Topic: Will they ever be able to afford a house? - page 6. (Read 961 times)

arguable statement to say that its like a trap with the need to pay mortgage for 20-30 years, but I do agree, basically if we need to work 30 years just for a house which essentially is just a cage at that point I would refrain from buying it, if for gen z it doesn't seem to be bright future with housing just rent, the financial economic are hell for those finding proper affordable housing.
paying mortgage for 30 years is equal to wasting our life for 30 years for just a building it doesn't make sense if we view it from the other perspective only when we able to make it big that we deserve owning such building no need to wait for 30 years wasting our time away working just for a dang building to sleep doesn't make sense at all indeed.
i would at this point prefer to live in the country side for cheaper housing than working 30 years straight with half of my salary.

Even though a lot of the time and energy they have is still unused and wasted, they have to think about becoming rich so that when they are young they have to work hard and make a lot of money. Cryptocurrency is an alternative to looking for extra money, if only Relying on income in one place will not make us grow and, of course, will provide a very meaningful experience when you want to try new things.

It is quite hard for the normals of these generations stated by @OP to buy a house if they just live passively.  Meaning, they are just relying on their regular job.  They need to step up their effort.  They have to look for more sidelines and if possible save for investments.  

We all know that those who only rely on their salaries often end up in debt so the majority of their salaries go to paying loans.  Every person should work hard and smart in order to have extra money to buy house and other life improvements.

I'm on a same dilemma too. I make more than enough for my self and have good investments accumulated over time. There are some lots and houses to be bought south of where I live, but the problem is the place is full of criminals and traffic is very hard. I can move to the provinces and live a comfortable life, but that also means letting go of my job which is impossible to shift to a full time remote position. I mean, there are opportunities and choices out there for us Gen X and Gen Z people, and you really have to choose the right options and you'll be fine.

I might have to transition full-time to tech and leave STEM behind if I really want to own a house and live comfortably, or make do with renting until I make enough money to retire early and not work a single day anymore.

I have to say, the logic is that, those houses that are bought are still there, it has to go down to someone eventually, which is what people are missing. I mean at this day and age, we do not make enough money to buy a house, by logic, if I save up 10 years worth of my salary, it still doesn't worth a house, and I mean like my WHOLE salary, for 10 years, doesn't worth a house. So the logic means that, I can't buy it, but if the generation above did manage to get it easier, that means they do, and that also means eventually I should too? I mean what happens to their house when they pass away? The problem here is not that, the problem is that if your parents never bought a house, neither can you, those are the people that will be screwed big time.

Yeah, very on point thought. Before, it's like everyone can go on different fields as long as you can do it and will just acknowledge that you are able to prove your skill from there. This time, the competition is very tough and with the growing innovation from technology and various industries that are also applying it, opportunities are becoming less and more tough and crowded due to competition. I'd still think that life was easier before because there is not that much technology at all as these things have made our lives easier and quicker. What I mean to say is that you don't rush things before and still able to afford housing, buying a car and all of those things that are like luxuries nowadays.

Yeah pretty hard for us, imagine land has gone up to 10x from the city and double from the provinces, so basically the best option for us in the near future is to live in the province with a pretty simple life with the opportunities waiting there. We have a slow paced economy, so I'll be in province when I retire, perhaps that is the most ideal for an old man  aight?

Inflation in my country is continuously increasing, today it is up to 6% what more in the coming years? I don't want to rent forever please...

Even if they can they shouldn't, it's not an asset it is a liability and will do no good for you and your future but just make you trapped in paying mortgages for 20-30 years. Making money isn't easy but the ways to make money is more than before so one who figure out what way they can make then they can start living the luxury life they want in a short time like even in 5-10 years of complete hard work is enough.

In the current era, building your own house is one of the hardest and biggest milestones, because in this era, buying only land is so expensive and time-consuming for a middle-class person so how he can build a house on that land? And from what I have seen, most of the Gen Z (I am also a Gen Z) have parents who got home easily from their own parents and their parents got home to migrate to this country from another country (I am talking about myself).

I need around 40 lac to 60 lac to buy a mid-range house with basic needs and if you will convert this amount in US it would become around 21467.44$ This is nothing for a US citizen and he can easily buy a house in my country but he can not buy a house in his own country with that money. So, another difference is of country's inflation.

Back in time, our country was doing good, but not the inflation and inner matters of our country have put it in a bad situation that there are fewer opportunities for youngsters than before. In order to afford a house, people are going to foreign countries to earn higher currencies like in the UK, USA, etc.

From this available data, it shows that things are a way more difficult and complicated now and it is more difficult to make money. But in real life there's something that is not captured. People are leveraging on social media to make life somewhat easier than before and also availability of digital skills is one added advantage in 2023.
However, I saw a phrase in the document which sounded like the reality Things are going worse and inflation is killing the economy. This is the right time to check well whether or not rent or to buy house. Buying house could be more expensive.

Exactly. I think the thing is that those Gen Zs who are able to make the most of their lives right now are reaping the benefits of Gen Xs and Gen Ys who are able to pay it forward. What do I mean by this? Well, since life was simpler back then and you could easily earn money, a lot of our grandpas and grandmas would've saved enough money good for 2 generations, if they weren't able to then I don't think that's on you anymore but I digress.

In that sense you're reaping what they sowed during their generation, tons of money and easier life but soon as you step out of their guidance and their care you'd come to realize just how fucked the lives of Gen Zs are right now. Houses are inflated in price with some of them unoccupied for years cause instead of giving those with less capabilities the chance to buy them off the bank, Millenials and Boomers are buying them off to rent them out as AirBnbs, which is fucked. Not to mention how hard it is to land a job compared to years ago, and how profitable a job is back then compared to now. I swear to god our grandmas and grandpas are able to live their life well on a minimum wage earner's salary, but if we do that today we'd die off malnutrition cause your regular 9-5's not gonna cut it.

So, are we going to be able to buy a House? If we're talking about the conventional means then no, we'd die off paying our debts.

Every generation has their own advantages and disadvantages the times determined the life style of the people of that time but as development advance a lot things has to fall behind. if we are to make a non bias comparative analysis of the gen z and x we will find out that each of the key differences of the generation has its peculiarity and uniqueness, and an advantage conditions in gen x may not apply or fit into the gen z visa-viz.

Older people will tell you that life in their younger times was simpler, much natural with much of the diseases of today alien to them, with less economic hardship and peaceful co-existence. while young people of today will argue that technology today has made life less hard to deal with unlike times back with crude tools, communications now made easy etc etc. What i can say at this juncture is that the conditions of things are just a reflection of the time we just have to adapt.

Given that it is also a difference between generation, might as well consider the difference with expenses across two diferent years. Problem here is generalization; why would you be one sided if you have already the education to be innovative and resourceful with the things around you, that's for me the edge of education. Although people with no degree can also do the same thing but they'd more go through self learning and endless trials and errors which means it would be slower; faster phase means it would allow you to have more properties if things would be managed well. At the end of the day, no generation could tell anyone what will they achieve, no race should be imposed.
I'd say it has the same level of difficulty and people just have to adapt with what they are facing regardless of what year it is. The only obvious difference I guess where 'difficulty' is perceive, is with opportunities. Before you could go across different fields as long as you have a base knowledge of it and that also cover one's growth in those years.I formed this conclusion 'coz even if the cost of goodsis cheaper before, the minimum salary wage was also low that time.

But the interest rates have skyrocketed lately. I am not sure if it makes sense to borrow money from banks right now.

Sure, if your monthly income is enough to pay the monthly payments, then go for it. But also take into consideration what will happen if you suddenly lose your job/business and fail to pay the monthly payments to the bank. You will lose your house. The banks will foreclosure it.

I am not saying RV should be your permanent home. If you have the cash or a reliable income, buy your home. I suggested a temporary solution anyways and RV'ing is cool/fun af when you are young.

If they can learn well, work hard, get good salary, they can buy a house.

Social political economic conditions are always changed and they will have to adapt to changes to live and to buy a house.

Education is key for their wealth.

There is a sizable and growing income gap between adults with a bachelor’s degree and those with lower levels of education.

Similar arguments have been put forward generation after generation. They might have it especially rough though, but the reality is that it takes a long time and commitment to saving an acceptable deposit, along with a lot of sacrifice - that everyone who has bought a house has gone through. The government should take measures that prevent too many companies from sucking up properties that might otherwise be bought by individual homeowners, as they can act like vultures if not properly regulated. Besides that, the best thing these younger generations can do is get an education that will unlock decent salaries.

I think this point of comparison is quite imposing when they are clearly different, "past and future" ,

but we are on a journey of faster development, and the difficulties that are a bit imposing, I think do not completely reflect what is happening. I don't know what people are like in the local area, but in the area where I live, real estate prices are increasing compared to the local currency, but that's not a problem because personal income is also increasing, perhaps partly. I live in a developing country so the current generation can access many jobs where they can have enough money to own land or build spacious houses. I'm not sure what everyone's housing and land standards are, but I see that in every period there are problems for that generation. If hard work is not rewarded, that is not the nature of generation life (fairness exists).

IMHO, life was easier before than of today. You can even own house easier before because of the economies were not too tight and problematic than today. Today, if you go and see in most countries or just watch some videos related to real estate. Many of the current generation will say that they can't afford to buy their own real estate and can't pay mortgage. Due to how expensive it is, they are choosing to just rent and let it be until they can have their own house in a rural area where lands are quite cheaper than from the city.

Seems the main cause of this difficulty is the way  things are made difficult for people who don't go through certifications.


Little emphasis should be placed on certification such as school and regulatory certifications. People should be employed based on how truely qualified they are for jobs, whether they have certificates or not. This will reduce the need to get them through expensive educations. And enable people to learn the necessary things via apprenticeship, good online tutorials for free or less than the cost of formal educations .
In regards to regulatory compliance, business owners who can't afford to be certified could meet (or even exceed) the required standards without paying for them. The regulators could randomly visit businesses to see whether they are doing the right things, rather than whether they're certified. They can then be certified when they are able to afford to pay and after going through verification to confirm that they have done the right things.

These should make it less difficult for the so called generation z to own their own homes without having too much debt.

If you want to know, some older people who missed the chance to buy their house at younger age will tell you how regretful they are because they misused the money they had then. It is a wise decision to have your home at young age so that even if you don't have money later you can put some part on mortgage or lease and that will keep bringing you some money. So don't throw away your opportunity to be rich in the future by throwing away the opportunity of investing in real estate at a younger age.