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Why Millennials aren’t buying cars or houses & what that means for the economy

Home Forums General Columbus Discussion Why Millennials aren’t buying cars or houses & what that means for the economy

Viewing 15 posts - 46 through 60 (of 211 total)
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  • #511831

    peter
    Participant

    Deal pending time frame. When does the comparison period go to. Next year this time? Or are you really saying ever? I drink Bud so it is a low risk for you. I do like the Zauber wheat beer tho, how about we bet the Zauber of our choice?

    I’m saying never – but let’s do 1 year so that I can eventually collect some free beer :p

    #511832

    mrsgeedeck
    Participant

    @AmyArt21 not to encourage you to take a financial step you aren’t willing to take yet, but normally your home warranty will cover those types of expenses and that comes with the closing costs for the first year. We were in our home for about 4 months when our hot water tank went out, made a call to the warranty company and we had a new tank free of charge in a day or two. Same for friends who recently purchased and had their roof blow off in the derecho.

    I would have been more hesitant to buy if I were single, but I also feel like there is more flexibility for singles than couples overall. I also think that location plays a factor in these types of scenarios. For example, while I do have friends here in Cbus that are living with room mates and renting, a larger number have married and bought houses, and even the renters are looking to buy while the market is good.
    My friends that live in New Jersey where cost of living is higher are a different story, with some still living at home, and some living with room mates. My bff lives with his sister and her fiance and freaked out when his other room mate moved out after Xmas because he wasn’t sure if they could cover rent with “just” three people. For some place like that, it isn’t even a matter of living about your means, its about being able to find a job that will cover your cost of living with a few luxuries–sure you can suggest giving up cable or eating out, but (usually) that’s not 1/3 of a rent payment, especially when a chunk of your take home pay is already going to student loans.
    Cost of living in places like New York and California has been consistently high enough that owning a home seems more the exception than the norm.

    #511833

    GCrites80s
    Participant

    For some reason, I’m now stuck on the regionalism of the term “hot water tank” vs. “water heater”. Which is more native to the Columbus area? Sorta like “sacks” vs. “bags” and “moths” vs. “millers”. Personally, I say “water heater”.

    /derail

    #511834

    TaraK
    Participant

    Most folks under 30 I know don’t feet stable enough in their careers or finances to make big purchases that will require years’ of payments. Even if they’re employed, they don’t expect to stay where they are forever, or they that their position is less secure than those of older folks in the company. They’ve been taught a great deal of fear and pessimism, and it will take positive first-hand experiences otherwise to counter that cultural affect.

    To many folks in their early and mid-twenties right now, “financial stability” is something they don’t foresee having in the next twenty years. It’s kind of awful.

    #511835
    rus
    rus
    Participant

    TaraK said:
    Most folks under 30 I know don’t feet stable enough in their careers or finances to make big purchases that will require years’ of payments. Even if they’re employed, they don’t expect to stay where they are forever, or they that their position is less secure than those of older folks in the company. They’ve been taught a great deal of fear and pessimism, and it will take positive first-hand experiences otherwise to counter that cultural affect.

    To many folks in their early and mid-twenties right now, “financial stability” is something they don’t foresee having in the next twenty years. It’s kind of awful.

    Figure that has to improve as boomers are flushed out of the labor pool.

    #511836

    GCrites80s
    Participant

    That’s going to take a lot longer than expected since the Boomers aren’t retiring as early as previous generations. It’s going to be a long time until the younger generations get to feel the financial effects of Boomer retirement. And, the more time that passes the more the uncertain attitude about money and spending will become ingrained. Sorta like how the Depression generation kept their money in a mattress and remained frugal until their dying days.

    #511837

    gramarye
    Participant

    peter said:
    I think they are going to drop more.

    Care to make a friendly wager on that? Franklin County average selling price for the month of August, 2012. Will it ever go lower again? I don’t think so. Bet ya a beer.

    Will it “ever” go lower? I’ll take that bet. We’ll check back at the end of time and see who owes who a beer. :-P

    #511838
    Walker Evans
    Walker Evans
    Keymaster

    gramarye said:
    Will it “ever” go lower? I’ll take that bet. We’ll check back at the end of time and see who owes who a beer. :-P

    I’ve got a great venue to suggest where you guys can meet up for drink. ;)

    #511839

    Walker said:
    I grew up in a neighborhood in Marysville that didn’t have a whole lot of kids in it. Both neighbors on each side of our house were older/retired. But we had friends at school and play dates, sleep overs and other activities kept us in constant communication with those friends, regardless of what part of town they live in.

    Our children now are pretty much in the same situation. Their friends may not live right next door, but they see them often enough, regardless of where they live.

    Yeah. I think I was more addressing the desire only to rent so that one is not tied down to a location. But, even on that, I think I read the thread too quickly during lunch that day. I don’t think that’s as much a theme as I thought it was on first read.

    #511840

    gramarye
    Participant

    GCrites80s said:
    That’s going to take a lot longer than expected since the Boomers aren’t retiring as early as previous generations. It’s going to be a long time until the younger generations get to feel the financial effects of Boomer retirement. And, the more time that passes the more the uncertain attitude about money and spending will become ingrained. Sorta like how the Depression generation kept their money in a mattress and remained frugal until their dying days.

    Actually, a lot of people with reasonable forecasting track records are predicting that that will happen sooner than people think, though I guess it depends on what you mean by “a long time.” In other words, at least some smart-money folks are saying that there will be a wave of Boomers leaving the workforce between now and 2020 whether they want to or not; the actuarial statistics will superimpose themselves on the preferences of those who want to work a little bit longer for a more comfortable retirement. Even if many of these Boomers might want to work longer, many of them simply won’t be able to. There is a limit to how long one can hold on.

    #511841

    TaraK
    Participant

    Sometimes I feel like people my age are all waiting on the boomers, ergh, our parents, to retire. I know of several workplaces where there are a bunch of 50-60 year olds occupying the better positions within a department and a bunch of 30-year-olds praying for their retirement.

    #511842
    rus
    rus
    Participant

    TaraK said:
    Sometimes I feel like people my age are all waiting on the boomers, ergh, our parents, to retire. I know of several workplaces where there are a bunch of 50-60 year olds occupying the better positions within a department and a bunch of 30-year-olds praying for their retirement.

    Common office greeting?

    ;-)

    #511843

    TaraK
    Participant

    rus said:
    Common office greeting?

    ;-)

    Kind of.

    #511844

    mrsgeedeck
    Participant

    TaraK said:
    Sometimes I feel like people my age are all waiting on the boomers, ergh, our parents, to retire. I know of several workplaces where there are a bunch of 50-60 year olds occupying the better positions within a department and a bunch of 30-year-olds praying for their retirement.

    I ranted about this in my office a few weeks ago. I’m in my early thirties and hold a management position which is an exception in my profession. For the past two decades, (LIS) graduate schools were selling librarianship as a great profession with lots of potential due to the “greying of the profession”. The literature being bandied about was all, “by 20xx its projected that we’ll need xxk new librarians due to retirement etc., etc.,” and…none of that happened. Part time jobs are being filled by retired librarians looking for work just as often (if not more) as they’re filled with recent grads. When HR sends out job notices on positions that have been filled nine times out of ten the “new” hire has retired from some other public institution (I won’t get started on my opinion of double dipping into retirement). In that sense I do feel like my generation is getting screwed because having the qualifications and desire to work aren’t being rewarded with jobs.

    #511845

    GW_Justice
    Participant

    About this “why don’t the Boomers retire already!” issue.

    Back when I was in my 20-30s, it was common for people to retire early, starting at age 55 for the better jobs. Middle class wages, if saved carefully, could make this possible. Healthcare might be paid for early retirees, or subsidized by union jobs. Even if they had to pay for healthcare insurance on their own, early retirees could afford it.

    The cost of healthcare insurance for people nearing retirement age now makes it almost suicidal to retire early. If they can even find insurance.

    The ACA will make it much more likely for near retirement age people to be able to afford to retire. If wanting to see those old boomers get out of the way so you can get the better jobs is an issue you care about, isn’t the question of who you should be voting for a slam dunk?

Viewing 15 posts - 46 through 60 (of 211 total)

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