Millennial Generation

In an effort to save money and lower debt, more and more millennials are turning living in their parent's basement from the punchline of a bad joke or sitcom fodder into an accepted, and even

Starting with the savings and loan crisis of the 1980’s, baby boomers, a generation born between 1945-1964, made many avoidable mistakes regarding economic decisions. Although the economy is always fluctuating, the onset of the baby boomers’ adulthood caused a downward spiral and the actions of Millennials aren’t helping. As the Huffington Post demonstrates, older generations are quick to judge, blaming the economy on Millennials and Generation Yers. On the other hand Newsweek, a more credible news site, shows that had generations before planned for the long term, Millennials wouldn’t have made this transition in the first place. By turning into a more “shared economy,” meaning buying things used and renting, big corporations are taking serious hits, causing them to layoff people and raise prices. Furthermore, the generational differences in ideals and behavior are also contributing to the distress. Although many would argue that these generational differences are common throughout the ages, they are further hurting an already weak economy.

At every turn there are talks about millennials. Whether it be a meme on the internet mocking them or a serious article addressing possible issues that involve their futures. As David Brooks argues in his article, ‘It’s Not About You’, if millennials are going to be successful in life then they have to realize that not everything is about them. Brooks’ claim effectively appeals to the audience’s emotions, yet he fails to explain the logic in his argument and build his credibility. Pointing out the many problems that millennials may face as they start life on their own, Brooks elicits many emotions from his audience.

Some may reason that the cause of this decrease in homeownership is a result of rising prices of housing, or blame heavy debts such as student loans. Meanwhile, others may believe the fast paced lifestyle of today does not allow for one to buy a house and settle down for life without some circumstance driving them to move to a different location. These all remain factors in the reduction of homeowners over the past decade, but the question still remains if these are the only factors. Perhaps today’s generation prefers the high density living and atmosphere offered by apartments, while previous generations prefered a more tight knit but small community. Modern living also often involves plenty of uncontrollable events, so it is sometimes necessary to give way in order to be successful in the long run.

In a recent find, the whole financial system that was created to keep the lives of normal everyday citizens like you and I afloat, will be absolutely dismantled by the “Baby Boomers” this age group would have drained almost all of the financial resources available in the Social Security System by the time the 2030’s arrives. With that there will be clouds of doubt cascading upon the lives of everyday middle class Americans moving forward especially with the Millennials, out of all the age groups they are viewed as being less optimistic of the financial future, and who can blame them? As evident in the article written by David Bass “The Millennial Perspective” he noted in a recent Pew Research report that 72 percent of Millennials don't believe

The recession of 2007-2009 has been over for 8 years, but its impact will forever change the way that Millennials interact with their world. Millennials are now in between the ages of 19 and 36, and the question of future homeownership has been on the minds of this generation that is now fully comprised of young adults. Anytime this question comes up, they are haunted by the memories of parents and the parents of childhood friends who struggled to hold on to their properties during the dark time in America where so much loss of wealth and security took place. These memories discourage many members of the generation from purchasing homes because they bring about a sense of uncertainty for how the state of the economy could affect their ability to

Millennials lived through the dot-com bubble, the real estate bubble and the present bond market bubble. Suffice to say, millennials have lived through numerous bubbles in their short lifetime. At the same time, they have also seen their older counterparts lose their entire net worth because of the crashes that have unfolded over the years. There 's a reason why they 're hesitant.

Is it really a “dream” to own a home, if doing so means being saddled with debt and undermining one’s financial security? Perhaps, in light of the risks of homeownership, one might consider renting, instead. This point of view is articulated by one columnist, who writes, “more Americans are consciously choosing to rent over buy” (Sullivan). Even among households making over $95,000 per year, the homeownership rate “declined from 87.3% in 2000 to 80.6% in 2012” (Sullivan). This downward trend in homeownership among those who would most easily able to afford a home indicates that Americans do not perceive homeownership the same way that they did before 2008. Now that the ugly underbelly of the mortgage lending system has been exposed, the prospect of homeownership is no longer as attractive as it once was. This does not mean that homeownership is suddenly undesirable. Rather, individuals are beginning to reconsider whether or not homeownership is a financially sound decision. Having equity in property can prove to be financially beneficial, but not everyone pays off their loan and takes true ownership of their home. During the Recession of 2008, nearly seven million Americans lost their homes to foreclosure (Wheelock). Therefore, the current shift towards renting is both economic and cultural. Americans are no longer buying homes for two main reasons. Either they simply cannot afford

Especially here in Alaska. Things are so expensive and unless you have a really good job you can’t pay everyday bills and save the amount needed. If millennials are saving it will be at a rate that will make them available to purchase when they’re about 30. According to a study I found 68 % of millennials said they have saved less than $1000.00 for a down payment (80 % of millennials say they want to buy a home, By: Ester Bloom). There are a lot of programs out there that can help people get familiar with the homebuying process and programs available for down payment assistance and other housing scholarships. I feel like not too many of millennials know about these, When I started to look for a home buying opportunity I had to find all this on my own.

Millennials are individuals who were born during 1982 through 2004, ages 18-34 years old. These individuals are considered to be the “largest generation in the United States with 75 million individuals belonging to this generation”

In the article “Do Millennials Stand a Chance in the Real World?” from the AENGL100 pack, by Annie Lowery gives us an insight of the future for many Millennials. The article paints a picture about how the economy is not the same as prior years. The article also states how financial patterns that Millennials exercise are not helping them in this current economy. Specifically, how millennials spend money that they do not have.

The dynamically increasing cost of housing demonstrates possible correlations to the change (Vitner, 2016). This may be attributable to the current goal of many in the millennial population to acquire home ownership. As such, The Miami/Fort Lauderdale/Pompano Beach metro area continues to shed its millennial population at an alarming rate (Munzenrieder, 2016). Between 2007 and 2009, there was a net population loss of 6,530 residents between 25

Millennials in many cities are changing the social norm by turning away from automobile and property ownership. This could be from the fact that our generation grew up in a recession that was far worse than that of the great depression. Having grown up in this recession we learned that if somethings might be unnecessary for day to day life. If you can get by without these possessions than it is not a necessity to own. Where this is the most evident is in the automobile industry. The GI and Silent generations that grew up in the great depression. Millennials are much like those that lived through the depression, and learned that saving money and only spending it only on objects

The information has already been provided that sense the the housing market crashed people in general have been apprehensive to purchase homes. But even more so to the new generation of millennials. And even current events are shaping the future of home ownership, like the new revision on taxes. So does most certainly understandable to why people would be so wary of the dangers, and struggles of buying a home. And how it might be all together easier not to buy one.

The Great Recession was an economic crisis that caused the housing market to crash, and many people suffered greatly because of this event.  The generation to feel the recession’s effects the worst though was the Millennials, people born from around 1981 to 1997.  Many Millennials became unemployed and where scared from this event, causing them to lean heavily on the government for support.  Today, Millennials, also known as Generation Y or Echo Boomers, are marked by their increase in the use of social media and other communication devices to stay with the advancing times, however the economic troubles have stayed with them despite the generation’s growing use of technology.  Millennials have been late to buy houses compared to other generations, and this is due to the Great Recession.  Buying a house has many advantages and disadvantages, however buying one later seems to be hurting the Echo Boomers.