>It could be the perfect time for millennials to stop throwing their money away on rent and buy a home — or not.>At 3.26 percent, the 30-year fixed rate mortgage set a new record last week, according to Freddie Mac. The last time home loans were in the low 3s was 2012 when the rate fell to 3.36 percent.>A survey by the Pew Research Center found one-third of millennials have been laid off due to the COVID-19. Another 42 percent said their pay has been cut, researchers reported. The poll of nearly 5,000 persons in those ages categories was conducted from April 7 to 12.>“There’s no question that millennials have been laid off at a higher rate because of the pandemic,” Jessica Lautz, vice president of demographics and behavioral insights at the National Association of Realtors (NAR), told PYMNTS. “But when we talk about millennials, they range in the mid 20s to 40 and that’s a huge spectrum with different levels of buying power. The hardest hit are the older millennials while the younger ones were hit by the last recession.”>Still, the largest generation of Americans also has advantages, she said. For one, Lautz said, some have left their city apartments and returned to their parents’ suburban homes and are able to save money. In addition, all student debt has been placed on forbearance until October. Some who have been temporarily laid off are getting the extra federal unemployment benefits of an additional $600 a week for four months on top of their regular state unemployment benefits.>”The millennials who have a secure job or are furloughed have the advantage of paying down debt,” she said.>The other factor that is chilling home sales are prices. While existing home sales fell 8.5 percent in March, the median home price for all housing types was $280,600, up 8 percent compared to March 2019 as prices increased in every region, NAR reported. March’s national price increase marks 97 consecutive months of year-over-year price gains.
Millenials and home ownership
>>257125408I'll buy after I've saved enough money and the market crashes.
>>257125408All the jobs are in the cities now where everyone lives in apartments. Good luck finding a job in the middle of America now that all the factories have been outsourced.
>>257126454I dont see housing prices dropping anytime soon sadly. Too much demand. Lots of young people still living with parents want to move out but can’t afford it. High immigration. It will remain pricy and unaffordable for the young folks to find a home.
My house is worth 350k now when I bought it for 250 and I’ve owned it for 5 years I’m only 30 and already sitting on a gold mine Millennials need to up their game man
>>257125408i wonder if there is a power purchase comparative and habits spending of those two generations.my boomers here have pretty nice bank account a good home and car. They married early got a kid right way and me after many years. They pretty much paid our studies and hoarding money.Good works ethics.My sister on the other side. make already more money then they do now. spends everything on travels and shit.
>>257126454>>257125408>>257125408>>257126454>>257127087prawd.sweb.cz
>>257127612Who are you going to sell it to, 50 million ppl now unemployed and it will get worse
>>257128308>housing bubble Lol not this time Micheal
>>257128439Why the fuck would I sell it now? I’m sitting on gold brah I’m watching the rates and prices continue to do their thing and happy waiting for some rich fuck couple to come and take the bitch for 450 if possible The next housing bubble will happen and I’ll be right there to profit off it
>>257128580Buy homes for dirt cheap and overcharge five people to live in it that are paying so much they can't afford to save to buy their own. Change your flag.
>>2571270872024 to 2026 Housing Prices will fall at least 50 percent and close to 60 percent in some areas (Az, Nv, Idaho, and Utah).Midwest will hold its value the best as it has the least speculation and has the lowes Sales Price/Median Income ratio.I would bet $14 dollars and a pack of ostrich jerky on this. And base this on very informed identifiable causes.
>>257129601Utah will be cheap? Shit man, might snatch up properties and sisterwives in one go.
>30 year mortgageJUST KILL THE FUCKING JEWS
>>257128439leftie talking point. everywhere that is opening up is nearly back to normal. the economy will actually gain more traction after all of this.
>>257130762You can pay it off sooner. 7 Years max, 10 if you're unlucky in life - if one doesn't one is a how you say....fuck wit?
Test
>>257125408>257125408Imagine not being able to afford a home because the banks genocided the value of the dollar.
>>257125408Buddy of mine, 25, good job, engaged to an RN, just bought a house. Not that fucking hard. I bought a year ago. Again, not that fucking hard.
Based on your main childhood era here (ages 5-12), are you Gen X, Millennial, or Zoomer?
I plan on taking my savings, draining my 401k and leaving the country in a few more years, fuck buying shit here
>thinking about buying a house>3 beds within 30 minutes of work is 4x what my parents paid for their home after inflation
>>257131994data mining bs
>>257131885Did you buy or took a loan from the bank? Big difference. You will be paying the interest jew if you took a mortgage
>>257125408Closing soon. Locked in 3.1%.
>>257129601Midwest better be building new properties if it wants to retain value because 100 year old homes aren't going to be worth much
>not just living with your parents and scooping up their property when they retire or die like a hermit crabClickity clack, I'm avoiding property tax
>>257132290>tfw you have loser parents
>>257131994Late gen X, 83-96 was an absolute kino time to be a kid
>>257125408I don't even have a car or a job. I'll get those first before I move out.>>257131994>Born in 1998>Sydney 2000 and 9/11 were my earliest memories>My first console was a PS2, which I got for my birthday in 2005.We need to abolish generations because they are inaccurate and offensive to cuspers like me (Am half-Millennial half-Zoomer. Am I a Zillennial? Milleni-Zoomer?)
>>257132753>Sydney 2000 was my earliest memoryWho remembers being 2?
>>257125408>Shitty economy and job market thanks to boomer economics>Women don't want relationships until their 30s which means men have to live separately, increasing overall demand for housing>Unrestrained immigration has increased out population 150 million in the past ~50 years, increasing demand for housingbut according to boomer logic this is all a good thing because the GDP has increased.
>>257125408
>>257132044Based, but the USA has the cheapest home prices out if any first world country
I bought a house in 2018 when I made $15.50 an hour and was only 23yrs old.$305K in a super nice neighborhood.Basically all middle class whites.House was ugly as fuck so it went for 1/2 the average price for that area.
>>257132535I know this feel bro. But I'm as much a loser as my parents who never gave me any proper guidance in life.
>>257133271so your wife makes more money than you eh? i know how that feels man
>>257133058That a GUID? Maybe some 4chan app or CDN
>>257133058Imagine being this much of a newfag to post this unironically
>>257125408they want us to buy at the top of the bubble to fuck us in the ass one more time before they all croak. burn in hell
>>257133271Bullshit unless you inherited money or had your parents co-sign and had friends as roommates to help pay the mortgage. You're leaving out some important details retard.
>>257132905don't forget we're also selling houses to the Chinese and literally anyone that feels like buying our houses.. most countries won't allow that
>tfw face when your neighbours countryside stone shitter is stronger and older than any U.S house made out of shit and sticks AND has a richer history than all of the U.S combined
>>257129601where do you get your info?Greg Gammon is my favorite and he's predicting a dip around that time
>>257127612Nice. I just bought last year. When I had the place appraised, the appraiser found that prices in my area had gone up 12.7% in the past year. I'm literally earning 1% per month on my place. Rentcels BTFO.
>>257134492I grew up in a house built in the 1850s. that's about as old as you can find for houses people still live in
>>257133058Anyone have her nudes?
>>257134563I hope things work out for you but housing is not an investment vehicle.. historically they earn almost zero interest. you are suffering from recency bias and there is a very good chance your home will be worth 150,000 in five years
Boo hoo. The median house price here is >$1m.t. Sydney
>>257134929But australia is a shithole, so noone cares. Just another colony in greater sino
>>257129601Ostrich jerky is the fucking shit
>>257133969It’s a larp lol
>>257132044>he doesn't know about expat taxes>he doesn't know how much it costs to renounce US citizenshipYou're here forever.
>>257135288But Australia is better than most Euro nations lmao.
>>257125408Ya it’s on hold forever because the job market isn’t stable enough to stay in one place for more than three years
>>257134792this lol you're retarded if you're trying to make money from housing in this market. we are doing exactly what Japan did in the nineties and their real estate prices have declined 90% since then. millenials that own homes are fucking just'd lol
>>257136566Not really, unironically if Australia was to disappear tomorrow nobody would notice, thats how unimportant you are
>>257135288Sidney is an amazing city. Fuck off for being poor
>>257132290>Clickity clack, I'm avoiding property taxGods speed
>>257125408I own 2 homes. The rent from one pays the taxes on the other (plus some walkin around money)T. Texas property tax rape victim
>>257126454it won't crash but that just means you need to be on your toes. honestly 2011-2012 prices are when I'm going to jump in if i'm still employed. shit is dropping like crazy around me. highend stuff is dropping 15-20K and even cheap houses are dropping 1-3K off the LISTING. which mean the actual price is even lower. everything was so over priced and I'm in the southeast, not even on the coast.
>>257127612Youre sitting on $100k if you sell now (which you wont) minus $5-7k for closing cost on the mortgage and 98% of everything youve already paid in mortgage payments cause interest is front loaded on mortgages
>>257128580REEEE MARKETS NEVER GO DOWN GOYIM A FUCKING R R REEETARD
HOUSING MARKET CORRECTION NOW!Unless the Fed wants to pay overpriced market prices to bail out all the overextended real estate companies as well as the dumbass landlords who bought up properties non stop one after another for rental units and AirBnB.
>>257128580We are CURRENTLY IN the next housing bubble. It peaked 2 years ago. And downturns happen faster than you can get out
>>257133969I dunno, I'm 24, have a really good credit score and money in the bank. Thinking about buying a house in that price range too
>>257125408
>>257138516Over extended real estate companies? Look guys a retard. What's a real estate company bro?
>>257138624God you guys are about to get fucked. The only thing you can hope for now is a mass boomer die off rather than a gradual one
>>257127087them its time to kill the old folks and take thier shit. old mummies owning 8 properties is just not gonna work out and if it needs hordes of niggers and aids migrants then so be it.fuck the elite, fuck the jews, fuck anyone who happens to support half million housing prices.
>>257126648yeah, that's not at all accurate.. major cities are shut down and medium sized cities are hiring like crazy
>>257133676Been single since 2016 user.Only name on the mortgage is me.>>257133969Saving money bro.Saving enough to get a down payment big enough to be able to afford the mortgage.When your dumb asses were blowing $1000 on cell phones I was saving.When your dumb asses were buying cars I was driving a reliable $1,000 car and saving.When your dumb asses were blowing $10,000 a year on food and alcohol I was saving.When your dumb asses were watching anime I was setting up passive Income.I make $21.50 now so it's easier, but it's possible at $15.Working tons of overtime to save up money.Getting a roommate to further reduce costs.You don't own a house because you are poor and stupid
>>257138572Not even close ladsparkrental.com
>>257129601>2024 to 2026based schizo can predict the future
>>257138572I doubt the market is going to pop and crash. But then I don't think DJT and the Congress or the Federal Reserve want to shell out another few trillions just to bail out all the real estate that they know is inflated prices.Control slow price slide over the next few months, justified by high unemployment numbers, weak economy and whatever reason the CNBC talking points and Fed comes up with.>>257138692Fuck you, I'm going to bed soon. I mean the large companies that own tons of commercial real estate properties that they rent out to businesses and corporations.Not fucking apartment complexes n shiet.They're going to get fucked and they know it already with so much work going remote. At least they got themselves 5 years of tax breaks they can take for real estate loses.Apartment owners, landlords, airbnb shits are all going to get fucked though.
>>257138829Why waste all that time on this post?
>>257139013Shut up you fucking larp lol unless you have the balls to come out and admit you’re a trust fund baby which is most likely then just piss off your time will come soon rich faggot
>>257139037>They're going to get fucked and they know it already with so much work going remote. At least they got themselves 5 years of tax breaks they can take for real estate loses.Had it written in the CARES act that was passed weeks ago.
>>257125408>THIRTY YEARS of debt slaveryYeah, blow me.
>>257139014Lmaoooo look at income ratios dude. We are currently at the top of the previous all time high when mortgages were free with zero paperwork. People dont make enough for average house prices to go any fuckin higher. Youre full retard. Spread your ass bro. Kikes are on their way with hard-ons and big balls of jizz.There always has to be someone holding the bag and TAG YOURE IT lol ?
>>257139126No larp, you are just a failure at life.Here's a pic of last month's mortgage.Work hard and get a house.I worked an average of 160 overtime hours a quarter to save for a down payment.Seriously, I guarantee you blow thousands of dollars a year on stupid bullshit like RGB PCs and a stupid mud flap kit on your daily.
>>257125408Nobody throws their money away on rent. You get a place to live and various services/amenities in exchange for your rent.
My open question to anyone here (and one I've been wondering on) is whether its going to become a lot harder to buy a house, starting next year and afterwards.>>257139341You can go for 15 year if you can afford to pay rent level prices for your house. Some people choose 30 year, either for affordability per paycheck in the near term or maybe so they can brag how much lower their monthly mortgage is compared to their rent payment.No shit, you signed a 30 year fixed rate, with over 50% price hike due to interest. Hurrr.
>>257139013Do you actually think we're stupid enough to believe a bank approved your mortgage on a $350k home while you make 15 bucks an hour? Lmao go larp on reddit, they might be dumb enough to give you a few upvotes for your fanfic.
>>257139524Congrats, good to hear that. I'm bustin ass now too, trying to save up as much as possible. Thanks to this corona shit, eat out expenses are down to 0, gas 0, now turning off all lights OCD to scrimp on the power bill as well.
>>257139524I’m literally>>257127612You inbred fuck And that doesn’t tell me anything other than you’re either on an ARM loan which is gonna fuck you or it’s your fucking onlyfans payments lol Stop being a faggot
>>257125408Millennial here (1994). I own a nice brick house on a half acre block, now what?
>>257132176paid 5k in points but got a rate of 2.75 at nkbc
>>257139680Explain my pic you faggot.305K loan3.65% interest821 credit score$61K down paymentThey don't look at hourly wages, they look at your gross wages from 2-3 years out.I averaged over $70K so I was approved.I was actually approved for a $400,000 loan, but that's not really realistic for me.What part of WORK YOUR ASS OFF didn't you understand??>>257139860My monthly food bill has gone down 50%No bars or restaurantsBut also no dates