Good points. Especially with young people today, they seem to feel entitled to a McMansion. We have friends of the family whose have kids who bought a few McMansions. Each one was custom built. They lived in each house for a few years, built up some equity, then moved on to another custom built house. I can’t imagine being 30 years old and expecting to live in a custom home with granite counter tops and all that. But for the “yuppies” out there, they can’t imagine living in a house similar to the house they grew up in. They prefer a McMansion instead.
And it’s funny to see McMansions with so many bedrooms occupied by a childless couple. Young couples with no intention of having children want that McMansion anyway.
Sounds like my young neighbors. In their early 20s, custom built home with 3 bedrooms, three baths only it’s a tiny home but has all the nice stuff you’d imagine.
She had to get a job just to buy groceries.
No one told them how to plan for a house, how to pay for a house or how to most importantly, SAVE for a house.
3 different loans on the house, can barely feed themselves. But they have a brand new home !
We shake our head. They talk of selling in 5 years.
Seriously, they cannot afford that house.