+
upworthy
More

There's a reason most millennials can't afford to buy a house. And it's not avocado toast.

There's no doubt that millennials are one of the most talked about generations.

But millennials are also one of the most misunderstood. They are often mischaracterized as "lazy, entitled, and narcissistic." They are accused of killing a whole ton of industries ranging from diamonds to beer. The list goes on and on.

But one of the most bothersome misconceptions about millennials is about the alleged reasons they can't afford to buy homes.


For instance, on July 26, the "Today Show" featured a study asserting that millennials can't afford to buy homes because they're spending too much on bachelor parties. The study, sponsored by real estate site Zillow, reported that attending "nine destinations bachelorette parties in your life time" could rack up a hefty sum of approximately $13,788.

Photo via iStock.

"In other words, you could spend up to 35% of a down payment on a median-price home (in certain areas of the country) celebrating a friend’s nuptials," reported "Today."

But here's the thing: The study doesn't mention how many millennials are jetting off to destination bachelor parties. Not all millennials are attending or can even afford their friends' destination nuptials or pre-nuptial festivities. In fact, a lot of millennials are choosing to stay unmarried.

"Studies" like this come up with a lot of obscure rationales for why millennials can't afford homes, but they're not painting the full picture.

It's not just bachelor parties getting the blame for millennials' financial woes. Some reports and pundits claim millennials spend too much on avocado toasts and coffee rather than saving up for a down payment for a home.

But there's one thing all these studies seem to leave out: Most millennials can't afford to buy homes because of massive college debt.

In the United States, approximately 45 million people have student loan debt. Americans owe more than $1.2 trillion in student loans with the average debt amount being $30,000. Millennials make up most of these borrowers, with 63% claiming to have more than $10,000 in outstanding college debt.

It's no secret that paying back student loans can take up huge chunk of a person's monthly income. In addition to high interest rates and potentially negative effects on credit scores associated with student loans, millennials are earning less and struggling to find jobs compared with previous generations. It's no surprise that saving for a down payment for a house is nearly impossible for many millennials.

The effects are probably more widespread than people think. According to the National Association of Realtors, 80% of millennials blame student loans for not being able to purchase a house. About 52% of millennials also can't qualify for a mortgage due to their debt-to-income ratio, Marketwatch reported.

But skipping college — and the debt it often comes with — doesn't seem to make purchasing a home any easier. Millennials without college degrees have a harder time finding employment than those who do, which in turn means it'll be more difficult for them to save for a down payment or qualify for a mortgage.

Photo via iStock.

But — not all hope is lost for aspiring millennial homebuyers.

It's not impossible for millennials carrying student loan debt to afford a house. There are some steps that can help:

  • Benefits packages for some employees might include student repayment assistance. Some companies are helping their employees by paying off a certain percentage or sum of their workers' college debt.
  • Public Service Loan Forgiveness, a federal program, sounds just like what it's called: The government will provide student loan forgiveness for direct loans if the borrower takes a career in certain government, public service, or nonprofit organizations, and has made 120 monthly payments.
  • To reduce debt-to-income ratio, look into lowering the monthly payments or refinancing student loans with a private lender. Borrowers who have already graduated and maintain a steady income might qualify to refinance that loan for a lower interest rate.

All generations can agree: The student loan crisis needs to be addressed.

The student debt burden has rapidly grown for years, and with the present system unchanged, there are no signs of that stopping. Making matters worse, the current administration has proposed cuts to programs that would help borrowers suffering from steep college debt. Secretary of Education Betsy DeVos has proposed to cut $13 million from a program that provides loan forgiveness for defrauded students.

The best way to tackle the ever-growing student loan bubble is to address it head on. Stand behind candidates that propose student loan forgiveness, urge local representatives to propose free tuition programs, and call your congressional representatives to come up with legislation to regulate and reign in college debt.

We can no longer afford a generation to be ridden with debt. It's time to take action now.

All images provided by Prudential Emerging Visionaries

Collins after being selected by Prudential Emerging Visionaries

True

A changemaker is anyone who takes creative action to solve an ongoing problem—be it in one’s own community or throughout the world.

And when it comes to creating positive change, enthusiasm and a fresh perspective can hold just as much power as years of experience. That’s why, every year, Prudential Emerging Visionaries celebrates young people for their innovative solutions to financial and societal challenges in their communities.

This national program awards 25 young leaders (ages 14-18) up to $15,000 to devote to their passion projects. Additionally, winners receive a trip to Prudential’s headquarters in Newark, New Jersey, where they receive coaching, skills development, and networking opportunities with mentors to help take their innovative solutions to the next level.

For 18-year-old Sydnie Collins, one of the 2023 winners, this meant being able to take her podcast, “Perfect Timing,” to the next level.

Since 2020, the Maryland-based teen has provided a safe platform that promotes youth positivity by giving young people the space to celebrate their achievements and combat mental health stigmas. The idea came during the height of Covid-19, when Collins recalled social media “becoming a dark space flooded with news,” which greatly affected her own anxiety and depression.

Knowing that she couldn’t be the only one feeling this way, “Perfect Timing” seemed like a valuable way to give back to her community. Over the course of 109 episodes, Collins has interviewed a wide range of guests—from other young influencers to celebrities, from innovators to nonprofit leaders—all to remind Gen Z that “their dreams are tangible.”

That mission statement has since evolved beyond creating inspiring content and has expanded to hosting events and speaking publicly at summits and workshops. One of Collins’ favorite moments so far has been raising $7,000 to take 200 underserved girls to see “The Little Mermaid” on its opening weekend, to “let them know they are enough” and that there’s an “older sister” in their corner.

Of course, as with most new projects, funding for “Perfect Timing” has come entirely out of Collins’ pocket. Thankfully, the funding she earned from being selected as a Prudential Emerging Visionary is going toward upgraded recording equipment, the support of expert producers, and skill-building classes to help her become a better host and public speaker. She’ll even be able to lease an office space that allows for a live audience.

Plus, after meeting with the 24 other Prudential Emerging Visionaries and her Prudential employee coach, who is helping her develop specific action steps to connect with her target audience, Collins has more confidence in a “grander path” for her work.

“I learned that my network could extend to multiple spaces beyond my realm of podcasting and journalism when industry leaders are willing to share their expertise, time, and financial support,” she told Upworthy. “It only takes one person to change, and two people to expand that change.”

Prudential Emerging Visionaries is currently seeking applicants for 2024. Winners may receive up to $15,000 in awards and an all-expenses-paid trip to Prudential’s headquarters with a parent or guardian, as well as ongoing coaching and skills development to grow their projects.

If you or someone you know between the ages of 14 -18 not only displays a bold vision for the future but is taking action to bring that vision to life, click here to learn more. Applications are due by Nov. 2, 2023.
Health

Artists got fed up with these 'anti-homeless spikes.' So they made them a bit more ... comfy.

"Our moral compass is skewed if we think things like this are acceptable."

Photo courtesy of CC BY-ND, Immo Klink and Marco Godoy

Spikes line the concrete to prevent sleeping.


These are called "anti-homeless spikes." They're about as friendly as they sound.

As you may have guessed, they're intended to deter people who are homeless from sitting or sleeping on that concrete step. And yeah, they're pretty awful.

The spikes are a prime example of how cities design spaces to keep homeless people away.

Keep ReadingShow less

Know the signs of a domestic abuser.

Most abusers don't start their relationships by hitting their partners. That's why early warning signs are vital to recognize.

I know two women who recently left abusive partners. Both men seemed sweet and likable—even gentle—each time I saw them. Both had some lovely qualities as people and even as partners. And both turned out to be controlling, increasingly abusive partners behind closed doors.


Keep ReadingShow less
@davidcsmalley/TikTok

But can she start it?

David C. Smalley, a comedian and podcaster, regularly gives us some generational humor by exposing his 19-year-old daughter Talissa to relics of the past. You know, things like CDs, phonebooks, remote controllers…feeling old yet?

Recently, Smalley challenged Talissa with navigating a standard U-Haul storage truck. She had to 1) unlock the door 2) roll down a window and 3) start the engine.

For those of us who grew up before the 90s, this might sound like the easiest challenge ever. But apparently, for Gen Z, it’s like being asked to maneuver a horse and buggy.
Keep ReadingShow less
via Hunger 4 Words / Instagram

Christina Hunger, 26, is a speech-language pathologist in San Diego, California who believes that "everyone deserves a voice."

Hunger works with one- and two-year-old children, many of which use adaptive devices to communicate. So she wondered what would happen if she taught her two-month-old puppy, a Catahoula/Blue Heeler named Stella, to do the same.

"If dogs can understand words we say to them, shouldn't they be able to say words to us? Can dogs use AAC to communicate with humans?" she wondered.

Keep ReadingShow less
Health

Belgian Olympic marathoner breaks down in tears of disbelief upon hearing she finished 28th

38-year-old Mieke Gorissen had only been training for three years and the Olympics was just her third marathon.

Imagine deciding to take up a hobby that usually requires many years to perfect at age 35, and three years later ending up in the top 30 in the world at the highest international competition for it.

That's what happened to a 38-year-old math and physics teacher from Diepenbeek, Belgium. According to Netherlands News Live, Mieke Gorissen has jogged 10km (a little over six miles) a few times a week for exercise for many years. But in 2018, she decided to hire a running trainer to improve her technique. As it turned out, she was a bit of a natural at distance running.

Three years later, Gorissen found herself running her third marathon. But not just any old marathon (as if there were such a thing)—the marathon at the Tokyo Olympics. And not only did she compete with the world's most elite group of runners, she came in 28th out of the 88 competing in the race.

Keep ReadingShow less
Joy

A major UCLA study says that at least 65 species of animals laugh

If you've never seen a fox giggle, you're in for a treat.

Foxes giggle like children on helium.

Laughter is one of the most natural impulses in humans. Most babies start to laugh out loud at around 3 to 4 months, far earlier than they are able to speak or walk. Expressing enjoyment or delight comes naturally to us, but we're not the only creatures who communicate with giggles.

Researchers at UCLA have identified 65 species of animals who make "play vocalizations," or what we would consider laughter. Some of those vocalizations were already well documented—we've known for a while that apes and rats laugh—but others may come as a surprise. Along with a long list of primate species, domestic cows and dogs, foxes, seals, mongooses and three bird species are prone to laughter as well. (Many bird species can mimic human laughter, but that's not the same as making their own play vocalizations.)

Primatologist and UCLA anthropology graduate student Sasha Winkler and UCLA professor of communication Greg Bryant shared their findings in an article in the journal Bioacoustics.

Keep ReadingShow less