Millenials Are A Trillion Dollars In Debt And Most Don't Even Own A Home

[Yade]

Bu but america is the greatest country ever

Previous generations got educations, health care, and bought property for pennies on the dollar, then turned around and made us sell our entire existence just to get a taste of the things they were handed. fukking scum, making damn near a whole generation homeless and hopeless to outright own anything

This mentality has to stop
Focus on the real bad guys (corporations)

 

[Orange cream shake]

The problem is gonna be multiple bubbles popping at the same time.

We're all fukked if there's another repeat of 2008.

I’m in default operations so my job is dependent on people losing value in their home or not being able to make payments.

 

[Truefan31]

Who really has $50k to put down on a home and $3500 a month for a a mortgage, taxes, utilities and upkeep?

I swear the people who bought homes in the 90's have it good. They probably have $700 mortgage payments.

The general rule is to have 20% down, so 50k would be typical for a 250000 home. There are ways to buy a home w/o a large down payment such as FHA but it typically requires an additional mortgage insurance premium then.

 

[⠀X ⠀]

Y'all overreacting. You don't have to put anywhere near $50k down. There's cheap housing all over, just gotta look. In Illinois you can buy a house for $170k easy. And sho ain't paying $3500 on mortgage, more like $850.

Come to NY, where any decent home is 500k, and taxes are $10k +

Yeah you can put less down, but your monthly payment will be higher and you have to pay mortgage insurance.

 

[Sad Bunny]

Y'all overreacting. You don't have to put anywhere near $50k down. There's cheap housing all over, just gotta look. In Illinois you can buy a house for $170k easy. And sho ain't paying $3500 on mortgage, more like $850.

And there are programs are you only have to put down 3.5%

I feel like some people just talk to talk or don't do enough research

 

[Orange cream shake]

And there are programs are you only have to put down 3.5%

I feel like some people just talk to talk or don't do enough research

That 3.5% sounds tempting, let’s say you get fha loan, because u are only putting down 3.5%, for the life of your loan you will be required to pay mortgage insurance which doesn’t benefit you, it benefits the bank just in case you default. Some people don’t want to throw away money like that. If you are okay with paying a premium that benefits the services and lender, go for it.

I will say this, if you have to do this or you already have, you can always try to refinance into another investor if your credit will allow it and you won’t have to pay mortgage insurance anymore.

 

[Sad Bunny]

That 3.5% sounds tempting, let’s say you get fha loan, because u are only putting down 3.5%, for the life of your loan you will be required to pay mortgage insurance which doesn’t benefit you, it benefits the bank just in case you default. Some people don’t want to throw away money like that. If you are okay with paying a premium that benefits the services and lender, go for it.

I will say this, if you have to do this or you already have, you can always try to refinance into another investor if your credit will allow it and you won’t have to pay mortgage insurance anymore.

Yes or pay it down to 80% and drop the PMI

 

[Swirv]

I dont know. The next 10-15 years will likely see the greatest transfer of wealth this country has ever seen. A lot of these white people will be bailed out by inheritances which will only excaberate the racial wealth gap issues.

Life insurance is a must.

 

[Donald J Trump]

100 years ago they gave us sharecropping debt

Now its student loan debt

 

[King Poetic]

Not surprised by this

I see lesser colleges charging $20,000 a year for school nowadays and u screwed if u graduate with a degree that really have no value in the work place

 

[Bumblebreh]

The problem is gonna be multiple bubbles popping at the same time.

We're all fukked if there's another repeat of 2008.

And yet I saw a post on here that stated that the next recession will be beautiful. That post had received 14 daps.The reccesion will widen the game even further.And a lor of dcent folk are going to suffer.

Come to NY, where any decent home is 500k, and taxes are $10k +

Yeah you can put less down, but your monthly payment will be higher and you have to pay mortgage insurance.

10k a year on just taxes?

 

[-deleted-]

25, I’m currently about to wrap up graduate school and even I will tell you that a degree is just another addendum to your repotoire. People are out here going to college expecting life to be perfect afterwards. No. Before you even get the degree, chase your next bag; certificates, internships, side hustles. Do not rest on your laurels.

 

[⠀X ⠀]

10k a year on just taxes?

I just checked, and the average is $11,300 for my county.

 

[Orange cream shake]

Yes or pay it down to 80% and drop the PMI

Mi is now life of loan. Depending on when you originated.

 

[Orange cream shake]

And yet I saw a post on here that stated that the next recession will be beautiful. That post had received 14 daps.The reccesion will widen the game even further.And a lor of dcent folk are going to suffer.



10k a year on just taxes?

Some people are paying almost the same in taxes and insurance as their principal and interest.