Wow, an actual real answer. There is some NIMBYism but with the margins on house construction at an all time low, why would someone want to build starter homes when the demand for big luxury homes is just as big and gets you more profit?
Wow, an actual real answer. There is some NIMBYism but with the margins on house construction at an all time low, why would someone want to build starter homes when the demand for big luxury homes is just as big and gets you more profit?
Well at least there is some good news...
https://www.usatoday.com/story/money/2018/04/25/social-security-survey/546926002/
But everyone agrees they shouldn’t be getting ANY social security since they refused to pay for them by voting to appropriately RAISE taxes in the 70s, 80s and 90s when everyone realized there was a big problem on the horizon. Instead they have chosen the cowardly route of kicking the cab down the road.
Boomers should get NOTHING for social security. NOTHING. We should reform these programs to ensure Brave American Millennials get the entitlements they deserve for fighting two wars and defending American freedom. We should do this instead of paying pathetic Boomers who lost Vietnam resulting in our current “China problem”. I prefer hero’s who win wars, not those who lose them or become POWs.
M.A.G.A
(Millennials Are Great Americans)
You can blame his dumb administration starting with Alan Greenspan and Henry Paulson
+1
I'm not talking about apartments or condos. We can build infinity apartments for 22-yr-old SDEs and Marketing Managers and Program Managers who move to West Coast cities. And they're usually fine with living an apartment in the city when they're young and single. Assuming that they stay at their job for 10+ years and advance (which is not a given, considering the "up or out" policies at large white collar companies, that can easily replace you with anyone one of the millions of 22-yr-old fresh graduates), let's say from making $100k to $160k, they're still not in the league of people who can afford a house in a residential neighborhood in the city.
Racket wrote:
Millennial Utopia wrote:
They aren't blocking them, its just not profitable to build affordable apartments/condos on lots purchased at premium rates for a developer unless the city will subsidize the development. And cities are not going to subsidize building new affordable housing on premium lots. That would result in a loss of tax revenue.
Wow, an actual real answer. There is some NIMBYism but with the margins on house construction at an all time low, why would someone want to build starter homes when the demand for big luxury homes is just as big and gets you more profit?
Yes, that's the reasoning the developer lobbyists sell the public: only luxury housing is profitable to build. The logic you and the developers are proposing is that only luxury housing is being built, therefore we can conclude that the free market has determined that luxury housing is the most profitable. The major flaw in this argument is that the market isn't free and politics, corruption, and poor policies have steer developers to luxury housing.
In the city state and federal policies that enable the abuse of affordable housing tax breaks, the EB-5 program, and zoning laws muddle the economics considerably. High rises are no doubt expensive to build so I'll concede that its hard to know if only non-luxury housing is profitable, but the current argument of developers takes into account the favorable tax breaks they can receive through abusing the EB-5 program. Remove those tax breaks and it's unclear what's profitable.
In the suburbs, that's in no way true. An apartment complex with 6-8 units on the same property where 2 luxury town homes could fit is by no means less profitable. It's simply that the town residents won't allow those types of properties to be built. It's ridiculous to assume only luxury housing is affordable when local town politics have completely prevented anything else from being built.
jamin wrote:
I'm not talking about apartments or condos. We can build infinity apartments for 22-yr-old SDEs and Marketing Managers and Program Managers who move to West Coast cities. And they're usually fine with living an apartment in the city when they're young and single. Assuming that they stay at their job for 10+ years and advance (which is not a given, considering the "up or out" policies at large white collar companies, that can easily replace you with anyone one of the millions of 22-yr-old fresh graduates), let's say from making $100k to $160k, they're still not in the league of people who can afford a house in a residential neighborhood in the city.
Again....move to the suburbs for a better more affordable house, great school district, and lower cost of living.
It's like having a nice Honda Civic and whining that it is not fair that I cannot afford a Tesla Model X.
Millenial Utopia wrote:
jamin wrote:
I'm not talking about apartments or condos. We can build infinity apartments for 22-yr-old SDEs and Marketing Managers and Program Managers who move to West Coast cities. And they're usually fine with living an apartment in the city when they're young and single. Assuming that they stay at their job for 10+ years and advance (which is not a given, considering the "up or out" policies at large white collar companies, that can easily replace you with anyone one of the millions of 22-yr-old fresh graduates), let's say from making $100k to $160k, they're still not in the league of people who can afford a house in a residential neighborhood in the city.
Again....move to the suburbs for a better more affordable house, great school district, and lower cost of living.
That's exactly what I plan to do: Rent in the city until I save up $500k, move to top school district in the nation -- there are some in low-COL Michigan -- buy a nice house. There's a good chance that in the meanwhile "The Big One" will hit my city and I'll consider buying one of the flattened properties and building a house on it.
jamin wrote:
Millenial Utopia wrote:
Again....move to the suburbs for a better more affordable house, great school district, and lower cost of living.
That's exactly what I plan to do: Rent in the city until I save up $500k, move to top school district in the nation -- there are some in low-COL Michigan -- buy a nice house. There's a good chance that in the meanwhile "The Big One" will hit my city and I'll consider buying one of the flattened properties and building a house on it.
LOL . . . you will be well into your 40s before you can save $500k. Your plan must include not having a girlfriend before you save that money; otherwise you'll have to spend money on her so she knows you can afford nice things. So, I don't expect someone like you--afraid of women--will risk his savings plan for a real girlfriend.
What exactly did you think I meant when I said "margins on house construction at an all time low?" We're arguing the same point, your weird anti-boomer manifesto aside.
I'm single, live alone in a 600 SF apartment, and still feel like I have too much space.
I don't need a house. Nor do I want one.
I will never marry, so I don't care what women think. I don't need message board approval, so I don't care what you think.
Renting a small apartment works for me. No way I'd ever put up with all the hassles of home ownership.
Think I'm a loser? Great. Enjoy looking down on me.
a single guy wrote:
I'm single, live alone in a 600 SF apartment, and still feel like I have too much space.
I don't need a house. Nor do I want one.
I will never marry, so I don't care what women think. I don't need message board approval, so I don't care what you think.
Renting a small apartment works for me. No way I'd ever put up with all the hassles of home ownership.
Think I'm a loser? Great. Enjoy looking down on me.
A lot of people with a wife and kids felt the same way at some point in their life. When you are single is actually one of the best times to buy a house (so long as you are secure in your job). Buy a smaller house or condo with a couple of rooms and rent the other rooms out). Nobody buys the average 2600 sq ft house with a decent yard when they are fresh out of school. Properties like that takes time and retained equity (and to be quite honest you don't need it at that point in your life). The first house I bought (when I was 25, I am 42 now) had three bedrooms, was 1200 sq ft above grade and 600 below grade in a decent suburb close to a train stop. It was below market price as it needed some work. I put some sweat equity into it and when I sold it five years later when I got married, I turned a 20% profit on it. So, essentially I was able to live rent free for five years and turn a little profit on the sale. There are still properties that you can do this with, although it is extremely risky now where home prices are inflated and prices are poised to drop due to rising interest rates and changes in the tax law. There is always some degree of risk in real estate. The best time to buy was back in 2009 / 2010 and people like Warren Buffet said as much:
http://www.southeastdiscovery.com/blog/2010/04/warren-buffett-sees-opportunities-in-real-estate/You should really listen to people like him, and then you might feel less like a victim.
so the millennials' problem is that they didn't by their houses back in 2009 when they were in college, highs school and middle school?
Funny...I lived in Omaha during that time period with my first full time job & could have afforded a reasonable starter house & my mother (who was a real estate agent) was ready to help in the process...and I knew "now is the time." Except I wanted out of that god-for-saken sh!t-hole ASAP & devoted all of my being to escaping...finally escaped a few years later & best decision I ever made was to not buy a dump in that wasteland. Any millennial who purposefully decides to live in the middle of this country has no ambition or purpose & honestly should just end it for themselves.
Where on earth did you get the idea that I feel like a victim? I assure you I don't. Am I a victim for stating the reasons I don't need or want a house?
If thinking I'm a victim makes you feel superior, knock yourself out.
I don't need or want a house. And I will never marry. I promise. I 1,000,000,000% guarantee it.
Millennials born between 1980 and 1990 probably should have purchased a house sometime between 2009 and 2015. Back in 2010 was probably the best time to buy as prices were low and interest rates were low (a condition that rarely happens). Now prices are high, and interest rates are rising. If you are renting now, stay renting until prices come down (which they will and have started to in some markets). If you are in your low to mid 30s or early 40s have never owned a property and are renting, then shame on you. A number of people on the boards that are complaining had plenty of decent opportunities in the past ten years to buy a house.
joedirt wrote:
Millennials born between 1980 and 1990 probably should have purchased a house sometime between 2009 and 2015. Back in 2010 was probably the best time to buy as prices were low and interest rates were low (a condition that rarely happens). Now prices are high, and interest rates are rising. If you are renting now, stay renting until prices come down (which they will and have started to in some markets). If you are in your low to mid 30s or early 40s have never owned a property and are renting, then shame on you. A number of people on the boards that are complaining had plenty of decent opportunities in the past ten years to buy a house.
I'm in my mid 30's & proud I own nothing more than a modest used car I'm paying off, modest 3-year old lap top for work, modest 3-year old cell phone for work & some modest clothes. Oh, and some top of the line camping/backpacking/traveling equipment that is mostly well worn at this point (for my real passion in life). That's it. I still save $500-$600/month. I will have considered my life a success if I can avoid owning basically anything more. Maybe a bed some day & dresser for those clothes if I want to splurge.
If you actually owned the property you live in [be it a house or a condo (if you don't want the upkeep)] when you get older you could actually do a reverse mortgage on the property to provide you with fixed income during your latter years so that you could retire earlier and spend more time camping/backpacking/traveling later in life. Instead, you have been paying for someone else to own the property (over the 15 years you have been renting, you probably could have paid for the property by now), so that they can retire early and spend more time camping/backpacking/traveling. Enjoy working ten extra years while I fish/travel/camp/backpack.
OK so let's summarize this thread:
1. Millennials are no more priced out of trendy places than any other generation. But most of this thread is about.....
2. Everyone hates boomers. Hey, I'm a boomer and I despise my generation (but I loooove being a boomer). All generations are the same. Only their circumstances are different. Boomer circumstances were set up by the REAL villains, the GG's
Yoing wrote:
OK so let's summarize this thread:
1. Millennials are no more priced out of trendy places than any other generation. But most of this thread is about.....
2. Everyone hates boomers. Hey, I'm a boomer and I despise my generation (but I loooove being a boomer). All generations are the same. Only their circumstances are different. Boomer circumstances were set up by the REAL villains, the GG's
Fair.
If the greatest generation hadn't survived the great depression and won a war making US the superpower and developed that nation for peanuts, then the Boomers would have struggled just like any other generation.
I've said it before, the Boomers lived in a time of unprecedented prosperity in the history of the world. They may have lived in the literal best time to be alive.
Millennials can only hope to make that a reality for their children.
Great interview with Steve Cram - says Jakob has no chance of WRs this year
I’m a D2 female runner. Our coach explicitly told us not to visit LetsRun forums.
RENATO can you talk about the preparation of Emile Cairess 2:06
adizero Road to Records with Yomif Kejelcha, Agnes Ngetich, Hobbs Kessler & many more is Saturday
2024 College Track & Field Open Coaching Positions Discussion
Hats off to my dad. He just ran a 1:42 Half Marathon and turns 75 in 2 months!