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Posted: 3/30/2017 4:04:18 PM EDT
[#1]
Nobody owns rentals.?
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Posted: 3/30/2017 4:04:50 PM EDT
[#2]
not surprising given how much housing as gone up in price and considering the cost to build is still expensive. Even in my rural town developers are slapping together cheap builder grade condos to rent to people since there's such a housing crunch for rental units. Go to Denver and see what 400-500k will get you in a decent area...not much. Rental city over there.
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Posted: 3/30/2017 4:07:54 PM EDT
[#3]
You are correct sir. I owned a town home and couldn't sell it but had no problem finding renters. People have terrible credit but make good money so they are willing to pay primo for a nice property. My renter finally got her credit decent enough to secure a loan on the place in which she paid me for 10 years only to start over on a loan that she could have had a 1/3 paid for already.
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Posted: 3/30/2017 4:10:08 PM EDT
[#4]
Millennials don't want to own houses because keeping up a house takes responsibility and knowledge. Millennials are terrified of responsibility and learning something useful like fixing a toilet or mowing a lawn. They would rather just write off a portion of their paycheck a month in rent to just be able to loiter around and smoke weed all day and if something breaks they call their baby boomer super to come and fix it for them.
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Posted: 3/30/2017 4:10:45 PM EDT
[#5]
When a mortgage on a decent starter home here is $1400 a month and your take home is $3100, it would be stupid to buy.
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Posted: 3/30/2017 4:11:01 PM EDT
[#6]
Quoted:
http://monetarywatch.com/2017/03/living-renters-paradise-renters-now-dominate-half-largest-us-cities-2007-2016-approximately-7-8-million-homes-lost-foreclosure/?doing_wp_cron=1490891463.5336859226226806640625 It is now official that the United States has turned into a renter’s paradise. Think that is hyperbole? Fifty-two of the 100 largest cities in the U.S. are now majority renter in terms of household composition. And there is no clear pattern here. You have places with incredibly affordable housing like Detroit tipping over into the renter majority category at the same time places like affluent Irvine have tipped over as well. Bottom line, more renter households are forming at a time when real estate values are once again peaking. And where did all of these renter households come from? Well between 2007 and 2016 nearly 7.8 million people lost their homes to foreclosure. Of course this flies in the face of the #YoLo real estate movement and the mantra of “always be buying” real estate because heck, even our current president is a real estate mogul, therefore buy. People have massively short-term memories when it comes to financial spankings. This in red flies in the face of the rest of the paragraph. If people had short term memories of their financial spanking, they would have bought again. I'm sure they haven't forgotten that they fucked up. Or if they did, their credit won't let that happen again. If they DO let it happen again, fuck 'em. |
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Posted: 3/30/2017 4:11:45 PM EDT
[#7]
Not at all surprising since we are... what 7 or 8 years into a recession not to mention one started by a housing bubble crash?
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Posted: 3/30/2017 4:12:53 PM EDT
[#8]
The 100 largest cities ARE NOT AMERICA.
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Posted: 3/30/2017 4:14:16 PM EDT
[#9]
Quote HistoryQuoted:
Millennials don't want to own houses because keeping up a house takes responsibility and knowledge. Millennials are terrified of responsibility and learning something useful like fixing a toilet or mowing a lawn. They would rather just write off a portion of their paycheck a month in rent to just be able to loiter around and smoke weed all day and if something breaks they call their baby boomer super to come and fix it for them. I have a good friend that was born in 1991, definitely a millennial. I own 3 homes, 1 rental, 1 currently for sale, and living in 1. He owns 4 rental SFR's and a multi with 4 units. I guess that makes us cannibals of sorts....eating our own kind. I like everything about what you said, you know why? Thats my competition to make money. LoL. It's so awesome. Free Money, just not the kind bernie talked about. |
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Posted: 3/30/2017 4:17:23 PM EDT
[#10]
Quote HistoryQuoted:
I was born in 1985 so i qualify as a millennial i believe. I have a good friend that was born in 1991, definitely a millennial. I own 3 homes, 1 rental, 1 currently for sale, and living in 1. He owns 4 rental SFR's and a multi with 4 units. I guess that makes us cannibals of sorts....eating our own kind. I like everything about what you said, you know why? Thats my competition to make money. LoL. It's so awesome. Free Money, just not the kind bernie talked about. |
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Posted: 3/30/2017 4:19:30 PM EDT
[#11]
Sounds more like a landlord paradise
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Posted: 3/30/2017 4:19:54 PM EDT
[#12]
Quote HistoryQuoted:
I was born in 1985 so i qualify as a millennial i believe. I have a good friend that was born in 1991, definitely a millennial. I own 3 homes, 1 rental, 1 currently for sale, and living in 1. He owns 4 rental SFR's and a multi with 4 units. I guess that makes us cannibals of sorts....eating our own kind. I like everything about what you said, you know why? Thats my competition to make money. LoL. It's so awesome. Free Money, just not the kind bernie talked about. |
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Posted: 3/30/2017 4:23:08 PM EDT
[#13]
Quote HistoryQuoted:
Millennials don't want to own houses because keeping up a house takes responsibility and knowledge. Millennials are terrified of responsibility and learning something useful like fixing a toilet or mowing a lawn. They would rather just write off a portion of their paycheck a month in rent to just be able to loiter around and smoke weed all day and if something breaks they call their baby boomer super to come and fix it for them. |
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Posted: 3/30/2017 4:26:38 PM EDT
[#14]
Quote HistoryQuoted:
I have only evicted boomers and Xers so far. No millenials. |
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Posted: 3/30/2017 4:28:15 PM EDT
[#15]
Not a millenial, but find me a 3 bedroom farmhouse in really good condition I can buy for $400 a month.
I'll be a renter, thanks. |
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Posted: 3/30/2017 4:33:32 PM EDT
[#16]
Quote HistoryQuoted:
not surprising given how much housing as gone up in price and considering the cost to build is still expensive. Even in my rural town developers are slapping together cheap builder grade condos to rent to people since there's such a housing crunch for rental units. Go to Denver and see what 400-500k will get you in a decent area...not much. Rental city over there. I'd like to get out of the rental game but, when even crappy condos cost over $200k, that's not gonna happen. |
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Posted: 3/30/2017 4:36:36 PM EDT
[#17]
Quote HistoryQuoted:
Millennials don't want to own houses because keeping up a house takes responsibility and knowledge. Millennials are terrified of responsibility and learning something useful like fixing a toilet or mowing a lawn. They would rather just write off a portion of their paycheck a month in rent to just be able to loiter around and smoke weed all day and if something breaks they call their baby boomer super to come and fix it for them. |
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Posted: 3/30/2017 4:40:36 PM EDT
[#18]
Quote HistoryQuoted:
Millennials don't want to own houses because keeping up a house takes responsibility and knowledge. Millennials are terrified of responsibility and learning something useful like fixing a toilet or mowing a lawn. They would rather just write off a portion of their paycheck a month in rent to just be able to loiter around and smoke weed all day and if something breaks they call their baby boomer super to come and fix it for them. |
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Posted: 3/30/2017 4:43:02 PM EDT
[#19]
Cheaper to buy than rent in the Seattle area.
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Posted: 3/30/2017 4:43:55 PM EDT
[#20]
Quote HistoryQuoted:
Yeah, I live just south of Centennial airport and there's a new neighborhood by me. The houses start at $400k. Cookie cutter houses with postage stamp sized yards.These are maybe $250k houses in the real world. I'd like to get out of the rental game but, when even crappy condos cost over $200k, that's not gonna happen. |
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Posted: 3/30/2017 4:44:10 PM EDT
[#21]
Quote HistoryQuoted:
Millennials don't want to own houses because keeping up a house takes responsibility and knowledge. Millennials are terrified of responsibility and learning something useful like fixing a toilet or mowing a lawn. They would rather just write off a portion of their paycheck a month in rent to just be able to loiter around and smoke weed all day and if something breaks they call their baby boomer super to come and fix it for them. |
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Posted: 3/30/2017 4:46:15 PM EDT
[#22]
Quote HistoryQuoted:
Millennials don't want to own houses because keeping up a house takes responsibility and knowledge. Millennials are terrified of responsibility and learning something useful like fixing a toilet or mowing a lawn. They would rather just write off a portion of their paycheck a month in rent to just be able to loiter around and smoke weed all day and if something breaks they call their baby boomer super to come and fix it for them. |
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Posted: 3/30/2017 4:47:25 PM EDT
[#23]
Quote HistoryQuoted:
The 100 largest cities ARE NOT AMERICA. Our city puts out a report every year that includes the number of owner occupied vs. rented homes. The number of Owner Occupied has increased the past several years. Less rentals. Quite a few houses that were 2 or 3 unit houses are now single family. This, and a good local economy, are really driving home prices up. |
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Posted: 3/30/2017 4:48:43 PM EDT
[#24]
Quote HistoryQuoted:
Millennials don't want to own houses because keeping up a house takes responsibility and knowledge. Millennials are terrified of responsibility and learning something useful like fixing a toilet or mowing a lawn. They would rather just write off a portion of their paycheck a month in rent to just be able to loiter around and smoke weed all day and if something breaks they call their baby boomer super to come and fix it for them. I can tell a bitter boomer when I see one. Boomers had the world handed to them on a silver platter by the greatest generation. Good job fucking it up. |
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Posted: 3/30/2017 4:49:52 PM EDT
[#25]
Quote HistoryQuoted:
When a mortgage on a decent starter home here is $1400 a month and your take home is $3100, it would be stupid to buy. |
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Posted: 3/30/2017 4:49:54 PM EDT
[#26]
Buying a home and then renting it was one of the worst mistakes of my life.
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Posted: 3/30/2017 4:49:57 PM EDT
[#27]
Meh, I rent. I'm fine with it. I've owned in the past. I'll probably own in the future. Just not a big deal to me.
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Posted: 3/30/2017 4:50:36 PM EDT
[#28]
lol...
Folks getting triggered up in here |
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Posted: 3/30/2017 4:50:40 PM EDT
[#29]
Quote HistoryQuoted:
Some of us were busy. But keep painting with that broad brush |
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Posted: 3/30/2017 4:50:41 PM EDT
[#30]
I'm a millennial (born 1990) and I own a $230k home... I bought low about 4 years ago and I only have 20 years left on my mortgage, at my current payment rate (biweekly payments plus an extra $100 for each payment).
I'm glad people assume millenials are dumb/lazy/man-children, it makes me seem awesome for being normal. There is some truth to that guy's generalization though, I'm the only person in my group of friends I grew up with that owns a home, besides some guy that is now a biochemical engineer and married to a physical therapist. The VA loan helped me buy young, but still. Most people can't pony up that 10-20% down payment. Because of the shitty economy that the baby boomers and generation Xers ruined. |
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Posted: 3/30/2017 4:51:26 PM EDT
[#31]
Just another sign of the decline going on here.
The "greatest generation" bombed the crap out of most of the industrialized world (our competition). After WW11, when the bombing stopped and we helped them rebuild, our king of the hill status has been slipping. Also, it's hard to come up with a downpayment when you are paying off a loan on a $70,000.00 truck, |
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Posted: 3/30/2017 4:52:29 PM EDT
[#32]
Quote HistoryQuoted:
What are you buying with social security check next week? You should get a megaphone so the cloud you're yelling at can hear you better. |
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Posted: 3/30/2017 4:53:27 PM EDT
[#33]
The true middle class continues to contract and this is simply a symptom of it. It's just how it is and I'm not stating that it is good,bad or indifferent. The American dream now clashes with a reality that the majority of people now die in debt. It's all a case of wanting cake,being able to eat it and sell for a profit later.
Honestly,were this not the case Trump would not have won. In a truly healthy economy,Hillary would have won. |
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Posted: 3/30/2017 4:54:41 PM EDT
[#34]
I can understand Detroit. Why buy a cheap property that will be hard to sell in a declining city?
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Posted: 3/30/2017 4:55:57 PM EDT
[#35]
I saw a rental ad on the local FB classified. Just a normal-sized 4br/2ba house and they wanted $1,800/month plus utilities. You can buy a nice house for a fraction of that.
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Posted: 3/30/2017 4:56:49 PM EDT
[#36]
Not really surprising.
My rent is $515 a month. The condos across the street start at $175k and go up to $315k. The few properties I could buy in the city would cost me more for a house the size and build quality of a garden shed. Maybe when I can put a massive down payment down and keep a mortgage to a reasonable size will buy. Til then I am going to enjoy my housing being 10% of my gross income. Seen my house poor coworkers not going to do that. |
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Posted: 3/30/2017 4:58:52 PM EDT
[#37]
This isn't a millennial responsibility thing.
All the new starts in the DFW metroplex core suburbs are going for between $300k-$400k. You have to go out to the less desirable edge areas (with a long ass commute) to touch $200k. First time homebuyers don't have the income or assets to get a $400k loan, ARFCOM millionaires that owned their first estate at 18 excluded of course. A lot of the affordable starts are snapped up by investors looking to profit from rental income from the people that can't afford to buy. I'd guess at least a third of my neighborhood is owned by investor rental fronts. The American Dream of owning your own home is becoming out of reach for many. 100 largest cities covers a surprising amount of the US population density. Not sustainable at the rate it is climbing. |
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Posted: 3/30/2017 5:00:19 PM EDT
[#38]
Quote HistoryQuoted:
Probably because the millennial's parents are bankrolling them. |
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Posted: 3/30/2017 5:00:25 PM EDT
[#39]
I hate apartments, no ties to the community to cares about the long term effects to the locals.
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Posted: 3/30/2017 5:01:33 PM EDT
[#40]
Quote HistoryQuoted:
What does that even mean? I don't speak millennial. Do your kids not visit you at the retirement home? Did you get fired and replaced by a 20 to 30 year old because you type really slow? Is your daughter's new sedan faster off the line and handle better around corners than your '67 ford/chevy/dodge? Are the neighbor kids constantly running across your lawn? |
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Posted: 3/30/2017 5:02:50 PM EDT
[#41]
Quote HistoryQuoted:
The American Dream of owning your own home is becoming out of reach for many. 100 largest cities covers a surprising amount of the US population density. Not sustainable at the rate it is climbing. |
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Posted: 3/30/2017 5:02:52 PM EDT
[#42]
Quote HistoryQuoted:
What are you buying with social security check next week? You should get a megaphone so the cloud you're yelling at can hear you better. |
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Posted: 3/30/2017 5:05:58 PM EDT
[#43]
Quote HistoryQuoted:
The anomaly that keeps it going are the cash offers and investors buying up places TO RENT...once that stops then it's over. Stagnant wages and/or rising rates won't hold housing where it's at. Personally I think the trend continues in these cities and most people end up like serfs to large corp landlords paying rent. |
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Posted: 3/30/2017 5:06:29 PM EDT
[#44]
Quote HistoryQuoted:
When a mortgage on a decent starter home here is $1400 a month and your take home is $3100, it would be stupid to buy. |
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Posted: 3/30/2017 5:07:38 PM EDT
[#45]
Thinking hard about jumping out of my house I am currently in and into a rental until after the bubble pops..... Or I could add to the 65-72 hours I work a week and become a landlord for one of these morons who could not figure out how to balance a budget.
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Posted: 3/30/2017 5:09:21 PM EDT
[#46]
Quote HistoryQuoted:
The houses in my area are up 20-30% over the last 3 years. Californians are selling their 1200 sqft ranch style houses for close to $1mil, moving up here, and buying 3000 sqft places on 5 acres straight cash. 
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Posted: 3/30/2017 5:09:37 PM EDT
[#47]
Quote HistoryQuoted:
Millennials don't want to own houses because keeping up a house takes responsibility and knowledge. Millennials are terrified of responsibility and learning something useful like fixing a toilet or mowing a lawn. They would rather just write off a portion of their paycheck a month in rent to just be able to loiter around and smoke weed all day and if something breaks they call their baby boomer super to come and fix it for them. |
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Posted: 3/30/2017 5:10:35 PM EDT
[#48]
Quote HistoryQuoted:
Cheaper to buy than rent in the Seattle area. I am in Everett about 25 minutes north of Seattle. We rent a 3200sq ft place for 1995/month and our lease is up in June. Slum lord has already stated he is raising it to $2500 if we want to stay. And thats still cheap in the area. Some places are renting for close to $3500 and its not even a great neighborhood. |
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Posted: 3/30/2017 5:12:15 PM EDT
[#49]
Quote HistoryQuoted:
When a mortgage on a decent starter home here is $1400 a month and your take home is $3100, it would be stupid to buy. 
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Posted: 3/30/2017 5:13:13 PM EDT
[#50]
There are tons of apartment complexes all over the Charlotte area and they're all full.
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