Pros And Cons Of Millennials

With housing prices significantly increasing every year, millennials are relying on financial help from their parents to help them purchase their first home. According to research conducted by Legal & General and Cebr, people under 30 will receive 79% of the money from parents. Therefore, it proves that millennials are the biggest recipients of cash.

The group of people who are referred to as the baby boomers, are people who were born in the recent years following World War II. This boom in the population took place form 1946 until 1964 when the birth rate finally tapered off. By 1964 there were 76.4 million “baby boomers” in the United States which made up almost forty percent of the nation population at the time (Baby Boomers). Baby Boomers make up about 30 percent of the workforce today. Due to the proximity of their ages this means they will all be retiring around the same time. This causes a major issue for organizations: how will they transfer the knowledge base and skill set of their retiring employees, the Baby Boomers, without the loss of production and efficiency? This question needs to be answered and for these organizations, this means coming up with a plan in order to transfer the

            Most homes are structured to have multiple bedrooms and multiple baths. This is very fitting for families, but is unfit for young adults just getting out of college. Most millennials have followed the trend of attending college longer than the past generations have, and after they are done they make it a goal to find a career first before settling down with children. While they are busy doing that, they usually rent apartments because a house is too big for them to live in alone, or with a significant other. Until prepared to have children, most millennials chose the renting lifestyle so that they won’t be tied down to a place in case they want to make time for travel, or their career pushes them into another part of the country. Buying a house symbolizes settling down in an area and often means that the couple is prepared to have children. However it is not a priority until college is completed and a career is established, meaning purchasing a house doesn’t typically happen until people are in or close to their thirties.

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

Despite this fact, home ownership in the economic and social landscape of today is a big responsibility. Economically, most millennial most likely cannot afford to own their own home. A mortgage is a much larger payment than rent for an apartment. Similarly, owning a home means paying for gas, electric, water and furniture to fill a house; this also includes any grounds upkeep depending on the home’s location and property taxes. Socially, Millennials seem to be straying away from owning a home because it

However, the author of this article seemed to want to focus on the negative aspects facing the millennial generation. This generation is not the only one facing tremendous debt. Having a degree opens a lot of doors and grants access to higher pay. The immediate rewards are difficult to see right out of college, but in the long run, I think the millennial generation will overcome these challenges. "The U.S Department of Housing and Urban Development considers home prices affordable for families who spend up to 30 percent on housing, with the remaining 70 percent spent on food, clothing and other needs (pg.1)." The latest census done in Colorado Springs states that the median household income is $54, 228 (pg.1). Taking this information and calculating 30 percent for monthly housing allowance, this household can afford around $1,380 for housing each month. With utilities and other monthly bills associated with homeownership, I don't think 30 percent is realistic in the current housing market in Colorado Springs. One thing this article did not mention was there are government assistance programs that can help millennial afford housing. El Paso county currently has a "Turnkey Mortgage Program" (adm.elpaso.com). This program offers down payment assistance. With financial planning and savings, millennial's looking to buy houses can find a way to make things work, either by being aggressive in looking for affordable housing or budgeting to take on more

Depending upon the person, the colossal amount of money already owed takes part in the financial decisions this person makes. Recently, the argument that the generation of people with all of this debt (the Millennials) and even the generation after them (X) are being affected by this debt in such a way that they are, “delaying major life milestones such as buying a home or saving for retirement…” (Chang) The meaning of this is to inform that these common milestones in life are not being reached. This stands as an important point because it will just be a continuous cycle of debt if these graduates cannot pay it off within their life time. Also, if they are not investing in their retirement--which they will eventually have to retire--there will be nothing to live off of when it comes to the time that they are no longer able to work. To counteract that, there is no proof that the college debt is what is holding these graduates back from attaining these major milestones. According to Matthews, “the problem is, there isn’t any proof that higher student loan debt is actually causing young people to own homes at lower rates than they did in the past, or that the overall student loan burden is leading to a smaller share of first-time home buyers. These trends could be cause by other factors, such as a cultural shift that has led young adults to delay all sorts of decisions, from buying a home, to marrying and having children.” (Matthews) Matthews expresses that there is no hard evidence to prove that it is the student loans that are cause the delay in the Millennials to doing such things as buying a house; it could simply just be the new “trend”. This is important in showing that there might not be a correlation between these graduates debt and buying a house (amongst other major milestones). To sum up, the debt these youngsters are in when they graduate is something that is

Owning a house comes with various responsibilities, many of which Millennials cannot absolve. Firstly, homeowners set down roots by owning a house. Previous generations knew that once they bought this house they would live there until the end of their days. Millennials do not experience that type of lifestyle, especially in a job market where they might be required to move outside of

Despite these outstanding issues, if one is lucky enough to be content with their current job situation, there are some prodigious benefits to buying a home at a younger age. Most Millennials that I know tend to go for apartment style living arrangements. Unfortunately, your money is going to your landlord, and not into any sort of investment. Buying a home as a young adult will leave you with a hopefully generous resale value, within a rising home market economy. Your money will I also believe that owning a home will have a great effect on your ability to handle personal responsibility and important decisions. These skills will easily translate to your job performance, making you more likely to shine to your employer, get that job promotion you having been thinking about, and raise your comfort of living.

The increase in home ownership in the balance between the home owner and the private rental sector. Home ownership began to fall in early 2000s, and the fall has increased since then, with the decline more than 4% in the five years between 2007-2008 and 2012-2013 (Belfield et al, 2015). Due to the number increase of home ownership in the country. The people who are struggling to purchase a house are the young people. Over the last decade, there has been an increase in the proportion of younger person household in the UK. The people at age under 30 are living in privately rented properties, around 30% in 1997 to 49% in 2009. On the other hand, the percentage of young people buying their own homes with a mortgage has decreased from 43% to 29%

When someone makes the decision to buy or rent a home they must consider the advantages and disadvantages of each. In buying a home the primary advantage is that you actually own it. You can do whatever you want with it. Also, you are building equity as the years go by. “People today have problems saving for their future” (CNN Money, 2014). However, when they buy a home, the

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.

We've all seen those movies of those lazy individuals we call millennials. These people are often depicted as dependent individuals that are either living with their parents or renting some shady apartment. That's the question has been proposed whether or not are they justified in doing so. It is obviously easy to say that they have a right to do so, but can it be considered rational in the days we live in. Are their benefits from withholding to buying a house. And maybe even this could be the redefining of the new “American Dream.”

While many are quick to blame the recession, it is not the reason why so many millennials cannot afford to leave the nest because this trend started even before the ecomomy crashed in 2009. In an article called The Millennials (Living Arrangements, 2009) it is stated that “People younger than age 30 headed only 14 percent of the nation’s 117 million households in 2008. (Millennials were aged 14 to 31 in that year.) Young adults are slow to establish

This is in comparison to the annual growth rate for the total population of just 1% (Blake and Simic, 2005). This increase, largely due to the increased numbers of people in this age group, is also a consequence of high ownership rates for the over 60 year olds. By 2030 86.8% of 62-74 year olds and 88.9% of the 85+ group are expected to own their homes (Blake and Simic). A third cause of an increased housing demand could be attributable to an upsurge in retirees purchasing second homes, either abroad or in their home country. In the UK the Survey of English Housing shows that there was a 52% increase in the number of households with second homes in 2003/2004 than in 1994/1995 (Paris, 2006). This can have economic and social implications, especially for first time buyers who are unable to afford the rising house prices and so are forced to move elsewhere.