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Baltimatt

Millenials buying houses

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https://www.usatoday.com/story/money/2018/05/07/millennials-buying-first-home-skip-starter-house-buy-dream/582309002/

 

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Mike Sullivan, 31, bought his first house a few years ago after saving up for years, but it’s not a typical one or two-bedroom starter house. He paid $360,000 for the four-bedroom, 2,700-square-foot ranch on Long Island. He calls it his “forever home.”

Millennials put off buying their first home as they struggled with the aftereffects of the Great Recession. Now that they’re snapping up houses in greater numbers, many older Millennials are making up for lost time: They’re bypassing the traditional gateway to homeownership – the starter, or entry-level, home – and buying larger, more expensive houses where they’re likely to raise families and maybe even grow old.

“They rented for longer,” says Diane Swonk, chief economist at Grant Thornton. “Now they’re going to where they want to stay,” possibly for decades.

 

Guess they're not going to live with mom and dad forever.

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Home ownership was unusually low during the Obama years. Luckily it has recovered.

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13 minutes ago, Manny said:

Home ownership was unusually low during the Obama years. Luckily it has recovered.

Actually, home ownership was unusually inflated during the Bush years. Then the Housing Bubble bursted.

After a few years, it’s back to normal now

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15 minutes ago, Manny said:

Home ownership was unusually low during the Obama years. Luckily it has recovered.

Home ownership was very strong during the Bush years.  Fortunately nothing bad happened as a result.  :rolleyes:

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From the same guy who conveniently forgets the southern strategy. 

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4 minutes ago, Manny said:

Home ownership was unusually low during the Obama years. Luckily it has recovered.

 

Geez whiz I wonder what caused that?

:rolleyes:

 

 

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Kind of funny....people posting....with Obama up with Obama down....with Bush up ...with Bush down.

I see a lot of opinions but no facts. 

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Don't know if my case is unusual, but both of my mils (two daughters) bought homes shortly after college and their first real job and so have all my nieces and nephews shortly after college and real jobs.  Personally, I think the "living in my parents basement was overblown.   

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2 minutes ago, jonsensback said:

Don't know if my case is unusual, but both of my mils (two daughters) bought homes shortly after college and their first real job and so have all my nieces and nephews shortly after college and real jobs.  Personally, I think the "living in my parents basement was overblown.   

It’s not unusual. I just think either because more people go to college today or the slow economic recovery, many young people put off buying homes or starting families. 

I bought my first home in 2012

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14 minutes ago, jonsensback said:

Don't know if my case is unusual, but both of my mils (two daughters) bought homes shortly after college and their first real job and so have all my nieces and nephews shortly after college and real jobs.  Personally, I think the "living in my parents basement was overblown.   

I think there’s a segment of that which is true, but it’s exaggerated. My two mil sons haven’t decided to buy yet, but are both living on their own. In my case though that could be because I told them after college they were on their own and had to sink or swim 

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2 minutes ago, soulflower said:

It’s not unusual. I just think either because more people go to college today or the slow economic recovery, many young people put off buying homes or starting families. 

I bought my first home in 2012

True, I think it had more to do with economy the last 10 years than the generation being basement dwellers.

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3 minutes ago, bmore_ken said:

I think there’s a segment of that which is true, but it’s exaggerated. My two mil sons haven’t decided to buy yet, but are both living on their own. In my case though that could be because I told them after college they were on their own and had to sink or swim 

Nothing wrong with that.  They will appreciate it more when they do own their own homes on their own.

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Another recent generational problem is that Cities are beginning to reverse population growth as Millennials start families and move to the Suburbs.

Its just too expensive to raise a family in most cities 

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Just now, soulflower said:

Another recent generational problem is that Cities are beginning to reverse population growth as Millennials start families and move to the Suburbs.

Its just too expensive to raise a family in most cities 

And couple that with the issue in Baltimore where well heeled home owners leave the city as soon as they start a family because the public schools scare them off.

 

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9 minutes ago, soulflower said:

Another recent generational problem is that Cities are beginning to reverse population growth as Millennials start families and move to the Suburbs.

Its just too expensive to raise a family in most cities 

Maybe in New York or D.C, but not in Baltimore 

https://www.zillow.com/baltimore-md/home-values/

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2 minutes ago, bmore_ken said:

Maybe in New York or D.C, but not in Baltimore 

https://www.zillow.com/baltimore-md/home-values/

But if you wanna send your kids to private school it does. I have had a lot of coworkers over the years leave the city as soon as the wife gets pregnant. There are several that have stuck around though and they’re sending their kids to private school. One sends her son to Poly, but obviously they had to get High school age first. 

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1 minute ago, soulflower said:

Baltimore definitely has different reasons because of their schools and crime but nationally, cities are getting too expensive. 

DC schools aren’t anything to write home about either.  Not sure about NYC... probably lots of magnet options there...

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1 hour ago, soulflower said:

Actually, home ownership was unusually inflated during the Bush years. Then the Housing Bubble bursted.

After a few years, it’s back to normal now

When did the housing bubble start?

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I see no problem with kids staying with their parents a couple years.  My sisters and I all stayed with our parents for a year or two.  My kids stayed with us for a couple years until they saved enough to buy a house rather than rent.  Our youngest son owns two houses now. He lives in one and rents the other to our oldest grandson.

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4 minutes ago, mrsmlh said:

I see no problem with kids staying with their parents a couple years.  My sisters and I all stayed with our parents for a year or two.  My kids stayed with us for a couple years until they saved enough to buy a house rather than rent.  Our youngest son owns two houses now. He lives in one and rents the other to our oldest grandson.

But not until they are 30?

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Just now, flyboy56 said:

But not until they are 30?

The youngest actually came back after his divorce so technically he was over 30 when he bought his 1st house and left for good but no we/they moved out before 30.

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8 minutes ago, mrsmlh said:

I see no problem with kids staying with their parents a couple years.  My sisters and I all stayed with our parents for a year or two.  My kids stayed with us for a couple years until they saved enough to buy a house rather than rent.  Our youngest son owns two houses now. He lives in one and rents the other to our oldest grandson.

There’s nothing wrong with it. It’s just not how I was raised and I wanted to raise mine the way I was brought up. 

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