Not just iPhones, fancy coffees and exotic trips, but expensive everything from haircuts and cars. Millennial’s have no concept of driving an older less fancy car in order to get ahead. Little self control from what I’ve seen.
If they want to go ahead and spend money on those things, that’s great it’s their life to enjoy, but they shouldn’t be complaining about not being able to afford a house. Young people not being able to buy a house these days is a matter of not knowing how to prioritize things.
That and what bad grizzly touched on, I find a lot of millennials are for lack of a better word, lazy. I’m sure that plays a part.
Quote:
Originally Posted by Corndogger
Home ownership rates in Canada and most of the world have been very stable for decades. If some Millenials are finding it hard to buy maybe they should look at their expenses. Going on exotic trips constantly, buying over priced iPhones, etc. adds up.
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Quote:
Originally Posted by Bad Grizzly
It doesn’t work that way. You build up equity in a home and after a while you have more income and decide to move to a larger, nicer home. You sell your current home which has appreciated and also has a lower principal balance. You put that money from the sale towards a larger, nicer place. Your mortgage is not much more than your previous mortgage, and since you have more income it doesn’t matter much. If you stay in that house you can enjoy cheap housing costs as time time goes on. At some point you have no mortgage at all.
Millennials can do this do msny but are of a different mindset. They’re only worried about their pumpkin spiced latte and instagram account, and what’s happening that day or next week. They aren’t long term people and think everything should come to them easily because they have a post secondary education.
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