Starter Homes Are So Cringe

For every hundred times that journalists trash Generation Z for their unrealistic expectations and their sense of entitlement, there is one time when someone says in print what everyone knows, which is that what Gen Z is missing is not altruism or a desire for connection with other people, but rather economic opportunities.  Few of them will ever have an employer-provided pension or retirement savings account.  If the predictions recently issued by The Atlantic are correct, only the most educated among them will ever get married, even though the ones that do will probably have the presence of mind to sign prenuptial agreements.  Now they are seeing the funding for the things that make life fun but cost little or nothing dry up; they may reasonably believe that they are staring down a future with no museums, no free concerts, no public libraries, and no thoughtful web content unencumbered by a paywall.  Anything they can get that brings a sense of calm, stability, or joy is only through extraordinary effort, and it is worth keeping.  Acquiring stuff just so you can level up and acquire more stuff has no appeal for Gen Z, if it is even within their reach.  It is no surprise, then, that starter homes are becoming an outdated concept.  If you are an old fogey ready to sell the starter home you bought when you are young, but the real estate market has become unrecognizable, contact a Bronx real estate attorney.

Generation Z Wants to Buy Forever Homes, but They Usually Cannot Afford to Buy Any Real Estate at All

Real estate agents have noticed a trend in home purchases in recent years.  It is old news that young people are buying fewer real estate properties than their parents did at their age.  Real estate agents have even begun saying among themselves that people born after 1985 will never be able to own their own home unless their parents own one.  If their parents own a home, the next generation can inherit it, or the parents can co-sign on their children’s mortgage or borrow against their own home equity to help their children pay a down payment on a real estate purchase.  If not, then the young generation is out of luck.

This is only part of what is going on with young people and real estate purchases or lack thereof.  In the old days, young couples would buy modestly priced condominiums that they planned to sell a few years hence, shortly before or after the birth of their first child.  Today’s twentysomethings and thirtysomethings generally do not do this.  They do not bid on real estate purchases unless the property is in a location and of sufficient size that they can imagine themselves living there for decades.

Schedule a Confidential Consultation With a Bronx Real Estate Attorney

A real estate lawyer can help you navigate the process of buying a starter home that never stops.  Contact Cavallo & Cavallo in the Bronx, New York to set up a consultation.

Source:

newsweek.com/gen-z-millennials-dont-want-buy-starter-homes-2069778