Millennials: You Will NEVER Own a Home! Here’s Why.

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In This Episode:
Millennials will be unable to ever afford a home based on the current trajectory. There’s just no possible way that could ever happen. There’s so much debt. There’s no good jobs. And the working middle class aren’t about to donate their measly savings with the millennials. It’s become a complete joke recently and while central planners can continue to push stock prices upward artificially, you can’t push an economy upward.

millennials economy jobs employment economy financial bank cash debt

[Relics_AI]

Millennials will be the Rental generation. We will subsequently be blamed for killing the housing industry. *Add it to the list*

[rdwilliams]

California is not the real world. In Texas you can buy a home for $70, 000. It's the college loan that is the problem.

[willywood]

I'm 37 I own my property, house, and vehicle, thank God. If I had to try to make all these purchases again I would fail under the new standards. It makes me sad really to see the decline of our world.

[pocketchia]

When I was younger, I used to imagine what kind of house I'd get. I still daydream about it...

[wolfrayet]

I had to work eighty hours a week to keep up with an adjustable rate mortgage inflation throughout my twenties. No vacations, no holidays, no time off if you want to own a home. If you have any time off you should have a second job if you want that dream. That's just how it seemed to work. By the time the market crashed in 2008 and we lost the house it just seemed impossible to keep up with payments. Seems the best thing you can do if you parents are still alive is help them pay off their home and work as a team. My grandfather told me before he passed that he survived the great depression by working as a team with his family. There is no shame in living with your parents as long as you contribute he said to me.

[jahllanjustitia]

I am a 44 year-old with no degree, no home, no partner, and no stress.

[Andrew-qocq]

All the hero millenialls beating their chests are missing the point. I own a property too. The point is it's getting harder and harder and our costs of living keep rising relentlessly.

[VentionMGTOW]

10:56 on the guy who paid his mortgage off in 3 years. It's almost certain that he's a single man. A man can live beyond frugal if he chooses to. As a single man I paid off my first home in 11 years almost without trying. I cheated in paying off my house though. I've been buying bitcoins since 2013 (still buying even now) and I cashed in some a few months ago and paid off my house.
Ramping your spending back till it hurts is a great way to stick it to the banksters. The less wealth you release back into the system, the less it's taxed and spent and taxed again. Every time a dollar changes hands, government takes their cut. The more money flows the more tax money they get for welfare mothers and blowing people up in countries you've never even heard of. When you capture large percentages of your income and use it to payoff debt, that money is effectively destroyed.

I'm harvesting about 65% of my take home pay and dumping it into bitcoins and a few other cryptos. Bitcoins tend to double about every 10 months or so. All I need is one more double and I'll have enough to leave the west and move to one of those low cost of living asian countries. I'm getting out of this rat race.

[greensandbeansgaming]

Home ownership is a Lie. You rent from the town, you own nothing and have to maintain the property on top of it. Stop paying your property tax and see what happens, the real owner comes and takes it away. Go to the town and look at the book of rules and regulations you have to follow. One of the big lies.

[hoquality]

Buying a home is one thing, keeping it is another. After you buy a home, better learn how to do many repairs and maintenance yourself so you'll be able to have money for property taxes and for other repairs you may not be able to do yourself such as a new roof, or install a new furnance.

[BL-ccvm]

Im in construction, have been since high school. never attended college 36 years old. All the "affordable" homes are too expensive and need major repairs. Banks wont give you a mortgage unless you take out another loan to fix the problems. Most homes are bought up and flipped by investors that make them even pricier and impossible to afford. I've seen people offer more than what there asking for houses because there are so many people fighting over homes and the lack of volume. The only affordable housing available is section 8 apartments that working people cant qualify for because they make too much $. There is a generation of people who are stuck and cannot move forward its not just millennials. "Working poor" So there is a huge need for affordable housing for people starting out... but most towns dont want any affordable housing because it drops their property values. on and on blah. Trying to save money is damn near impossible too. I live in Florida. Wages are so low here it makes it very difficult. I really wish someone would come along and build some simple affordable houses for working people. Rent is crazy high too, nothing under $1000 a month here.

[katrinaumana]

I'm 34 years old and have paid off my $14, 882 Student Loan Debt. I have no credit card debt, and have $92, 800 left on my 15 year mortgage. My home apprased for $240, 000 as I live in the DC Metro area. And I was the first in my family to goto college, was born out of wedlock, was in Foster Care, and grew up in Baltimore City. It can be done, set your goals and make scarifices. I cut my hair and keep it short as it saves money, also I clip coupons, etc... Thank God for Dave Ramsey's Finanical Peace University.

[mattorloff]

I'm in an interesting situation where I can afford to buy a home outright. However lost my job and haven't been able to find one for 5 months and so far the only job I found was a low paying contract. Part of the idea of buying a home besides the number is the assumption that you'll be able to live in the same area with a stable income which is disappearing.

[Audrabraun]

If you can't make it work playing by the rules, change the game. Tiny homes, earth ships, mobile homes, boat houses etc.

[spockmcoyissmart]

I have listened to some of my friends say they 'don't have money for that'. but they get new cell phones all the time, post on facebook pics from bars, having a good time with expensive drinks flowing freely for hours. . buy literally 'stupid' stuff all the time where their basement/garage are filled with items they used 1 time, if at all.. buy cigarettes. go to the expensive coffee shops for $5/cup coffee. We all spend a lot of money needlessly and ask, "where does all my money go?" I bought a new vehicle 6/16. I put $10k of my savings down on it. [why 'save' it since I get 0% from bank, but would pay several % on auto loan?] I then worked to pay it off in 7 months. I don't go to bars, or restaurants. I drink at home and have neighbors over. I buy my own food and cook it and eat well. What you pay for 1 chicken meal at a restaurant, you can buy a family pack of chicken and vegetables at a warehouse club, cook/freeze in divided containers and have many complete meals frozen. It is a time saver and it isn't low nutrition fast food, but it is 'fast' food when I need it. It is surprising how fast you can pay off vehicles/homes if you look at how you spend. I haven't been on a vacation in over 10 yrs, I do work a lot. But, I have only recurring debt is taxes/utilities. 0 credit card debt/pay off every month. It works for me. I have reached the age in my life where I can relax a bit and be ok. I understand a lot of people 'have to have fun' all the time, but that does cost money. To each his own I guess.

[chengliu]

A lot of it depends on where you live. Here in California unless you happen to make 6 figues, home ownership is all but impossible. That is why some of my coworkers live over an hour away from work where homes are remotely affordable.

[qwqwqwqw]

I never pretended I was going to afford a house. it would take some kind of miracle. just seems that now other people are being forced to admit what was always the case.

[truthinvideos]

There's gonna be a lot of dispersed campers in our future.

[Novaximus]

You didn't even touch upon Property Taxes. Here in New Jersey prop. taxes make up for about half of your monthly mortgage. So take those figures in this video and DOUBLE IT.
Additionally, most of these homes on the market are being sold by baby boomers who haven't lifted a finger in renovation on it. These homes are like 30 + years old and you'll likely have to spend 40k just in renovations.

THEN consider you don't want to be house broke. Your mortgage (despite all the saving up in the world) shouldn't be more than two weeks of pay. It should be more like 1 and a half. So you'll most likely have to CLEAR about 1500 dollars per two weeks.

You'll also have a 150 dollar cable bill. Gas, water, electric, fire insurance, sewage for most people. You'll need a home repair fund because a roof only lasts like 15 years, water heater like 10 etc...

You would need to make at least 60k a year at your job, be debt free and have saved for like 10 years for that down payment. The guy in this video is right. There aren't many jobs out there that pay 60k+ especially right out of the gate.

[jasonspengler]

I love when they tell me I can't. Pushes me even harder.