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Posted: 5/15/2018 11:32:22 AM EST
[#1]
My mortgage is $850. We pay $900 every month which equals $10,800 a year. That number is bogus. Nobody is paying $8K a month in rent for ANYTHING. EDIt: Now I see, The $97,400 is over 8 years which comes out to about $1014 a month in rent. Which is very doable if a person is smart with their time, money and works hard. None of which most millennials know how to do. |
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Posted: 5/15/2018 11:34:14 AM EST
[#2]
Quote HistoryQuoted:
There’s no way in hell thats true. 1). Millennials probably don’t even have that as a median income, let alone after taxes 2). If you’re living on 8k rent month, you’re doing something wrong. You could buy a mansion for that price. |
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Posted: 5/15/2018 11:36:28 AM EST
[#3]
I've noticed a huge millenial trend. They expect to have the same standard of living as their parents, right out of the nest.
Parents have 3000 sqft house and a new car, take a nice vacation once a year? Well then they deserve that at age 24 totally discounting the 25 years of work it took their parents to get to where they are. |
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Posted: 5/15/2018 12:28:31 PM EST
[#4]
Quote HistoryQuoted: Rent has doubled in the last 20 years... have wages? https://timedotcom.files.wordpress.com/2017/06/screen-shot-2017-06-23-at-11-38-52-am.png That's where the problem comes from When I entered the job market in 1990, I made $22K and paid around $650 for a 2 bedroom apartment in Pensacola Florida. My same position makes $57K to start in the same region , so a rent of $1300 would be about on par. |
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Posted: 5/15/2018 12:39:21 PM EST
[#5]
Lol, the two mortgages on my current house + rental property are less than 1k, and that includes taxes and insurance
That said, that number is absolute bullshit. While it's true that millennial are fucking morons who fetishize living in big cities and then complain about not being able to buy a house, they certainly aren't paying 8k per month in rent (or anywhere close to that). My brother has lived in LA and Brooklyn and both apartments--which were very nice--were well under 3k a month, which is still an obscene amount of money unless you're him and you're coding for Adobe. Even then, I probably live more extravagantly than he does and I make about 25% of what he makes. ETA: just saw that it's spread out over 8 years. Still, 1k is a stupid, and I mean, absolutely stupid, amount of money to pay if you're fresh out of college and have little income or job experience. Move out of the big cesspo...er, cities and enjoy life. |
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Posted: 5/15/2018 12:55:44 PM EST
[#6]
Quote HistoryQuoted:
What the article is trying to say is that after adjusting for inflation, Millennials are paying 25% more for housing than their Gen X counterparts did, from the ages of 22-30 Quote HistoryQuoted:
Quoted:
From the original article at https://www.usatoday.com/story/money/personalfinance/real-estate/2018/03/30/you-could-spend-97-k-rent-before-you-turn-30/468889002/ 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. https://www.gannett-cdn.com/media/2018/03/29/USATODAY/USATODAY/636579477259521523-033118-Rent-ONLINE.png OP should be banned for fake news. The same working-class sustained stagflation shit hit Japan years ago, we're just experiencing it in slow motion today |
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Posted: 5/15/2018 12:59:40 PM EST
[#7]
And this is why the media is Fake News.
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Posted: 5/15/2018 1:28:44 PM EST
[#8]
Quote HistoryQuoted:
And that, despite flat wages and exploding education costs/debt over thensame timeframe. The boomers/genXers who grew up in unparalleled economic boom times love bitching about how spendthrift kids are today, but at some point these people need to put down the memberberries and realize that there simply is no margin for most yuppies today to save enough for a house until a decade later. The same working-class sustained stagflation shit hit Japan years ago, we're just experiencing it in slow motion today Loans are cheaper than they were for previous generations, so even if you have to pay more for the house, with the additional interest costs deducted, monthly payments are very similar when adjusted for inflation. |
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Posted: 5/15/2018 2:27:00 PM EST
[#9]
Quote HistoryQuoted:
I disagree. While times may not be as good as it was for previous generations, hard work and a spend thrift lifestyle can still take care of you. Loans are cheaper than they were for previous generations, so even if you have to pay more for the house, with the additional interest costs deducted, monthly payments are very similar when adjusted for inflation. |
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Posted: 5/15/2018 2:31:17 PM EST
[#10]
No way that can be true.
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Posted: 5/15/2018 2:41:12 PM EST
[#11]
Quote HistoryQuoted:
The 2 bed 2 bath with cherry cabinets is a bit over $1500 right now (the internet is a wonderful thing), they have no 3 b/2b available for a price comparison. Probably closer to $1800-$1900 Quote HistoryQuoted:
Quoted: That place that you rented 30 years ago is probably $3,000-$4,000/mo now. Probably closer to $1800-$1900 |
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Posted: 5/15/2018 2:56:21 PM EST
[#12]
Nice bullshit thread title. Makes me wonder if OP knows the meaning of the word "annual"
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Posted: 5/15/2018 2:58:41 PM EST
[#13]
Quote HistoryQuoted: That's the median, not the mean. That's number trickery. |
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Posted: 5/15/2018 4:13:42 PM EST
[#14]
Quote HistoryQuoted: Rent has doubled in the last 20 years... have wages? https://timedotcom.files.wordpress.com/2017/06/screen-shot-2017-06-23-at-11-38-52-am.png That's where the problem comes from |
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Posted: 5/15/2018 7:22:30 PM EST
[#15]
fake news
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Posted: 5/15/2018 7:38:37 PM EST
[#16]
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? I'm seeing 850 for a 1 bedroom, and 1000 to 1300 for a 2 bedroom, here. |
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Posted: 5/15/2018 8:22:10 PM EST
[#17]
Quote HistoryQuoted: LOL I like how you argue they SHOULD be using mean and then describe why using mean is so shitty for something like this 
GD mathlords at work |
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Posted: 5/15/2018 8:59:11 PM EST
[#18]
IDGAF
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Posted: 5/16/2018 6:36:33 AM EST
[#19]
Quote HistoryQuoted:
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/ But again, there is a certain type of whiny millennial, who is very adept at getting in front of a camera, who will tell you they could not imagine living and working outside of the 20 most expensive zip codes in the country. They would consider being "forced" to live in a red state or even red county like exile to the gulag archipelago or even an alien planet. Things like car ownership, knowing who is and voting for your county sheriff, driving a stick shift, and mowing a lawn are alien concepts for them. |
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Posted: 5/16/2018 8:30:35 AM EST
[#20]
The millennial generation thinks no other generation ever had to weather any hardships and that their own particular situation is so much worse than anybody else’s. They have the platform of the internet/social media (that nobody before them had), and use it make an endless tirade of excuses — crying out to the world (mostly to each other) how unique and misunderstood they are, pointing the finger of blame at anyone but themselves in an attempt to satisfy their all-important feels.
In short, “snowflake syndrome” writ large. Conclusion: Everybody’s got problems. You’re not as special as you seem to think you are. Quit whining and get to work adapting/overcoming and you’ll probably be fine. It’s nobody’s responsibility but yours to solve your own problems. Your endless tirade of “poor me” bullshit is annoying as fuck and accomplished nothing toward improving your life. |
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Posted: 5/16/2018 8:37:12 AM EST
[#21]
Quote History |
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Posted: 5/16/2018 8:47:12 AM EST
[#22]
Quote HistoryQuoted:
I don’t know ANYONE who pays over 1k a month. And they’re laiming HALF of Millennials pay over 8k? |
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Posted: 5/16/2018 7:19:23 PM EST
[#23]
Quote HistoryQuoted:
No kidding. Who of this generation can imagine 10-15% 30 year mortgages and 20-25% auto loans? Quote HistoryQuoted:
Quoted:
I disagree. While times may not be as good as it was for previous generations, hard work and a spend thrift lifestyle can still take care of you. Loans are cheaper than they were for previous generations, so even if you have to pay more for the house, with the additional interest costs deducted, monthly payments are very similar when adjusted for inflation. The problems will show as rates start going the other way. |
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Posted: 5/16/2018 7:21:33 PM EST
[#24]
Which generation had Chinese buyers scooping all the housing deals with cash offers well above asking price?
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Posted: 5/16/2018 7:33:43 PM EST
[#25]
Quote HistoryQuoted:
That number doesn’t pass first scrutiny. |
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Posted: 5/16/2018 7:46:41 PM EST
[#26]
Quote HistoryQuoted:
No kidding. Who of this generation can imagine 10-15% 30 year mortgages and 20-25% auto loans? |
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Posted: 5/16/2018 7:58:08 PM EST
[#27]
Garbage fucking news article slanted to push an agenda to people who gobble it up without even thinking.
Imagine that. |
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Posted: 5/17/2018 6:26:36 AM EST
[#28]
Quote HistoryQuoted:
lol @ most of the people in this thread.  
I don't read through an entire thread before I post. I post as I feel the need to say something based on what I read. |
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Posted: 5/17/2018 6:31:21 AM EST
[#29]
Quote HistoryQuoted:
None of you guys live within a day’s drive of Califuckiyoufornia. In Reno try and find a shitty two bed apartment under $1k. Quote HistoryQuoted:
Quoted:
I don’t know ANYONE who pays over 1k a month. And they’re laiming HALF of Millennials pay over 8k? 1BRs were all over $1k/month where I lived on Long Island. A quick look at CL shows a 1br even in a shit neighborhood is going for over $1k/month plus almost all of them are illegal apartments in people's houses where you can get tossed out if the town/county Code Enforcement finds out about it. A legal apartment in an apartment building is going to cost $1900+ for a 1BR. |
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Posted: 5/17/2018 6:41:14 AM EST
[#30]
Round here, I had rent jump from 650/mo to 850/mo for a crappy little 1br apartment. Why? Students. For whatever reason (rich yankee parents or hefty student loans they think they'll never have to pay back), they drive rent up dramatically. Factor in the section 8 housing (which generally pays property owners more than market rent) and the lower middle class gets screwed.
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