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10 months agoAm millennial… xenniel or “elder millennial to be exact… I have completely given up on ever owning a home or being able to retire. Short of some major acts of public disruption at unprecedented, economy-toppling, billionaire-eating scale, my entire generation - and those after us - are fucked.
Unfortunately, this age-old folk wisdom just isn’t true any more.
Near Los Angeles (and many/most big cities these days) even “fixer-upper””starter” homes cost $1,000,000.
5% down ($50k) would result in a monthly mortgage payment of $7,939.88 which more than twice my rent payment, which is already high.
And saving is nearly impossible given the rate at which the basic costs of living (including rent) have skyrocketed in recent decades.