No wonder millennials can't afford a mortgage

_Brian

Grayson wrote: »

I don't mind renting but I am worried about what happens when I get older. I don't want to be a pensioner at the mercy of the Irish rental market.

That’s a great point.
The state are unable to provide accommodation and a private landlord won’t want someone with only a pension.

Grayson

Grayson wrote: »

I don't mind renting but I am worried about what happens when I get older. I don't want to be a pensioner at the mercy of the Irish rental market.

there are other counties and other countries

Deebles McBeebles

Feisar wrote: »

Christ on a BMX, I'm a millennial!

Born in 84'

Ill be corrected if I'm wrong but I think millenials start in '85. You're a Gen X, like all the coolest people.

_Brian

_Brian wrote: »

That’s a great point.
The state are unable to provide accommodation and a private landlord won’t want someone with only a pension.

most pensioners qualify for rental schemes if they have no other income.

ever see a homeless OAP?

c6ysaphjvqw41k

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Fr_Dougal

BuboBubo wrote: »

Ah! a fellow Generation X'er, Senellend.

I'm in my mid 40s, have no degree, a regular/non-professional job, and a mortgage. Got it in the height of the boom (04), wouldn't have a hope of getting one nowadays though.

I'd probably be laughed outta the bank nowadays, yet the bank was flinging money at us, even offering us top-ups to change our cars :O

We only borrowed enough for the house though.

‘04 wasn’t the height of the boom.

On a separate note, I’ll leave this here: https://www.herald.ie/lifestyle/water-selling-for-45-a-bottle-in-dublin-27883074.html

MetzgerMeister

From this thread I've just learned that I'm a millenial as I was born in 1985. Quite some time ago someone my age belonged to Gen X.

I'm 32 and had no issue getting a mortgage as a first time buyer. Had the deposit saved, didn't inherit a thing.

As regards lunch, it costs me very little. I go home every day and have toast with honey or brown bread and tuna. No point in having a big lunch when you're making dinner in the evening and you're not even hungry.

EdgeCase

JupiterKid wrote: »

This is a bit of a troll thread.

The cold hard fact is that housing costs, especially renting, are astronomically high in Dublin in comparison to the average salaries most "millenials" earn. This is the crux of the problem, not irresponsible spending by the millenials.

Plenty of people from my generation, so called "generation X" spent and borrowed recklessly during the celtic tiger bubble years, and the banks encouraged them to do so. So for anyone of my generation giving out about millenials and their spending patterns are being a bit hypocritical.

It's also not entirely generation X. There are some Xers caught in this too and also some older generations who've helped out younger generations or, who've had their pensions wiped out. I know a few older couples who've had pension funds basically erased back in 2008, particularly where they were largely bank shares.

But, it is predominantly an intergenerational difference and it's also a big problem as FG and FF still seem to think their vote is entirely that grouping that are already on the laddder.

wexie

Fr_Dougal wrote: »

On a separate note, I’ll leave this here: https://www.herald.ie/lifestyle/water-selling-for-45-a-bottle-in-dublin-27883074.html

“We’ve had a fairly positive reaction. We’ve sold six bottles so far,” he told Herald.ie. “Most people buy it for the fun content.”

The 'fun' content?

Vegeta

_Brian wrote: »

I couldn’t justify spending that on lunch.
Few minutes packs a lunch bag for a fraction of that. I bring lunch 4 days a week for less than €10

As someone who wastes too much money on food, what do you bring in your packed lunches? Genuinely looking for ideas.

LirW

Vegeta wrote: »

As someone who wastes too much money on food, what do you bring in your packed lunches? Genuinely looking for ideas.

Dinner leftovers. I usually cook a bit more and pack that as lunch. Doesn't even have to be a huge portion, we'd have a proper dinner in the evening then.

Hitman3000

Deleted User wrote:

why is anyone bothering with a thread outraged about a breakfast that costs americans too much?

Not even Americans, Australians.

Feisar

MetzgerMeister wrote: »

From this thread I've just learned that I'm a millenial as I was born in 1985. Quite some time ago someone my age belonged to Gen X.

I'm 32 and had no issue getting a mortgage as a first time buyer. Had the deposit saved, didn't inherit a thing.

As regards lunch, it costs me very little. I go home every day and have toast with honey or brown bread and tuna. No point in having a big lunch when you're making dinner in the evening and you're not even hungry.

Depends on circumstance, I've had no bother either however I worked abroad for an Irish company for a couple of years that paid for the accom/car/bills over seas. I basically lived cost free for a couple of years. I count myself lucky.

Grayson

EdgeCase wrote: »

It's also not entirely generation X. There are some Xers caught in this too and also some older generations who've helped out younger generations or, who've had their pensions wiped out. I know a few older couples who've had pension funds basically erased back in 2008, particularly where they were largely bank shares.

But, it is predominantly an intergenerational difference and it's also a big problem as FG and FF still seem to think their vote is entirely that grouping that are already on the laddder.

I'm Gen X. During the last boom prices were rising faster than my wages. Strangely the best time for me to buy would have been when I was working in a supermarket in 94-95. Once the boom took off I hadn't got a chance.
Now I'm in tech. I'm on a wage that's quite bit above the median wage. I'm finally getting the student loans I took out, so I could get a better job, paid off. In 2-3 years, if not much changes in the property market, I might be able to buy something. Most of that deposit will come from shares I get in work and nearly half my monthly wages will go on the mortgage.

I'm lucky though. Most people don't have that option. I have no idea how people in regular jobs can afford anywhere. Rent is so high that it's impossible to save a deposit. Not everyone can go to the bank of mammy and daddy or as Leo suggested, move home to save for a deposit.

And as I mentioned earlier, the only reason I'm thinking of buying is to make sure I have somewhere to live in my retirement.

_Brian

Vegeta wrote: »

As someone who wastes too much money on food, what do you bring in your packed lunches? Genuinely looking for ideas.

I’m out on the road so no canteen/microwave/fridge
Always a large flask of water for tea.
Always some fruit

After that it could be;
Bowl of salad with cheese
Fresh baked brown bread cheese/chicken/ham
Wraps with salad
Homemade soup and home made bread
Boiled eggs, brown bread
Fresh bread and jam

A €7-8 piece of ham cooked will be lunch for four of us for two days. Mostly we have enough ham from our home reared pigs.

We bake brown bread twice a week, and use bread maker for white bread some other days.

With no access to a fridge I have a few 330ml water bottles frozen in the freezer and stick a frozen one in the bottom of my lunch bag and milk/youghert near that keeps it fresh.

draiochtanois

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Finnegan Petite Backside

Finnegan Petite Backside wrote: »

This post has been deleted.

I am assuming we is a couple.

So your spend per person per day on food (with everything loaded into that) is €2.85. Although after the €18 for breakfast once a month that's down to €2.57. Would love to know what's on the menu.

10000maniacs

Deebles McBeebles wrote: »

Never had one of those, not a millennial, still can't afford a mortgage.

Bleedin' delicious, I tell you.

RWCNT

Vegeta wrote: »

As someone who wastes too much money on food, what do you bring in your packed lunches? Genuinely looking for ideas.

Most of my lunches are composed of whatever meat I can get on offer from supermarket/butchers, whatever marinade I can get on offer, then I have that with some rice/lentils/mixed beans/noodles and a bit of soy sauce. Cheap and tasty.

TerrorFirmer

I often wonder what the flip do people who work minimum wage jobs in Dublin do (and who aren't students/live at home)? Like at this stage, even if facing very lengthy commutes, you'd still be paying crazy rent. Are these people literally just spending half their wages on a room or what?

I have a friend in Dublin and his rent is 1K a month for his room (ensuite in a decent area, but still just an average small room), it's around a quarter of his gross salary. By comparison my rent in Galway City is about 12-15% of my wages.

jmayo

Not a millennial or whatever.
Just call me old angry pretty disillusioned.

Yes a lot of people over borrowed from early 2000s up to bubble burst, but some people think the issue with high rents and high housing prices today is solely down to them.

IMHO the issue is that the whole construction and property industry from the 1990s onwards has been an ill thought out mess.
A lot of the stuff built during the bubble was not fit for purpose ala the section 23 houses built in Leitrim villages, the badly constructed apartment blocks without adequate services in suburbs, or the shoe box "flats", etc.

And the issue isn't banks not lending enough to mortgage applicants, it is banks not lending to developers (who are fault for a lot of the mess anyway) and absolutely cr** planning which includes inability or refusal of central and local government to force land into development promptly and with higher densities.
It is a supply and demand issue.
And until supply is met then prices will rise and people will be screwed.

We are on dangerous ground again as I heard ad this morning on radio for interest free buy to let loans.

And the OP's article does have point about consumption and attitudes, but it could be leveled at lots of people back into the 90s and not just some crowd born post 1985.

When people bought houses or "flats" back in 80s or early 90s they usually moved in with hand me downs and the basics.
They didn't run to Harvey Norman, Meadows & Byrne, Ez Living, DFS to buy a load of stuff right away.
There wasn't even an Ikea in Ireland and the most they ended up going for was Bargaintown.

That changed in late 90s and definitely changed in the bubble.

Today people complain they can't save and the price of houses in 1980s was so much less.
But check out the tax rates and the interest rates on mortgages in the 1980s ?

People nowadays don't cop on that people in the 1980s had to scrimp and save for a deposit due to very high taxes.
They didn't go on any weekend breaks throughout Europe, there were no stag weekends to Barca, they usually didn't go on foreign holidays, a couple had one car if they had a car, they didn't have mobile phones which were replaced every other year, they didn't have broadband costs, they didn't have tv subscription services.
They didn't go out to dinner, unless you count eating at a takeway or something like a Macaris or Caffolas.

And these were the lucky ones that didn't have to fooking leave the country to find a job.

When you got your leaving cert results you went on the p**s in the local town for the night not off to Magaluf for a week.
Of course that was assuming your weren't over in London already working.
If you went to college parking wasn't an issue because very very few students had a car, they made do with bicycles.

Times have changed and people now face new challenges, but I am sick and tired of one group blaming another for their problems or claiming ones that went before had it fooking easy.

Also I think it is time some people copped on they aint going to have a forever job, aint going to be able to live like their parents in semi D in a nice suburb just like I have long since copped on I will be working longer into retirement and have a shyte pension when I do retire in comparison to those who have gone before.

EDIT:
just thinking about it.
Not alone students having cars today, but how many people years ago had new cars ?
And the only person I knew in the 1980s with a BMW was a solicitor and the only one with a Merc was a business owner with 30 odd employees.
Hell the best car any of my teachers had was a new Ford Cortina or Toyota Carina.
Now I see numerous new Mercs outside of schools.

smelly sock

unkel wrote: »

Back 20 years ago we had a 5p bowl of cereal or toast with butter at home and then some free instant coffee at work, but these days it's a $18 "Deconstructed Avocado Toast with Feta Breakfast" plus a $10 Frappuccino :eek:



If you're a millennial, with a full time job and no dependants, how much do you spend a week on breakfast / lunch on work days? Be honest!

Are you talking about American millenials?

Feisar

Vegeta wrote: »

As someone who wastes too much money on food, what do you bring in your packed lunches? Genuinely looking for ideas.

Down to Lidl/Aldi with you, bread, ham, cheese, lettuce, tomatoes.

Top tip, buy cherry tomatoes and throw a few into the lunchbox whole. Sliced tomato makes sambos soggy.

Other options are pastrami, or buy a full ham and cook it yourself. Good eating in that.

Roast a chicken, pesto, pasta and some salad. Use bones to make soup. Alternatively buy breasts on the bone and roast them, smaller quantities.

Bigmac1euro

Skip breakfast most days and I currently spend about 30 euro a month on lunch as usually bring my own lunch to work,
I go out once a month and i work Overtime Saturday and Sundays most weekends.
I currently pay colossal rent while i'm trying to save to buy a house and when the time comes the bank probably wont give me enough for the house I want so Ill probably emigrate. Myself and my other half are both on above average salaries and I've never had avocado before.

c6ysaphjvqw41k

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Boom_Bap

smelly sock wrote: »

Are you talking about American millenials?

Or Australian given that the image is from an Aussie morning show.


Plus €18AUD is about 27 cents

Yillan

steo_magra wrote: »

Skip breakfast most days and I currently spend about 30 euro a month on lunch as usually bring my own lunch to work,
I go out once a month and i work Overtime Saturday and Sundays most weekends.
I currently pay colossal rent while i'm trying to save to buy a house and when the time comes the bank probably wont give me enough for the house I want so Ill probably emigrate. Myself and my other half are both on above average salaries and I've never had avocado before.

Maybe if you ate an avocado you'd get a better paying job. It's a super food

Thatnastyboy

Yillan wrote: »

Maybe if you ate an avocado you'd get a better paying job. It's a super food

It's a super bland food :pac:

suicide_circus

there is a bit of a time bomb going to happen for some people with regard to mortgages. banks will only give you a mortgage term until your 65th birthday. so if you buy at 40 the maximum mortgage term you will get is 25 years etc which will of course push up your monthly repayments. on the plus side it should mean paying a lower amount of interest over the full term.

amcalester

suicide_circus wrote: »

there is a bit of a time bomb going to happen for some people with regard to mortgages. banks will only give you a mortgage term until your 65th birthday. so if you buy at 40 the maximum mortgage term you will get is 25 years etc which will of course push up your monthly repayments. on the plus side it should mean paying a lower amount of interest over the full term.

Upper limit is 70 now for some banks.

P_1

Bag of porridge usually does me for breakfast in work for a few weeks.
Spend maybe a tenner a week on bread and meat, cheese for lunch
Dinner maybe another 20 or 30 a week
Cycle everywhere

The issue is the insane cost of rent, something that was mainly caused by the ludicrous decision not to build anything for 8 years when it would have been the cheapest time to build

suicide_circus

amcalester wrote: »

Upper limit is 70 now for some banks.

oh

bnt

It used to be the case that a family could afford a house in a decent area near a school on a single middle class salary. The mother (usually) could stay home and look after the kids, and out decent food on the table. Over the last fifty years housing has gotten more and more expensive relative to income, and now it takes two salaries under "normal" conditions, and even that's not enough for a middle class lifestyle any more. iPhones and avocado toast isn't to blame for that.

Technocentral

unkel wrote: »

Back 20 years ago we had a 5p bowl of cereal or toast with butter at home and then some free instant coffee at work, but these days it's a $18 "Deconstructed Avocado Toast with Feta Breakfast" plus a $10 Frappuccino :eek:



If you're a millennial, with a full time job and no dependants, how much do you spend a week on breakfast / lunch on work days? Be honest!

Completely disfunctional property market is the reason. Huge amount of people in their 30/40/50s can't afford them either.

Sono

I’d be more concerned what we spend on alcohol as a nation rather than our breakfast.

TPD

Probably about 4 quid for the weeks breakfast/lunch, unless I'm treating myself to a fry at the weekend. Apples, coffee, cereal, and bananas don't cost too much.

kunst nugget

suicide_circus wrote: »

oh

Yeah, definitely know of several couples whose mortgages will not end until they are at least 70.

kunst nugget

I think we all know what needs to happen. We need to take all the houses off old people and turn them into Soylent Green, making sure to shape it like avocados to appeal to the millennials.

Assetbacked

Since I’ve started to budget properly to make a real effort to grown savings, for three of the five days of the week I get a roll for about €4.50 (eat breakfast at home and have fruit, nuts, yoghurt etc to snack on as part of the weekly shop) and then on Wed and Fri have a €10 budget for lunch so the Village Market or pub lunch etc.

That’s €33.50 which funnily enough to me looks quite high considering how much the weekly shop I do costs me (normally €30-50) and how much it feels like I’ve bought!

Finnegan Petite Backside

Finnegan Petite Backside wrote: »

This post has been deleted.

for €2.57 each?

Where do you shop?

Tigerandahalf

I often wonder why we don't have compulsory purchase orders to buy up land for housing. If housing is considered critical infrastructure why do we not have CPOs when we have them for roads, even for greenways.

This is all going to end in tears at some stage. The whole western world is in a massive housing debt bubble. Inflation will have to come at some stage or wages will have to rise.

Assetbacked

Tigerandahalf wrote: »

I often wonder why we don't have compulsory purchase orders to buy up land for housing. If housing is considered critical infrastructure why do we not have CPOs when we have them for roads, even for greenways.

This is all going to end in tears at some stage. The whole western world is in a massive housing debt bubble. Inflation will have to come at some stage or wages will have to rise.

If the companies could not grow to supersized level like Google, Apple etc or individuals allowed to amass millions to themselves then there would be more equal distribution of wealth in the Western world which would allow a greater number of people get richer.

Now we are being told that government intervention in the housing market is dangerous and reducing taxes now for workers is suicide but the real cost of not doing this is severe social and political problems.

Franz Von Peppercorn

unkel wrote: »

Back 20 years ago we had a 5p bowl of cereal or toast with butter at home and then some free instant coffee at work, but these days it's a $18 "Deconstructed Avocado Toast with Feta Breakfast" plus a $10 Frappuccino :eek:



If you're a millennial, with a full time job and no dependants, how much do you spend a week on breakfast / lunch on work days? Be honest!

Millenials can’t afford housing because house prices have gone up. This statistical fact is obvious to most.

c.p.w.g.w

troyzer wrote: »

I'm a millenial. Depends on the day of course but most days I'd be getting lunch and dinner at around the €10-€15 mark. Weetabix in the morning. Job done.

I make €30k a year. That's why I can't afford a mortgage. You can buy a six pack of avocados in Lidl for €2. I don't know why old farts keep latching onto avocados as the reason why millenials have it ****. And we do have it ****.

Sound for leaving us all of that debt and making it impossible for us to ever leave the nest.

I'm on roughly the same as yourself and got a mortgage last year. It's not in the best location. Still it's within walking distance of 4 schools, 2 supermarkets (Dunnes, tesco,lidl/aldi). 25 minutes walk to city centre and with 2 bus stops very close by if weather is bad.

All for 100-110k in Limerick city

Franz Von Peppercorn

Trasna1 wrote: »

Do people think millennials are the first generation to waste money?

20 years ago in my first job out of college I ate lunch out most days. Now it’s at my desk.

Dravokivich

draiochtanois wrote: »

What is the obsession with living in Dublin on ~30k a year?

Because they work in Dublin and the cost to commute wouldn't save much coming from somewhere further out.

You're in a thread arguing that breakfast is stopping people from getting a mortgage and you want the additional costs of commuting?

Grayson

jmayo wrote: »

Times have changed and people now face new challenges, but I am sick and tired of one group blaming another for their problems or claiming ones that went before had it fooking easy.

Also I think it is time some people copped on they aint going to have a forever job, aint going to be able to live like their parents in semi D in a nice suburb just like I have long since copped on I will be working longer into retirement and have a shyte pension when I do retire in comparison to those who have gone before.

You're attitude seems to be accept your crappy lot and shut up.

The fact is that the previous generation did have it better. Their mortgage as a percentage of their earnings was better. The same goes for the deposit.
And the current rental crises is a fcuking joke. Look at the funny places to rent thread and see the amount people are expected to pay for a sh1thole. Saving for a deposit is getting harder and harder.It's impossible to get a place at an affordable price anywhere near Dublin. I have friends who are both working fulltime jobs and have settled in Enfield or Kilcock. They commute to the city centre every day. Think about that, there's practically nowhere in the entire city they can afford. That's nuts.

jim salter

Things are going to change for the worse in the next 18-24 months and $18 breakfasts will be the least of everyone's worries

draiochtanois

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bloodless_coup

People earning 30k and whining about not owning a house, I mean come on. Be realistic.