot sell and cannot move to areas with available jobs. Renting doesn't tie you down. 2. Many rental buildings/communities are in urban core/prime locations and adjacent to public transportation. These apartments are in walkable neighborhoods with easy access to work, friends, shopping, restaurants, bars, entertainment, medical & municipal services, etc. Btw, in order for Millennials to afford to buy, they must go farther from the Urban Core to Suburbia where houses are cheaper. The Suburban social scene doesn't quite match up, so that adds to expenses traveling back into the city for fun and also for work b/c there is no public transportation. And 3. Millennials want conveniences and amenities that renting offers. When renting, a Millennial can focus on lifestyle and not worry about mowing the lawn, weeding the flowerbeds, painting the house, etc. A Renter has the freedom to invite friends over for a jazz brunch or to let his Apartment Building know he is traveling and to please water his plants & give a key to the dog sitter. Millennials are about lifestyle!
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Max Dragon
Make The Bad Men Fly
07:25 PM on 06/11/2012
This is a clueless and infuriating article and the author should be banned from the internet for stupidity.
07:25 PM on 06/11/2012
It's hard to make house payments with a minimum wage check. All those companies waiting for a housing recovery will have to keep on waiting-they sent the jobs(nad means for buying their products) overseas.
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lyredragon
Obey My Dog!
08:04 PM on 06/11/2012
you can't even rent with a minimum wage check.