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Posted: 5/14/2018 11:58:50 PM EDT
[#1]
They didnt say annual. Its $97,400 over 8 years... "your first 8 years of renting" or 22-29. Still its a stupid metric and they clearly should have re-worded given how many people got confused.
So annually thats $1015 a month, which actually makes sense, and is still fairly high. However i FREAKING tire of anyone whining about being paycheck to paycheck or one-bad away from homeless when I see (not all are in this video, but others like it): 1) Obviously paid $100+ for the hair cut / do / coloring, nails too. 2) fancy TVS / Artsy fartsy shit on the walls 3) animals = money drain 4) latest IGadget 5) a >$10k car 6) a fancy apartment w new looking / designer furniture 7) designer label purse / shades / watch |
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Posted: 5/15/2018 12:41:20 AM EDT
[#2]
Bull fucking shit.
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Posted: 5/15/2018 12:41:29 AM EDT
[#3]
median? Bullshit. Cali, the colleges, and other ridiculously expensive areas throw off that number.
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Posted: 5/15/2018 12:48:29 AM EDT
[#4]
Quote HistoryQuoted:
That can't be true.  |
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Posted: 5/15/2018 1:09:24 AM EDT
[#5]
Quote HistoryQuoted:
My son paid $2,000 a month in Alexandria VA for a three bedroom townhouse, before they bought a house. My nephew just bought a $600,000 house in Seattle, one of the worst markets there is. Where in the world would you have to pay $8,000 a month? ETA - Ah, I see... it's over 8 years. Trying to make everything look worse than it is. |
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Posted: 5/15/2018 1:11:31 AM EDT
[#6]
Quote HistoryQuoted:
Over $8k a month in RENT? Are they smoking crack? |
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Posted: 5/15/2018 1:14:10 AM EDT
[#7]
someone moved the decimal
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Posted: 5/15/2018 1:14:41 AM EDT
[#8]
Quote HistoryQuoted:
Bullshit I have lived in a 3000sq ft house with a heated salt water pool in FL for $1200 a month That is the most I have ever paid. my House is over 3k square ft(1200 upstairs 30% finished) and my mortgage and T/I is only $1050. Quit trying to live beyond your means kiddos Hopefully you get my point. Buy a house and buy it now. Lock that shit in. Especially in an actual desirable area. |
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Posted: 5/15/2018 1:15:05 AM EDT
[#9]
Boo hoo.
Get a better job, losers. |
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Posted: 5/15/2018 1:21:31 AM EDT
[#10]
Salaries have not kept up with Inflation.
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Posted: 5/15/2018 1:34:10 AM EDT
[#11]
It's easy to hit 1700-2000 in seattle per month. Rents have gotten really high-- my coworkers are paying rents that are almost my monthly mortgage.
Could be worse, could be the bay area. I did an airbnb at an old ass house where the people renting worked 2 jobs, could barely afford it and only managed to stay afloat by doing airbnb. |
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Posted: 5/15/2018 1:40:17 AM EDT
[#12]
Ok, so after doing their math with the new information that it's over 8 years.
8 Years or 96 months $97,400 $1014.58 per month. That's now rent works. You don't want to buy a house so you have to rent. You help pay off someone else's property until you get sick of that an just buy a house yourself. |
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Posted: 5/15/2018 1:41:48 AM EDT
[#13]
What they meant to say is Millennials paid $97,000 combined in rent.
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Posted: 5/15/2018 1:43:09 AM EDT
[#14]
Yeah rent is stupid high right now. We are paying 200 less a month for a 2100sq ft house than it would cost to rent a one bedroom in our area.
That said, there's no fucking way the median is 8k/mo. edit: Read the updated info on pg 2. That makes more sense. |
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Posted: 5/15/2018 1:45:40 AM EDT
[#15]
#fakenews
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Posted: 5/15/2018 1:50:29 AM EDT
[#16]
I was paying ~~$1200/month in 1988.
Of course, i had a high floor apartment on Lake Shore Drive (overlooking the lake, assholes). TOTALLY worth it. |
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Posted: 5/15/2018 1:54:05 AM EDT
[#17]
Quote HistoryQuoted:
That can't be true. |
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Posted: 5/15/2018 2:04:39 AM EDT
[#18]
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Posted: 5/15/2018 2:13:08 AM EDT
[#19]
My parents rental house in Silver Lake, Los Angeles...
is 3500 a month... 3 bedroom....2 bath...1200...square feet. I think thats cheap for Los Angeles. |
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Posted: 5/15/2018 2:40:26 AM EDT
[#20]
Quoted:
 DANG! Where are they living?!
https://www.AR15.Com/media/mediaFiles/199158/toodamnhigh-544085.JPG  https://www.youtube.com/watch?v=MdKbNrANrJsSomeone should tell them to move to central ks, they can buy a nice 3-4 bedroom home for that here. |
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Posted: 5/15/2018 3:08:47 AM EDT
[#21]
I don't know what data they used, but they say "median", not average. A horse of a very different color indeed.
In the dataset 1,2,3,4,1000,2000,3000 the median is 4. The average is 858.57... |
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Posted: 5/15/2018 3:30:16 AM EDT
[#22]
Quote HistoryQuoted:
I don't know what data they used, but they say "median", not average. A horse of a very different color indeed. In the dataset 1,2,3,4,1000,2000,3000 the median is 4. The average is 858.57... |
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Posted: 5/15/2018 3:50:34 AM EDT
[#23]
Quote HistoryQuoted:
And calculate that over 8 years, then throw out a large number so that people will click on the story/video, become outraged and start a conversation |
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Posted: 5/15/2018 3:58:28 AM EDT
[#24]
Quote HistoryQuoted:
And this thread is now on page four so it worked. Quote HistoryQuoted:
Quoted:
And calculate that over 8 years, then throw out a large number so that people will click on the story/video, become outraged and start a conversation |
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Posted: 5/15/2018 4:11:13 AM EDT
[#25]
Quote HistoryQuoted:
That can't be true. Maybe millennials in Manhatten or Beverly Hills, but not normal anywhere else. |
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Posted: 5/15/2018 4:14:07 AM EDT
[#26]
Quote HistoryQuoted: 2k a month ????? jesus, fuck that! |
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Posted: 5/15/2018 4:27:12 AM EDT
[#27]
Welcome to the Residences, at the Lofts, located in beautiful SoDoSoPa.
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Posted: 5/15/2018 4:33:38 AM EDT
[#28]
Quote HistoryQuoted:
My parents rental house in Silver Lake, Los Angeles... is 3500 a month... 3 bedroom....2 bath...1200...square feet. I think thats cheap for Los Angeles. |
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Posted: 5/15/2018 5:26:21 AM EDT
[#29]
I'll help that Asian girl pay her rent.
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Posted: 5/15/2018 6:41:12 AM EDT
[#30]
That should help with the obesity problem.
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Posted: 5/15/2018 6:49:43 AM EDT
[#31]
Fake news is very fake.
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Posted: 5/15/2018 6:51:03 AM EDT
[#32]
Where are they getting the money from? lol
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Posted: 5/15/2018 6:51:27 AM EDT
[#33]
Quote History |
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Posted: 5/15/2018 6:55:38 AM EDT
[#34]
Quote HistoryQuoted:
"Median" I know a guy with 3 rented places in a large city, and the rent for his 40k sq ft downtown warehouse is $35,000/month. So maybe he skews the numbers a bit  |
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Posted: 5/15/2018 6:57:51 AM EDT
[#35]
Quote HistoryQuoted:
That makes far more sense. Quote HistoryQuoted:
Quoted:
They dropped some key words from the video. It should be "you could spend $97k in rent before you turn 30." https://www.usatoday.com/story/money/personalfinance/real-estate/2018/03/30/you-could-spend-97-k-rent-before-you-turn-30/468889002/
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Posted: 5/15/2018 7:15:46 AM EDT
[#36]
Median... (number right in the middle between the highest number and the lowest number)
Here is where we learn how Statistics are made to say whatever the fuck you want them to. Mean or "Average" is the number they should be seeking. Yes of course some billionaires kid will have a $20k a month rent, and there will be far more people paying $200 rent. They need to take into account many their are of each type of rent in the sample group. You wouldn't then say holy shit this is why they can't pay for things, they are paying a median of $10,100 a month. No b/c only one asshole pays 20k a month, where as there are thousands that pay $200. |
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Posted: 5/15/2018 7:27:48 AM EDT
[#37]
I pay a hair over $2000 for rent in a building with controlled access, valet parking, 24 hour security and concierge.
I'd like to see what $8,000/mo gets you. Handjobs in the elevator? |
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Posted: 5/15/2018 7:46:39 AM EDT
[#38]
Quote HistoryQuoted:
I pay a hair over $2000 for rent in a building with controlled access, valet parking, 24 hour security and concierge. I'd like to see what $8,000/mo gets you. Handjobs in the elevator? 
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Posted: 5/15/2018 7:46:47 AM EDT
[#39]
OP likes misleading thread titles.
By the time Millennials are 30, they’re expected to spend about $93,000 on rent. |
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Posted: 5/15/2018 7:50:50 AM EDT
[#40]
As has probably been said...the issue is they want the lifestyle they have with their parents right out the gate. I remember eating Tuna Helper without Tuna helper because it was cheap. Now I do not eat that way but the late 80's were a long time ago.
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Posted: 5/15/2018 7:52:26 AM EDT
[#41]
Quote History |
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Posted: 5/15/2018 8:03:02 AM EDT
[#42]
Quote HistoryQuoted:
They need to remove the top 5 most expensive cities like NYC, San Francisco, etc. Quote HistoryQuoted:
Quoted:
Over $8k a month in RENT? Are they smoking crack? |
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Posted: 5/15/2018 8:08:07 AM EDT
[#43]
$100k over 8 years (since with college & loan debts, it's unwise to even think about house & kids until you're about 30 anymore, right?)
That comes to about ~1000$/month, which is about right for what I see where there are jobs to be had Average wages are around $45k, so that means rent is likely right around 1/3 of your income, aka the absolute maximum you should possibly budget for a *mortgage* at that income level. Except it's not a mortgage, and none of that money accumulates. I'll bet nowhere in this sad sack article, do they mention how new apartment construction is heavily prioritized to Old Folks' homes, and subsidized housing. I've seen this same pattern everywhere I've lived that had new construction going on. Granny & the state are more profitable than young earners starting out, so fuck 'em. Is it any wonder it is 1) expensive, and 2) difficult to find a rental if you aren't sitting on a lifetime of savings or a ward of the state (or both, via Social Security)? I think it portends true economic hardship within a generation; losing the oportunity to build equity means losing the opportunity to pass on generational wealth, and that spells very rapid economic backsliding for a whole lot of people. |
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Posted: 5/15/2018 8:12:26 AM EDT
[#44]
I lived in a flat in London, and my rent was the equivalent of $9000.00 per year.
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Posted: 5/15/2018 8:13:48 AM EDT
[#45]
The real story...
Rent Cafe's report found that younger Millennials are paying a median rent total of $97,400 in 2017 dollars between the ages of 22 and 29, and those who are now 30 paid a median rent total of $93,400 in that eight-year span. A.W.D. |
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Posted: 5/15/2018 8:14:51 AM EDT
[#46]
Moms are charging that much for the basement?
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Posted: 5/15/2018 8:14:51 AM EDT
[#47]
I employ three millennials. Out of them, one is buying a home with her boyfriend - they won’t marry and it’s grossly out of their price range. She currently lives at home with mom and dad and dresses to the “9’s” every day, drives a $60K car. The other bought a piece of shit townhome for about $500K with his nurse wife. They are on their Afro divorce after about a year because she spends money like her wealthy dad is paying the bill. Husband is overpaid and living check to check with no savings or participation in our retirement program. They own three cars and three motorbikes. The last one is single, lives with mom and dad and drives an Audi A8. Dresses from Armani and the like and gets a weekly beard trim and haircut from two different boutiques.
They all have the new IPhone X, the highest end Apple products and take vacations quarterly, excluding weekend trips. One had a share plan on a private jet for a white. At the end of the day, they have shown to have shit work ethic and want to live a baller lifestyle. As a partner, it saddens me because literally only one third of them even understands the time it takes to rise to a professional level, but all three live like they’re already there. Frankly, I’d love to see their credit reports. |
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Posted: 5/15/2018 8:18:52 AM EDT
[#48]
Quote HistoryYa know, I never noticed it before
But that guy has a mullet |
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Posted: 5/15/2018 8:22:43 AM EDT
[#49]
live with in ypur means
I thought most melinials lived with their parents moma & dad must be dicks
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Posted: 5/15/2018 8:28:46 AM EDT
[#50]
Quote HistoryQuoted:
I lived in a flat in London, and my rent was the equivalent of $9000.00 per year. |
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