A Legacy House is just about the only way young people are able to afford comfortable lives in the Bay Area, California. It’s a house that has been in a family for 20+ years and was purchased by an older relative before property values blew up.
Realizing that the economy and current state of this country isn’t allowing single millennials to buy their own houses, a legacy house is just about the only way for people to live comfortably in this area.
The only reason I am living where I am currently, is because the house has been in my family since the 1970s, and therefore is extremely inexpensive to rent. Other houses in the area rent for double. Home prices are in the area are infamously known for being THE Most Expensive in the USA.
San Jose CA has a median single-family home price of OVER $1,000,000, and is currently the most expensive metropolitan area for home owners. San Francisco comes in behind it.
Everyone in my age group is forced to live dorm style in rented houses, filling every room available, 1 person per room, 4-5 people in the house. They’re all forced to live this way, even though they’re all gainfully employed, full time, with benefits. But still, none of us can afford to buy a house or live alone.
This is the world we live in, and it’s preventing many of us from settling down.
My brother and his fiancé have recently made an offer on a 2-bedroom condo in the area. Their wedding is about 6months away, and their purchase has made me think about the future of this generation. Together as a married couple, both employed, they were only able to get a bank loan large enough for a 1-bedroom condo. But, she is lucky enough to have a sizable inheritance, which bumped them into the 2-bedroom condo price range. But notice that it’s Not a small house with a garage and a yard, it’s a Condo with a carport. If they decide to have children, is this condo the place they’ll have to do it? Is it the best that any of us can ever hope to afford?
In a previous post about quality of life, I mentioned that I spend more time at work than anywhere else, and that there really isn’t time at the end of the day to Do much else. The theme these past few weeks has been that things aren’t great.
Our free-time is highly limited, our education system doesn’t teach us how to do anything practical, we’re constantly in a debt and unable to relax because of the lifestyles we have. Things aren’t great.
This generation is screwed is almost every way. And I worry about it. We should all worry about it.