Why aren't millennials buying houses?

>Why aren't millennials buying houses?
Pic related. Who has $75k for a downpayment? And why the fuck would anyone pay $380k for a 975 square foot house?

Other urls found in this thread:

zillow.com/homes/for_sale/Union-City-CA/24920280_zpid/41333_rid/pricea_sort/37.657935,-121.957169,37.539064,-122.103253_rect/12_zm/0_mmm/
realtor.com/realestateandhomes-detail/7211-John-Norton-Rd_Knoxville_TN_37920_M71239-80800
zillow.com/homedetails/5022-S-164th-East-Ave-Tulsa-OK-74134/79762668_zpid/
twitter.com/SFWRedditGifs

...

We need more immigrants now racists!!!

To get a downpayment on a house, and to afford the house thereafter, you require at least two of the following things:

>A well-paying job
>Discipline
>Good luck (an inheritance or trust fund)

>Who has $75k for a downpayment?
Me
>And why the fuck would anyone pay $380k for a 975 square foot house?
Now that is a good question

>$380k

That's cute
zillow.com/homes/for_sale/Union-City-CA/24920280_zpid/41333_rid/pricea_sort/37.657935,-121.957169,37.539064,-122.103253_rect/12_zm/0_mmm/

>two lots
That's a good deal if you bulldoze it and build two new homes.

No its two 2,500 lots, basically one lot.

I don't understand what the problem is? Looks to be a very nice home for a modest price. If you can't afford it now, look into what's called an Adjustable Rate Mortgage. When the value of the home increases, use the equity to refinance at a fixed rate for a lower payment. It's simple economics.

380k isint expensive you Amerilard Mutt

A bought a 1500 Sq foot house in bummfuck Indiana for 90k, no downpayment.

USDA loan

The Portland house in the OP isn't in a particularly nice neighborhood. Would have been $180k 10 years ago before 100k Californians fled to Oregon

It's in real dollars, not whatever Kiwi bullshit you have

>5 beds 3 full, 1 half baths 3,000 sq ft 2.66 acres lot
>$265,000

realtor.com/realestateandhomes-detail/7211-John-Norton-Rd_Knoxville_TN_37920_M71239-80800

>Knoxville

>Complaining about houses that cost less then 500,000$

Come to NZ and Australia and see how hard millennials have it. Trump is fixing your country, ours are being sold out to foreign scum.

Number 3 is the key for most unless you're making 6 figures

>Who has $75k for a downpayment?
VA loans require $0 down.

>why the fuck would anyone pay $380k for a 975 square foot house?
Democrats whoa really pisssd about Trump's tax reform.

We have plenty of foreign real estate investors buying up properties and turning them into rentals

>falling for the mortgage jew
If you don't inherit property you're cucked

If you buy a home in Tennessee, remember my brother.. You will need a lot of insurance in case of a natural disaster, or a fire. You wouldn't want your house to catch on fire would you?

>a kike shilling ARM loans
pottery

What is wrong with Knoxville?

no jobs

It's literally cheaper to build your own house nowadays

>$380k for a 975 square foot house
Portland

Millennials are simply not old enough to get that kind of income for housing yet. 30+ yr olds aren't really our age group and the ones with houses were born into money or had a grand parent kill over and get it.

18-21 is college or technical training while working for minimum wage. 22-24 is apprenticeship and experience years at mediocre pay while acquiring tools and such for career. 24-28 is where you start to make 20/hr+ but you won't have significant savings yet.

I live in the south so wages are not too high but that's pretty much your average millennials situation

Dont worry, your state government is collecting fat taxes from all these houses.

So all these wealthy investors buying or building massive houses have a hole burning in their bank account.

>No its two 2,500 lots, basically one lot.
Broham, it's legally two lots. That means you can subdivide the current legal description. Tear down the current house, build two new cuck sheds and sell them both for $380k.

...

it isn't (in most areas)
all the cost is in the land

Most are ignorant city faggots that spend vital earnings on frivolous (expensive) things, while accumulating debt; that have no concept of foresight nor the discipline for delayed gratification.

t.Texasfag that earns $53k a year as a diesel mechanic, living with brothers and cousins, pooling a combined household income of $217k a year (1 of 6 family units pooling households), for the last 7 years, to save into massive family fund, acquire property and invest in our own individual portfolios

It depends what you do for a living, if you work at walmart and get good deals on the materials and borrow the tools/ bring the lads sometimes for labour your can build one in about 1/10th the time you can rent + work to downpayment (then be struck with debt for eternity
mort·gage late Middle English: from Old French, literally ‘dead pledge,’ from mort (from Latin mortuus ‘dead’) + gage ‘pledge.’)

Cuck sheds indeed. Youre right it is two lots, two 2,500 sq lots...

>that icelandic flag

just build over the yardspace it's not like they're going to have kids anyway you could play 3 homes on that space

lmao. The boomers in your family are going to drain that mother in a few more years. my cousins tried and when their dad got cancer it all went out the window and what was left went to their mom. cuck spent 15 years living with his parents working 12's for nothing

>when their dad got cancer
people need to accept the fact they are going to die someday

Nor is this one, nearby schools are rated 2/3/7

build a firebreak around the property

Why would you ever send your kid to public school?

Working shitty paid jobs doesnt get you a house deposit m8

Because if you're middle class those taxes you pay for public school don't magically stop being deducted from your paycheck/property tax bill if you elect to send your kids to private school

There sucked into the jew trap apartments, leases on new cars, new phones every year etc etc

Dont work a shitty job

OK but why would I care about the quality of the school?

Give it time. The boomers will have to start liquidating their houses after their retirements dry up. The hippies ruined housing prices just like they have every thing else they've touched.

Because school quality usually corresponds to neighborhood quality/demographics

Own three homes. Never put a penny down on any of them.

The mid 2000's want their loans back. This is precisely what fucked the market in the first place. Because nothing ever goes wrong for people on AR loans.

>portland

also, I made over 100k a year at 25. Its called education, maybe you should try it?

Why do you hate money?

Avg interest rate is 4% APR for a mortgage, could have gotten 20% returns with an index fund

Good for you techie

Lol 975 square feet. Literally the size of my garage.

Why do people live in areas like that. I'm thinking about putting an offer on this house

zillow.com/homedetails/5022-S-164th-East-Ave-Tulsa-OK-74134/79762668_zpid/

Not true. Discipline can make up for a lower-paying job.

For example, a standard mortgage being 300 months, a person could start putting the equivalent of a mortgage payment for a house into savings every month. Say that amount is $1000.00. You save that amount for 5 years and you now have a downpayment (and not just a minimum DP, but 20% so you don't have to pay CMHC (at least for Canadians). Then, you take the money that you had been spending on rent and that becomes your living expenses and secondary bills.

The only other expense that may be an issue is property taxes.

you're so cool boomer

Yes they are. There are Millennials born in 1987 and earlier if you're talking about the 30+ crowd.

Find an older home with some character, sure not everything will be perfect and you'll have a little fixing up to do, but in the end you love your one of a kind home and appreciate the amazing build quality.

These Home Depot showroom McMansions are hideous.

Fuck Portland.
Millennials aren’t buying houses because people who major in gender studies don’t get jobs.

Large homes that are out of date but still are in good condition are usually the best value

>Medicare doesn't exist

My bro bought a ruin of a house with his gf for 400k, he is indebted for 20 years.
But he makes 50k and so does his gf.
In the periphery of the capital city of my country, close to the metro and had to basicaly build the house. It is now worth 600k.
If you want a house you need debt, if you create debt you create riches. Now is a great to loan money since interests are around 1-2%.

Live some place that’s notoriously expensive. Can’t afford to buy home. Never leave. Just post about it on Sup Forums.

>house with his gf for 400k,
This seems like a great idea that won't backfire

If they sell the house tomorrow they already made 200k.

>not watching ebay for cheap property deals
you FOOOOOOOL

Why would you buy a house with your gf?

>I want the kids around me to have nigger mentality
You want smart people around you, otherwise you become a slum.

A car lease makes sense. The payment is just as much as a car payment and you keep getting new cars.

>She made 200k
FTFY.

All of our Grandparents have eight figures in assets because they did this same family pooling/saving/investing system since the 50s. We are very family oriented and shun frivolous, luxury expenditures from The Family Fund (it's okay if it's their own income). Big hypothetical, if they drain mammoth fund (this is particularly for future progeny and future property purchases), we still have a lot of compartmentalized assets and property. But no, our boomers did their absolutely best to mitigate future financial struggles of the next generation. Thanks to my grandpa, I have and never will pay rent or mortgage; so a high degree of our income can be used for accumulating more wealth. FYI we are humble ruralfags that are brainlets that do in demand skilled/technical labor; that the biggest joys in our life is our family, gf/wives, hunting and being together at a campfire at night with guitars while sipping homebrewed vodka and smoking homegrown grass, being goofy.

My house is 130 years old. Not every wall is level and it has some straight up ridiculous traits, but real hardwood floors throughout and it's built like a goddamn fortress. I love it, it feels so comfy and welcoming.

When I see newer homes like the one posted in the zillow ad above it just makes me gag a little.

Uh, is life supposed to be so fucking hard regarding expanses managment and basic needs like a house ?

This is a serious question.

its because our economony is in the fucking shitter, if we stopped bombing sand niggers, and put money toward stuff that mattered along with fucking medical research like stem cells and shit, we wouldnt have that much of an issue with housing we would be a science power house we have the fucking technology to do this. Bombing sand niggers is way too expensive it should stop

>not just giving your dad the Sleep Better retirement plan and sending your mom on a cruise so she can meet a new younger man and forget about him
This is why poor people stay poor, they lack resolve.

I hate old houses though. Idc about character

>woodtsock neighborhood, 45th and Nehalem

Former Portlander here, this is actually a really nice area with lots of amenities. For under 400k with a decent yard and in good shape it's a pretty decent deal. I'd buy that if I still lived in the city.

Im not familiar with the home market. I'm a poor 22 year old, and most small homes in my area cost 400k plus. My question is, if you were to by a 400k house. How much would you need to put down?

For the 14 words.
> he doesn't know how to make a contract

I don't want to buy a house because I will be stuck where I live. I don't see myself staying where I am for longer than five years.

Also. Do you honestly believe a 130 year old house is as stable as a brand new home with all the building code updates over the years?

Depends how much you make and how much you can put forward.
If you are poor and unmarried don't expect to find anything but rentals.

This right here. Pretty fucking accurate.

Wages have essentially been suppressed since there is an abundant supply of workers. All of the decent paying jobs are near cities. Most people want to live near their high paying jobs. I can only imagine what it'll look like in 30 years. I live in Texas and there are far more Asians than there were 10 years ago. Someone sold us out. Growing up there were only a handful.

Semi-related. A friend of a friend is an immigrant working on a visa. He has a good job but his parents front him money so he can buy rental homes. Just heard because of Trump they have been sent packing. They have to sell their home because they have to move back. Trump is on our sides. Foreigners should not be allowed to buy property.

That's why you live somewhere that doesn't rape you with property tax to fund some kike-run montessori school that builds a gay pride float every year that you're not going to send your kids to.

just can't put my finger on it

Jesus is that take home pay?

I made 36k take home last year and I was out of work thru mid march

This guy is right. Originally from Knoxville here, and I'd love to go back, but there's just almost no jobs in any worthwhile industry outside of the sciencefags in Oak Ridge.

>Quant currently making ~140k

This includes people age 16-22, including millions of students who mostly make $0 or a few thousand at a part-time gig

This one has been here 130 years and it's still standing tall. I had to repair the foundation a few years back, but other than that it's been problem free. I see no reason it won't stand another 100 yrs if it's maintained. Will these newer homes last 130 years? Time will tell but I'm betting most won't.

And it's more than that. I just want to give my house a hug because it's served so many for so long so well. It has history and a connection to the past. I found a WWII uniform that had been covered with insulation in the attic once.

I guess it's just what you want in life. If you want an investment you can flip in a few years, sure get a newer house. I couldn't be happier with my old house.

The rule of thumb is 20% down, but you can get FHA loans for first-time homeowners which require little to no downpayment. The downside is your monthly will be much higher, and you have to purchase loan default insurance which is like $80-$90 a month

>Reddit terminology
Kys

Holy shit, what the fuck are you niggers doing with your lives? Millennial here.

Woodstock isn't great. There are a couple decent pockets

>but you can get FHA loans for first-time homeowners which require little to no downpayment

if you have 2 years of paystubs

It didn't used to be expensive

Fuck off solomon

>reddit terminology
I was using that shit as a kid in like 2004, what are you smoking?

You can't save $1000/mo with a lower-paying job unless you're living in your parents' basement and not paying student loans

>
DO NOT GET AN ARM!!!!