I read your article on young people moving to Baltimore, and you are probably surprised to know that Millennials still read the newspaper ("As apartments boom in city, a new market reality emerges," Feb. 27). I just had a few comments.
Toward the end of the article you speak of our "generation [growing] up in what are really the nicest homes." I really think that is true of every generation, not just Millennials. To assume that Millennials don't want anything less is simply wrong.
If your research is correct and "starter homes" are indeed extinct, why would we even be interested in purchasing them? It would clearly be a poor investment.
The truth is that home prices in relation to salaries have increased, and this affects our generation a great deal. In the 1950s home prices were 2.2 times that of a combined household income. By 2014, home prices had jumped to 3.7 times that of a combined household income.
Also, Millenniums will not have future guaranteed incomes unless we save for ourselves. That, coupled with the fact that our generation will still have to work to cover the future of those pension plans and Social Security — and maybe not even have it when we retire — is a grim situation.
Knowing all of this, our goal is to buy one home and stay in it. So we need to save in order to be able to afford a home that leaves room for growth.
I honestly found your assumptions about our generation our little offensive. However, we are used to it. Every generation seems to feel that the one after it is unreasonable, complacent and just doesn't know how good it has it.
Blake Shinn