Prices for starter homes are crowding out millennials

Re:Prices for starter homes are crowding out millennials by rarepostinlurkr on Wednesday October 21, 2015 @05:28PM (#10428837)

20% down? A starter home in the bay area in a less than great neighborhood would run you about $500k 7 years ago. Drop 100k down on your home for the 20% buy in, thats a pretty big chunk of change that has already eliminated a huge swath of people.

If you have just been given a job offer to come work in the bay area you are likely looking for a home to move your family. Your signing bonus isn't going to be given as a lump sum, so you are stuck renting for $4,000/month. Not to mention that previously $500k starter home is now $800k (still a bad neighborhood with crap schools too)

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Re:Prices for starter homes are crowding out millennials by bkjelden on Wednesday October 21, 2015 @05:47PM (#10428962)

Prices are just simply insane here. I don't know how anyone who hasn't been part of an IPO or an acquisition is going to be able to buy here.

I'm a software engineer and my wife is a nurse. We supposedly fit the demographic that's pricing people out of the area, but more and more we feel priced out ourselves.

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Re:Prices for starter homes are crowding out millennials by flog on Wednesday October 21, 2015 @05:59PM (#10429043)

$800k sounds low. You've still got to do the retrofit, or it's going to be a TIC, or it's going to have excessive insurance costs... even then you'll be outbid by 20-30% over asking price.

I've been sitting on a 20% deposit for years (at the equiv of SF property), but simply cannot afford to buy given all those costs.

The only way I can see it happening is to be married, with a double income.

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