Millennials, Come On Down!

ā€œThe National Association of Realtors (NAR) found that the majority of those under age 36 (57 percent) are buying in suburbs, 16 percent are purchasing in small towns, and 15 percent are looking to urban areas. A whopping 66 percent of home buyers are married couples, while 13 percent are unmarried couples. Interestingly, 13 percent of millennial home buyers are single women, while only 2 percent of single millennials own homes.ā€

This confirms what many (including @elt1) have said for years. Millennials are not different. They are just taking longer to do the same things prior generations have done. They eventually marry and head to the suburbs to buy a home and raise a family. If thatā€™s true, then SV home prices should out pace SF.

This almost points to long-term weakness in the luxury condo/apartment market. Millennials were the main drivers of that market. As they marry and move to the suburbs, whoā€™s going to replace them in the luxury urban market? The post Millennial generations is slightly larger. Are they going to have the same desire for urban ares when they are young adults?

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Depending on which side. Western part will always outpace SF whereas the eastern part will always lag.

When their children hit school age San Franciscans head to the suburbsā€¦

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http://knowledge.wharton.upenn.edu/article/millennials-housing-market/

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Batch all you want, Millennials, but at least you make the bucks hereā€¦

They make more than anybody in the BA. And less than everybody everywhere else.

Turns out 70% of them that own a home regret buying. They are going to tell their friends. They might end up being the renter generation.

Whatā€™s wrong? That little thing called a mortgage payment eating into your avocado toast habit??? Waaaaahhhhhh, poor baby!!! Wait until you have to pay those two ugly baby blue payments every yearā€¦

The survey found one in three millennials dipped into their retirement accounts to pay for their homes ā€” a trend Bailey calls ā€œalarming.ā€

Realizing you donā€™t have a fully paid house by the time you retire - now thatā€™s truly alarming.

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Millennials are smart. Itā€™s better to have a paid off house than a fax retirement account. If you donā€™t have cash, government will help you. But if you are homeless, you wonā€™t get social assistance.

Do homeless people get this social security payment?

At the end, they all going to rent in SF and take over the house at the end.

If Proposition 10 fails, thereā€™s still hope.

If renters take control of government there is no hope for anyone. Only property owners should be allowed to vote.

My 26 year old nephew just took my advice and bought a house in Salt Lake City. Already has a roommate to pay more than half the mortgage. $750/mā€¦higher rents than Tahoe!! He will be way better off than his contemporaries.
His 33 yo brother bought in Boulder four years ago. Roommates pay most of the mortgage. His house value has doubled. 500% return on equity.
The oldest brother is renting in the Sunset district. I doubt he will ever be able to buy in SF. Meanwhile his younger brothers are getting rich.

Thatā€™s how the constitution was written. The founders feared the angry mob mentality, and voters using the government to redistribute property. Of course, no one learns this is history today.

What you just described is exactly what my family kind of went through with the kids and I donā€™t get it at all. I donā€™t know about their upbringing and financial status back then, but we were working lower middle class. Yes, we had a mortgaged roof over our heads but that was it. We never went on vacation and most of us worked during summers. So, you figure in an environment as I described, how could my oldest sibling be a shopaholic when the rest of us are fairly thrifty with our money? You would think the oldest one would have learned from our parents (they were simply poor, letā€™s not beat around the bush) and then behave accordingly and then it is passed onto the rest of the family. How does it skip the starting kid beats the heck out of me. And of course, all of the other siblings have bigger or more homes than the oldest. Go figureā€¦

The oldest really wanted to live in SF. He and his wife work hard and have two kids. But they are not in tech. I bet when the youngest is 5 they will leave SF for better schools and to buy a house. Maybe by then the price crash all the buyers want will happen.