Something needs to be done. I pulled into a rest stop in the middle of the day and couldn't find a parking spot. Everyone was living in their cars. And I'm not in a place this should be happening.
I love this and it describes me to a Tee!! However, i have explored all those ideas without success. I would go ourchase a camper right now but have no where to park it. My parents are in the next state and ive moved back in with them several times. Right now, they are too far away from the best paying job I've ever had. I would waste what im saving on time and gas travel. The majority of my state does not allow tiny homes unless you have a property that has an existing house. Or again, a town that is too far for me to commute. I keep adking for ideas, but cannot spend all my energy over thinking the situation or think my way out of it. So im asking for patience until the universe helps me find my way.
This is such an important lesson, especially for those just finishing college or starting out in life. The American Dream shouldn't be a big house, but big savings.
And totally agree on avoiding the McMansions! This became very apparent, after our family of 4 left Manhattan, and rented a typical 4BR house in the burbs. 2 years later, we've hardly bought anything new, the full basement is completely empty, as are many closets and kitchen cabinets. A lot of huge homes I see are filled with knickknacks, display cases of unused souvenir dishes, and 4-car garages crammed not with cars, but more "stuff." The more space you have, the more you spend to fill it up.
I love this Michelle! I just got married and buying a house in the UK is very difficult for couples like us under 30. We're st my mums saving up for a deposit but it's not easy. I like what you said about debts because we are now able to pay off all our student overdrafts before even committing to a mortgage. This substack was a breath of fresh air from all the boomer opinions I have around me telling me "Why can't I afford a mortgage by myself"
Yes, if you are able to live with your mom — pitching in on expenses and chores — and making giant payments to your debt and then saving huge amounts — you’ll really make progress. Hug your mom!
Yeah that's very true, we're really hoping to build up a deposit over the next year, so you don't think it's wise to get the highest value house you can afford?
Depends on your values, what your housing needs are, the size of your family, whether you expect your salaries to grow in the coming years, whether you want to have babies and stay home with them, etc.
Hmm that's very true. There are a large amount of considerations there to be held. I really appreciate your newsletter and how you don't shy away from how income inequality affects things
Thank you for your perspective and I respect and appreciate your honesty! I wish more people were like you and left their comments out of it. Exactly renting can be great. Sorry for the generalisation, just had lots of bad experiences
Several parallels. Fourth house, third house rented to son, and his cousin just moved in. He has been a terrible renter, he took three years to turn it into a dump. But things are looking up, my niece who has lived there for three days has already painted one bedroom. I started earlier than you, bought my first house in 1972 for $18000and my second in 1977 for $ 77,000. My inlaws rented the first for 17 years. We are, like many Californians, house rich, but cash poor. I know most readers living outside of California don’t think they can afford a house here, but there are number of pockets with reasonable house prices!
I liked the questions in your "What if" paragraph. I always wonder what if there was a town or community in my country where even a 1 bdrm condo wasn't over $300K 😭 I'm continually on the lookout for such a place because now I do work remotely and CAN relocate but...to where?
I forgot you're in Canada. I would love to live in Canada except I am so fricking cold all the time and it would take my meager life's savings to pay my first month's rent.
In Germany family houses often have a ground floor apartment. The family with young kids live in the large house above, and the grandparent below. If the grandparents have died, the grown up kids can move into the flat. Then, when the 'kids' marry and have a family, they swop with their parents above.
Many young people have moved back in with their parents. we need to design houses that can easily be split into separate areas, and work as multi-generational houses. Flexibility is key. I added a small kitchen upstairs, so now my (fairly small, London terraced) house can be used as two units. I rented upstairs as an Airbnb to bring in an income while I cared for my disabled husband.
There are many Victorians here and I must say I like them - the rents here are atrocious as you may know - didn't make sense to rent and get nothing in return - it's great that your son is renting your former home - I would say the prices are very reasonable compared to here - a house with 2 bedrooms and a bath - easily close to/if not 7 figures
I should have also said another advantage of Illinois is it's a blue state -- even though there's plenty of "red" in my area, I know many cool, witty libs.
I cannot wrap my head around a "normal" house costing that!
We bought our first home in the early 90s and on our 3rd house now. We are still paying that mortgage, it is much less than rent. I have no idea how future generations can afford anything now. There are people living in tents and in cars one town over from us. We all look the other way and go on with busy lives. Being homeless can happen to anyone.
I love this. We're in a fortunate position now, but I haven't been for most of my life. We own a little house in a small town that we rent to friends for an affordable rent. We could easily get double but that's absurd for the size of the house. If more people did that, maybe rents would come down. Mostly it feels good to be able to.
Interesting to read this after just reading a news story this morning about a woman found living in the rooftop sign of a grocery store in Michigan. She'd apparently been there close to a year and had put in flooring, a computer, and a coffee maker. I am both appalled that this is what someone needed to do to survive and also impressed with her resourcefulness. (Struggling writer conducting an experiment, perhaps?)
We purchased our home in 2005 and opted for slightly less than we qualified for. This allowed me to cut back to a part time work from home job several years later when the stress of my job got too much. Refinanced to a 15 year several years later. It feels like most of my generation tends to scale up their house at some point, from the cookie cutter starter home to the slightly nicer home in a nicer neighborhood. We are an anomaly on our street, the only family that has lived here long term. Do I sigh over photos of nicer homes sometimes? Sure. But I don't NEED any of the extras. And I love being mortgage free.
Something needs to be done. I pulled into a rest stop in the middle of the day and couldn't find a parking spot. Everyone was living in their cars. And I'm not in a place this should be happening.
That’s awful. I’d love to hear more.
I love this and it describes me to a Tee!! However, i have explored all those ideas without success. I would go ourchase a camper right now but have no where to park it. My parents are in the next state and ive moved back in with them several times. Right now, they are too far away from the best paying job I've ever had. I would waste what im saving on time and gas travel. The majority of my state does not allow tiny homes unless you have a property that has an existing house. Or again, a town that is too far for me to commute. I keep adking for ideas, but cannot spend all my energy over thinking the situation or think my way out of it. So im asking for patience until the universe helps me find my way.
I sincerely hope you find a personalized solution that gives you the life you want, need and deserve.
This is such an important lesson, especially for those just finishing college or starting out in life. The American Dream shouldn't be a big house, but big savings.
And totally agree on avoiding the McMansions! This became very apparent, after our family of 4 left Manhattan, and rented a typical 4BR house in the burbs. 2 years later, we've hardly bought anything new, the full basement is completely empty, as are many closets and kitchen cabinets. A lot of huge homes I see are filled with knickknacks, display cases of unused souvenir dishes, and 4-car garages crammed not with cars, but more "stuff." The more space you have, the more you spend to fill it up.
I love this Michelle! I just got married and buying a house in the UK is very difficult for couples like us under 30. We're st my mums saving up for a deposit but it's not easy. I like what you said about debts because we are now able to pay off all our student overdrafts before even committing to a mortgage. This substack was a breath of fresh air from all the boomer opinions I have around me telling me "Why can't I afford a mortgage by myself"
Yes, if you are able to live with your mom — pitching in on expenses and chores — and making giant payments to your debt and then saving huge amounts — you’ll really make progress. Hug your mom!
Yeah that's very true, we're really hoping to build up a deposit over the next year, so you don't think it's wise to get the highest value house you can afford?
Depends on your values, what your housing needs are, the size of your family, whether you expect your salaries to grow in the coming years, whether you want to have babies and stay home with them, etc.
Hmm that's very true. There are a large amount of considerations there to be held. I really appreciate your newsletter and how you don't shy away from how income inequality affects things
Thank you! I’m really trying to carve out a space where we can all think about these things.
I love that
Thank you for your perspective and I respect and appreciate your honesty! I wish more people were like you and left their comments out of it. Exactly renting can be great. Sorry for the generalisation, just had lots of bad experiences
Several parallels. Fourth house, third house rented to son, and his cousin just moved in. He has been a terrible renter, he took three years to turn it into a dump. But things are looking up, my niece who has lived there for three days has already painted one bedroom. I started earlier than you, bought my first house in 1972 for $18000and my second in 1977 for $ 77,000. My inlaws rented the first for 17 years. We are, like many Californians, house rich, but cash poor. I know most readers living outside of California don’t think they can afford a house here, but there are number of pockets with reasonable house prices!
Deeply appreciate the clarity and openness of this piece and how your experience can reflect a broader story.
I liked the questions in your "What if" paragraph. I always wonder what if there was a town or community in my country where even a 1 bdrm condo wasn't over $300K 😭 I'm continually on the lookout for such a place because now I do work remotely and CAN relocate but...to where?
Central Illinois!
If you spend $300k here, you can get a mansion and probably have enough land for horses.
But as a Canadian I can't just pack my bags and move stateside. And even if I did, right now our dollar is in the toilet! I could buy a tent 😂
I forgot you're in Canada. I would love to live in Canada except I am so fricking cold all the time and it would take my meager life's savings to pay my first month's rent.
Yeah the weather is no joke lol. You must have your fair share of cold in Illinois though.
Yes. It does get cold here, but not as cold as in Canada. Today it's warm and I'm SO grateful!
Wow Nice
In Germany family houses often have a ground floor apartment. The family with young kids live in the large house above, and the grandparent below. If the grandparents have died, the grown up kids can move into the flat. Then, when the 'kids' marry and have a family, they swop with their parents above.
Many young people have moved back in with their parents. we need to design houses that can easily be split into separate areas, and work as multi-generational houses. Flexibility is key. I added a small kitchen upstairs, so now my (fairly small, London terraced) house can be used as two units. I rented upstairs as an Airbnb to bring in an income while I cared for my disabled husband.
I think solutions like this are a great idea.
Wonderfully creative ideas to re-frame our current ideas of ‘home', and ultimately how we spend our one life.
Wonderfully creative ideas to re-frame our current ideas of ‘home', and ultimately how we spend our one life.
There are many Victorians here and I must say I like them - the rents here are atrocious as you may know - didn't make sense to rent and get nothing in return - it's great that your son is renting your former home - I would say the prices are very reasonable compared to here - a house with 2 bedrooms and a bath - easily close to/if not 7 figures
I should have also said another advantage of Illinois is it's a blue state -- even though there's plenty of "red" in my area, I know many cool, witty libs.
I cannot wrap my head around a "normal" house costing that!
We bought our first home in the early 90s and on our 3rd house now. We are still paying that mortgage, it is much less than rent. I have no idea how future generations can afford anything now. There are people living in tents and in cars one town over from us. We all look the other way and go on with busy lives. Being homeless can happen to anyone.
If it’s that house, then yes, please!
I wish!
I love this. We're in a fortunate position now, but I haven't been for most of my life. We own a little house in a small town that we rent to friends for an affordable rent. We could easily get double but that's absurd for the size of the house. If more people did that, maybe rents would come down. Mostly it feels good to be able to.
Your friends are really lucky!
And the feeling you get by doing this is something money cannot buy.
Interesting to read this after just reading a news story this morning about a woman found living in the rooftop sign of a grocery store in Michigan. She'd apparently been there close to a year and had put in flooring, a computer, and a coffee maker. I am both appalled that this is what someone needed to do to survive and also impressed with her resourcefulness. (Struggling writer conducting an experiment, perhaps?)
We purchased our home in 2005 and opted for slightly less than we qualified for. This allowed me to cut back to a part time work from home job several years later when the stress of my job got too much. Refinanced to a 15 year several years later. It feels like most of my generation tends to scale up their house at some point, from the cookie cutter starter home to the slightly nicer home in a nicer neighborhood. We are an anomaly on our street, the only family that has lived here long term. Do I sigh over photos of nicer homes sometimes? Sure. But I don't NEED any of the extras. And I love being mortgage free.