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No wonder millennials can't afford a mortgage

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    #212
    Bigmac1euro
    Registered Users Posts: 1,458 ✭✭✭Bigmac1euro


    daheff wrote: »
    the other thing you have to factor into this is demand and supply.


    Back in the 80s there was no supply constraint like there is today.....but there wasnt huge demands either...people were emigrating in their droves still. When they stopped emigrating and people came back demand & supply curve changed and salary vs house price ratio changed.

    if we have huge supply now, prices would not be where they are now.

    Look at the prices 12 years ago you’ll find we’re at the same price as we are now and there wasn’t a supply issue afaik


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    #213
    daheff
    Registered Users Posts: 5,851 ✭✭✭daheff


    steo_magra wrote: »
    Look at the prices 12 years ago you’ll find we’re at the same price as we are now and there wasn’t a supply issue afaik

    really? so people weren't queuing for days for releases of properties?


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    #214
    James Brown
    Closed Accounts Posts: 16,015 ✭✭✭✭James Brown


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

    With their rock n' roll. A good war would sort them out!

    Now lets loan builders money so they can sell us houses or rent back to us.


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    #215
    The Rape of Lucretia
    Closed Accounts Posts: 7,440 ✭✭✭The Rape of Lucretia


    jam_mac_jam wrote: »
    Yeah that's what they have every morning for breakfast and nobody born before 1985 ever wastes money on food. There is no transfer of wealth that has happened over the past 30 years in favour of those who own property, its all about toast. Well done.

    Self entitled millennials tend to get quite hung up about about 'transfer of wealth'. Its quite a hallmark.
    Earning it themselves seems to be a difficult concept for them.


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    #216
    zell12
    Registered Users Posts: 23,988 ✭✭✭✭zell12


    daheff wrote: »
    really? so people weren't queuing for days for releases of properties?
    There was not a supply issue, there was a credit boom where banks threw money at potential house buyers


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    #217
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    The sandwiches/rolls I buy for lunch vary betweeen about 4.50 and 6 euro so I suooose I spend an average of around 5 euro a day on lunch. Well worth it imo.

    Breakfast on weekdays is usually just a slice of bread from home (sometimes with a bit of avacado) and multiple mugs of tea (free at work). Might get a breakfast roll an odd day. Weekends make a fry most sat and sundays or if too hungover/lazy would get a breakfast roll.

    I really don’t get why avacados are pointed out as a reason people can’t afforf a mortgage they are not expansive (and are very nice).


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    #218
    kylith
    Registered Users Posts: 17,736 ✭✭✭✭kylith


    Doctor Jimbob wrote: »
    Calculations are clearly flawed, avocados haven't been accounted for.

    Just in case anyone is wondering: that's 446,428.571 avocados difference in price, or an avocado a day for 1,223 years.

    And for anyone curious how many avocados you would need to not eat in order to save for a house: a deposit of €30,000 would be 42,857.1429 avocados. That is one avocado a day for 117.5 years. Maybe I'm unusual, but I don't think that I have over a century left to save up the deposit for a 2-bed in Crumlin. For a start, I'd be well into my pensionable years and unable to pay the mortgage.


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    #219
    cantdecide
    Registered Users Posts: 11,465 ✭✭✭✭cantdecide


    At 36, I'm not a millenial but was stuck for four years living at home trying to save what was meant to be the beginnings of a mortgage doing *literally* a civil servant's job except for minimum wage (€1500/mth, btw) with no benefits while doing part time college saving fees of about €300/mth.

    Now I have my degree and I'm looking at 12 month contracts looking for people with 3-5 years experience to earn €26-€28k to hopefully get enough experience between now and age 40 to get a €35-€40k job.

    Maybe the problem is what I eat for breakfast. I'm giving up on saving for a house and thinking ahead to saving for my nursing home stay. But shur laugh it up, the sorted class will be paying for my pension.


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    #220
    scamalert
    Registered Users Posts: 3,739 ✭✭✭scamalert


    what does 50c avocado and 10cent bread have to do with mortgages ?
    its stupid time to buy now as economy is back where it was in 2008, grand if one has public job with all the securities in place otherwise youd want to have full amount in cash whatever box your buying now.


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    #221
    andekwarhola
    Registered Users Posts: 4,638 ✭✭✭andekwarhola


    steo_magra wrote: »
    1988 - average wage 25,000 pound
    Average 3 bed house price 27,500 pound

    2018 - average wage 45,000 euro
    Average 3 bed house - 340,000 euro

    This in Dublin of course. An economist on the radio the other day.

    So yeah they had it easier back in the day by an absolute mile.

    Was that average wage really 25k punt in 1988. Not disputing, just surprised. And what was the median I wonder.


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    #222
    lisasimpson
    Registered Users Posts: 1,836 ✭✭✭lisasimpson


    I dont like branding all young people the same but there is a group in that age segment who want everything right here right now. They want they flash apartment fancy wedding flash car nice holidays each year instantly. Some have no concept of savings or that life may suddenly get turned upside down..
    A previous poster here said about all the new cars at the school gates. A lot are probably bought on PCPs which are the nexy buddle and the new negative equity. That buddle will bust in the next 1 or 2. Coupled with interest rates rising which is earmarked for the end of 2019 some people are in for a rude awaking


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    #223
    James Brown
    Closed Accounts Posts: 16,015 ✭✭✭✭James Brown


    cantdecide wrote: »
    At 36, I'm not a millenial but was stuck for four years living at home trying to save what was meant to be the beginnings of a mortgage doing *literally* a civil servant's job except for minimum wage (€1500/mth, btw) with no benefits while doing part time college saving fees of about €300/mth.

    Now I have my degree and I'm looking at 12 month contracts looking for people with 3-5 years experience to earn €26-€28k to hopefully get enough experience between now and age 40 to get a €35-€40k job.

    Maybe the problem is what I eat for breakfast. I'm giving up on saving for a house and thinking ahead to saving for my nursing home stay. But shur laugh it up, the sorted class will be paying for my pension.

    Avocados are your downfall. In my day we'd weetabix and we were glad to get it!

    The average tax payer is being edged out of being able to provide for himself in the government pursuit of private wealth. There'll be no buying a house or renting soon without state assistance. We'll all be paying tax which will go to supporting renters and home buyers while the developers and FG/FF roll around in dough. But it'll be your fault for whinging and being self entitled. Or poor because you're lazy. And when the bottom falls out of it, it'll be your fault for going mad and partying.


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    #224
    troyzer
    Registered Users Posts: 6,199 ✭✭✭troyzer


    lisasimpson wrote: »
    I dont like branding all young people the same but there is a group in that age segment who want everything right here right now. They want they flash apartment fancy wedding flash car nice holidays each year instantly. Some have no concept of savings or that life may suddenly get turned upside down..
    A previous poster here said about all the new cars at the school gates. A lot are probably bought on PCPs which are the nexy buddle and the new negative equity. That buddle will bust in the next 1 or 2. Coupled with interest rates rising which is earmarked for the end of 2019 some people are in for a rude awaking

    That doesn't just apply to millenials. That's across the board.


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    #225
    El_Duderino 09
    Registered Users Posts: 20,094 ✭✭✭✭El_Duderino 09


    The Rape of Lucretia wrote: »
    jam_mac_jam wrote: »
    Yeah that's what they have every morning for breakfast and nobody born before 1985 ever wastes money on food. There is no transfer of wealth that has happened over the past 30 years in favour of those who own property, its all about toast. Well done.

    Self entitled millennials tend to get quite hung up about about 'transfer of wealth'. Its quite a hallmark.
    Earning it themselves seems to be a difficult concept for them.

    Yes and no. Old people are living longer which means they keep accumulating wealth. In the meantime they need pensions and health care which the working propel have to pay for.

    Not to mention the fact that they vote conservatively which means they vote against progress in things they don't really understand or care about like gay marriage and social housing.


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    #226
    Bigmac1euro
    Registered Users Posts: 1,458 ✭✭✭Bigmac1euro


    andekwarhola wrote: »
    Was that average wage really 25k punt in 1988. Not disputing, just surprised. And what was the median I wonder.

    Well this is what I heard on 2fm I think it was.
    This falls in line with what my dad paid in 89’
    27k for a 3 bed 10 minutes drive (no traffic) from Dublin City centre. Very middle class area and yeah his wages were in and around 25k punt at that time. My mother didn’t work. All his friends and colleagues are the same I know them all quite well. All In very similar situations.
    I’m on above the average wage now but I’m finding it very difficult to save. I’d be doing better than my dad was when he was younger but rent has me and house prices are ridiculous I’ll probably move abroad for a year, next year and continue to save while paying lower rent earning around the same somewhere else in Europe. Lease is also up next month which is worrying.
    F*** Dublin in general but I do love the people, family and friends.


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    #227
    dxhound2005
    Registered Users Posts: 20,811 ✭✭✭✭dxhound2005


    There may have been a short time during the very popular Bertie Ahern governments where getting a mortgage was easy. Before that there were proper rules about lending, which made it very difficult. If it is very difficult again, it means that there won't be any need for bank bailouts or writing off mortgages for people who do not keep up repayments.


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    #228
    q85dw7osi4lebg
    Closed Accounts Posts: 3,502 ✭✭✭q85dw7osi4lebg


    steo_magra wrote: »
    Well this is what I heard on 2fm I think it was.
    This falls in line with what my dad paid in 89’
    27k for a 3 bed 10 minutes drive (no traffic) from Dublin City centre. Very middle class area and yeah his wages were in and around 25k punt at that time. My mother didn’t work. All his friends and colleagues are the same I know them all quite well. All In very similar situations.
    I’m on above the average wage now but I’m finding it very difficult to save. I’d be doing better than my dad was when he was younger but rent has me and house prices are ridiculous I’ll probably move abroad for a year, next year and continue to save while paying lower rent earning around the same somewhere else in Europe. Lease is also up next month which is worrying.
    F*** Dublin in general but I do love the people, family and friends.

    Strange, since 3 bed bungalows in Meath were 50k in 1990.


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    #229
    daheff
    Registered Users Posts: 5,851 ✭✭✭daheff


    zell12 wrote: »
    There was not a supply issue, there was a credit boom where banks threw money at potential house buyers

    if there was not a supply issue (where people wanted to live) then there would not have been queues overnight. simples


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    #230
    Bigmac1euro
    Registered Users Posts: 1,458 ✭✭✭Bigmac1euro


    Lincoln Cold Tremor wrote: »
    Strange, since 3 bed bungalows in Meath were 50k in 1990.

    Hahahaha ! Good one.


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    #231
    amcalester
    Closed Accounts Posts: 4,121 ✭✭✭amcalester


    Lincoln Cold Tremor wrote: »
    Strange, since 3 bed bungalows in Meath were 50k in 1990.

    4 bed bungalow in Louth c. £60K in 91/92.


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    #232
    Bigmac1euro
    Registered Users Posts: 1,458 ✭✭✭Bigmac1euro


    Note unit pricing is in Euro.
    Also this is the average my father paid below average house had a lot of work.


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    #233
    Cabaal
    Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 28,470 Mod ✭✭✭✭Cabaal


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

    It seems many very stupid people do believe this is the case.


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    #234
    Bigmac1euro
    Registered Users Posts: 1,458 ✭✭✭Bigmac1euro


    steo_magra wrote: »
    Note unit pricing is in Euro.
    Also this is the average my father paid below average house had a lot of work.

    Apologies this screenshot may appear clearer.


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    #235
    Bitches Be Trypsin
    Registered Users Posts: 712 ✭✭✭Bitches Be Trypsin


    I feed myself for €20 a week and manage to eat quite well, yes I'm a millennial!


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    #236
    Subcomandante Marcos
    Closed Accounts Posts: 7,683 ✭✭✭Subcomandante Marcos


    average_runner wrote: »
    Do you think it was cheap in the 2000's when we had to buy them? Our's cost 450,000.

    And banks were handing out mortgages like ****ing goodie bags.


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    #237
    Try_harder
    Closed Accounts Posts: 3,681 ✭✭✭Try_harder


    Luckily I'm NOT a Millennial, and I bought my house during the crash. I don't even them, but the greed from some of the Baby Boomer generation is disgusting.


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    #238
    kunst nugget
    Closed Accounts Posts: 10,375 ✭✭✭✭kunst nugget


    Try_harder wrote: »
    Luckily I'm NOT a Millennial, and I bought my house during the crash. I don't even them, but the greed from some of the Baby Boomer generation is disgusting.

    What Baby Boomer generation? The one over in America? Because that didn't exist in Ireland.


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    #239
    andekwarhola
    Registered Users Posts: 4,638 ✭✭✭andekwarhola


    amcalester wrote: »
    4 bed bungalow in Louth c. £60K in 91/92.

    Found this article from 1989 that mentions semis in terenure going for between 57k to 90+ k. Terenure is a middle class area about 3 or 4 miles from Dublin City centre.

    https://www.irishtimes.com/culture/tv-radio-web/rising-dublin-house-prices-in-the-1980s-from-the-archives-may-16th-1989-1.2212646


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    #240
    q85dw7osi4lebg
    Closed Accounts Posts: 3,502 ✭✭✭q85dw7osi4lebg


    andekwarhola wrote: »
    Found this article from 1989 that mentions semis in terenure going for between 57k to 90+ k. Terenure is a middle class area about 3 or 4 miles from Dublin City centre.

    https://www.irishtimes.com/culture/tv-radio-web/rising-dublin-house-prices-in-the-1980s-from-the-archives-may-16th-1989-1.2212646

    Good article, that's 2-3 times the 27k price mentioned above.


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    #241
    andekwarhola
    Registered Users Posts: 4,638 ✭✭✭andekwarhola


    Lincoln Cold Tremor wrote: »
    Good article, that's 2-3 times the 27k price mentioned above.

    I think I vaguely remember my parents saying around 87 or a bit later that neighbours (that moved) paid 50k for a house in one of the settled parts of Tallaght near the village.

    Remember it because I remember thinking it was such a big amount of money as you did when young.

    The coalition government at the time gave housing grants, of 5k I think, to council tenants to move out and buy their own houses which would be accurate enough given it was 10%.


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