Sad but True-1st.Time buyers today!
Aug 22, 2017
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Many can relate to the following and it is sad for 1st.time buyers today.
Here we go from a 38 year experienced Real Estate Broker..
When I was 18 years old I bought a used car for $500 dollars. Today an 18 year old can buy a used car for $5,000 dollars for a good one.
But most today in general lease a car, go for the new car, have to impress others,etc.. So they end up paying $300 dollars to $500 dollars with insurance every month. When I was 18 years old they didn't have credit cards. Today the average 18 year old and older have 2-5 cards and along with that $5,000-$10,000 in debt. So there is another $500 dollars in monthly payments the leased car payment. So now how can they qualify to buy a home. *THEY CAN NOT*.
Here is a sad story also, I know more 18 year old's to 30 year old's that do not even own a car today. They do not have the ambition, motivation, and drive to get a car. Which also is probably why believe this statement or not, that they do not hold a job today. Believe that.
I am 70 years old, and started working when I was 12 years old. Today these kids live with their mothers, or parents and do not go to work. Do not own a car, and do not have any intentions of doing anything in the future either. There will be no social security for them...... TRUISM.
So they can not afford an apartment. or forget about qualifying for a home.
The only hope for them later in life is if their parents own a house and the parents die. Of course they will not be able to pay the Heat Bill, Con Edison bill, Homeowners insurance, Water Bill, Cable bill, oh and how about the Real Estate Tax bill every quarter. So the only way out of all of this is to sell the home, split the profits among the siblings and they become rich for a period of 4-7 years before they become broke again.
What a sorry state of affairs this is.
BUY WHAT YOU CAN AFFORD.
RENT WHAT YOU CAN AFFORD.
BUY A USED CAR ALL CASH THAT YOU CAN AFFORD.
LIVE AND PAY THINGS YOU CAN AFFORD.
NOT ABOVE YOUR MEANS.
THIS IS THE MAIN REASON FOR THE DIVORCE EPIDEMIC THESE PAST 10 YEARS. THEN YOU PAY CHILD SUPPORT, WHICH MEANS YOU HAVE TO GO TO WORK FOR A CHANGE.
I GET SO ANNOYED AT THE LAZINESS OF SO MANY TODAY, IT IS JUST SAD.