Will Millenials Never Be Able to Buy a House?

--Caller discusses housing affordability
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Broadcast on October 15, 2021

#davidpakmanshow #housing #housingmarket

[deannealbrecht]

Not allowing investment firms to buy neighborhoods would be a start.

[thegator]

As a millennial, I think it’s far more likely that I’ll be homeless than buy a home lol

[km]

I've heard some promising things about 3D printed homes. The problem with them though is that the printer will stop working if it runs out of magenta.

[DarsolSaber]

Housing should be a human right. Period. How is it in 2021 having a roof over your head should be based on your wealth/status ? It’s pathetic.

[Linkous]

I'm 38, and I can't afford rent anywhere nearby, even making right at what's considered a "living wage". I'm nearly a minimalist, too, so it's not like I waste my money. All of it goes to bills, and I save a little bit every month. As an example, about ten years ago I rented a townhouse for 600 dollars a month. I found out a few weeks ago the same townhouses are now being rented out for 1100 a month. I have no idea how people afford it, unless they're crammed into them like sardines. All that said, actually *buying* a home is a pipedream for me, something I doubt I'll ever achieve.

[richardmaclean]

Of course… The American dream sucked all the money out of the American dreamer.

[mzavros]

Corporations are buying up single-family units for rental income. This should be outlawed.

[musicmaneanda]

I grew up in a 4 bed, 2 bath house with a .25 acre in a nice middle class neighborhood. I always thought of that as my standard, but now my wife and I are finding out we can only afford 2 bed 1 bath houses, or fixer uppers with 3 beds. It's insane.

[powbobs]

David is speaking from a wealthy person’s perspective.
Most people are screwed

[fighttheevilrobots]

I'm 37. I've never owned any house or car.
My boyfriend (age 32) was able to buy a home, but only because he lived in his parents' basement for 10 years without paying for groceries, utilities, or rent.
For most of the last decade I paid 80-90% of my income on rent in the Northeast.

[drx]

I’m a millennial who lives in one of the most expensive parts of the country-California. Not only that, I live in one of the most expensive parts of California-the Silicon Valley. I’ll admit, the ONLY reason I actually own my home is because my mom gifted it to me and it’s my childhood home so my mortgage is extremely low. I remember when I was younger every adult I knew was able to buy a house. Now that’s almost impossible amongst my age group, to do it on your own. Not only are there less supply of houses, a modest home costs at least a million dollars here.

[shawncarson]

Idk how people even afford to rent. I lucked out and have a cheap mortgage but not sure how people can do it.

[niftyjeff]

Here in California it’s 2500 for a studio apartment, with the pay not adjusted.

[TheMoonRulesNo]

It's not specifically millennials. I'm 38, and while quite a few of my friends have purchased homes over the last 10 years, most of my friends are still renting. One of things that I've noticed is that property taxes tend to influence rent prices, but while the taxes tend to fluctuate, landlords don't ever seem to lower rent. They're happy to raise it, often times citing taxes as an excuse, but when the taxes go back down, they typically don't follow that trend when deciding how much rent might be.

[kenbrown]

not if land barons have any say in the matter.

[hrmIwonder]

The govt could ban foreign purchases of houses and could also ban institutional investors, that'd help a little. But that'll never happen. Just give up on the idea of owning a house in a desirable area, it's essentially reserved for higher income people.. As boomers die off, their older houses will come onto the market so we may see a slight tempering of prices.

[brownwolf]

Rent has gotten expensive many rent is more expensive now than your average mortgage...however buying is very difficult since it comes with your credit score as well for your annually salary

[Tech_Support]

My wife and I bought our first home 4 years ago, we make less than 100k combined and our is in an OK area of Chicago

[panpluto]

It depends on everything from climate refugees to the boomer die-off. Japan has a bunch of ghost towns as the young move to large cities. Italy has been incentivizing to come and move to their small towns. The total fertility rate in the U.S. is 1.7 or less whether due to decreased immigration, people realizing they dont have they money to have a family or the existential dread of bringing a life into what will surely be a shitty future.
Getting rid of single level businesses/strip malls would free up lots of space.

[Stuntman]

I’m coming to terms with the fact I’ll probably never own a home. Many “starter” homes in the UK cost around ten times my annual salary. Over 50% of my salary already goes on rent & bills. It’s impossible to save for a deposit on my own.