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  • When I was born, the median price for a house was $108,900.

  • Now, it's $337,200.

  • Even if you account for inflation, that's about a 45% increase in cost.

  • But buying a house is something I would like to do.

  • So I'm trying to figure out if I can.

  • The odds are pretty stacked against me.

  • I'm a millennial, and I graduated college in 2010, right in the middle of the recession.

  • When I entered the workforce, the job market was rough.

  • Like many of my peers, I have student loan debt.

  • And on top of that, there aren't very many starter or mid-price homes on the market.

  • (Why it's hard for millennials to buy houses)

  • My personal financial situation has to do with choices I made.

  • I changed careers at 27, I took out loans to go back to grad school, and I didn't manage to save any money before that.

  • But that's not abnormal for someone my age.

  • According to a LinkedIn study, it's common for millennials to change jobs about three times in the first five years after college.

  • And in the eight years I've been out of college, I've lived in New York City the whole time.

  • Median cost of a home here? $770,000.

  • I certainly can't afford that.

  • When I look at my income, cost of living and student loan debt, the idea of buying something as expensive as a house seems nearly impossible.

  • My dream home would look something like this.

  • Or this.

  • But even if my boyfriend and I took our combined income of $100,000 a year, that apartment is a pipe dream.

  • I went to Business Insider's own financial planner, Lauren Lyons Cole.

  • I figured if anyone could help me, it would be her.

  • When you're just starting out, you can calculate a general price range by taking your annual income and multiplying it by three.

  • With a combined income of about $100,000 a year, that means a home that costs around $300,000 would be a good starting point.

  • That's not as bad as I was expecting, but I have no idea what I can get for that price.

  • With a budget like that in New York City, you probably aren't gonna find that many options.

  • So you might have to make sacrifices, which could even mean relocating to another city.

  • But then you have to figure out what kind of job options are there, and how much could you get paid to do the work you want to do.

  • You have to think about which amenities you really want and which ones you can do without.

  • I've always wanted some kind of outdoor space, like maybe a balcony.

  • A two-bedroom would be nice...

  • big windows...

  • maybe a turret.

  • What?

  • I'm a millennial.

  • I'm idealistic.

  • Once you have an idea of what you can afford and what you're willing to give up,

  • you can take the next step and start looking at listings that are available in your price range.

  • With the budget Lauren and I came up with, I browsed options in a few cities I could see myself living in.

  • I wasn't amazed with anything I came across, but there were some that were nice.

  • Not so much in New York, especially when I compare it to the apartment I live in now, which is below market rent.

  • I also checked out Grand Rapids, Michigan because it was number one on Business Insider's list of best housing markets for millennials.

  • There I did find some amazing places within my budget, but I can't see myself picking up and moving there right now.

  • For me, owning a place isn't worth living somewhere where I don't know anyone and I don't have a job lined up.

  • So I think for now I'm gonna keep renting and try to save up for a down payment.

  • Maybe in a few years the price of avocado toast will go down, and I'll be able to afford that dream castle.

  • Maybe a balcony...

  • a two-bedroom would be nice...

  • big windows...

  • maybe a turret.

When I was born, the median price for a house was $108,900.

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ミレニアル世代が住宅を購入するのは難しい理由 (Why It's So Hard For Millennials To Buy Homes)

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    Judy Huang に公開 2021 年 01 月 14 日
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