Millennials are fueling a generational housing bubble - and it's set to pop in the next decade as demand drops, researchers say

If it sits vacant it's because it costs too much.

Bring it on, bitch. We're becoming bulletproof.

Meh, they said Boomers would pop the housing bubble when we all retired. Didn't happen 🙄

The "experts" are all over the board, saying one thing one day and contradicting themselves the next. They have no fucking idea. Everyone seems to be shitting themselves though waiting for clarity.

What does this even mean?

^Millennials are a big generation. Bigger than whoever follows. So theoretically we're going to 'demand' more housing than will be required in the future.

R6 Millennials are starting to realize our power in sheer numbers, and that NO, we actually really don't need to take anybody's shit very soon.

[quote]Millennials are fuelling a generational housing bubble

Translation: normal, everyday working people are desperately trying to buy a house...

housing needs to drop. People should not have to be mortgage slaves. Millennials in California are currently priced out of the market. They need 90 thousand to put a down payment on an average house in California. Housing prices are an act of war. The conquerors have enslaved the serfs.

The Millennial era is here.

It's better not to build any housing for people who need it now, so that it doesn't sit empty ten years from now.

Exactly R11. People can always live in a tent or cardboard box...

Immigration will play a major role in future housing needs.

[quote] [R6] Millennials are starting to realize our power in sheer numbers,

"this sounds ominous" BULLSHIT.

America has a housing crisis. We are TWENTY MILLION units under what we should have been building over the past 3 decades. There are tons of reasons for this including red tape in big cities (literally the fault of 1960's policies not being updated) and an over emphasis on building for the rich and super rich instead of people who need middle class housing. Because if you say "affordable housing" middle class people wont support that because they assume its for poor people.

Other reasons include cities like LA having one house per property rules until recently, like within the last 3-4 years--they are now allowing tear downs of single family homes to build 4 condo unit buildings.

Yikes!

Housing should be socialized to prevent the abuse of housing access and greed. Why must we be subject to this racket for a simple place to live. The greed monkeys have gone crazy.

[quote] Housing should be socialized to prevent the abuse of housing access and greed.

Yes! Bring back Cabrini-Green so that r17 can deservedly live there.

The GOP would rather bring back Soylent Green R18.

This housing problem is insane.

WTF is going to happen when you have entire populations of people homeless?

I'm a boomer. My father was a vet of WWII, so he qualified for VA benefits to buy his first home, a newly built 2 bedroom 1 bath brick bungalow with a total first floor living area of 864 square feet, plus a full basement. As an option, the long living room-dining room could be partitioned off to create a third bedroom. That house cost $11K. Five people lived in this space, and we were one of the smaller families in this development of look-alike houses.

Today, no one even builds this type of house anymore, aka "the starter home" because buyers have been conditioned by the real estate/construction industry and HGTV to demand an 864 square foot kitchen with stainless steel, restaurant quality appliances and granite counter tops (which are often under or completely unused), on-suite master bathrooms the size of a school classroom, 500 square foot owner's suites and all the other bullshit "necessary" for today's "modern lifestyle." It's just like the American auto industry that is abandoning the 25K family sedan in favor of $80K pick up trucks and 60K SUVs.

The housing "crisis" could easily be settled if consumers stopped being brainwashed and demand lower cost housing and builders/realtors stop being such greedy fucking pigs.

Where is William Levitt when you need him?

One more thing to blame Millennials on for killing.

[quote]Millennials are starting to realize our power in sheer numbers

Since the oldest of you are entering your 40s, it's about damn time.

The stock of new housing going up around me is astonishing. Selfishly, I hate it -- seemingly every green space is being taken over by condos and apartment building. On the other hand, the population growth is fueling new amenities and greater diversity.

Near me there are also staggering amounts of mostly rental apartments going up. New high rises with $3000 one bedroom units, and this is not in NYC, Boston, SF or LA. I don’t know who is renting these but the property management companies make a fortune off them. They would seem to be out of reach for most younger people, unless people just starting out make a lot more money than I know. If there’s a bust I imagine a lot of empty units, which might bring prices down.

The system is broken and it's not working.

Something needs to change.

R25: but how?

Guillotines R26. That's honestly what needs to happen at this point. We need a complete reset of nearly everything and the traditional powers that be will never allow that.

Guillotines.

Just today in the mail I got my notification from the city and county that my home valuation has risen 25% in two years. Which means my property taxes are going up. And I don't live in a state where there's a cap on increases in property taxes. It's a flat tax. So in California, if the law says your property taxes can only go up 1% a year, mine just went up 25%.

R21 It's not the buyers. There are too many potential buyers out there for reasonably priced small properties. Its that developers cant make $$$$$ off of building homes like that. And the government doesn't force them to. And in cities, the cost of doing business is so expensive and takes so many years, they can only make money building super expensive housing and condos.

Commercial real estate is going to crash very soon. These buildings can be changed into appartments.

Also, it is not just millenials who were fuelling the housing bubble, it was Fed law interest policies and Wall street. Blackstone, Blackrock and other companies have bought a big deal of residential real estate.

The investors started putting their money in real estate and made it unaffordable to people who need the roof over their head. This cycle is over now, because of the higher interest and overpricing.

Now Blackstone has almost hit the wall with losses that empty commercial real estate caused them and are raising the rents to their NYC renters to high heaven to cover the losses.

But in the time of high interest and nearing recession I don't think the bubble is sustainable. The realtors and builders and banks will put their best effort to keep it high, but it can't last forever.

R21, you're part of the problem. It's not younger people not building enough housing, or putting up rents or owning dozens of properties to live off in their retirement. All the while providing sub-standard housing at extortionate prices.

It isn't Millennials who voted the ghouls in shove destroyed everything from housing, health and the entire fucking planet.

You'll be dead and won't care soon enough.

I wish you well on your retirement.

You missed R21 's point, R32 , but good luck to you.

Some trustworhy economists say it is the responsibility of horrible Fed poicies starting from Alan Greenspan and further.

The real problem, as usual, are baby boomers. Had baby boomers built more affordable housing in the 90s and 2000s we wouldn't have a shortage now. All the housing going up where I live in Florida is astronomically expensive and no one can afford it except wealthy foreigners and snowbirds. And to top it off boomers want to live in their homes until they die, as mentioned in the article, which is further blocking millennials from the housing market.

FFS people that want to live out their lives in the homes they bought and paid for is not the reason others can't find a home.

r36, I dont see anything wrong with downsizing to a condo when your kids are long gone. There is no need to keep a huge house you can barely take care of when you are 90 years old.

R37 assumes that everyone who raised a family owned a large home, and that everyone looking for one now needs a large home. I'll refer back to R21 .

Good. Demolish the landlords and get the boot of the neck of everyone else.

It's already happening in my area. Emmy and Kyle are selling those overpriced Covid houses for a tiny profit. Their wanderlust is returning post-pandemic, and they don't want the ball 'n chain of a house after all.

[Quote]Where is William Levitt when you need him?

Hopefully burning in Hell for being a racist piece of shit.

Democrats are missing out on a major issue here. Maybe foreign investors and investment banks shouldn't be allowed to buy homes and rent them out.

R42 democrats are working for Wall street. In fact, werrn't the heads of Fed that had fuelled this housing bubble appointed by Democrats.

“Not in my neighborhood!”

No, R42, the Chair of the Board of Governors of the Federal Reserve System, Jerome Powell, was appointed by Trump and took office on February 5, 2018, for a four-year term. Biden merely reappointed him as he's competent and has a grasp on how the Fed works.

I don't want to get into a partisan bickering match over appointments like these. Yes, Democrats work with Wall Street, too, but you're being willfully ignorant if you think there's no difference between Dems and Republicans; I'll point you toward Elizabeth Warren and tell you to do some reading.

It isn't. There is such a concentration of wealth, homes are purchased with cash by equity firms. Unlike the 2008 depression, these equity firms are guaranteed by tax payers money to not lose the value of their investment. An average person with a 20 percent deposit ready for the deposit can not compete with finance guys.

Don’t mess with the boomers property or reality. Ownership is sacred for them. They own it after they die too unless you have a way to pay the asking whatever your going to make for the next 120 years, mortgage.

Rent forever. From your wealthy overlords

Complain to the Internet. That'll help.

Want your home values to stay high. Don’t complain about the homeless.