Posted on 08/08/2023 11:26:37 AM PDT by ChicagoConservative27
Generally the Gen-Z generation are idiots.
It can be
Depends on many factors
And the market you live in
In Nashville I’ve done great with homes
In Memphis I might rent
If that makes sense
I owned a house, that brcame to be in the extended runway overrun expansion near Norton AFB, and from that purchased a home near Fontana, wwhen the steel mill was shutting down.
Sold that, moved to Ny, and have rented everr since.
Apartments, not ‘condos’, circumvent divorce squabbles over houses, since only the contents can be argued about.
Also, maintenance problems are the responsibility of the lessor.
What do I know?
If you don not have a PAID FOR HOME at the age of retirement, you will suffer and could easily lose everything as you become priced out of a place to live, while your retirement income, probably SS, remains the same.
Mortgage is based on amount you paid down
Or amortized and then refi
For rent to be 3.5 times mortgage you’d have to have big equity to have it that low
They are not getting the jobs that they thought they would get to be able to afford a house. With rentals at the crazy prices they are it will be a wonder that they leave their parents’ hones.
Student loans are not helping.
Agree. Maintenance sucks off the money.
We are good, all paid for, but there will be no moving. We need to work on what we have and are not exactly physically capable.
The largest gap ever in median income to housing ratio, and they are saying the people just starting out are not buying homes! This revelation is truly shocking!
Is it better to rent or own? It depends on many things. Why does anyone say that one is better than the other?
Are you a young rootless person, who is likely to move in the next couple of years? if so, buying a place is not a good idea. Are you thinking of building wealth and equity long term? Are you planning to live in a certain city or town long term? Is your job stable and income likely to rise? If so, buying makes more sense.
Can you even afford a house where you live? If not, then the decision may be made for you, that you can’t buy anything.
Do you hate yard work? Maybe buying a condo makes sense, instead of a house. But then that all comes back to, are you settled in the community and want to stay there long term.
The cure for renting is when the landlord gives you the announcement for the rent increase.
A couple of those and renters start to learn their lesson.
Greatest Generation are Boomer parents.
Boomers (1946-1964)
Gen X (1965-1979)
Gen Y known as Millennials (1980-1994)
Gen Z (1995-2009)
Gen Alpha (2010-2024)
Looking at these age demographics, it becomes obvious who has done the worse to destroy American greatness, basic values, logical thinking/commonsense, and basic morality, not to mention expanded on the Boomers "if it feels good do it" with no concern for standards, meritocracy, and plain goodness.
Keep in mind the numbers above are just birth time frames. What those who were born in those eras did when they grew older or didn't do is their legacy.
I used to blame it on the Boomers (me) for the beginning of the American slide downward. After reading Robert Bork's book, "Sliding into Gomorrah" he makes the point that after WWII, the Greatest Generation were so obsessed with new opportunities/money/success that they let their Boommer kids run wild.
Think the '60's with the free sex, drugs, and rock n roll. That's when American morality really started go down and it's been heading toward that abyss exponentially with each generation. Tell me I'm wrong.
I think a good portion of these GenZs fear the responsibility of home ownership.
I rented until I could save up enough for a 20% down payment, and then I bought something. It was a condo unit and not a single-family home, but it was a start at accumulating equity that I could roll over into something better in the future.
Over the years my salary increased, my equity increased, and then I sold the condo and bought a home.
That's how it's done, but it takes a vision after college and the discipline to make it happen.
Also, one can accelerate the process by getting married and having dual incomes, one to pay the bills and the other to save for the down payment.
-PJ
When I want investing and financial advice….I always go to generation Z.
Exactly.
Gen. Z wants to remain mobile.
People don't factor that in when they compare owning vs renting. Two of my sons recently bought their first home and the biggest shock for them is not having a landlord to take care of things. They have gotten very familiar with the local hardware stores and handymen!
Will they say that when they reach their sixties and ae still throwing that money down a rabbit hole with nothing to show for it?
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