Will most people OWN their homes in the near future? | Page 2 | INFJ Forum

Featured Will most people OWN their homes in the near future?

Discussion in 'Relationships and Sociology' started by Artemisia, Sep 12, 2019.

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  1. ClevelandINTP

    ClevelandINTP Permanent Fixture

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  2. Gadsden Mountain Ranch

    Gadsden Mountain Ranch Community Member

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    I'm a millennial and proudly have 2 houses. Take my keys from my cold dead hands

    However, I've come to the conclusion that half of millenials are woke as fuck

    The other half will go with whatever CNN says...welcome to Costco, get your vaccines that will kill you, live in this tiny house and drive a Prius because it's cool and trendy

    No thanks...I'll have my 5 acres, read the warning labels, and have my 339 cubic inch motor to enjoy because I'm not mindless

    So, if the status quo is to live in small trailer homes that look like cheap plastic cabins, rent, move for jobs then half will go with it

    The other half learned from their elders and will stay in their ways
     
    #22 Gadsden Mountain Ranch, Sep 15, 2019
    Last edited: Sep 15, 2019
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  3. Maikl Jexocuha

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    I hate the concept of "Millennial" to define a generation. I think it's a term that fits mostly with white and privileged children of the 80's and 90's. It's just hard to relate to "millennials" in general.

    Example: "Millenials: the Me, Me, Me Generation" https://time.com/247/millennials-the-me-me-me-generation/
     
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    #23 Maikl Jexocuha, Sep 15, 2019
    Last edited: Sep 15, 2019
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  4. Asa

    Asa Resident palindrome

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    That's awesome! Much respect. We considered doing that, too.
    Now we want to build a barn. Hahaha.

    I'm not sure. I've watched our stocks go up and down over the years. The fluctuation is tied to politics. This will make you care a lot more about politics. :tearsofjoy:
    To make owning rental properties worthwhile you need to overcharge. You will later find out that the price you thought was overcharging was fair.


    I felt that way about Gen X when I was younger. I didn't identify with the stereotypes or cliche lifestyle.
    In reality, it is just a title for a group of people born during a certain time.
    There is a thread called Generation Wars where you could post about this, or read about it, if you want.
     
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  5. SpecialEdition

    SpecialEdition Well-known member

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    Well, hard to say. I'm technically considered a millenial and don't own a house though most of my friends do. Many of them bought before our market went insane. We're just coming out of a correction and some people who were idiotic and basically gambled with real estate lost a lot of money. Even now after the correction housing prices in my area are very high and the cost doesn't really reflect the quality of what you're getting. Part of the downside of the housing boom we had was that there were a lot of people investing in flipping houses so they were trying to do a quick turnover with shitty or low quality renovations that LOOK nice but won't last, so the price is artificially high.

    Renting in my area is also unreasonable. I got into my place before the markets went up as well. They are renting smaller units for more money than I pay now and I have the largest unit in my block. I guess I got lucky there.

    The type of house I'd want to live in long term that doesn't require a ridiculous amount of upgrades and that's in a decent neighbourhood will easily run over 600k. If I don't want to pay a bunch of mortgage insurance I have to have a 20% downpayment. That doesn't include about 10k or more in other fees that go along with buying a home like what we pay to the real estate agent, land transfer taxes, lawyer fees, etc. It's a LOT of money up front.

    Would I like to own a house? Yes. Why? Because I want something of my own to treat how I choose over a very, very long period of time. I want something to build equity in over time. I want something that I can pay off before retiring. I want something that, when it comes time to downsize, I can sell for a profit. Obviously it wouldn't be my only investment but it would be a nice asset to have provided there's not a massive crash that never corrects.

    At this time in my life home ownership is out of the question for the next few years.

    Something else that's problematic with housing in my country is that there's a lot of money laundering that filters through real estate here. Right now there's a bit inquiry going on about that. We have so many FUCKING CONDOS that have absurd condo fees and no one lives in them because everyone wants an Air BnB business now. So if you buy a condo chances are your neighbours are all renting theirs out for a profit and you have no expectation that guests are going to shut the fuck up and not ruin everything.

    At the end of the day I'm not sentimental about home ownership but I know a lot of people who are. If I find a good house at a good price in an area that I want to live in, great. If not, great. But I'll have to die in this house I currently rent otherwise because rents are skyrocketing right along with housing prices. I don't know what other people my age or younger plan to do but I don't think it will be buying a house without a significant contribution from their parents.
     
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  6. Bird

    Bird Happy Go Lucky

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    No. I do not. Simply from a semantical point of view. Looking at censuses globally it appears that
    most homeowners are couples and the majority of deeds and mortgages have both spouses
    names on it.

    If someone else's' name is on it: you're a co-owner, but not a full owner.

    If we overlook that semantical detail we need to start looking at statistics and what the housing
    market is like on a global level. Buying a home in Japan is much different than in the US.
    We also need to consider the time-line. When you say future, what does that mean? We need
    a more exact frame of time to really be able to evaluate current details in order to "predict" a
    future. Humans only live so long, countries with the average citizen of a mature but not elderly
    age are likely to have a stable if not growing rate of homeownership as their current homeowners
    continue to own their homes forcing more housing to be built to accommodate their children.
    Especially if their birth rates have been higher than their death rates. This brings into question:
    is there room and is it affordable to build new homes? Which we would then need to evaluate the
    economic (as well as political) well-being of the nation, the particular region, and the median
    citizen of that region.

    This is just too broad of a question to really be able to answer well.
     
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  7. Maikl Jexocuha

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    I wonder the same thing often myself. What I've noticed just from meeting and learning from a lot of local people of the same generation but from different socio-economic, racial, and educational backgrounds is this: my wealthy acquaintances and friends who were uneducated got houses, primarily as hand-me-downs from their parents. The wealthy educated all lived downtown, near downtown, or moved out of state, and rented. The middle class and working class I've known, and they are actually not that different, all rent or "yo-yo" back and forth living with family members or close friends. Education seems to matter only regards to level of income and independence. Those I knew who got married, most of them bought a house or condo(like my sister). Also I noticed, middle class and working class situations race played no factor in quality or feasibility of obtaining housing. Mostly undeducated marrieds who worked higher paying, yet demanding jobs. Like my sister who eventually lost her house after divorce(which is common among Millenials). And not to mention the low class and homeless I befriended while not too far from their strata, not many were my age, mostly older than me, but they were not very far from working class - but most had a criminal record or other issues that prevented them from working at all.
     
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  8. Ren

    Ren Pin's android and co-founder of Stoic Café

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    How about building your own house? Dat sounds cool.

    Personally I'm stressed at the very idea of owning property already, but then I'm a bit weird.
     
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