Will they ever be able to afford a house? - page 7.

Greg Tonoski

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Quote from: btc78 on December 24, 2023, 07:17:16 AM

Well i’d say this pretty much sums up the average gen z and x person but this is in typical fashion of course not all people are gonna live their life like this due to many factors in life such as the state of their life even before they enter the work age

Thanks.

Quote from: Churchillvv on December 24, 2023, 11:52:32 AM

I will advise you to balance the sheet first.

Thanks and agreed. Would you suggest any additions? I am trying to collect the views from everywhere altough it's more difficult for me to get information about gen X perspectives.

Quote from: franky1 on December 24, 2023, 10:41:20 PM

the 1980's had universities too
there are people that are 50+ now with student debt meaning they too had student debt in the 1980's
(...)
yep people in the 1980-90's have mortgage rates above 7.5% and upto 18%
people 2000-2020 were below 7.5% and even down to 3%

Thank you for the insight. I presume it is about US.

Quote from: Poker Player on December 24, 2023, 11:20:53 PM

Your scenario is simply too biased. In general I agree that there used to be less taxes and less regulations, but don't young people buy houses today? Of course they buy them, even though there are more difficulties.

There are difficulties of that time that you do not mention, for example interest rates at 17% in 1980. And facilities of this one that you don't mention either, such as earning money on the Internet.

What you have done is to try to demonstrate the idea you previously had, not to make a disinterested study on the subject.

Thanks and agreed. ("disinterested study" wouldn't have prompted feedback probably).

michellee

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Yes, everyone needs a house, but the land for housing will decrease over time. They will live in buildings with small rooms together with people who cannot yet buy a house. In the end, the dream of buying a house cannot be achieved because house prices will increase from year to year.

Living a minimalist life and renting a cheap apartment or house is the solution for some people. We admit that buying a house now requires more money. And that's why not everyone can buy a house. They could buy a small house for a family with a husband, wife, and two or three children.

And their children will also need a house when they get married. But the current generation is very lucky. This means they can work across countries without going to the office. And that's because the Internet helps them work. In addition, they can ask for higher pay if they have the skills required by the company. They can also freelance, which can generate large income. And maybe this generation can afford that expensive house.

mindrust

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Forget housing. Living in an RV is a better idea especially if you are young and working remotely. Don’t get me wrong, everybody needs a house sooner or later but you need to play it smart. Now the interest rates are high so no matter how cheap your dream house is, you can’t buy it unless you borrow money from the banks.

Buying a house is something but maintaining it is a whole different story. It costs lots of money. Instead of buying one, you can live a minimalistic life in an RV, save money for a few years and then buy your home without hurting your finances too much. That way your home’s maintenance costs will be easier to handle too.

Jawhead999

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Only some of Gen Z and Gen X who can afford a house, while the vast majority aren't. Moreover they will buy a house with long term mortgage like 20-30 years, so if they buy when they were 25 years old, they need to wait until 45 or 55 years old to fully own the house.

They need to work very hard, but as we know the current generations aren't tough since they struggle with mental health issues and they always try to look for work life balance.

adaseb

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Yeah right now it’s very tough for that generation. If they don’t already own a home, getting one is simply far fetched, with record breaking home prices and decade high interest rates.

The issue is worse because rents are up and along with inflation for everything else so people get to save less, they save less and they will never safe up for the down payment to get a mortgage. Hence why most are stuck renting forever.

rat03gopoh

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Quote

1980 outlook:
Just do the work, no paperwork, no certificates (compare effort to obtain truck driving licence in 2023, work permit, opening restaurant etc.), no barriers other than competition.

Think again, maybe we just need to understand some of the sides this forum has been working on for years. Here you can "work" with anyone without contract documents, without expertise certificates, all on the basis of trust, transparency. And I'm sure that today the informal work space is developing where one can have an income like people used to, even faster just to get a house.

Poker Player

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Your scenario is simply too biased. In general I agree that there used to be less taxes and less regulations, but don't young people buy houses today? Of course they buy them, even though there are more difficulties.

There are difficulties of that time that you do not mention, for example interest rates at 17% in 1980. And facilities of this one that you don't mention either, such as earning money on the Internet.

What you have done is to try to demonstrate the idea you previously had, not to make a disinterested study on the subject.

franky1

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Quote from: Greg Tonoski on December 24, 2023, 06:57:38 AM

Let's study the case of an average representative Gen Z and X. What is important or missing in the description (linked below)? What would you advise?

https://docs.google.com/spreadsheets/d/e/2PACX-1vRXBY1HDRX9R555CtDvJ31uYbXBHuVlGSfdGOT3JtzAnwR4gms2Ltqgx9K5EhYAg8WA0uk-knhVHB3o/pubhtml

the 1980's had universities too
there are people that are 50+ now with student debt meaning they too had student debt in the 1980's

yep even with people now in their 50's paying down their student debt for a few decades they are still only half way out of debt compared to people in their 30's just starting to pay down their debt

mortgages in the 1980's also existed. and if you look at the interest rates of the 1980-1990's when people were settling into families after university. you will see interest rates of the 1990's were higher then 2010's-2020's

yep people in the 1980-90's have mortgage rates above 7.5% and upto 18%
people 2000-2020 were below 7.5% and even down to 3%

Churchillvv

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So I looked at the sheet, and I saw that the 1980s are better than the 2023s, but I would say the data isn't correct because it seems to be one-sided. Only the disadvantages of the 2023s are in the data, and so too are the advantages of the 1980s.

I will advise you to balance the sheet first.

Mind you, there is a lot of sense in what you're trying to do. Rephrase it, balance the sheet, and let's see what the results are.

btc78

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Well i’d say this pretty much sums up the average gen z and x person but this is in typical fashion of course not all people are gonna live their life like this due to many factors in life such as the state of their life even before they enter the work age

Greg Tonoski

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Activity: 143

Merit: 82

Let's study the case of an average representative Gen Z and X. What is important or missing in the description (linked below)? What would you advise?

https://docs.google.com/spreadsheets/d/e/2PACX-1vRXBY1HDRX9R555CtDvJ31uYbXBHuVlGSfdGOT3JtzAnwR4gms2Ltqgx9K5EhYAg8WA0uk-knhVHB3o/pubhtml

Topic: Will they ever be able to afford a house? - page 7. (Read 1024 times)