Gen X and Y Buying Into American Dream?

[Kathianne]

This article says, yes. My mini survey of my own kids says, 'yes' but with a much larger escape clause.

http://www.latimes.com/business/realestate/la-fi-umberger-20121216,0,7865597.story


Young adults still have their sights set on American dream A new survey disproves the notion that 'echo boomers' — a combination of Generations X and Y — intend to remain renters and are clueless about homeownership....



The darling daughter, married over a year, husband now making 6 figures. She's working part-time, while performing and auditioning for plays and musical ensembles, working on getting pregnant. They are living in a rental town home. 3 levels, 3 bedrooms, 3 baths. If they have a baby, which they want, they will wait until they feel it's safe to buy. They are not there yet. Neither of them think the housing market has bottomed.

Oldest son, getting married in June. Rental, 2 bedroom. Wouldn't want to 'raise' a child in this apartment, but would be fine for newborn. Has decent job, but not comfortable buying at this point in time. Would choose to move to something like sister's rental, if the need arose. Sees buying a house 4-8 years down the road.

Youngest son, getting married in April. Not planning on family for at least 4 years, his 'bride' is 22.He's paid off his school loans, she hasn't. He won't consider buying until debt free. If pregnant, he's comfortable being in rental that has room enough for baby and washer/dryer. They already know they want cloth diapers, green! LOL!

[DragonStryk72]

This article says, yes. My mini survey of my own kids says, 'yes' but with a much larger escape clause.

http://www.latimes.com/business/realestate/la-fi-umberger-20121216,0,7865597.story



The darling daughter, married over a year, husband now making 6 figures. She's working part-time, while performing and auditioning for plays and musical ensembles, working on getting pregnant. They are living in a rental town home. 3 levels, 3 bedrooms, 3 baths. If they have a baby, which they want, they will wait until they feel it's safe to buy. They are not there yet. Neither of them think the housing market has bottomed.

Oldest son, getting married in June. Rental, 2 bedroom. Wouldn't want to 'raise' a child in this apartment, but would be fine for newborn. Has decent job, but not comfortable buying at this point in time. Would choose to move to something like sister's rental, if the need arose. Sees buying a house 4-8 years down the road.

Youngest son, getting married in April. Not planning on family for at least 4 years, his 'bride' is 22.He's paid off his school loans, she hasn't. He won't consider buying until debt free. If pregnant, he's comfortable being in rental that has room enough for baby and washer/dryer. They already know they want cloth diapers, green! LOL!

I was sort "eh" about having the general marriage and such for the longest time, myself. It wasn't even that I liked "playing the field", in fact, I hated it, but then there was Sarah. When I was with her, she would actually leave me a bag lunch in the fridge each morning, and when I'd get home, she'd be working on dinner. She also brought me drinks while I was writing.

I suppose it's just not something that I'm used to. Some of that is my own nature of being the "doer" of the relationship. I've just gotten used to the fact of having to not only hold down a job, but be the main workforce behind the household chores. It actually amazes me how much I actually liked the point of having that. It got me to thinking about the other parts of things, like owning my own home, and building it up.

Not a "starter house", but a home, one that I can give to my kids or grandkids down the line. The kind you build up over time and make your own.

[Kathianne]

I was sort "eh" about having the general marriage and such for the longest time, myself. It wasn't even that I liked "playing the field", in fact, I hated it, but then there was Sarah. When I was with her, she would actually leave me a bag lunch in the fridge each morning, and when I'd get home, she'd be working on dinner. She also brought me drinks while I was writing.

I suppose it's just not something that I'm used to. Some of that is my own nature of being the "doer" of the relationship. I've just gotten used to the fact of having to not only hold down a job, but be the main workforce behind the household chores. It actually amazes me how much I actually liked the point of having that. It got me to thinking about the other parts of things, like owning my own home, and building it up.

Not a "starter house", but a home, one that I can give to my kids or grandkids down the line. The kind you build up over time and make your own.

Wow, congrats! Most young people may need to buy and sell multiple times to get there. Some may find the 'house' that can be built upon, that's what darling daughter and her hubby are looking for. A ranch type home, they plan on turning into a mult-level over the years.

My boys? Neither of them have a clear picture. The oldest is all about affordable. The youngest is all about utility.

Kind of funny. In a way.

[Voted4Reagan]

This article says, yes. My mini survey of my own kids says, 'yes' but with a much larger escape clause.

http://www.latimes.com/business/realestate/la-fi-umberger-20121216,0,7865597.story



The darling daughter, married over a year, husband now making 6 figures. She's working part-time, while performing and auditioning for plays and musical ensembles, working on getting pregnant. They are living in a rental town home. 3 levels, 3 bedrooms, 3 baths. If they have a baby, which they want, they will wait until they feel it's safe to buy. They are not there yet. Neither of them think the housing market has bottomed.

Oldest son, getting married in June. Rental, 2 bedroom. Wouldn't want to 'raise' a child in this apartment, but would be fine for newborn. Has decent job, but not comfortable buying at this point in time. Would choose to move to something like sister's rental, if the need arose. Sees buying a house 4-8 years down the road.

Youngest son, getting married in April. Not planning on family for at least 4 years, his 'bride' is 22.He's paid off his school loans, she hasn't. He won't consider buying until debt free. If pregnant, he's comfortable being in rental that has room enough for baby and washer/dryer. They already know they want cloth diapers, green! LOL!

lets not forget all the GEN-X and GEN-Y Hippie Liberal Scum that were a part of the OWS movement...

Your kids are the exception... not the rule..

You taught them responsibility.... something they dont learn in school anymore

[DragonStryk72]

lets not forget all the GEN-X and GEN-Y Hippie Liberal Scum that were a part of the OWS movement...

Your kids are the exception... not the rule..

You taught them responsibility.... something they dont learn in school anymore

Hey, Gen-X right here, and my little brother is Gen-Y

[DragonStryk72]

Wow, congrats! Most young people may need to buy and sell multiple times to get there. Some may find the 'house' that can be built upon, that's what darling daughter and her hubby are looking for. A ranch type home, they plan on turning into a mult-level over the years.

My boys? Neither of them have a clear picture. The oldest is all about affordable. The youngest is all about utility.

Kind of funny. In a way.

Well, I mean, that's the whole point, isn't it? Look at the southern housing, and those rambling old houses that were in a single family for 100+ years. They were paying the mortgage for, maybe, 30 years, after which they just added on an as-needed for the family's expansion.

I grew up in a split-level ranch house, but there are a lot of basic house types that'll work. If it's got enough yardspace, then the interior square-footage shouldn't matter too much. I can always add on to it over time. It's not even about increasing the property's monetary value, but the personal value of the property.

Somewhere convenient to work, but with a decent neighborhood.

Of course, if I had my druthers, I get a basic victorian-style house on a few acres, and then we could even build a proper greenhouse and a guest house on it.

[SassyLady]

I don't know what generation all my kids and stepkids are (30-40), but all four of them own houses and have children (well, one has a child on the way). They are all proud that they own their homes and were able to so prior to having children. They are teachers, nurses, engineers and dentists. Two are in central California, one in No CA and one in Tucson. They are great kids and have always known they would own homes and perhaps businesses of their own.

Proud of all of them.

[fj1200]

This article says, yes. My mini survey of my own kids says, 'yes' but with a much larger escape clause.

Well, the last few years has proved the folly of home ownership for the sake of home ownership. While it's a worthy goal it is not the end all as it keeps one from being mobile in case one needs to move to find work. Let's just not have the government advocating/subsidizing it in some lost hope of "improving" everyone's lives.

[Abbey Marie]

I think it would take a lot more than what we are going through lately to change this staple of the American dream. The desire for eventual home ownership is ingrained.

[Kathianne]

Well, the last few years has proved the folly of home ownership for the sake of home ownership. While it's a worthy goal it is not the end all as it keeps one from being mobile in case one needs to move to find work. Let's just not have the government advocating/subsidizing it in some lost hope of "improving" everyone's lives.

That's the point. They won't necessarily get the house, before starting families. Considering that many are marrying later, due to school debt and bad jobs market, they can't hold off on family if that's their choice. So, the saving for down payment will take longer than many of our generation found.

I finished college at 23, started job before I graduated. Within 3 years was making over $40k. That was 1980. Ditto with my husband, by the time we married in 1980 and pregnant in 1981, we'd bought the first house. I was able to stay home for the next 13 years, buying two 'move up' homes within those years.

That's not happening for most young people today.

[fj1200]

^^It only takes a generation to change what is ingrained especially when the next generation is loaded with student loan debt and the fear of the last downturn. The next generation is also more mobile than the last.

[Kathianne]

It only takes a generation to change what is ingrained especially when the next generation is loaded with student loan debt and the fear of the last downturn. The next generation is also more mobile than the last.

I will say that all 3 of my kids and their spouses, have cleared their student loans or are close to doing so. No houses until they clear the debts and save 20-30% down payment. All have been adamant about that.

[fj1200]

^Dave Ramsey would be proud.

[Abbey Marie]

^^It only takes a generation to change what is ingrained especially when the next generation is loaded with student loan debt and the fear of the last downturn. The next generation is also more mobile than the last.

I disagree. And you will note that I expressed it as the "desire for eventual home ownership". Circumstances and ability may wax and wane; the desire obviously hasn't. And I predict it won't.

[Kathianne]

^Dave Ramsey would be proud.

Out of the 6, not one has not had a parent negatively impacted by the past 6 years. They have all learned from our problems.

[fj1200]

I disagree. And you will note that I expressed it as the "desire for eventual home ownership". Circumstances and ability may wax and wane; the desire obviously hasn't. And I predict it won't.

Time will tell but the nature of what is desired may change as well. Less likely to want the McMansion or the ten acres or be in the burbs... Much of what was desired was subsidized by government policy in some way. Tax deduction, government highways, FNMA, etc. are likely to be going away.

[Abbey Marie]

Time will tell but the nature of what is desired may change as well. Less likely to want the McMansion or the ten acres or be in the burbs... Much of what was desired was subsidized by government policy in some way. Tax deduction, government highways, FNMA, etc. are likely to be going away.

For all we know, the ultimate end of our Socialist-leaning government will be living in dimly-lit communes, growing our own food and telling stories of the old days. But I still think we will want private home owenrship.

I can't argue with the bolded portion. ;)

[Kathianne]

I disagree. And you will note that I expressed it as the "desire for eventual home ownership". Circumstances and ability may wax and wane; the desire obviously hasn't. And I predict it won't.

My feelings tend towards that too. However, when the daughter and hubby found this apartment, it's larger than most first time homes. Also is laid out in a way to make entertaining pretty easy and a child or two wouldn't be an issue, the schools are tops. The complex has both indoor and outdoor pools and full health club facilities, including saunas, steam rooms, and hair salon.

If the tax deductions on homes were to be cut, can see an uptick in these luxury, family homes.

[fj1200]

^K, surely a Socialist Workers Paradise. ;)


... the ultimate end of our Socialist-leaning government...

:rolleyes:

[Trigg]

I'm a Gen X and rented for MANY years after getting married mainly due to hubby finishing college and moving around to much for job opportunities. My son was born while living in an apartment and was around 2 when we finally moved into our first home.

Everyone I know who's my age now owns their own house, but I live in rural Indiana and I'm sure it's different in the larger cities.

I know my babyboomer parents didn't own their own home either when my sister was born. Dad was in the military on base housing when my older sister and I were born.

People are getting married later, which is probably why renters are much more common. Once people get married and starting having kids they tend to move into perminant housing, I don't think renting until kids come along has changed much in the last few decades.