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| That’s interesting but I see it a bit different. I do agree that the millennials don’t have houses full of trinkets like most older folks. I don’t think that is from a general lack of buying though.
I find millennials are so used to buying poor quality Walmart specials that they have no problem at all throwing out anything that has lost its luster, is no longer in trend, or is just taking up space. They would rather do that and buy new again next time they want it rather than store anything. The older generation has much more of an aversion to throwing away things, which clutters up their houses.
Today it is considered normal to buy a new house when starting out because they are told to buy it while young so that they can enjoy it their whole lives. That advice is often given to them by older people who raised their own kids in less than ideal houses and are now in the house of their dreams. While the advice does have some merit those older people advising them often forget the reason they themselves didn’t have their dream starter home. Which is invariably finances.
This advice is especially appealing in a rising housing market. They learn they can buy a house, live in it for a few years, and flip it for a profit. That works until it doesn’t though and they don’t always have the equity to protect themselves in a downturn.
Another aspect of this continuous flipping of houses is that appearance matters much more than quality. Today’s companies have learned that the big market is for building materials that look rich but only last for a few years. Most of the new houses or remodelled older houses are filled with very cheap materials because the average person wants to look rich but isn’t willing to wait to be able to afford good quality items. This helps sustain the constant need to remodel and/or move due to homeowners seeing their houses fall apart around them and the cycle repeats.
Everything I said is just a generalization and I’m sure we are both right. There are all types of situations out there. | |
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Is this a housing $$ bubble
