A great article for Millenials and Gen Y’ers who are thinking of buying a home or think that they cannot buy a home. Very informative read!
by JUSTIN DECESARE on AUGUST 15, 2013
I spend a lot of time defending the work habits and dedication of my generation. Yet, I still wonder at times why we aren’t all as cynical and jaded as the media would like to portray us.
Everything from the PRISM scandal to the everyday politically motivated Washington gridlock on items such as student loan rates have left many of us feeling weary of our place in the political and economic infrastructure.
In Walter Hickey’s article on Business Insider, he quoted President Obama in his recent interview with Zillow CEO Spencer Rascoff as saying:
“Jacob looked like a pretty young guy, renting is probably the best option.”
While I don’t think this quote was meant to minimize the economic struggle of Millennials, it just seems to add to the stream of media attention that fails to see the impact we will have on the overall recovery.
We are at a turning point in our society. Prices have bottomed, affordability indexes are low, and jobs are coming back on line.
No matter your age, if you have the financial ability to buy a house, do so right now. Not a year from now…right now. By the time the media finally says Millennials are buying houses, they will be a year behind in their reporting.
Take Action. Today.
Whoever thinks they have a crystal ball is lying to you. No one knows exactly what will happen with the government’s bond buying programs or new housing starts and inventory. However, we do know this:
- For Now, Money is still Cheap
- Rental Prices Will Keep Rising
To my Co-Gen-Yers who may come across this blog:
Lifelong wealth is created with a certain amount of risk; however, if you fail to take that risk you will always be stuck in your present situation.
Years from now, there will be people who look back and think to themselves, “I should have bought when I could…That was the perfect time to buy.”
Every type of Real Property is going to appreciate over a 10-20 year period, from commercial buildings, to multi-units, to single family homes.
Our generation is set to play an important role in our economy as there is an ever-growing necessity for technologically advanced degrees and laborers. It is up to you as to whether or not you want this economic growth to shape the rest of your own personal life as well.
Much like the greatest generation at the close of WWII, we have a duty to re-establish a vibrant economy. No one else will do it for us. I realize the economy has not yet fully recovered. But, if everything the media and the politicians say is true, none of us will own houses or have babies until our 50s.
No matter what any pundit says, it is going to take young business people, humanitarians, laborers, and entrepreneurs to take the lead and recreate an America that the Greatest Generation would be proud of.
Leave the cynicism to someone else. It fails in action as much as it does in belief.
Now, it’s our turn.