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No wonder millennials can't afford a mortgage

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12467…16

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    #92
    Tigerandahalf
    Registered Users Posts: 7,811 ✭✭✭Tigerandahalf


    I often wonder why we don't have compulsory purchase orders to buy up land for housing. If housing is considered critical infrastructure why do we not have CPOs when we have them for roads, even for greenways.

    This is all going to end in tears at some stage. The whole western world is in a massive housing debt bubble. Inflation will have to come at some stage or wages will have to rise.


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    #93
    Assetbacked
    Closed Accounts Posts: 2,969 ✭✭✭Assetbacked


    Tigerandahalf wrote: »
    I often wonder why we don't have compulsory purchase orders to buy up land for housing. If housing is considered critical infrastructure why do we not have CPOs when we have them for roads, even for greenways.

    This is all going to end in tears at some stage. The whole western world is in a massive housing debt bubble. Inflation will have to come at some stage or wages will have to rise.

    If the companies could not grow to supersized level like Google, Apple etc or individuals allowed to amass millions to themselves then there would be more equal distribution of wealth in the Western world which would allow a greater number of people get richer.

    Now we are being told that government intervention in the housing market is dangerous and reducing taxes now for workers is suicide but the real cost of not doing this is severe social and political problems.


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    #94
    Franz Von Peppercorn
    Closed Accounts Posts: 7,070 ✭✭✭Franz Von Peppercorn


    unkel wrote: »
    Back 20 years ago we had a 5p bowl of cereal or toast with butter at home and then some free instant coffee at work, but these days it's a $18 "Deconstructed Avocado Toast with Feta Breakfast" plus a $10 Frappuccino :eek:

    4761797480001_5836119379001_5836118367001-vs.jpg?pubId=4761797480001&imwidth=800&impolicy=pn_v1

    If you're a millennial, with a full time job and no dependants, how much do you spend a week on breakfast / lunch on work days? Be honest!

    Millenials can’t afford housing because house prices have gone up. This statistical fact is obvious to most.


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    #95
    c.p.w.g.w
    Registered Users Posts: 4,994 ✭✭✭c.p.w.g.w


    troyzer wrote: »
    I'm a millenial. Depends on the day of course but most days I'd be getting lunch and dinner at around the €10-€15 mark. Weetabix in the morning. Job done.

    I make €30k a year. That's why I can't afford a mortgage. You can buy a six pack of avocados in Lidl for €2. I don't know why old farts keep latching onto avocados as the reason why millenials have it ****. And we do have it ****.

    Sound for leaving us all of that debt and making it impossible for us to ever leave the nest.

    I'm on roughly the same as yourself and got a mortgage last year. It's not in the best location. Still it's within walking distance of 4 schools, 2 supermarkets (Dunnes, tesco,lidl/aldi). 25 minutes walk to city centre and with 2 bus stops very close by if weather is bad.

    All for 100-110k in Limerick city


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    #96
    Franz Von Peppercorn
    Closed Accounts Posts: 7,070 ✭✭✭Franz Von Peppercorn


    Trasna1 wrote: »
    Do people think millennials are the first generation to waste money?

    20 years ago in my first job out of college I ate lunch out most days. Now it’s at my desk.


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    #97
    Dravokivich
    Moderators, Category Moderators, Music Moderators, Politics Moderators, Society & Culture Moderators Posts: 22,360 CMod ✭✭✭✭Dravokivich


    draiochtanois wrote: »
    What is the obsession with living in Dublin on ~30k a year?

    Because they work in Dublin and the cost to commute wouldn't save much coming from somewhere further out.

    You're in a thread arguing that breakfast is stopping people from getting a mortgage and you want the additional costs of commuting?


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    #98
    Grayson
    Registered Users Posts: 16,161 ✭✭✭✭Grayson


    jmayo wrote: »
    Times have changed and people now face new challenges, but I am sick and tired of one group blaming another for their problems or claiming ones that went before had it fooking easy.

    Also I think it is time some people copped on they aint going to have a forever job, aint going to be able to live like their parents in semi D in a nice suburb just like I have long since copped on I will be working longer into retirement and have a shyte pension when I do retire in comparison to those who have gone before.

    You're attitude seems to be accept your crappy lot and shut up.

    The fact is that the previous generation did have it better. Their mortgage as a percentage of their earnings was better. The same goes for the deposit.
    And the current rental crises is a fcuking joke. Look at the funny places to rent thread and see the amount people are expected to pay for a sh1thole. Saving for a deposit is getting harder and harder.It's impossible to get a place at an affordable price anywhere near Dublin. I have friends who are both working fulltime jobs and have settled in Enfield or Kilcock. They commute to the city centre every day. Think about that, there's practically nowhere in the entire city they can afford. That's nuts.


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    #99
    jim salter
    Registered Users Posts: 680 ✭✭✭jim salter


    Things are going to change for the worse in the next 18-24 months and $18 breakfasts will be the least of everyone's worries


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    #100
    draiochtanois
    Registered Users Posts: 2,655 ✭✭✭draiochtanois


    This post has been deleted.


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    #101
    bloodless_coup
    Banned (with Prison Access) Posts: 1,480 ✭✭✭bloodless_coup


    People earning 30k and whining about not owning a house, I mean come on. Be realistic.


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    #102
    Cordell
    Registered Users Posts: 5,854 ✭✭✭Cordell


    On 30k or whatever median income you'll never be able to afford a house where everyone else wants to afford a house. The sooner you accept this the better.


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    #103
    Dravokivich
    Moderators, Category Moderators, Music Moderators, Politics Moderators, Society & Culture Moderators Posts: 22,360 CMod ✭✭✭✭Dravokivich


    draiochtanois wrote: »
    No, I'm suggesting living elsewhere in the country.

    Eh... Yeah. Shift the lower earners off elsewhere... those lads working in spar in the city should be on 40k.


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    #104
    P_1
    Registered Users Posts: 14,681 ✭✭✭✭P_1


    I'm wondering if we might see a generational conflict emerge at some point.

    Let's not beat about the Bush, our parents generation have shafted us on many occasions and are continuing to do so.

    Look at any proposed change for the betterment of society, who objects to it? Middle aged nimbys. Look at the unions looking after their own and shafting the younger generation. Look at who keeps voting the ff fg duopoly back into power, the older generation.


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    #105
    Wanderer78
    Registered Users Posts: 28,964 ✭✭✭✭Wanderer78


    Asset price inflation, trickle down they said, along with the rising tide, they said, bull**** I say!


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    #106
    mikhail
    Registered Users Posts: 3,863 ✭✭✭mikhail


    Cordell wrote: »
    On 30k or whatever median income you'll never be able to afford a house where everyone else wants to afford a house. The sooner you accept this the better.
    That's a bit of a problem if your job is in Dublin, where after rent and basic living expenses, you'd be doing well to save for a rainy day much less a deposit, and 3.5x your income is 105k + a 12k deposit will buy you exactly nothing within an hour of your job.

    I'm lucky enough to have a job that pays well and parents who will put up with me while I save, but I'm looking at the bottom 10% of the housing stock in Dublin for somewhere to buy. People with modest paying jobs, with kids, are stuck. And I'd be okay with that, if rent weren't considerably higher than any reasonable mortgage.


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    #107
    Mongfinder General
    Registered Users Posts: 1,992 ✭✭✭Mongfinder General


    Grayson wrote: »
    You're attitude seems to be accept your crappy lot and shut up.

    The fact is that the previous generation did have it better. Their mortgage as a percentage of their earnings was better. The same goes for the deposit.
    And the current rental crises is a fcuking joke. Look at the funny places to rent thread and see the amount people are expected to pay for a sh1thole. Saving for a deposit is getting harder and harder.It's impossible to get a place at an affordable price anywhere near Dublin. I have friends who are both working fulltime jobs and have settled in Enfield or Kilcock. They commute to the city centre every day. Think about that, there's practically nowhere in the entire city they can afford. That's nuts.

    I don’t buy that. There’s loads of kipps in Dublin that can be bought cheaply. Darn dale, Finglas South, Ballymun, Jobstown, Killinarden, Ballybrack. It’s just that most of us think we’re better than that and would rather commute for 3 hours each day. Btw, I wouldn’t put an animal in Enfield


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    #108
    jim salter
    Registered Users Posts: 680 ✭✭✭jim salter


    Things are going to change for the worse in the next 18-24 months and $18 breakfasts will be the least of everyone's worries


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    #109
    P_1
    Registered Users Posts: 14,681 ✭✭✭✭P_1


    Cordell wrote: »
    On 30k or whatever median income you'll never be able to afford a house where everyone else wants to afford a house. The sooner you accept this the better.

    Double edged sword if you work in Dublin. Your choices are

    A. Pay the eyewatering rents but have some quality of life at the end the day

    B. Spent 3 hours or more a day commuting, spend the difference in what youd save compared to renting in Dublin on petrol, have zero quality of life at the end of the day.

    Great choice eh


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    #110
    average_runner
    Registered Users Posts: 12,849 ✭✭✭✭average_runner


    Assetbacked wrote: »
    If the companies could not grow to supersized level like Google, Apple etc or individuals allowed to amass millions to themselves then there would be more equal distribution of wealth in the Western world which would allow a greater number of people get richer.

    Now we are being told that government intervention in the housing market is dangerous and reducing taxes now for workers is suicide but the real cost of not doing this is severe social and political problems.


    Reducing taxes will do nothing but push inflation and prices up. House prices are lower than early 2000's, yes there is a stricter mortgage rule which is great, eventually prices will even off and then. But if you want to buy in a popular area then pay the premium


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    #111
    Tigerandahalf
    Registered Users Posts: 7,811 ✭✭✭Tigerandahalf


    I'd like to see the Central Bank go further and limit couples to only borrowing a certain multiple of the higher salary (not combined), e.g. a couple earning 50,000 and 40,000. Only the 50,000 could be taken into account. That way housing could only reach a certain price and land values could only reach a certain price point.

    This would free up money for couples to spend on childcare, put into future pensions, have the possibility of a partner staying home for the early years of their children's lives.

    It would also make it fairer for single people to acquire a home.


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    #112
    average_runner
    Registered Users Posts: 12,849 ✭✭✭✭average_runner


    Tigerandahalf wrote: »
    I'd like to see the Central Bank go further and limit couples to only borrowing a certain multiple of the higher salary (not combined), e.g. a couple earning 50,000 and 40,000. Only the 50,000 could be taken into account. That way housing could only reach a certain price and land values could only reach a certain price point.

    This would free up money for couples to spend on childcare, put into future pensions, have the possibility of a partner staying home for the early years of their children's lives.

    It would also make it fairer for single people to acquire a home.

    Maybe also limit single people to buying no more than a 2 bed house, this will free up family homes


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    #113
    Tigerandahalf
    Registered Users Posts: 7,811 ✭✭✭Tigerandahalf


    P_1 wrote: »
    I'm wondering if we might see a generational conflict emerge at some point.

    Let's not beat about the Bush, our parents generation have shafted us on many occasions and are continuing to do so.

    Look at any proposed change for the betterment of society, who objects to it? Middle aged nimbys. Look at the unions looking after their own and shafting the younger generation. Look at who keeps voting the ff fg duopoly back into power, the older generation.


    That is very possible. We have seen all the parties bribe the grey vote with pension increases while people linger on trolleys in corridors.

    Older people have increasing voting power and if Willie O' Dea comes along and promises a €20 increase in the pension everyone from 50 up would vote for it.

    That is why democracy is in trouble going forward unless there is cross party agreement on tackling these issues.


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    #114
    kunst nugget
    Closed Accounts Posts: 10,375 ✭✭✭✭kunst nugget


    average_runner wrote: »
    Maybe also limit single people to buying no more than a 2 bed house, this will free up family homes

    That's a ridiculous suggestion.


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    #115
    Doctors room ghost
    Registered Users Posts: 4,809 ✭✭✭Doctors room ghost


    jim salter wrote: »
    Things are going to change for the worse in the next 18-24 months and $18 breakfasts will be the least of everyone's worries


    Yeah you told us that already jimmy.step away from your magic 8 ball


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    #116
    q85dw7osi4lebg
    Closed Accounts Posts: 3,502 ✭✭✭q85dw7osi4lebg


    Millennial couple.

    Both spend €10 a day on breakfast / lunch / coffee.

    Both on average wage.

    Own a 4 bed in commuter belt, saved for 18 months prior.

    It is possible to have your avocado toast and eat it.


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    #117
    Birneybau
    Registered Users Posts: 10,244 ✭✭✭✭Birneybau


    unkel wrote: »
    Back 20 years ago we had a 5p bowl of cereal or toast with butter at home and then some free instant coffee at work, but these days it's a $18 "Deconstructed Avocado Toast with Feta Breakfast" plus a $10 Frappuccino :eek:

    4761797480001_5836119379001_5836118367001-vs.jpg?pubId=4761797480001&imwidth=800&impolicy=pn_v1

    If you're a millennial, with a full time job and no dependants, how much do you spend a week on breakfast / lunch on work days? Be honest!

    Way to take the whole the whole thing out of context:

    https://thewest.com.au/news/offbeat/deconstructed-avocado-on-toast-at-melbournes-the-kettle-black-described-as-most-melbourne-dish-yet-ng-b88964087z
    The cafe is copping heat on social media after a diner described her outrage over the unique menu item, which is priced from $13.50.

    The breakfast is advertised in the cafe as a “seasonal avocado with citrus, toast and local kelp salt”, with and optional $4.50 addition of feta.


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    #118
    jim salter
    Registered Users Posts: 680 ✭✭✭jim salter


    Doctors room ghost wrote: »
    Yeah you told us that already jimmy.step away from your magic 8 ball

    But, but, but....

    Its my magic 8 ball.... Mine.... All MINE


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    #119
    cajonlardo
    Registered Users Posts: 1,019 ✭✭✭cajonlardo


    [HTML][/HTML]
    P_1 wrote: »
    I'm wondering if we might see a generational conflict emerge at some point.

    Let's not beat about the Bush, our parents generation have shafted us on many occasions and are continuing to do so.

    Look at any proposed change for the betterment of society, who objects to it? Middle aged nimbys. Look at the unions looking after their own and shafting the younger generation. Look at who keeps voting the ff fg duopoly back into power, the older generation.

    This whingy whiney hand wringing is your biggest problem

    I shafted no one.
    I worked unreal hours in truly shocking conditions and there was no minum wage. I've worked where men died or were seriously injured. Every last thing I have was paid for in hard earned cash , except the house which was mortgaged and paid off. Ffs, we were married 5 years before we could buy luxuries like cds etc.


    My generation is not the enemy.
    You lot know well who fcuked you over. Now either confront them and settle your score, emigrate or accept that a small number of very well heeled cnuts own you for life.


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    #120
    TheIrishGrover
    Registered Users Posts: 6,008 ✭✭✭TheIrishGrover


    LirW wrote: »
    Everything follows a different time line now. Young people work hard and face ever-increasing prices, spend their 20s to get on a reasonable pay, couple up later, if ever buy property later and have stability quite late in their life to start a family if they wish to.
    I understand why having children is getting less important to people. They spend their lives in demanding jobs yet can't live a lavish life on their income and prefer to keep what they have left for themselves. Can't blame anyone for that.
    The millennials get a massive battering. Pressure to get a prestigious education, pressure to stand on their own feet, paying high taxes, paying high living costs, paying ridiculous childcare fees. If money is needed, their pockets are longed into first.



    Every.
    Single.
    Word.

    Of that statement can be said about the previous generation.


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    #121
    P_1
    Registered Users Posts: 14,681 ✭✭✭✭P_1


    cajonlardo wrote: »
    [HTML][/HTML]

    This whingy whiney hand wringing is your biggest problem

    I shafted no one.
    I worked unreal hours in truly shocking conditions and there was no minum wage. I've worked where men died or were seriously injured. Every last thing I have was paid for in hard earned cash , except the house which was mortgaged and paid off. Ffs, we were married 5 years before we could buy luxuries like cds etc.


    My generation is not the enemy.
    You lot know well who fcuked you over. Now either confront them and settle your score, emigrate or accept that a small number of very well heeled cnuts own you for life.

    Indeed should have qualified that to a degree, its largely the middle and upper class of the elder generation so really it's a classist and generational conflict


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