What Would Happen If All Young People Gave Up 'Luxuries' to Buy a House?

[ADevilYouKhow]

What Would Happen If All Young People Gave Up 'Luxuries' to Buy a House?​

What Would Happen If All Young People Gave Up 'Luxuries' to Buy a House?

We asked financial analysts and economists what would happen if an entire generation cuts down on Netflix, Easyjet holidays and lattes.

www.vice.com

What do you guys think?

 

[OfTheCross]

What Would Happen If All Young People Gave Up 'Luxuries' to Buy a House?​

What Would Happen If All Young People Gave Up 'Luxuries' to Buy a House?

We asked financial analysts and economists what would happen if an entire generation cuts down on Netflix, Easyjet holidays and lattes.

www.vice.com

What do you guys think?

What are these luxuries that young people are expected to give up??

 

[ADevilYouKhow]

What are these luxuries that young people are expected to give up??

Good post

 

[NkrumahWasRight Is Wrong]

What are these

 

[get these nets]

What Would Happen If All Young People Gave Up 'Luxuries' to Buy a House?​

What Would Happen If All Young People Gave Up 'Luxuries' to Buy a House?

We asked financial analysts and economists what would happen if an entire generation cuts down on Netflix, Easyjet holidays and lattes.

www.vice.com

What do you guys think?

I know of multiple groups of young Indian professionals who live together in dorm-like settings when they get out of school and land their first jobs. Packed like sardines, to save up to buy homes.

First time I saw it, thought it was just the set of friends my co-worker had, but it's fairly common out here.

 

[Jay Kast]

Sharing expenses is the way out if you can't live with your parents and save up.

Cutting back on frivolous purchases (coffee, movies, clothes, going out to eat, etc).

Just for two years, with a 30k a year (after taxes) income you can have 30k for a downpayment for a house using an FHA loan.

Is it as good as it was for our parents? Fukk no. Is It gonna change because it's not fair? Fukk no.

It's up to the individual to live uncomfortably for two years or so and then they can live decently for the rest of their lives. Sacrifices is the name of the game.

I did it .

 

[OfTheCross]

I know of multiple groups of young Indian professionals who live together in dorm-like settings when they get out of school and land their first jobs. Packed like sardines, to save up to buy homes.

First time I saw it, thought it was just the set of friends my co-worker had, but it's fairly common out here.

Nigerians do it too... pretty much any immigrants actually

 

[get these nets]

Nigerians do it too... pretty much any immigrants actually

I am an immigrant myself. I know plenty of African and Caribbean immigrants.

What I saw among the Indians is something a bit different.

Like the ghostface song

15 of us in a three bedroom apt
4 in the bed, 2 at the foot, 2 at the head

 

[Noriega]

I don’t want to own a home in my 20s.

I’m single and I’m barely home as is with my 48 hour shifts.

 

[Jcotton1]

Younger gonna be eating no frills and saving till their 60 at this point. Hell even if u saved, never traveled nor bought luxuries inflation would hurt.

Honestly many of my co workers don't want kids and don't care about generation legacy. I always said if u came up poor don't worry about having kids. Just go mentor in big brothers lil sisters no child support and less stress.


My aunt's Mom bought her Grand kids and I a spot in the city. Its in a trust and we got it out right . We are renting it out now and doing well. She wanted us to have a good start.

It's different strokes every individual has to find their lane.

 

[ogc163]

This assumes homeownership is a net positive, there's evidence that's not generally the case for Black folks.

I think living in a frugal manner is a good thing, but not necessarily to then subsequently spend on a home.

 

[acri1]

It would just cause housing prices to go up even further.

If you really want things to get better you have to deal with the supply issue.

 

[Professor Emeritus]

Looks like some folk didn't read the article - it pointed out that young people already spend a relatively small portion of their income on "non-essentials" compared to other age groups.

It would just cause housing prices to go up even further.

If you really want things to get better you have to deal with the supply issue.

That ?was my first thought - if a huge # of young people were in the market to buy, but the # of houses available didn't change, wouldn't that just jack up prices?

I don't like saying it's a "supply" issue though, because there's far more than enough homes for everyone. It's a hoarding/speculation issue. The only reason housing costs so much is because a small % of the population who has more money is using that money to buy up housing, keeping it away from people who actually would make a home in it, then use that artificial lack to charge profitable rents and get themselves rich while their "marks" spend years or even decades unable to afford a home of their own.

The modern American housing shortage is nothing but a way for people with money to profit off of people with less money. Late-stage capitalism at its finest.

 

[voltronblack]

 

[Pressure]

I'm not sure they understand how mortgages work.