I will admit to NOT reading this whole mess of a thread, but here are my personal observations, as an aged 33 year old "millennial" . . . .

The lifestyle of millennials varies A LOT depending on WHERE they live and WHAT their interests/career involve. I work two jobs, main job is at a cubicle for a Medicare contractor. Second job is working valet two nights a week at a nice restaurant. Man there is a vast difference between the young people at the cubicle job(mid 20's to mid 30's) and the restaurant(once again early 20's to mid 30's), neither place has anybody working there under the age of 21 or so.

The people at the cubicle job are better described as the millennials in this thread, most of them are married(or in a serious relationship) they're wanting stability, good pay, benefits for their family(or future family), they live in the suburbs, want that big house with yard, nice cars, want to move up the corporate ladder, etc. A lot of these people have lived in Nashville(or the surrounding area) their whole lives. A good number of them are struggling financially, its expensive to have a family when you make $35-50k a year, and your wife makes similar $$$$, you have two kids, saving for retirement, paying the house note, paying the car note, you live 20-40 miles from your job because that is where housing is in your budget, etc.

The people at the restaurant, they're a lot more free spirited, more "hipster". Keep in mind I live in Nashville, the music scene/industry here is huge. I work with several aspiring songwriters, artists, professional session musicians, people trying to make it in the industry. Or some of these people are just free spirited youngsters that haven't made up their mind on a career path, or are still in college. The people at the restaurant all live in Nashville proper, usually within 10 miles of downtown in one of the "gentrified/hip" neighborhoods near downtown, often with a roommate so they can afford the expensive rent. None of them lived in Nashville during their childhood, they moved here for college or to chase "their dream"

Anyways, I'd say my generation is struggling under stagnant wages, we don't have things as good as our grandparents or parents had them. I'm also going to say this about outsourcing and automation in factories. Those factory jobs(that had a union) that paid good(like $15-30 an hour in current wages), had good health insurance, had a pension, back in the 50's/60's/70's/80's have now been replaced by companies like Wal-Mart and Amazon that pay slave labor rates with no benefits, work you 31 hours a week to avoid making you full time and eligible for benefits, so naturally you have a 2nd job.

Then if you work for these companies for slave wages, you are A LOT more likely to be on SNAP(food stamps), subsidized housing, or some other government teat. Sorry to make this political, but raise the minimum wage and cut welfare. Welfare for the public is a form of corporate welfare, we the taxpayers subsidize these **** wages corporations pay their employees.

 

I think you have done a good job of summing it up in what the reality is for the millennial generation. Those who have not lived the 60, 70s and 80s will never understand how it was different. I recall before the Walmart boom. I remember when things like a chain saw where made in cities in the United States and Canada. Home theater and stereo speakers where all once made in the US And Canada. There are so many examples of this and it all just disappeared to China. Add in slow growing wages and an inflated housing market. It's no wonder the outlook for millennials is weak.

 

When I was in college, I had this friend that was old. 43. hahahahahaha Anyway, we remained friends almost to the point where I got married. He would tell me his dad's times were so different.

His dad did not finish high school, had to go to work, met his mom in a factory in Brooklyn. That was the last time his mom worked (at 19) as baby on the way. Had 5 kids. Bought a house on Long Island (try to do this under the same circumstances today) in the 5 towns/Nassau County. Worked his entire life for Con Edison, never got one promotion, just raises until he hit the max of the pay range. Has a full pension today around $4k/mo. Bought his two daughters houses on Long Island. Last I saw them, they lived very frugally, no differently than when they were starting out. This was the family that gave me a 20 y.o. Pontiac LeMans Sport for free, which I drove almost a year.

Today, even I am often out of touch. Those townhomes around the soccer fields where my wife takes our son to the township's playground, go for 1.2 mil. I can say this makes absolutely no sense all I want--but tell that to the 30 y.o. folks moving in. They don't find the price strange, and seem to know how to pay it. I wish I could, not that I would live there, but I wish I could afford that number.

 

No doubt, its an uncertain world with a lot of potential changes that give reason to worry. Automation is a huge issue, and the job loss created from a virtual robotic world really concerns me. Lots of good, unskilled or low skill jobs that don't require a ton of education gone, and as automation and AI get better it will start to consume higher skilled jobs too.

BUT...what can we do about it? We each have to try and find our own way in the world that we're in. Dwelling on how it was for prior generations doesn't do a whole lot for us...we have to focus on making our way in *this* world.

 

This is pretty much the same as I was saying. Sure there are plenty of successful millennials, or those who get help from family, but the vast majority that will end up working regular jobs will never be able to buy housing, at least not in desirable locations.

 

Perhaps not in desirable locations to you.

Homeownership rate is ~ 65%. Once millennials become the largest group of homeowners, I think you'll be surprised to find it'll be ~ 65% lol.

 

Wow, can't believe how this thread has grown, but some GREAT posts, even respectful disagreements.
With so much focus on housing maybe it should have been in clubhouse instead of car chat, but anyway...
despite the struggles for millions pf younger people today, obviously there's got to be some buying homes in all areas or the housing market would be really struggling. i am stunned people put up with paying the tax levels in states like NY and NJ in particular, but hey if you can make it work and prosper more power to you.
like some here i lived in PA a long time ago, but when an opportunity came to move to Atlanta, i moved right away. Loved atlanta except for the crap traffic and distance from beaches. So i moved to florida, which i love more. Yeah it's hot in the summer but it doesn't bother me enough to want to put up with cold weather, let alone shovel snow.
florida does seem to me to be a pretty poor state overall though, funded mainly through retirees who move here and tourists who thankfully pay a lot of taxes and spend here, so cost of living and taxes for residents are very low which i like. young families that do well here tend to be self employed, and there's TONS of opportunities to support retirees and tourists from hospitality, landscaping, construction, accounting, legal, IT (what i do), etc. with initiative, i think it's pretty easy to have a good life here and have a nice home, family, suvs etc. however many you g people are in the cycle of going from one low paying job to another, with no idea how to do better, and that's tough to watch...

 

46% of buyers last year in fact

Oh its astonishing. My sister in law and brother in law, their tax escrow is $2,100 a month...just the taxes!

 

That's insane.

Here in my neck of the woods, we have high sales tax, car license, and gas tax, but we don't have a state income tax and our property taxes are reasonable. My annual property taxes are around $4800.

 

Yeah, my current prop taxes are ~12K a year and the next house is looking to be around 17K. But honestly, I'd rather pay that then double my commute to PA

 

I have friends/coworkers who in S Jersey pay around 15k in property taxes, and they quite modest homes (< 2000 sq. ft. split built in the 60's). The killer imho isn't so much the amount, but what you are getting, is it roads? Schools? Public services? What? Prolly helping the northern part of the state...lol

But you're spot on with the time factor, I messed that one up.

 

Certain school districts are rated really highly in NJ. The 12k I'm paying now offends me more than the 17k I'm going to be paying in the future because the district I'm in right now stinks Just clarifying my previous post too. Should've read double my commute and move to PA

 

It's all relative, isn't it? imho they are fortunate to have livelihoods that can support the taxes, seriously. Back in 2006, the low property taxes were a selling point on brand new homes for sale in Westfield, NJ. They were asking 1.6, yet at the time only had $18k taxes on a new construction. Of course that 18k number sailed long ago...btw my uncle taught me never pay to escrow, pay yourself, collect interest in the meantime...in my travels I had found some banks charge 1/8 more when the customer wants to pay themselves, but not all....

 

Amazing! I thought ours was bad at 1k a month.

 

Yes taxes are a killer.

Looking at potentially moving to Long Island (North Shore) for the better schools compared to NYC as my daughter will be starting preK. Any decent houses are all at 20k or more per year.

Benefit is i will no longer have to pay NYC income tax on top of Federal, State, and NYC property tax. There is just no end to it......