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follow tovarichpeter 2018 Feb 9, 11:47am
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As soon as prices crash down to an acceptable level people will buy again. Why waste your money in buying an overpriced crap shack.
or fuck blow up dolls.
We waited and it paid off very handsomely. More than you can possibly know.
"Prefer" is a nice way to say, running out of options...
anon_49a06 saysWe waited and it paid off very handsomely. More than you can possibly know.Waiting to buy and renting in the meantime paid off handsomely? Not saying it can't work out that way, but not much info given. I could post I did well in the stock market a while back, but what does that even mean? When, how much, etc. is always nice info (where is really good info in real estate too). So to put a nice bow on this comment, we really have no idea how well you did because you didn't give any context.
Millennials in Bay Area prefer to rent
We too rented for a very very long time.The trick is to save while renting, don’t spend it all on frivolous things. Be frugal. We were able to save enough to buy cash. I’m not rich, I’m not even middle class salaried, we simply saved.
tovarichpeter saysMillennials in Bay Area prefer to rentOf course, who wants to be underwater in a year.
No reason to buy overpriced houses. Wait for the crash
anon_3a1a3 saysNo reason to buy overpriced houses. Wait for the crashThe crash happened 9 years ago. If you missed it, no worries, the next one will come in 80 years. Please be prepared to buy.
Strategist saysanon_3a1a3 saysNo reason to buy overpriced houses. Wait for the crashThe crash happened 9 years ago. If you missed it, no worries, the next one will come in 80 years. Please be prepared to buy.Why 80?
Who wants to double their down payment in a year? Everyone. In which case you better buy.
It means don’t be jealous of other people’s sucess.
I wonder if the fact that they don't save any money factors into the "preference"?Since 74% have less than $5K saved, it's seems that home ownership is a distant dream.
Hi wookieman, good post. may I ask, do you own a home and if so, when did you buy and with how much down?
I love stories like these. Like people have a choice other than the crap we have or don't have. Nobody prefers to take Uber, live in a Closet size house, ride the bike everywhere, rent, or fuck blow up dolls.
Thanks for sharing. Do you live in California, if so, which area?
Not sure why it matters what is in a savings account with regards to renting or owning?
Anyone with over $5-$10k in a savings account is kind of stupid.
(outside of a 3-6 month emergency account).
98% of people can't even get to step one in my estimation.
Not saying that's what Millennials are doing, just the savings account graph really has no bearing on renting or owning in the big picture. Outside of under the mattress or some checking accounts (which you have to have), it's really the worst place to keep your cash.
I'd love to see the graph for every generation from this same source. I can't imagine it's much better for the other generations.
Sadly, it wasn't any better, almost just as bad.https://www.gobankingrates.com/saving-money/half-americans-less-savings-2017/
Wells Fargo, where they told me I would need to open a savings account too, if I wanted a free checking account
Strategist saysWells Fargo, where they told me I would need to open a savings account too, if I wanted a free checking accountWhy do they do that exactly?
Sadly, it wasn't any better, almost just as bad.
I'm confused, if someone has a 3-6 month emergency account, how much on average would there be in that account? Are you suggesting people shouldn't have a emergency account?
Isn't that what the chart is saying for the 74%? Should Millennials dump every cent into their 401K (step one) and not save anything for a rainy day?
I think it's clear by that chart that Millennials aren't saving tons of cash in their checking account or sticking under their mattresses instead of a saving account. They aren't saving. Period.
What counts is your liquid assets, and credit card limits that can be used in an emergency.
Who bothers to save in a savings account?
Strategist saysWhat counts is your liquid assets, and credit card limits that can be used in an emergency.Both of which, Millennials don't have.
Sniper saysStrategist saysWhat counts is your liquid assets, and credit card limits that can be used in an emergency.Both of which, Millennials don't have.I do. So this is not true.