Our future is fucked. There isn't a point to it. We don't make enough money to develop meaningful savings, so many people in my generation (Millenials) just don't see the damn point. We won't ever have a house, so where are we supposed to live during retirement? None of the retirement options available to us are designed for people that don't own a home, so fuck it. I'd rather have a decent life now before the planet goes to shit and my country strips my right to marry. The future is later me's problem, and worst case scenario, to quote the eternal George Carlin: "Eh, guess I'll just die."
Pretty much every job offers a 401k, so not saving is akin to not having a job...
Considering the youngest millennials are in their late 20s, and the majority of us are in our 30s. There are a good amount of us that moved up in our career paths and bought a home. Considering most buy a home in their 30s-40s, that is where more millennials already sit. What currently sucks is us younger millennials are not enjoying the cheap mortgages the older millennials are enjoying.
What really sucks is you pretty much need two incomes to make it work. You can easily get a job making 50k a year no problem. But that doesn't give you much these days. I make 80k and if it wasn't for my partner I would be paycheck to paycheck, and with kids out combine paycheck is still paycheck to paycheck. 110k doesnt do the trick. You pretty much need a household income of 150k to start having a okay life.
Why would own a home make a difference? My manufacture date is in the early 90s and I’m saving for my retirement. With or without a home I don’t think I’ll be able to generate as much income later. Worst case I have a cushion if I ever want to make a risky bet. I don’t know what to use my money for other than travel anyway.
A home is a savings account on its own. Much like investments, a home's value nearly always goes up with the times as long as it is kept up. So much like a 401k the value increases over time, but paying a mortgage is like paying yourself while also paying the bank. The bank gets their interest rate cut, but the actual paying off the home is you paying you in the future.
So while a mortgage vs rent may be pretty close ATM if you are new home buyer (Yeah I wish I was able to buy a home 10 years ago..), your mortgage is putting money into your home as a savings account. And if you ever need some of that money for whatever reason, you refinance. It is real nice and easy
