Housing Affordability for GEN Y

[geoffw]

Maybe gen y is waiting for an inheritance?

But life expectancy, even for older people, has increased. They'll be waiting a long time.

I realised long ago that an inheritance would take a long time. I didn't realise until a few years after that that there wouldn't be much left.

I would prefer to leave not a lot behind.

 

[kathryn d]

But life expectancy, even for older people, has increased. They'll be waiting a long time.

I realised long ago that an inheritance would take a long time. I didn't realise until a few years after that that there wouldn't be much left.

I would prefer to leave not a lot behind.

I agree...

Sometimes grandparents bypass their children, and give the money to grandchildren.

 

[weg]

I agree...

Sometimes grandparents bypass their children, and give the money to grandchildren.

I'm at the age where many are getting inheritances but I've seen that once and only because the child {my friends husband} had passed away beforehand plus friend was long divorced from this son so her kids, the grand kids got it.

 

[skater]

Maybe gen y is waiting for an inheritance?

I know one that definitely appears to be from things that have been said.

 

[BayView]

Melbourne might have to be changed to a Wet Index. There's less rainfall than Sydney- especially Sydney in the last week- but there's more rainy days.

And more cloudy, grey days.

Does my head in.

L.A spoiled me; loads and loads of sunny days.

 

[Deltaberry]

But life expectancy, even for older people, has increased. They'll be waiting a long time.

I realised long ago that an inheritance would take a long time. I didn't realise until a few years after that that there wouldn't be much left.

I would prefer to leave not a lot behind.

If you're waiting for your parents' inheritance, you'd be waiting for a VERY long time these days.

Let's say you're 25 and your folks were 55. Chances are they'd live to 90 these days. So you have another 35 years to wait (you'd be 60) before you apply for the First Home Owner's Grant on Mars.

 

[VYBerlinaV8]

And more cloudy, grey days.

Does my head in.

L.A spoiled me; loads and loads of sunny days.

Canberra gets more sunny days than either, I think. In winter, it's sunny almost every day.

 

[geoffw]

Canberra gets more sunny days than either, I think. In winter, it's sunny almost every day.

Just like Melbourne. It was almost sunny on Monday, almost sunny on Tuesday ...

 

[Highlygeared]

I'm heavily invested in property and have a vested interest in seeing it continue to rise. Having said that, it has to be said that one of the principal drivers of property values since the late 90s has been easy credit and high LVRs. In other words, I don't think its a simple case of 'Gen Y's today want everything and want it now'. Some do no doubt but its hard to argue with the fact that the ratio of prices : disposable income has risen significantly over the last 2 decades.

 

[TMNT]

even the idea of waiting for your inheritance is a disgusting concept to me and my morals

 

[ww2_nut]

Most Gen y are lazy (But not me)

I'm a Gen y.
I think the majority on my generation are just plain lazy. They do want everything now, but don't want to work hard or sacrifice to get there.
I worked from the age of 16 in piggeries on the weekends to save up money for a deposit. Then I purchased a small 2br unit at 18. My mates thought I was mad buying a unit and not being able to go out much.
But 8 years down the road, I am married, have 2 jobs and me and my wife have 3 properties between us and we own our PPOR outright. My mates on the other hand are still renting, either on the doll or on low wages and are still at the pub and have nothing to show for the last 8 years.
Those of us Gen y that don't whinge and make the sacrifice and work hard, are well in front and will continue to do so.
Just my 2 cents

 

[Dan_p]

I'm heavily invested in property and have a vested interest in seeing it continue to rise. Having said that, it has to be said that one of the principal drivers of property values since the late 90s has been easy credit and high LVRs. In other words, I don't think its a simple case of 'Gen Y's today want everything and want it now'. Some do no doubt but its hard to argue with the fact that the ratio of prices : disposable income has risen significantly over the last 2 decades.

Of course it has.

The oldies on here seem to think that makes it easier, I can't see how? Its pretty simple maths.

Median wage and median house price mean nothing to these people, rather call the young ones a bunch of whingers while whinging about how hard it was in the old time with outside dunnies and leaking roofs

 

[EN710]

I'm a Gen y.
I think the majority on my generation are just plain lazy. They do want everything now, but don't want to work hard or sacrifice to get there.

Each generation has their own stereotypical problem. I don't believe most get Y are lazy... seen lots of hard working ones around me.

I think the problem is the unreasonable expectations of the few (which partly being set by the previous generations, e.g. you can be anything, and you suppose to get whatever you want once you do x)

 

[Dan_p]

I had to check the official birth years for the generations.

http://www.socialmarketing.org/newsletter/features/generation3.htm

Gen X 1966 - 1976
Gen Y 1977 - 1994
Gen Z 1995 - 2012

http://www.changedrivers.com.au/Articles/generational-change.htm

Baby Boomers 1946 - 1964
Gen X 1965 - 1979
Gen Y 1980 - 1994
Gen Z 1995 - 2012

http://en.wikipedia.org/wiki/Generation_X

Wikipedia is a bit more vague about the dates

Here is a summary of each generation
http://www.brucemayhewconsulting.com/index.cfm?PAGEPATH=&ID=20209

 

[skater]

Median wage and median house price mean nothing to these people, rather call the young ones a bunch of whingers while whinging about how hard it was in the old time with outside dunnies and leaking roofs

Have YOU ever had an outside dunny or a leaking roof.

It's not like these things were everywhere, you know. They WEREN'T THE MEDIAN PRICE HOUSE of the time. We couldn't afford that. SO WE BOUGHT WHAT WE COULD AFFORD. The crappiest house in the crappiest suburbs.

And this point alone is why we all get so annoyed with many of the (usually younger, but not always) whingers saying how they can't afford a damn house.

Almost anyone CAN afford one. The point is, WILL they? Will they take the crappy house, the house in the bad suburb, the house with the long commute etc? Will they leave family & friends to do it, if necessary? In many cases the answer is a resounding NO.

 

[cimbom]

This isn't about you, though. It's about how the median house price compares to the median income of today. The discrepency is much larger today than it was previously. To make a statistically correct comparison, you need to compare averages not anecdotes - it is not logical to do otherwise. A leaking roof or outside toilet is not relevant to a discussion about numbers.

 

[Dan_p]

This isn't about you, though. It's about how the median house price compares to the median income of today. The discrepency is much larger today than it was previously. To make a statistically correct comparison, you need to compare averages not anecdotes - it is not logical to do otherwise. A leaking roof or outside toilet is not relevant to a discussion about numbers.

If anything Skater and her peers are above average for their time and bought below average and got ahead that way and good for them. Unless leaking roofs were the norm back then?

 

[cimbom]

That is irrelevant. It's like saying you don't believe the statistics on obesity because you know a few slim people.

 

[geoffw]

Of course it has.

The oldies on here seem to think that makes it easier, I can't see how? Its pretty simple maths.

Median wage and median house price mean nothing to these people, rather call the young ones a bunch of whingers while whinging about how hard it was in the old time with outside dunnies and leaking roofs

Here we go with the generation bashing again.

For me, I didn't buy a house when I was younger because I thought it was unaffordable. As it turns out, it wasn't.

I am not saying that it's easier now than then. It is harder. But it is still doable- as long as you have the mindset that it ca be done.

The big cities are bigger, so that people establishing now will have to go out further. Or start smaller. Or renovate. There are ways of buying now, and those people who convince themselves that it's just not possible to enter the market with those prices, won't.

I'm not generation bashing here. This applied to me when I was younger, and it applies no matter what the age or the endeavour.

If you convince yourself that it's not possible then it won't be.

 

[Dan_p]

I don't know what we are arguing about, the percentage of renters to home buyers has changed by about 3% between 1961 and 2006.

I am not sure if its the whinging that has increased, or the media of which to whinge has increase?