As time goes on, it is becoming increasingly obvious that a key characteristic of the millennial generation is their hesitation to purchase a house. While this likely will not affect the economy, there are specific pros and cons to millennials owning a home, and factors that will increase or decrease their drive to purchase a home that validate their wariness to purchase a home immediately once they are out of college.
One significant pro to millennials owning a home would be that they would have to learn fiscal responsibility. Millennials tend to have a habit of spending money as soon as they get it, so having responsibilities such as paying bills would force the young generation to better manage their money. In addition to learning fiscal
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If job opportunities arise elsewhere, they may be more hesitant to move because of their ties. Leaving a home is more difficult than leaving an apartment that they rent. This would create a lack of individuals available for high skilled jobs, which could cause a potential crisis for America. Another con for millennials purchasing houses early would be derived from their lack of financial knowledge. Millennials tend to lack the necessary skills required for owning a home, one of which is money management. Their impulsiveness in making unnecessary purchases could lead to not having enough money to pay for mortgage, which could largely impact the banks giving out loans for houses in addition to making their credit scores low and ruin their future for any loans that they may need. A third con that would affect millennials would be their inability to make good decisions due to their lack of knowledge on things such as construction. They could potentially purchase a house that is not of good quality, and would lead to further complications as far as budgeting money for repairs, mortgage, and utilities. A combination of these three cons would make it extremely logical for millennials to wait until later in life before they buy a …show more content…
Buying a house largely goes along with getting married and having kids, which tends to be pushed to the wayside, as opposed to with previous generations that focused on getting married young. The primary dream of many millennials is to maintain a steady source of income prior to settling down in their dream home. It is more common for millennials to wait till their late 30s and early 40s to have children, whereas in past generations it was more common for couples to start having children right out of highschool, when they were in their late teens and early 20s. This age difference in starting a family is primarily because of two things; wanting to focus on their career, and not yet finding the ideal soulmate. It is apparent that millennials are more focused on their career because they tend to care more about material items, always wanting the “bigger, better” item. This can only be attained by having a good source of income, which means having a good job, which requires a good education. Their love of material items may also be seen as being selfish which could also explain their lack of a desire to start a family. Additionally, millennials tend not to start a family because of their inability to find the right person to marry. The younger generation tends to be more focused on appearance than
Keli Goff declares in her article, The American Dream is Dead and Good Riddance, that the original American Dream is no longer on the minds of most Americans. She insists that most Americans no longer pursue the ideology of a nice house, educated children, and decent car that once fueled the ambitions of generations that have come and gone. A large number of people live alone in the U.S today with no children. With that being said, it’s statistically spoken that the dream is dying even though most of those loners want to direct their dream in the direction of a partner and children. Goff proceeds to ridicule the home ownership portion of the dream by pointing to a mortgage “meltdown” that came from the pursuit of home ownership by those who
Millennials: What do others think of them? “Lazy, narcissistic, tech obsessed” are some of the most common terms used to describe the Millennial generation; but are these too stereotypical, are people misinterpreting Millennials? The main question this essay will seek to answer is, what do others think about the Millennial generation, and to what extent are these opinions correct? To answer this question, three views, of three different people/entities will be taken. The first, by Joel Stein (Generation X), a prominent writer working with Time magazine, suggests that Millennials are lazy, narcissistic, fame-obsessed and very influenced by peers, through his article “Millennials:
The trend for home ownership is down. Millennials, those born between 1980 and the early 2000s, are waiting longer before buying their first home. (Rent Jungle, 2015) For them, purchasing a home represents a much higher cost relative to income than it did in years past. To illustrate this point, in the 1970s, the cost of a house represented about 1.7 percent of annual income; today that figure is at almost 3 percent. (Rent Jungle, 2016) Single-family home prices are continuing to trend upward (Hanley Wood Data Studio, 2016), making home ownership an unaffordable option for
They want a quiet place, with lots of room. If they live in the cities, they will not get what they want. This means, in the next few years we will see a mass population of these Millennials moving to the suburbs. This is significant, because this will change the way the United States will work in the future. Businesses must expand closer to the suburbs to keep their business alive. There will be a greater expansion in the suburbs and more houses must be built to accommodate that change. This will be good news for those who build and sell houses in the suburbs, and bad news for those in the cities. Millennials will want to buy homes that give them space to start their family. It is important to prepare for this big change and realize that Millennials are our
Nothing can make you feel safer than owning a house, provided that buying a home will not result in financial problems of its own. Every year, a new wave of first time home buyers hits the trail in search of their humble abode. There are pros and cons to home buying. Certainly, there is the matter of timing and related financing programs.
Now millennials are taking over the majority of the home improvement market segment. This target audience’s demographical makeup can be characterized as being those
Buying a home can be an exciting experience for anyone. However, in some cases you just might be better off continuing to rent your home. There are many advantages to buying a home. However, it is not for everyone and buying varies from individual to individual. Currently more people are leaning towards renting but this could change in the near future.
More than 30 percent on housing and persistent inequality in housing and employment opportunities has gone down. That has created a significant lower homeownership rate for African -Americans and Latino families. Many people believe that the mortgage rates in America is threating the confidence of homeownership. I strongly believe that statement is true because seeing what foreclosure has done to Americas economy it tends to drain and disrupts a person state of mind of striving and going for what they want. It mentally crushes them which later leads to sorrow and sadness emotionally.
For many people, housing is more than a shelter; additionally it provides for and helps families meet many of their needs for safety and security, social interaction and self-esteem (Merrill, Crull, Tremblay, Tyler, & Carswell, 2006; Schwartz, 2006) cited by Andrea Lynn Bentzinger, (2009). Although it is known that homeownership is sought after by most families, and thought to have more positive outcomes for the household and the community, questions remain regarding the actual benefits of becoming a homeowner, especially for low-income families Shlay, (2006) cited by Andrea Lynn Bentzinger,
Buying and owning your home is part of the American dream. Although the dream itself has since changed, the home still remains the main focal point. Today owning a home doesn’t necessarily mean a house. People now buy duplexes, cooperative apartments, and condominiums. For some families it could take up to a couple of generations before it’s able to have the capabilities of buying a home. To many people it means a certain achievement that only comes after years of hard work. It is a life altering decision and one of the most important someone can make in their lifetime. The reasons behind the actual purchase could vary. Before anything is done, people must understand that it’s an extraneous process and it is a long term project.
An option for individuals look are looking to buy property have the option to purchase a house. The advantages are: “pride in ownership, privacy, own land, tax benefits, fixed rate, security, and can renovate to their desire. The disadvantages are: less flexibility, mortgage has interest, more stress about money, requires down payments, closing costs, and moving costs, need to have a fixed income/stable income, and bank may take over house if payments are not made” (Zillow, May 12th 2012 ). Pride of ownership is advantage because it gives those individuals accomplishment feeling and shows their hard work paid off and do not have to deal with landlords anymore” (Free Advise Staff, unknown date). Privacy is another advantage because it gives the homeowners the freedom to do whatever they wish and not worrying that they will break the rules. Owning land is an advantage because “every time you pay off your mortgage individuals are gaining equity and increasing your assets” (Chapman’s lecture, unknown date). Another advantage is individuals will get a “tax benefit which will help pay off the interest of the mortgage and increases income” (Kirlew, Unknown date). Security is an advantage because in the “long run if some individuals want to have kids those individuals do not have to worry about moving each year, but instead helps their children grow up in a ...
There is a significant difference between the childhoods of the two generations. According to researchers, Morley Winograd and Michael D. Hais in their book, Millennial Makeover: MySpace, YouTube, and the future of American politics, one breadwinner supported many of the “Baby Boomer” households: the men worked, while many of the women stayed home, and that a majority of adults were married (Winograd, 69). They also state that, “…during the 1950s only a third of all women, and a quarter of married women, participated in the labor force” (Winograd, 69). The “Millennials” however, had some differences. The average marrying age began to decline after constantly rising for over thirty years, at the age of twenty-seven (Winograd, 71). The same researchers deemed “Millennials” the first to experience co-parenting in the household; “The Millennial Generation became the first one to experience the concept of co-parenting, with both fathers and mother playing an equal role in their children’s upbringing” (Winograd, 71).
The number of young adults living at home has consistently increased since the recession, despite a seemingly improving economy (Shah, 2013). According to Lisa Wade, an associate professor at Occidental College in Los Angeles, CA, approximately 17% of young adults between the ages of 25 and 44 still live at home (Wade, 2013). There are several unrelated issues that contribute to this staggering number. When trying to live out on your own there is much to consider. If you are living alone, then all the bills are solely your responsibility.
It is safe to say that the working life for millennial generation has been and will be different to that of generations past. Gurenteed jobs after leaving school, college, or university are now a thing of the past. These days placing responsibility of your career progression into the hands of someone else can even be considered passé.
A Millennial is a person reaching adulthood around 2000. According to Simon Sinek in his interview with Tom Bilyeu when he answered the “infamous millennial question”, he describes Millennials predominantly as being entitled. Sinek claims that they are tough to manage, self-interested, unfocused, and lazy. He claims this is all due to parenting, technology, impatience, and the environment. The parenting aspects caused problems