Monochromaticx
Member
The out of touch rich person trope sure hasn't died out.
( Queen Marie Antoinette never actually said that btw)
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Millionaire to Millennials: Stop Buying Avocado Toast If You Want to Buy a Home
- Thread starter kulapik
- Start date
( Queen Marie Antoinette never actually said that btw)
I don't know where you're getting these numbers. 700,000 is "median house price" in places like New York City and urban Cali.
The "most affluent parts of New York and California" will run you into the millions without breaking a sweat. Florida, well, it's more reasonable down there but you're also missing out on the tech jobs that's driving these home prices.
hanspampel
Banned
yeah millennials going to be the worst gen in recent history. nothing new here
good at outcry, bad at accomplish anything
good at outcry, bad at accomplish anything
SoRuffShoNuff
Member
The guy is full of shit when it comes to the housing market though. There is an extreme shortage of homes on the market and therefore the prices are inflated. You can forget about getting a decent starter home (at starter home prices) in a good school district in lots of areas of Atlanta. Homes are sitting on the market in our target area on average less than a week. There were multiple situations where i saw a house hit the market at 8pm on Thursday and by 5pm Friday its off the market. People have simply given up on getting the house they want and are just buying any house that comes up in the district.
.
The majority of new construction on this side of town starts in the high 200s to low 400s and as anyone who has house hunted before can tell you, when the sign says starting in the 200s what they really mean is the house you want starts in the 300s. Holding off on a 6 dollar coffee every morning isnt going to do shit when it comes to those prices.
Millennials are getting the short end of the stick from the Boomers. They sucked all the money out of the economy, depressed wages, are killing social services, and then have the nerve to say its our laziness that is holding us back.
XiaNaphryz
LATIN, MATRIPEDICABUS, DO YOU SPEAK IT
How about pokecado toast?
http://m.sfgate.com/food/article/San-Mateo-poke-shop-the-Pokeatery-debuts-11104494.php
He is not wrong.
I know a LOT of people that always say that they are being underpaid (they gain way above the average) yet they still have coins to buy expensive coffee and get out to lunch in costly restaurants while the cafeteria that serves excellent food for half the price is only for "those other people" apparently.
There are of course people with different circumstances but a lot of young people expend a lot of their money in fluff instead of invest it on their future.
I know a LOT of people that always say that they are being underpaid (they gain way above the average) yet they still have coins to buy expensive coffee and get out to lunch in costly restaurants while the cafeteria that serves excellent food for half the price is only for "those other people" apparently.
There are of course people with different circumstances but a lot of young people expend a lot of their money in fluff instead of invest it on their future.
vacantseas
Member
I have a house, and I make my own Avocado Toast. What now?
ProfessorLobo
Banned
I was waiting for some info like this. Feels good.
cubicle47b
Member
Yeah, you don't need 20% down to buy a home, especially as a first-time homebuyer.
Jag
Member
I'm probably an old man jerk for doing this, but I give my son grief when he adds guacamole to an order. I'm like, that shit's an expensive add-on and I'm paying for it.
I do well, but i can still be a cheap bastard.
Lagspike_exe
Member
Millennials in the West, maybe. Millennials in places with upward economic trajectories like BRICS/MINT will probably have it better than their parents. There are exceptions of course and these cohorts aren't really that homogeneous.
GodOfVG103
Neo Member
This is kind of true but at the same time, you can't blame us because we were the gen that was constantly lied too.
False narratives....
Depends on what part of the country you live in.
Not that I am agreeing with the article, but people tend to forget cost of living varies depend on where you live in the nation. That $1-$1.50 is different in fly over country oppose to the coast.
I was poor, and know you have to give up allot of thing to move up. But the game is so rigged against poor and middle class now, the advice is useless.
We still have Boomers around so no not even close.
Things that will have a real impact are: going to college, not going to college, getting in a major accident, having a major illness, having children, not having a wealthy family, not marrying rich, being of a particular set of minorities or going to jail. Only the last one is going to be a true bad decision. The amount of debt people accrue just to live normally is insane. Let's say you save $200 a month by being extra frugal, not drinking coffee, eating avocados or getting quilted toilet paper, in a decade you'd have $24,000 enough for a small down payment, but guess what it's 10 years later and this is no longer enough, oh and your current rent is increasing 10% a year but your pay isn't so each year it gets even harder.
Impeccable
Member
I will say that there is truth is underlying there in the sense that no one knows how to use money.
Robdraggoo
Member
Am I the only one that to look up "avocado toast"?
What is avocado toast?!
EDIT - Well...shit...that looks delicious. I may be in the market to sell
How about pokecado toast?
http://m.sfgate.com/food/article/San-Mateo-poke-shop-the-Pokeatery-debuts-11104494.php
guess I'm living with my parents until I die holy shit
Chairmanchuck
Member
In Germany if you are, lets say, around 26/27 and have a normal job with a university degree, the bank wont give you a credit as long as you dont have any security (parents home, your company gives some security etc.). If I go to the bank with my wife with around 100K € and a salary of both of us with around 5000-6000€ after tax, we still wouldnt get a credit, because we are "too young".
The average buying age in Germany for a house is 41,5 years in 2017. It was 37,5 in 2007. If we go back 30 years it was around 29,7.
There is a reason for that and its not just "because millenials spend so much on useless stuff".
uglysinner
Banned
At least one rich person understands the plight of the common man.
efyu_lemonardo
May I have a cookie?
Sarcasm aside, this is actually a real part of the problem, and I say this as someone who's guilty of it as well. The harder things are the more some of us rely on small pick me ups to cope. But the price of those pick me ups does add up.
dave is ok
aztek is ok
If you're smart you do. Otherwise you get fucked by private mortgage insurance
I'm not sure spending almost $200 a month on cappuccino is defensible as a coping mechanism for someone who's maxed out credit cards and can't pay them off.
If you buy in a hot market you can re-fi your way out of PMI fairly quickly. Faster than you can save 20% down w/o a growing equity in a home.
Stormhammer
Member
what is poke
there's a chainsmokers song in here somewhwere
Lagspike_exe
Member
Why can't you use the acquired property as collateral? I'm genuinely curios. I live in a poorer country but you could probably post a property with market value of 100K euro for something like 80K euro in collateral, leaving you with a shortage of 20K euro.
cubicle47b
Member
I put down 10% and didn't have to pay PMI.
DeaconKnowledge
Member
The average for Queens NY was $450K as of 2015. Brooklyn was 758K, but Brooklyn is the affluent part of New York I was talking about.
Beyond that, are New York City, Los Angeles/Silicon Valley and Miami the only habitable parts of the continental United States? Of course not, which is why blanket calling the National median $700K (which is patently false) is silly at best.
Where i'm getting my numbers:
http://www.economist.com/blogs/graphicdetail/2016/08/daily-chart-20
Look at the chart. New York and California are expensive surely, but the averages? Ha.
Emerson
May contain jokes =>
There are an awful lot of factors that influence young people's inability to buy homes.
Personally, I would rank "wanting to live in unaffordable trendy areas" and "their parents encouraged them to go 100k in debt for a useless degree" above food spending. But that doesn't mean people couldn't stand to be a little more prudent about how they spend their money if they're trying to save for a home.
Personally, I would rank "wanting to live in unaffordable trendy areas" and "their parents encouraged them to go 100k in debt for a useless degree" above food spending. But that doesn't mean people couldn't stand to be a little more prudent about how they spend their money if they're trying to save for a home.
Avocados are pretty cheap in America as well if you're on the West coast.I'm gonna go out on a limb and guess the columnist isn't Colombian. Avocados are like the one fruit we eat regularly besides plantains. Never thought of it as a luxury food. I know that's not the point of the article but that's what jumped out.
Australians just have it bad because they need to import it from the Americas I imagine. This explains why more American millenials own homes than Australian millenials. That avocado tax is just killer.
Part of this is the fact that even an above-minimum wage restaurant job isn't going to keep you housed in most places in the SF Bay Area these days.
fallengorn
Bitches love smiley faces
The solution seems simple. Millenials should start eating the rich.
Chairmanchuck
Member
Thats not enough as security. The bank would at least want to have something thats worth 200k € if you buy a, lets say, 300-350k € home.
The Albatross
Member
I am a millennial who owns a house and occasionally eats avocado toast.
MILLIONAIRES HATE ME
MILLIONAIRES HATE ME
As long as your not FHA you can get out of it after 2 years generally speaking. Some lenders will simply drop it if your home value has appreciated a certain amount compared to the loan, others require a refinance to remove. 5% down is more than fine, especially if it's not going to be your forever home.
Fuck off, millionaire prick. I'm not interested in your judgment. It's obviously a no brainer that spending adds up. But buying avocados is not the reason why millenials are having a tough time buying a home.
Also, does he take into account the number of millenials who prefer to rent over buying a home? Personally speaking, I have no interest in buying a home anytime soon. I'd much rather rent at the current point of my life.
Also, does he take into account the number of millenials who prefer to rent over buying a home? Personally speaking, I have no interest in buying a home anytime soon. I'd much rather rent at the current point of my life.
Seasoned chunks of raw fish, it's literally the best food on earth.
Hemorrhaging because of student loans and the interest thereof seems pretty needless. After a decade of ramen and spagetti-O's, damn fucking right I eat some avocado from time-to-time.
RedAssedApe
Banned
People concentrating too much on avocados.
The general message is sound. Plenty of people spend beyond their means.
Of course there are also cities where the housing markets are out of control.
The general message is sound. Plenty of people spend beyond their means.
Of course there are also cities where the housing markets are out of control.