Btw, I’ve never bought a house. Far too committal. Anyway, it’s far cheaper to rent than buy rn. But my Gen Z girls (daughter, niece) want to buy houses. I didn’t have this urge at their age, I bought my share of vodka though 😉
Why does Gen Z want houses? Is it just the overall appeal of all things shitcoin?
I think there’s so little ownership these days. You used to own a collection of movies and music. Used to own a wardrobe full of decent clothes. Everything is so transient and ephemeral today, maybe it feels like owning four walls and a roof is the only thing that can ground you to this physical world.
This makes a lot of sense
I built my house so I get it. Had Bitcoin been around when I was younger, it would have been a tougher decision. Saving and delayed satisfaction pays off like never before.
I bought a house once at an extremely youngn age because I wanted a bigger place, everyone around me was more interested in pushing me to buy a house because it was a "good investment" and the price "always goes up"
What nobody told me is that in Canada mortgages are only for 5 years then you have to renew the mortgage rate. So if the mortgage rate is higher when your renewal happens, your mortgage amount will go up.
What nobody also told me is that when I did the math, by the time you pay off the mortgage, you end up paying 3 times or more the amount of the original house price because of interest.
They also didn't tell me some government goons have the right to come into your home every year and inspect to see if you have done work to your home and if you have they will raise your property taxes, and many other things like paying for school taxes even if you don't have kids, many many more dumb things.
within 11 months I put it up for sale and went back to renting. The math told me it was a terrible investment and I could make much more money other ways then waiting decades to break even with a house.
Housing was such a scam.
Renting is cheaper if you are single but as you grow up and end up having a family. Renting a house is much more expensive then paying a mortgage, It's also difficult to rent an apartment with more then 2 kids. Plus living in a ln apartment with a bunch of children is not comfortable. So that's when you get screwed because you have to think about what to do and most people end up with getting a scam mortgage.
The whole housing industry is such a scam to keep families and young people in poverty and most people can't see through this scam.
I made the right decision by selling and I don't even need a mortgage anymore while everyone else is still paying their mortgage.
Everyone wants a house because it's normal to want their own space instead of living in an apartment. Having a house is part of life and it will always be.
Most people who live in an apartment is because they don't have much other choice not because they want to. I enjoyed having a house but it was the mortgage scam that made me have no choice but to sell it.
I live in apartments because I do not shovel and I do not mow. I do not fix. I do not even decorate lol
that's why you get a husband, it's his job to do that stuff, then eventually you get a son and he will do that stuff too as a chore, if you get really lucky your husband might be rich and he pays someone to do that.
I'm like u, I don't like doing that stuff, I didn't even decorate but my roommate who was a guy decorated my house and I thought it was funny cuz it's more of a women's thing.
when I had my house I paid some lawn guy to do that because he said he liked cutting grass as a career
if you don't have a husband yet, you can look for one or you can hire a local neighbor kid to cut your grass, if all else fails you can hire a mexican but that's unethical.
In my country is a bit different. The elderly generations could afford to buy homes. Now, with house prices, most young people, are still living in parents house because most can't afford buying or even renting.... You can't rent a house that costs same or higher than your pay check. Most want to buy for safety and because is cheaper to buy than rent. But also is very difficult to get a housing credit. Our system is different from yours.
Oh, these kids 💯 cannot afford to live on their own here either. Houses in this city are $400,000.
In my area, houses are from 500.000€ to 4.000.000€.
A salary from a regular paycheck is around 800€ to 1.000€ per month.
A small apartment, studio, around 200.000€ minimum.
I live near see, aware that is more expensive. But to get cheaper houses you have to take at least 1h to go to work by car.
That part! Commuting sucks.
How young? Gen Z is in their mid-late 20s now, my parent's generation had houses by then. Kinda rough living with parents into your 30s.
My kid is older but my niece is 23. My kid is too old to live with me 🤣 I can’t do it
Well, the generation before Z, most could not afford to buy a home. And some went back to parent houses with wife/husband and children. Gen Z, only the ones from rich families have houses, bought or build by their parents, or earned by inheritance.
What's too "committal" about it? Everyone need a place to live. So either you commit to a lease or a mortgage.
As I guy I have hobbies that need space, so a house or some property is ideal, apartment with other people is pretty limiting space wise.
I still want to move around.
Nomadic huh?
Maybe that's why travel trailers and RVs have become popular on social media for Gen Z kids?
Are they? Two of the kids want houses. I don’t know any who want RVs and trailers. I’d love an RV though. Would hate to empty the septic though 🤣
Online influencers I've come across. RVs are dirt cheap, like dirt cheap. I've had people try to give them to me because older ones can cost so much to repair. Most of the nicer campgrounds I've been do have a septic service that you can order (I haven't been to that many campgrounds).
My guess would be that they don’t understand how much it actually costs to own a home
