The younger generation and the future cost of housing?

paulmapp8306

Its about everything.

I didnt mean "all" the younger generation BUT you cant deny that the expectations of the younger these days is higher than previously. That always happens though, its not a dig.

London is a "special" place when it comes to rent/housing costs v wages though - and is much harder regardless Id agree.

As for the cost of things not paying for a deposit though (not saying EVERYONE has these - just as example).

Mobile PAYG £10/month
Internet £15/month
One game every 2 months £15/month
One clothing outfit every 2 months £30/month
One night out a week £20/week? (no idea I dont go out anymore really) so around £80/month.

The TV/Laptop and Cosole - one off cost £1000 ish

So - without too much difficulty, thats £1k one off + £150/month, so £1800/year. In 5 years you could save £10k, which is easily a 10% deposit for a small falt or two bed home in a lot of places (London/SE excempt Im guessing, but maybe even there for a one bed flat?).

5+ years saving sor a deposit isnt bad - in fact Id wager many people spend longer.

Im not saying "all" of the 20/30s spend that - or that if they do they shouldnt, but Id wager a decent proportion of that age group that think they cant get a deposit together are spending that kind of money on those kind of items.

I remember a documentary where youngsters (18-25) were asked to mane the 3 most important essentials to them - and a mobile and laptop were the top two answers. While I dont judge anyone on what they buy - the fact that ANY of them sited either as Essential kind of shocked me a little.


There are of course more issues, lack of housing, prices of housing in certain areas etc, but the modern "must have" does water down the arguments of unafordablity a little.

seven-day-weekend

MrRee wrote: »

True to the partner piece ..... but, I'm sorry, I cannot believe than anyone is earning too much less than £24,000 these days.

Minimum Wage? 40 hours a week is about 13.5k p.a.

My son earns this, but still has a mortgage of £40k on a 2-bed flat. (Bank of Mum and Dad provided a substantial deposit).

He would never have been able to save enough for a deposit and therefore would have had to live with us or rent all his life.

Zekko

MrRee wrote: »

True to the partner piece ..... but, I'm sorry, I cannot believe than anyone is earning too much less than £24,000 these days.

Many earn less than £24,000 a year.
There are a lot of people working in minimum wage jobs.
The 'mode UK wage' is probably more in the £15,000-£20,000 bracket.

ukcarper

seven-day-weekend wrote: »

Minimum Wage? 40 hours a week is about 13.5k p.a.

My son earns this, but still has a mortgage of £40k on a 2-bed flat. (Bank of Mum and Dad provided a substantial deposit).

He would never have been able to save enough for a deposit and therefore would have had to live with us or rent all his life.

Someone on £13.5k would bring home over £900 a month if they are living with parents I can’t see why they couldn’t save.

ukcarper

Zekko wrote: »

Many earn less than £24,000 a year.
There are a lot of people working in minimum wage jobs.
The 'mode UK wage' is probably more in the £15,000-£20,000 bracket.

According to ONS 40% of people working full time earn less that £24k and hardly anyone working part time earns £24k.

N1AK

seven-day-weekend wrote: »

Minimum Wage? 40 hours a week is about 13.5k p.a.

I'd save your breath; you're either responding to a habitual troll or someone unfathomably out of touch. He'd argue that most kids got given gold bullion at birth if that's what it took to get you to bite.

Zekko

ukcarper wrote: »

According to ONS 40% of people working full time earn less that £24k and hardly anyone working part time earns £24k.

In other words, more than 50% of people earn less than £24,000, which is a lot more people than MrRee was implying.

Sapphire

olly300 wrote: »

The people I know who have the most gadgets are over 50. Simply because they are always asking someone younger how to set this up or how to do something with it.

That really is nonsense. You only have to look around you on a train commute and you will see that it is people in their twenties to forties who are constantly fidgeting with various (up-to-date) gadgets, such as iPods, iPhones and computers.

Most over fifties I know aren't even remotely interested in such gadgets, since they have other things in life than focussing on Facebook and other websites that you 'play' on. They may use a computer to find out about things like train times, costs of tickets for various events and other practical things, but they don't sit around endlessly playing with gadgets.

beckythemadcow

Discussions such as these make my blood BOIL, and I can't decide if half of you are trolling or so genuinely out of touch, but think they know what it is like for a younger person today!

I hate apple products and expensive branded goods and I think anyone who buys them has more money than sense (some have a lot of sense, but have lot more money).

However, even if a young adult chooses to buy some expensive electrical product. I guarantee that it will save them money as they will be less inclined to pay money to entertain themselves out of the home, I know NOT ONE PERSON who goes to the pub every week!

Just think all you "oldies" who had children in your early 20s, the only people who can afford to do that now are heavily supported by the taxpayer and have no moral obligation to support themselves.

My husband and I married quite young relative to current trends and are saving very hard (and doing quite well), however due to job insecurity we cannot get a mortgage. How is that our fault? And that is surely a sign of the times, temporary contracts are much more common now I am led to believe.

I am just starting a career in Education, and yet the job has had no pay rises in years and I have to repay student loan and an increased pension out of my salary. I was actually better off as a student - that is ridiculous!

money_maker_2

Just curious, but who are all these young people demanding new gadgets and extravagant lifestyles and then claiming it’s unfair they cannot afford to buy a house and live?

I don’t know anyone around my age (22) who complains how hard is it to save a deposit or afford a mortgage. They still all have iPhones, laptops, tvs, cars etc, but never do I hear them saying it’s just unfair!

Its a choice at the end of the day. They spend money they earn on what they want. Its not that they cannot afford to buy a home, they choose to buy other stuff instead!

Who are these people who expect everything given to them? I don’t know any of them! Then again, I suppose its down to parents and how they raised their kids!