I have a different take on this generation, the Federal Department of edu has brainwashed everyone of them to be an activist, instead of being capable individuals. The liberal policies of cities have absolutey destroyed any chance of this generation ever owning any property on their own like we all did. Hell, they can't even pay property tax. I recently helped, or should I say tried to help, one of my wife's employees. He saved 120k plus back money he wanted to keep secret. He wanted to move out of his dad's home and wanted to buy a starter condo in the 300's which they currently have here. School bonds, hoa and property tax would be about the same as the mortgage. So going to the preffered lender and giving her everything I just said, all of the facts, this kid had decent credit (short though he s young) and a co signer and with 120k down, the lender who only gets paid when she sells these homes says he will need to be making 85k to 90k to qualify for the loan with the exact criteria giving to her. He makes about 50k. Wanna hear a bigger joke, the rents here start at 2400 a month for a one bedroom. So then I went to the apartment complex, they said what he had in savings doesn't count, his income has to be 70% over the cost to rent an apartment, and he needs to earn 15 grand a year more to quality for a one bedroom apartment, especially because of his short credit history. When giving all of the information, the apartment complex said we can fudge a little, but sorry it isn't even close. They would consider him for a year lease if he paid for the year upfront.
Now, this individual who is rare, most kids haven't earned 120k plus dollars, could have rented that apartment, but said **** you I will stay at home (for now). But imagine all of the other sorry kids out there in their twenties and even thirties that have zero chnace to ever own a home and ever even pay rent in their home towns. The America Dream has been destroyed in less then 20 years, more like 15 years. In the year 2000 realestate was very reasonable compared to what we have now. Competition for every single residence, every single apartment, regardless what they charge or what they require. I think we should cut the milinials a break, they have much more and deeper problems then we ever did. If I was in their shoes, I don't know what type of person I'd be. I feel extremely lucky to have lived the life I've lived compared to what these young people today face. Good luck collecting that social security when these are the people who are supposedly gonna pay for it. Better off cashing out and downsizing before you get to the point you can't.
