Millennials are getting SCREWED out of buying a house!!

Millennials are in a position to buy a house now but they have been SCREWED royally with the rising prices and interest rates. I share some strategies to help make it a little easier for them to achieve the dream of home ownership.

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I'm Jackie Baker, a Realtor with Coldwell Banker Realty in Allendale NJ. I serve the Bergen County area and would love to help you with your next home purchase or sale. Don't live in NJ? I can connect you with an outstanding realtor in your area!

📱Cell: 845-629-0984

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[TheNVSK]

The solution is not to adapt to the conditions. The solution is to tear down the system that seeks to destroy our future

[cedric]

Thank you Miss Baker. I turned 30 in 2022 and I feel like I'll never be able to afford a house in my area. I saved around 100k in 3 years, I worked my butt off and made a lot of sacrifices, but I just don't see the point anymore. I'm stuck in a tiny apartment and don't want to build a family in this environment. It's like my life is on hold and years are passing by...

[elainajoann]

It is so upsetting. My husband and I feel like we missed our window to buy a home but we weren’t in the right financial position. Now, even with money in the bank, the dream of owning a home to start our family seems to be moving further and further away.

[babyg]

I’m gen z, just turned 25 recently and I’ve already given up on ever having the “American dream.” Even if the millennials & gen z COULD buy a home…why would we?!!! How many ppl truly feel comfortable getting a $400 or $500k mortgage in this shaky time? My parents and aunts bought their home for less than $200k and my aunt & uncle BUILT their home in an upcoming gentrified neighborhood for LESS than $400k. it’s a 5 bedroom 5.5 bathroom with a library, movie theatre, huge backyard, and turned the entire basement(minus the theatre area) into a mini apartment with a full bathroom and kitchen…again for approx $350k and they’ve had it for for over almost 2 decades. They tried to sell it last year & it was worth $1mil….they decided to keep because the market is horrendous & never know when they’ll need a home to come back to. Why would we WANT to get a mortgage that’s $5-$600k for maybe a 2 or 3 bed home in this economy that is about to hit the debt ceiling & unemployment can skyrocket at any moment. $400k should NOT be the normal cost of a single family home in a decent(not good) school district, or neighborhood. They’re purposely trying to send us into insurmountable debt…

[thehallswayy]

My worst mistake in life was being born in this generation lol.

[CoCo-yvhl]

Thank you for this…. My first mistake was listening to family now I have these student loans that won’t go away. I borrowed about $26, 000. The loan has been sold about 3 times & I now owe $96, 000. What they expect me to pay is not obtainable & they don’t consider the cost of living. I don’t even work in the field I went to school for they were only paying about $15 an hour anyways only if you had experience. I’ve been in auto financing for 6 years & only $0.25 raise a year. Making more w/o my degree field. I’m trying to pay cash for land & put a large converted shed on it. Rent is ridiculous. It’s outrageous & I can see why suicide & depression is so high. You literally work to pay bills. I hate renting.

[ryanvideooo]

Buy a home? I'm still trying to figure out how to rent a studio apartment.

[slicklizardchamp]

It’s pretty sad. I am 27 with a 98k base salary and around 20k bonus annually. I pumped money into my 401k early so now I just contribute 10% with 8.5% match. Max out Roth IRA annually. With my deductions net paycheck is roughly $2, 400 every 2 weeks. I’ve saved up 60k in cash savings for a down payment and keep saving as much as possible each month. I am BLESSED.

With that being said, basic starter homes in eastern shore Maryland are 400k with 7.5% interest rates. Mortgage would be over $2, 500/month. No utilities have been paid, no groceries bought, etc. So 50% of net monthly pay is on the home.

The bottom line is it would be a POOR financial decision to buy a home even in my position. It’s not affordable. Look at housing, education costs over last 20 years. I am very conservative and cannot turn a blind eye to the greed we are seeing.

My advice: Live with a roommate, family, anything within your means. Save as much as possible. Let other people make poor decisions. When prices become reasonable (may not ever in America!) I’ll throw my chips in. Until then, be patient! But what an absolute joke it is overall.

[gretyl]

I gave up honestly. Even when I was actively looking I was immediately outbid every time by corporate investors with cash on hand. I love that people are talking about it, but where are the solutions?!

[sixmedia]

No hope anymore. The median house price in Sydney, Australia is AU$1.1M, the equivalent of roughly US$728, 000. Rent is so impossibly high as well, basically screwing you out of all the money you have. Home ownership is only for the stupid rich now. I earn AU$105, 000 (US$70, 000) and my girlfriend earns slightly more. That used to get you whatever you wanted in terms of a home. But now it gets you nothing. All money disappears on rent and bills. Nothing left over to save for a house. My dad had already bought land and was building a house by my age in 1988. I’m not even anywhere close. My life will just about be at and end by the time I can afford a house. There is no hope at all and never will be ever again. It’s too far gone. Once, owning a home was a dream anyone could achieve. Now it’s only for the elite special few. We will all be living in our cars soon. And governments don’t care about it at all.

[Deenaroshell]

All of this is so discouraging. I graduated high school in 2010 and that year it was hard for a lot of us to get jobs. Fast forward I joined the Army and I’m able to use my VA loan but these prices are making it hard. I’m praying for my fellow millennials we are able to get through this. 😢

[CreateYourWorth]

2 HH income here. Make about $175k combined and still can't comfortably afford a home in California. Fixer uppers are going for 650k to 700k in my area Los Angeles. Mortgage with a 6% interest is about $5, 200 with a 5% down payment. Its ridiculous.

[tracigodfrey]

SO SO SO TRUE! It's painful to watch. I have a slew of Millennial buyers and it is very discouraging for them. Not to mention we agents. Thanks for this, Jackie. You're a rock star!

[whopper]

Year or two? We’ve been screwed since 2009 because when you first start working your wages are low we are just continuing the process of being screwed

[aaasht]

It is easier to rent. Because at this point people just give up.

Its easier but its not good. I cant even afford to rent plus i wouldnt feel comfortable or safe anxiously waking up any day with the surprise decision of being thown onto the streets.

I wamt to afford a home i want a place to call mine, just like the birds have their own nest. Its mentally and emotionally getting me sick more and more being aware i have no safe heaven to go to when i need to rest.

Im 24 millenial, already gave up on ever having a family, not only i never wanted kids for many more reasons, but the risk of being homeless only further solidifies my decision.

Though its depressing and lonely

[mario]

The thing is, if interest rates drop again, prices will skyrocket again.

[MeganWall]

Thank you for the acknowledgment and hearing us millennials out. Love you for that. I feel stretched so thin, I never lose hope, but I certainly have lowered all my standards and it’s disheartening.

[lloydwaters]

Sobering quote from millennialls: Life then you die.

[Rodaportal]

Jackie, you're absolutely right, and it's disheartening to see how the dream of home ownership has become a distant star for us millennials. The struggle is real. With housing prices skyrocketing and interest rates climbing, it feels like we're caught in a financial whirlwind. Saving up is essential, but it's like chasing a mirage.

It's crazy how our parents and even Gen Xers had it easier when it comes to buying homes. The cost of housing these days is just mind-boggling. I mean, who wants to take on a hefty $400-500k mortgage in this shaky economy? 📈💸

It's hard to keep the hope alive, but we've got to hang in there, adapt to the situation, and find creative solutions. Your video is a beacon of insight and hope in these turbulent times, Jackie! Thanks for shedding light on this critical issue, and let's hope things take a turn for the better soon. 🌟💪

[Shameu_uss]

single father of one have custody work full time making 42 a hour and still cant fully afford it between gas electric food cable internet cloths for a kid thats growing every year its crazy this year of age is so stressful makes you wonder why am i working so hard or working at all to achieve nothing in the end