Where have all the 20 something’s gone?

Jaywood89

So I!!!8217;ve got a topic I!!!8217;d like to discuss.

I begin by saying I hope we can discuss it civilly and agreeing to disagree where needed.

Saying that we are all adults here so if you feel strongly then wade in!.

Here goes...

I am a millennial, I find myself in a rare position of inheriting a very large amount of money, meaning I can buy a good sized family home in a good area that my young family can grow into...... not much of a consolation prize for loosing my mom to cancer but she!!!8217;s ensured her family are provided for and I consider myself very lucky!

12 months ago I was like most millennials, wondering what the future would hold for us housing wise, paying rent that took more than half our income and struggling with the increasing cost of living with small mouths to feed.

Now I know not all of us have children and some have been able to get into the property market, but I don!!!8217;t know a single person who could afford to live in the area they would like or buy a family sized home. Definitely not both!. For the vast majority home ownership is a distant dream, unattainable and unlikely at best!.

20 years ago was it possible for a young couple with two children and full times jobs to buy a 3 bed house near a good school? Let!!!8217;s face it, it was. Is it now? Nope! Infact anything less than 2 jobs on more than 30k each with no childcare costs is getting you diddly squat!

And this is before we take into consideration the amount of people stuck in the rental trap. Saving 20k plus? On top of rent? No chance!

To my point, I as a millennial can!!!8217;t see the upside to these ever increasing house prices as I worry where my entire generation is heading, but as I imagine there are a lot of !!!8216;non-millenials!!!8217; on here and I!!!8217;m sure plenty of property owners, who finacially benefit from this current system. And by that I mean the house you bought 20 years ago is worth 4 times what you paid, I wouldn!!!8217;t be too disappointed either! But Do you ever wonder what is in store for the people who come after you?

Does it concern you? Or is it a !!!8216;not my issue!!!8217; kind of feeling?

Do you think I!!!8217;ve got it all wrong? Is there even a problem?

Do you see an issue at all? And if you do, do you see a solution??

Really hope I haven!!!8217;t bored anyone to death with this lengthy post and would really love some feedback

TIA


[purplesignup][/purplesignup]

SG27

Im 35 bought my house 5 years ago after 8 years of hard saving. Prices were insane then and now just beyond belief. I have no idea how any ftb can possibly afford these prices.

The two of us are now 3 so my house is on the market and so far most viewers are retiree downsizers with wads of cash from their property gains, and 1 ftb with wads of cash from mummy and daddy. Money is coming out the top to go back in the bottom.

My house is worth nearly £100k more than I paid. 33% in 5 years! But I wont see a penny of it, all and more will all go on our next house which is also 33% higher than 5 years ago. And because its a bigger more expensive house that 33% is a lot more than the £100k I "made" on mine. So we are extending the mortgage term maxing it out and throwing all our savings in again. The second move is even financially harder than the first!

Of course this insanity cant last. Its just a matter of time.

jimbog

Better suited here:
https://forums.moneysavingexpert.com/forumdisplay.php?f=149

G_M

Discussions belong in the discussion forum.

Jaywood89

Thank you, not sure how to move it. Do o just re post?

[Deleted User]

There have been a couple of reports this year of young couples (under 30's) buying homes - apparently its linked to baked beans mostly. As in eating them and little else.

Or living with mum and dad.

moneyistooshorttomention

Not forgetting single people of course!

As a single person that was in the house-buying decade of my life (ie 20's) 40 years ago - I simply couldn't buy anything ever (never mind the 3 bedroom house/with garden I'd decided on).

It was only a stroke of luck that I managed to buy a "starter house" 10 years late (ie in my 30s).

Single people have always struggled unless well-paid or in a very cheap area. Welcome to our world.

You'll understand if I'm not that sympathetic - as no-one sympathised with us.

SG27

moneyistooshorttomention wrote: »

Not forgetting single people of course!

As a single person that was in the house-buying decade of my life (ie 20's) 40 years ago - I simply couldn't buy anything ever (never mind the 3 bedroom house/with garden I'd decided on).

It was only a stroke of luck that I managed to buy a "starter house" 10 years late (ie in my 30s).

Single people have always struggled unless well-paid or in a very cheap area. Welcome to our world.

You'll understand if I'm not that sympathetic - as no-one sympathised with us.

40 years ago the majority of people bought with a single income anyway. Women didnt generally have full time careers. My dad bought our childhood home on a single income just before I was born he was a 24 year electrician!

[Deleted User]

we bought our first home on a single income, having saved hard, lived separately with our parents and didn`t have anything but second hand furniture and a new mattress when we married. We didn`t look around that much, didn`t look for that `feeling` when looking for a house. A house was simply a place to live and as long as it was decent and in a decent ie not rough area, then it did us. We were limited by how much x salary we could borrow. Different expectations in those days and different ethos re saving and spending

00ec25

Jaywood89 wrote: »

So I've got a topic I'd like to discuss.

then post it on the DEBATE BOARD

https://forums.moneysavingexpert.com/forumdisplay.php?f=149

do 20 something millennials not read instructions before using the internet?

Lauralou79

It may be different in northwest and more affordable, but I work with several people getting on the housing ladder in their 20s.