Many of us may blow the news off as sensational reporting. It’s easy to find a struggling millennial and cherry-pick their story or twist statistics to tell the story you want to tell.
The only way I can afford to have a home at this point is if I buy raw land, harvest, and process the trees to build it myself,” said one, receiving 1000 upvotes for their brutal honesty.
Some shared that they can easily afford a mortgage payment, but other parts of the process prohibit them from owning a home.
“I can afford to pay 10,000$ a year on rent but the bank doesn’t think I can afford 7,000$ a year mortgage.” said one user, befuddled that lenders don’t look at the whole situation.
Other users lamented skyrocketed housing costs, saying that rising rents and exploding home prices put ownership out of reach.
We used an FHA loan to buy one in 2014. The only costs that came out of pocket were $500 for due research and about $2,000 for the lawyer.
I had to put down $50,000 to do it. Another person replied, "I won't go into details about how I got that $50,000, but I can damn sure guarantee the average millennial/genz doesn't have $50,000 to drop."
Others shared that it may be impossible to buy a home in “hot” markets, but many places in the States are still affordable.
Most young Redditors agreed that the skyrocketing cost of housing, rent, and living in general are causing massive problems for the younger generations.