Do you agree it is nearly impossible for a millennial to buy themselves an apartment or house (Europeans only if possible)?

[_SillyShoes_]

I'm European and it is literally impossible.

I'm European and it is nearly impossible.

I'm European and it is doable, if you have an extremely well paying job, which is rare.

I'm European and it is not easy but can be done! (I'm an extremely savvy business person.)

I'm European and it is easy! (I'm obviously living off my parent's money :)

I'm not European and it is impossible. (Please state your country in the comments if you like.)

I'm not European and it is difficult, but possible. (Please state your country in the comments if you like.)

Updates

+1 y

*Just to note: talking about one person buying a property.

[midnightmoon05]

I agree. I am American and it is easy or hard to buy a house.

hard -
1. Parents/grand parents stop talking to their offspring about finances at home in the traditional form.
2. Parents/grandparents stop talking about the importance of chosing a career that pays well.

3. young people growing up wanting jobs that make them “happy” but doesn’t pay their bills

4. young people in America spend like there is no tomorrow…(paycheck by paycheck) even when they make about $100k a year. - when single - $10. or more on Starbucks daily. $20. or more going out with friends drinking after work.
5. so like @jshm2 said banks will not lend money to those who doesn’t qualify.

easy - parents educate kids at a young age about finances, mortgages, savings … jobs that pays well. my sister purchased an apt. while single with one income (no student loans) all her fiends rent with 2 incomes. Ph. D in archeology with lots of student loans…working as? Who knows…yeah…rack up in student loans to study PH. D in poretry…what do you do with these degrees?

listen to Dave Ramsey - he has lots of young callers around 25 years. old with lots of money and dreams of building wealth. He also have people in $2-$500. k debt and got paid off within 2-5 years.

Europe - I am traveling throughout Europe this summer and living with some locals…those have a house came from old money.
in a socialist society - lots changes after the war, govt. restrictions, make laws to make sure everyone is under control and not able to rise higher than their potential.
however, the above applies…good financial discussions, good jobs…one can afford to buy an apt.
my brother in law in France, purchased an apt. When single. His mom worked for a bank so they know how to handle money/get the right jobs. Also in Europe no student tuition!!
so why are these young people not able to come out of school to get a decent job to purchase a house?

[whereismyjohnny]

I literally had a conversation about this with someone the other day 😅 I agree. Prices on the market are going wild and it's basically impossible to buy a property for the average working person.

[jshm2]

It's nothing to do with "millennial" or "Gen z" or whatever excuse there is now.

The PROCESS of buying a house is nearly always the same, whether it's your first or (in my case) your sixth.

The deposit is not even half the problem. You can (usually) get even a 95% mortgage if you're poor or middle class enough. But as a BORROWER (which is what you are if you're mortgaging) you need to prove you are not a risky person to lend to. This is where 80% of people fail.

Buying all the shit you do, and the latest of it, you're not looking like you have much self control or discipline over you spending. Think about your driving test. You don't drive like that in real life, but for that test and learning, you have to be the "model" driver.

When getting your mortgage, you want to SHOW you are not a risky person in your year or two leading up to your application. Credit history helps, but not every broker or bank relies on it proving everything.

[_SillyShoes_]

See, but everything you're talking about is reliant on an extremely good salary, at least in many countries I've ever visited. You can't get a mortgage if your salary does not allow it - I mean you could, but it would be an extremely small loan and you really couldn't even buy a car with it, much less a property.

[Unit1]

Unless you were born rich, work 3 jobs or make it pretty big in day trading. Or just buy a condominium in Thailand.

And be childfree on top of all.

[Unit1]

Thanks for the most helpful opinion

[Levin]

Probably depends on your region and your specific circumstances. It's a lot easier if you're a couple for example. But yes, it is mighty tough.

How did it come to pass that you can't afford to move out, adult, and breed in your native country. And yet, no one bats an eyelid. Most of it can be traced to predictably disastrous fear based policies, which the public is all too complicit in.

[AviatorTom]

Here in the US, I know 2 or 3 millennials (working in moderately-paying white collar office jobs) who have purchased a house. It wasn't easy, and their monthly mortgage payments, utilities etc. are higher than they would like, but they are surviving.

[inhua]

it's easy for illegal immigrants to get free housing

[_SillyShoes_]

Not what I asked, but even that has a time limit - and it's not their property.

[Anonymous]

Just say you ukrainian and you will get brand new house for free