Generational Shift

[SirRumpole]

So millennials (according to the census) are the larger voting block and have overtaken boomers.

You may have noticed the shift in direction that policy and the world has taken in the last few years. Values, work, welfare, tax breaks will all shift as politicians kiss ar5e.

Be interesting to see the investment landscape.

As long as the educational standards are kept up to allow the new generations to take advantage of technological advances and also to be more aware of society and their responsibilities in it then I think millenials and onwards will do as good or better job than their predecessors.

That's what progress of the human race is all about after all, the more we know the better we can deal with current and future issues.

 

[3 hound]

Are or should be?

Note I said "in my mind" so I can make up whatever works I want and in that particular version of alternate reality they are unnecessary because they are not required.

 

[3 hound]

As long as the educational standards are kept up to allow the new generations to take advantage of technological advances and also to be more aware of society and their responsibilities in it then I think millenials and onwards will do as good or better job than their predecessors.

That's what progress of the human race is all about after all, the more we know the better we can deal with current and future issues.

Geez have you not kept up at all with modern trends; the new generations are coping the least with technology and life in general and the concept of personal responsibility is basically non-existent.

 

[SirRumpole]

Geez have you not kept up at all with modern trends; the new generations are coping the least with technology and life in general and the concept of personal responsibility is basically non-existent.

Huh, its always been the same. Potheads, LSD started in the 60s with baby boomers.

Bb's were the most wasteful generation in history

The more things change the more they stay the same.

 

[3 hound]

Huh, its always been the same. Potheads, LSD started in the 60s with baby boomers.

Bb's were the most wasteful generation in history

The more things change the more they stay the same.

I never mentioned drugs, there are vast differences between BB'ers and what the current generation will have to deal with. It's chalk and cheese.

I am lost as how you could compare the two in anything other than they both have big numbers born.

 

[JohnDe]

Be interesting to see the investment landscape.

Overseas article but still relevant. My son and his extended group are quite savvy when it comes to property and savings, they have been quietly looking and buying their first properties for the past few years.

How Millennials Are Changing The Mortgage And Home Buying Market

Millennials are ending their leases, moving out and buying houses in larger numbers. In fact, they make up the fastest-growing segment of buyers today, according to a recent National Association of Realtors report. Particularly, those in their late 20s to early 30s are pushing this segment along the most. A Pew Research study found that household income rates of this bunch were two to four times higher than that of other age groups.

Millennials are having an impact on the market, and it’s not just buyers. A Zillow study found that about half of all buyers are under the age of 36 and about half of the sellers are under 41. The movement in the market by millennials is likely due to growth in their careers, higher income and paying off student loans and other personal debts.

Over the past year specifically, recent changes to the economy due to Covid-19, rebounding of employment figures and a steep drop in interest rates have all converged to create a perfect storm for personal growth opportunities like buying a home. Many were surprised that they could stretch their budgets a bit and afford a better home due to low-interest rates, especially when paired with savings from pandemic sheltering.


Millennials are changing the home buying process.

Millennial homebuyers are waiting longer to buy a first home than previous generations. Due to the effects of the Great Recession and rising student debt, millennials have been slower to buy their first homes than older generations. Many choose to move back in with their parents and tend to stay longer than ever before. According to this Pew Research study, 52% of adults aged 18-34 are now living with their parents due to economic factors and the Covid-19 pandemic. Those are numbers not seen since the Great Depression.

This delay in homebuying could also be due to starting families later than ever. According to this Pew research study, just 46% of millennials are married, compared to 83% of the Silent Generation that was married at their age. This dip in marriage rates reflects a larger societal shift, as the same study found that percentages dropped for successive generations — 67% of early Boomers, and 57% of Gen Xers.


Millennials are changing the game with technology.

Technology has become crucial to the home buying process. Utilizing the internet and mobile devices to find, view and buy homes has become the norm among millennials. According to a 2017 report by the National Association of Realtors, 99% of millennials used the internet to get information about the home buying market. This might seem obvious, but this figure is nearly double

Online mortgages are the new norm.

In the past, those looking to buy a home would head to a bank or ask a realtor or their parents to learn about mortgage options. Today, the younger generation turns to the internet to shop around for a mortgage. The things this generation loves about the internet are also true of the online mortgage industry. They love simple user experiences, quick digital communication and on-demand service for when they’re ready to buy. It’s no wonder why six out of the top 10 lenders were non-banks as of 2017.

Millennials love options.

The internet has democratized information and, as a result, armed shoppers with data to make smarter buying decisions. This extends to mortgages, too. As of 2016, 86% of homebuyers ages 18 to 34 shopped around for a mortgage compared to 55% of the 55 and older crowd.

On average, millennials obtained six mortgage quotes, compared to three quotes for Baby Boomers, extending the length of the overall home buying process. Access to options via the internet, lack of supply and difficulties saving all contribute to this longer buying window.

Millennials are changing the way real estate agents do their jobs.

In the past, realtors’ value came from providing important information about homes. Now that this information is available at the click of a button, realtors’ value now comes in the form of negotiation skills, valuable relationships and their ability to facilitate the home buying process in a fast-paced, digital world.

Technology has also enabled millennials’ preference for text-based communication with realtors to schedule appointments and ask questions about houses. Simple photos often don’t cut it either as requests for video tours and live streams are now common.

Millennials are choosing the suburbs over the city.

Millennials are moving out of the city in larger numbers. A recent Zillow study shows that 47% of Millennial homeowners live in the suburbs, as opposed to urban and rural areas. The preference for bigger, more updated houses could be a reason for this shift.

As we’ve shown, the patience in buying and leapfrogging the starter home in search of something bigger and better is a rising trend. It appears millennials are finding better options farther out from the city. While according to the above-mentioned study, a third of millennials still live in an urban area, more than any other generation. The shift to suburban living could have interesting effects on the rising costs of urban living.

Millennials are changing things.

Although it’s taking them longer than their elders, millennials are buying homes in droves. Their preference for technology has changed both the way people shop for homes and mortgages and the job of the realtor. This shift could lead to a more streamlined home buying process altogether. Millennials' patience and preference for larger, updated homes have likely led to an increase in suburban movement.

This shift will have interesting impacts on the cost of city living going forward. It will be interesting to see if the increase in diversity among homebuyers will continue or stagnate going forward. Overall, millennials are approaching and treating the homebuying process in an entirely new, modern way, which could have implications across the economy in the future.

 

[divs4ever]

Note I said "in my mind" so I can make up whatever works I want and in that particular version of alternate reality they are unnecessary because they are not required.

are you talking economics ?? ?

 

[Value Collector]

In my mind we live in a world where the death penalty and abortions are unnecessary.

There are many medical reasons that abortions necessary to save the life of the mother also I would regard a raped 13 year old who finds she is pregnant and wants an abortion very necessary.

But seriously if this is something you want to discuss, start another thread.

 

[SirRumpole]

I never mentioned drugs, there are vast differences between BB'ers and what the current generation will have to deal with. It's chalk and cheese.

I am lost as how you could compare the two in anything other than they both have big numbers born.

'Generations' are just another pointless divisory mechanism that the media likes to use to stir up a story.

Others you may be aware of are race, gender, ethnicity , religion , sexuality and social status.

People are people and we all have the same problems mostly. Pointing to someone in another box and trying to blame them for something is ridiculous.

 

[JohnDe]

People are people and we all have the same problems mostly. Pointing to someone in another box and trying to blame them for something is ridiculous.

 

[againsthegrain]

There are many medical reasons that abortions necessary to save the life of the mother also I would regard a raped 13 year old who finds she is pregnant and wants an abortion very necessary.

But seriously if this is something you want to discuss, start another thread.

or take it to russian invasion thread its a perfect dumpster ?

 

[Value Collector]

'Generations' are just another pointless divisory mechanism that the media likes to use to stir up a story.

Others you may be aware of are race, gender, ethnicity , religion , sexuality and social status.

People are people and we all have the same problems mostly. Pointing to someone in another box and trying to blame them for something is ridiculous.

If only the boomers remembered when it was their Generation that was being derided, and they listened to songs like this, hahaha

This song could be a cut and pasted for every generation.

 

[3 hound]

There are many medical reasons that abortions necessary to save the life of the mother also I would regard a raped 13 year old who finds she is pregnant and wants an abortion very necessary

Using the most unlikely events and extreme outliers is always a suspect way of justifying an argument.

Compared to the sheer and vast total number of abortions your reasons are statistically in effect zero.

 

[qldfrog]

Huh, its always been the same. Potheads, LSD started in the 60s with baby boomers.

Bb's were the most wasteful generation in history

The more things change the more they stay the same.

I so wish you were right, when is the last time you have interacted with 20 somethings or even 30 something?
There is an actual collapse in knowledge.both technical and social.. let's not even mention cultural and this is based on uni educated interactions..
Let's hope you are right and they will learn in life what the school system did not teach them..but if they did not even read 1984, the best of the world , probably not reading at all unless it is expurged versions on their Kindle and get jabbed at 18..i have my doubts

 

[SirRumpole]

I so wish you were right, when is the last time you have interacted with 20 somethings or even 30 something?
There is an actual collapse in knowledge.both technical and social.. let's not even mention cultural and this is based on uni educated interactions..
Let's hope you are right and they will learn in life what the school system did not teach them..but if they did not even read 1984, the best of the world , probably not reading at all unless it is expurged versions on their Kindle and get jabbed at 18..i have my doubts

I'd like to know how many baby boomers read 1984.

But I'm falling into my own trap, comparing one generation with another. Different generations cope with their own problems in their own ways

 

[3 hound]

I'd like to know how many baby boomers read 1984.

Probs not many, they were too busy getting high and f$&king.

My boomer English teacher actually taught a semester unit on the 60's called "Sex, Drugs & Rock-n-Roll".

He basically boasted the whole about it.

 

[Smurf1976]

All I know with 100% certainty is that I will never commit a serious crime and I won't be getting a female pregnant.

You don't however know for sure that you won't be wrongly accused, perhaps even convicted, of a serious crime and punished accordingly before sometime later being found innocent.

If female, you don't know for sure that you won't be raped and plausibly end up pregnant.

Therein lies the issue with all this. Innocent people do indeed become victims indeed I personally know a few who've been through it, it's not particularly uncommon unfortunately.

 

[Garpal Gumnut]

re. Generational Shift. I thought I'd wandered in to the FMG thread, this one had gone so off-topic.

Millennials and generations following face higher housing prices, probable high interest rates, less housing ownership and exploitation by house flippers and house rental negative gearers than us boomers did. Not to mention family funds and REITs moving in to "homes for rent."

So it will not be easy for them.

gg

 

[wayneL]

re. Generational Shift. I thought I'd wandered in to the FMG thread, this one had gone so off-topic.

Millennials and generations following face higher housing prices, probable high interest rates, less housing ownership and exploitation by house flippers and house rental negative gearers than us boomers did. Not to mention family funds and REITs moving in to "homes for rent."

So it will not be easy for them.

gg

If only they could wean themselves off the smashed avo....
</sarc>

 

[Smurf1976]

Another specific problem faced by today's young people is information. Not the lack of it, it's more available now than at any time in history, but the sheer extent of misinformation.

The mainstream media has never been perfect, there's always been a degree of bias by omission, but go back to the 1980's or prior and newspapers were nonetheless reasonably factual and did present both sides of any argument.

In contrast today we've got incredibly sensationalised and biased media combined with content algorithms used by popular search engines and YouTube, which intentionally reinforce whatever bias the user may already have by serving up more of the same and omitting the other side of the argument completely, with the end result that individuals can very easily find themselves with a perception of reality that's very different to actual reality.

That problem is one previous generations didn't have to anywhere near the same extent. Someone may not have agreed with what the other side said but in the past it was practically impossible to not be aware that they'd said it.