Millennials — You can own a home but it is a LOT of work.

This is my Florida home.

Hi, contrary to the very popular article, I’m a millennial and own a home. 😱

I also don’t have student loan debt, or car debt because I paid that off. 😱😱

Quick Note: I paid off $26k of student loans in three years, earning an average of $32k/yr.

Since then, my wife and I worked full time, while living below our means to purchase a reasonably priced home based our after tax income. For all other items, we live on a single income. It gives us a long term advantage.

Here’s the secret, you can do it too.

Yes, we live in mid-size Florida city and doesn’t have the same economics, or opportunities as a major city like NYC but we’ve got everything we need.

The popular article headline and point might be more accurately said that owning a home in overly saturated markets like New York City, San Fransisco, or Seattle can be unreasonable.

But then I did some digging… and the math works out. It’s possible to own a condo in New York. It just won’t be eye candy but that also doesn’t mean it can’t be turned into eye candy over a period of years.

We’ve been in our first home for two years. We’ve painted throughout, replaced the roof, added new floors, and are at the tail end of a kitchen remodel.

We’ve done this strategically. We bought a low priced home in a nicer neighborhood. The 5yr — 10yr term metrics look good for appreciation as our city plans large renovations along the bay.

Millennials can and are able to own property. We’ve got to stop making excuses for not be willing to sacrifice our current comforts for better long term positions.

Life is about choices. These choices make up your lifestyle. You choose to study, or didn’t. You choice to the place you work. Probably negotiated a wage. You choose the car you are driving, and how much you can afford.

Where on earth is your money going?

My fellow millennial, stop buying little goods, that take away your opportunity for great things. Good is the enemy of best. See to it that you fight for better.

If you owe banks money for going to school, pay it back. If are complaining about money, go earn it, while also figuring out what you’re buying so much of then buy less of it.

What are you spending all of your money on each month? Have you ran a monthly budget?

If you’re 24 and rolling around in a BWM, wearing $100 jeans, enjoying $6 lattes, and doing food deliver. Maybe your income doesn’t match your lifestyle?

You’ll need to make a change, otherwise the likelihood of owning a home isn’t going to be very high.

There are a number of factors, decisions, and sacrifices people have to choose in order for their dream to become a reality. We might also be assuming everyone’s dream is to own a home.

Here’s my parting thoughts, be willing to do whatever it takes to get yourself in a position to own a home. Live with 3 or 4 people to reduce your overhead expenses to the lowest possible level.

Attitude is a little thing that makes a big difference towards, work, life, and money.

Ask your parent(s) or boomers you trust what their first home was. What was their starter home? Mine lived in a trailer aka mobile home. It was modest, reasonable, and affordable for them.

My wife and I lived in a 450 sq.ft. duplex for two years to save all the money we could to afford a home. We drive small 4 door sedans that get great gas milage and have a low cost of ownership.

Maybe we shouldn’t try to live up to our parents current standard of living? As is the typical way of thinking.

Maybe we shouldn’t try to opt for the dream home, or condo on the first go-around. Wealth accumulation takes time.

The rich get richer over time and the poor get poor by spending everything they have to impress people that don’t care and they don’t budget or plan.

Start planning before it’s too late.



Writes about design, investing, and business

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