I’m smack dab in the center of the lost generation — if we can call it that — in my mid-twenties, stuck in a situation that not one person I know in my age group has managed to escape: the absolute paucity of options regarding what to do with our lives and the creeping fear that everything we do, and everything our friends do, is utterly pointless.

We’re unemployed, going back or staying in school, working in bars and call centers or squeaking out some discretionary spending with “communications” degrees. Even the ones with the most to show for their few years of adulthood by acquiring master’s degrees in reasonable and advanced subjects are treading water.

Some are carrying out crazy schemes, as twenty somethings are prone to do, by moving to places like West Texas to live the authentic life. But I don’t suspect political instability or any kind of youth power uprising, yet. It’s more a sense of denial that our standard of living is going to be less than our parents. And it isn’t discussed, but the fear pervades everywhere and the potential for some kind of radical adjustment is creeping in. I just don’t know what form it will take or if it will move anywhere at all.

The “Lost Generation”… wow… quite a different ring than the “Millenials” eh?

I’m smack dab in the center of the lost generation — if we can call it that — in my mid-twenties, stuck in a situation that not one person I know in my age group has managed to escape: the absolute paucity of options regarding what to do with our lives and the creeping fear that everything we do, and everything our friends do, is utterly pointless.

We’re unemployed, going back or staying in school, working in bars and call centers or squeaking out some discretionary spending with “communications” degrees. Even the ones with the most to show for their few years of adulthood by acquiring master’s degrees in reasonable and advanced subjects are treading water.

Some are carrying out crazy schemes, as twenty somethings are prone to do, by moving to places like West Texas to live the authentic life. But I don’t suspect political instability or any kind of youth power uprising, yet. It’s more a sense of denial that our standard of living is going to be less than our parents. And it isn’t discussed, but the fear pervades everywhere and the potential for some kind of radical adjustment is creeping in. I just don’t know what form it will take or if it will move anywhere at all.

The “Lost Generation”… wow… quite a different ring than the “Millenials” eh?

They all saw opportunity not only in our real estate market but the job market. My experience with GenX over the past few years seemed to be “entitled” to everything that seemed just out of their reach (in some cases this proved to be fruitful).

The banks will just have to figure out how to make it possible for the non-W-2 income to qualify to buy a house again. They have always wanted to run real estate and will continue to be our enemy some years and some years be our best friends. I just hope it doesn't take as long to adjust as this last adjustment, but change will be continual and there will be another set of reasons to buy and influences like credit scores may not even have the same meaning in a few years.

Just because the Millenials brains work different from ours and they have a whole different set of influences that we didn't have doesn't mean they aren't smart enough to figure out how to push the changes that need to be made for their survival. They are making my real estate life better because of all this online marketing, contracting, searching, etc. I have faith.

I'm thanking who ever thought up paperless! What generation was that? My grandfather the editor and printer of the town newspaper would be crushed that about 5 years ago I figured out how to never have a newspaper in my house but still read the headlines. Don't you remember your grandparents thinking we would never understand the value of a nickel? I think we all understand the value now don’t you?

From an optomistic born GenXer and mom of a Millenial,

Rob, your posts are always brilliant and insightful, and the comments you inspire are delicious.

Sometimes being right isn't that much fun is it? I work with/have worked with a lot of millenials, and I see many of the points cited in your post, and the sources quoted. I have a great fear of what is coming on July 1 of this year, it is about to get a LOT worse. My recommendations to anyone in the Real Estate industry right now – save your pennies for a rainy day, and buy a few extra umbrellas.

The next sign I plant might well be in my own front yard as I decide which Island nation I am moving to, and on which beach I will be starting my coconut farm.

Mahalo nui loa.

I'm 32 and have seen this real estate and political landscape significantly change in the past ten years that I've been in the mortgage business.

I was able to put myself through school @ $3000 / semester (not including books), and it took me a few extra years because I worked full-time. Partied a little too, but life was good and the world wasn't in foreclosure or bankruptcy.

The Internet was new. It's funny, I started an online coupon company in 1998 and was pitching to local businesses that there would be 50 million Internet users within a few years. Now, American Idol gets that many votes in a night. Crazy.

I participated in the Subprime, Alt-A and “got a pulse, we'll finance you” mortgage market, which was perpetuated by the government and Wall Street. That eventually turned into a big #fail. Unfortunately, we're probably going to spend at least the next three years playing the blame game until everyone gets a free home.

Money was made, and lost… But, I'm old enough to believe that everything I am, was or could be is my choice.

However, college grads today are entering a world of debt, government spending, bailouts and political spin.

The line between our Constitutional Rights and Privileges is blurred, and it's unfair to the next generation that the grownups are setting a precedent that it's OK to demand the government take care of everyone.

We have suffocating industry regulations prohibiting anyone from having to make responsible decisions or live with the consequences.

I actually don't anticipate the First-Time Home Buyers between the ages of 18-24 to do much research at all about their options, simply because they're being groomed to despise real estate professionals and just trust that the regulators are there to protect them.

And, as Nick mentioned, the Millennials are probably going to spend the next 10 years taking care of their parents and cleaning up the mess that everyone created anyway.

For the kids ages 25-30, they've at least had an opportunity to see the power of true entrepreneurship in action. I don't think they'll feel out of place taking on a free internship to further their education or learn real life lessons about a particular career choice. Well, provided they can figure out a creative way of affording it. (Goes back to the entrepreneur culture)

One thing is for sure, real estate professionals have a challenging road ahead of us to earn back the trust of our clients and referral partners. If the Internet Generation is our target audience, then they're going to know how see the BS, regardless of how cool your online presence looks at first impression.

Either way, I hope the Millennials can weather this storm and make our country a better place so that my daughter and new twins on the way have an opportunity to enjoy the same rights that I do as a citizen of the United States of America. (not the United World Community)

First, I'm disappointed to see “facts” from the Heritage Foundation

Here's the synopsis of my adult life:
Go to school for degrees in Finance, Management, Marketing and Computer Information Technology set to graduate in 2003. Heads of departments are amazed at the combination and “promise” six figure starting pay. Spend first 2+ years living with mom and dad working crappy jobs. Buy a house in 2006 even though my finance degree told me not to, but I bought into the realtor hype that it was a great investment. Get a decent paying job that bores me to tears. Dad gets laid off, dies a couple of years later with nothing left behind to help mom, so I get to foot the mortgage to the tune of middle five digits. Mom is now working the same crappy job I worked right out of college because it has health benefits. I have multiple job opportunities, all paying better than my “with honors” friends from college are getting (thanks interwebz). I hate my cookie cutter house I bought and have enough income (and low enough debt and high enough credit score) to buy a nicer, more expensive house, but not two houses. Since my house value has depreciated 20+%, I can't refi, I can't sell and I can't help move the economy by buying a larger/better house that would require I pay more in taxes. I buy the gadgets I want, I go on several trips per year. With the background out of the way….

I think the “problem” realtors will see with Millenials is that they're seeing through the BS of housing. Take Ramit Sethi (I Will Teach You To Be Rich) and JD Roth (Get Rich Slowly) who attract a TON of Millennial and X-ers and they point out (validly) how owning a home IS NOT a good investment. I appreciate owning my home because I can do whatever I want with it. I hate having to do repairs a landlord would do. I hate saying “I paid thousands over what I could have rented for, but hey! I got this nice refund on my taxes!” Some of the job opportunities I have require relocation, but that would mean a $20+ thousand dollar hit, just to take a new job since my house has depreciated and I value my credit.

Our society has a huge problem with many facets that somehow all need to be addressed. For the real estate professionals, figure out how to make quality housing affordable since I doubt student loan amounts are decreasing much. Make a house feel like a home, not a trap.

I'm not sure the solution, but this is one Millennial who breaks the income/employment mold (as do the majority of my Millennial friends) but has lost interest in real estate (just like most of my Millennial friends).

Ramble finished