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Honored Contributor
Posts: 12,704
Registered: ‎08-22-2013

Re: Out of the mouths of babes ( or Millennials)

My 34 year old son hates the tag millennial and says we should know by now it's not nice to label people.LOL My son likes the freedom of renting, but might think about home ownership if he was married and had kids. His thing is, you just can't pick up and move across the country or to another country if you have that kind of baggage. Our home and property has been ours from the get go and my son knows he will inherit it. Unless his attitude changes as he ages, the home we enjoyed and spent so much time keeping up will be a strangers enjoyment. I always say I wish I had the money we spent over the years on upkeep, improvements and insurance. We could have built another, bigger, better house.

Honored Contributor
Posts: 9,139
Registered: ‎04-16-2010

Re: Out of the mouths of babes ( or Millennials)


@RollTide2008 wrote:
If I had a dollar for every time a boomer dissed a millennial, I’d own a big house in the nice neighborhood free and clear.

I'd have even more money if you reverse that statement. Add in Generation X making statements about boomers, Millennials and Generation Y and Millennials dissing Generation X too. In the end, there will ALWAYS be those who believe THEY deserve XYZ and it's someone's fault (never the person complaining of course) that they don't have it.

Respected Contributor
Posts: 4,655
Registered: ‎09-12-2010

Re: Out of the mouths of babes ( or Millennials)

Thankfully not all Millenials are like this. My two step-sons are both homeowners and proud of what they've accomplished with their spouses. I think there are some parts of this country where that generation has a different view of lifestyles. In my part of the Midwest, I think that most of the people in their  30s and early 40s recognize the values of marriage, families, and home ownership. If they are in their early 20s - then they still have a lot to learn.

Respected Contributor
Posts: 3,082
Registered: ‎06-03-2010

Re: Out of the mouths of babes ( or Millennials)

@SahmIam  What an entitled attitude to just assume that you will be inheriting your parents house.  I'm sure in most cases, children do end up with the house, but I can see some parents needing a reverse mortgage to remain in the house and pay the bills.  

 

I remember years ago, there was a news feature about reverse mortgages, and they were interviewing the adult child who was livid that she wasn't inheriting the house unless she paid back the amount that the parents had received from the reverse mortgage.  

 

I was thinking, wow, that house provided an income for the parents and if the adult ungrateful daughter had supported her parents in their last years, then perhaps she would inherit the home after they were gone.

 

I tell my parents to not worry about leaving money to family.  They earned it, saved throughout their entire life and now should spend it how they choose to, and my sister and I both agree that they should spend every cent and enjoy their lives.

 

Some of these adult children are going to be getting a shock when they learn that people are living longer and medical costs aren't cheap and all the money that they think will be coming to them might be gone.



......You look like I need a drink.....
Super Contributor
Posts: 404
Registered: ‎03-11-2010

Re: Out of the mouths of babes ( or Millennials)


@Quse wrote:

I've said that a home is a liability, not an asset, especially if you have a mortgage...before millenials were even born. But, for some people, it makes sense for a myriad of reasons.

But here's the reality: even if you rent you are paying taxes, new hot water heater, maintenance...it's likely just rolled into the rent price. A landlord isn't going to give those away for free..it's like "free shipping"...

 

 

Not quite----free shipping is different than "shipping included."  

 

I made three online purchases this week from major retailers.  I paid the SAME price as if I purchased in the store and they shipped everything for free.

 Couple that with cash back from ebates, saved gas and toll $$$-----> it's a WIN WIN!!


 

Honored Contributor
Posts: 9,517
Registered: ‎03-09-2010

Re: Out of the mouths of babes ( or Millennials)

Oh please!!...The 2500 sq ft house that we bought brand new 26 years ago is worth more than double what we paid for it in 1982.  When we sell we get to keep the equity.  When you rent you only take your personal items.

 

In addition, though we still have a mortgage on our 4 bedroom, 2 1/2 bath house and pay a little over $1,000.00 a month what can you rent for that today?... even in a lower cost of living area?

Honored Contributor
Posts: 15,227
Registered: ‎06-17-2015

Re: Out of the mouths of babes ( or Millennials)

You know-who gives a flying fig what some person thinks about anothe person's house.

Seriously.  Who was this person to determine that this couple lost out. 

 

I suggest he stick to his own life and let others be.  You might think this was something that is going to affect him.

 

As far as boomers picking on poor millenials-here's your coloring book.  Enjoy.

""But tell me where do the children play"-Cat Stevens
Trusted Contributor
Posts: 1,862
Registered: ‎11-21-2011

Re: Out of the mouths of babes ( or Millennials)

Pay a mortgage for 15 years and at the end you own a house.

 

Pay rent for 15 years and at the end you own nothing.

 

I'd avoid this financial guy to be honest and I say that as a renter. I have lots or reasons I rent but it I don't consider it to be financially wise for the long run.

Honored Contributor
Posts: 10,168
Registered: ‎03-14-2010

Re: Out of the mouths of babes ( or Millennials)

Owning a home is an investment...maintenance and improvements is a way of protecting your investment. When you rent, you are at the mercy of a landlord for repairs and maintenance as well as paint colors, etc. You build equity with home ownership, not renting.
Esteemed Contributor
Posts: 7,808
Registered: ‎03-17-2010

Re: Out of the mouths of babes ( or Millennials)

We just sold our home of 8 years (brand new when we purchased it) and was paid double what we paid initially.  Pretty good for an 8 year investment despite whatever was paid into it or because of it along the way.

 

Both my Millenial single sons own their own homes... despite what others their age may think, owning your own home is still one of the greatest investments out there.  Woman LOL  

*~"Never eat more than you can lift......" Miss Piggy~*