Millennials don’t understand the concept of repair.

You have an entire generation that grew up in a culture of disposable everything. Why would anyone think houses should be different? You don’t fix things, you get the new version. From CNBC:

Most millennial homeowners have buyer’s remorse, a new survey shows

Millennial homeowners have a bad case of buyer’s remorse, according to a new survey.

Nearly two-thirds, or 63 percent, of millennial homeowners surveyed by said they had regrets about buying. That is more than any other age group, defined in the survey as people aged 23 to 38, and nearly double the regret rate of baby boomers. Overall, about 44 percent of U.S. homeowners say they have regrets about their purchase.

Millennials have been slow to enter the ranks of homeowners, thanks to the last recession and the housing crash that caused it. Now, as they age into marriage and parenthood, they are buying at a faster pace. Many, however, are regretting it.

What seems to irk millennials most is maintenance. They didn’t factor in the high costs of fixing what breaks. Young buyers may have been renters previously, and not even considered maintenance since it was never a factor financially.

“Repairs and maintenance costs are something all homeowners face,” said Bankrate analyst Deborah Kearns. “Consumers should expect to set aside 1 percent of their home’s purchase price each year to keep in a savings account to cover these expenses. Budgeting early on can prevent dipping into emergency savings or going into debt to handle these added expenses.”

Other regrets include the type and location of the home purchased. About 12 percent of those surveyed said the house they bought was too small, while 5 percent said it was too large. Despite the old real estate adage, “location, location, location,” 8 percent said they bought in the wrong location.

This entry was posted in Demographics, National Real Estate, Unrest. Bookmark the permalink.

112 Responses to Millennials don’t understand the concept of repair.

  1. grim says:

    Another day, another tax.

    Attention, N.J. taxpayers: Murphy may once again call for a new millionaires tax

    Murphy said the proposal would include his “commitment to tax fairness,” which has become shorthand for his call to raise taxes on wealthier residents to help boost the Garden State’s middle class with funding increases for priorities like education, transportation, and more.

    “I will speak once again to my commitment to tax fairness for our middle-class families and seniors,” Murphy said in his remarks at the Chamber of Commerce’s 82nd Annual Congressional Dinner at a hotel in Washington, D.C.

    That’s similar language to what Murphy used this time last year before he rolled out his first budget proposal, which included a proposal to raise the income tax on people who earn more than $1 million a year in New Jersey.

  2. The Great Pumpkin says:

    I don’t understand how renting helps you avoid maintenance costs? Just blows my mind. It’s the same idea that if you rent, you avoid cost of property taxes. So I guess if you pay it indirectly, these fools imagine it away. P.S… It’s included in the cost of your rent unless your landlord is interested in housing people for free.

  3. The Great Pumpkin says:

    Fu!k nj, and better yet, fu!k this country. Look at the amount of debt at the federal level, makes nj’s look easy to pay off in comparison. How is the future not going to be taxed into Armageddon?

  4. Grim says:

    Democrats seem to have had no issue stacking the School Construction Corp and other patronage pits full of democratic supporters at $170,000 a head salary. Don’t forget about the nepotism too.

    NJ Democrats must think giving their political allies $170k do-nothing jobs is how you fix wage inequality.

  5. truesue says:

    Renting opens you up to having to evict some one …which i know cal take up to six mos plus legal fees

  6. Grim says:

    It’s ok though, because Murphy didn’t know.

  7. Juice Box says:

    Pumps – re: “How is the future not going to be taxed into Armageddon?”

    Answer is they won’t be. Plan has always been to inflate the debt away, that is why the Fed stepped in during the last decade to artificially inflate “assets” AKA paper debts. Most of the people who ran up the debt and benefited directly from it will be long dead when the cows come home.

    It will the children and grandchildren that will suffer from any reset. Let’s hope it won’t end up in WW III.

  8. Juice Box says:

    School Construction Corp has always been a pit and corrupt, a decade ago was in the news for all kinds of issues and not much has changed. It was created by NJ Legislators in the year 2000 because they didn’t trust local city and town administrators in the 30 Abbot districts to spend properly (aka kickbacks, no shows etc) in the massive amount of state construction aid to build and rehabilitate schools in the Abbot districts. They basically tried to muscle out Tony Soprano.

    We that did not work then either.

  9. 3b says:

    Another delightful trip in on NJ Rancid Transit a little snow and it’s chaos! But soon we will have our train cars coming from Maryland Dept of Transportation hand me downs to go along with the hand me downs from the NY MTA and what’s left of the NJ Transit trains.

  10. The Great Pumpkin says:

    It’s a business, there is risk involved which is why you profit.

    The minute someone is late with their rent, submit the paperwork. Otherwise, you will get screwed. Been there, done that.

    They destroyed my entire third-floor apartment on top of the loss of rent. Had to re-do the entire apartment. Cigarettes, urine, and trash everywhere. Dirty renters. That’s the other thing that blows about renting….who knows what dirty people were there before you. Got damn dirty renters. Rarely, do you get renters that are clean and take care of the place as if it was their own….here lies the problem with communities of renters. The streets reflect their culture and how they live.

    Obviously, I’m not talking about luxury rentals that cost 3,000 dollars or more a month, but wouldn’t doubt if they were dirty too. People just don’t care if it is not their own. At least that’s what I see…

    truesue says:
    March 1, 2019 at 7:51 am
    Renting opens you up to having to evict some one …which i know cal take up to six mos plus legal fees

  11. The Great Pumpkin says:


    Exactly how I see it. They will try to inflate it away…..that’s why this 15 dollar min wage is being pushed. Inflation starts at the bottom and goes up. They will still be poor after the entire economy adjusts to the new pricing, while debt is fixed and becomes that much easier to take on.

    Juice Box says:
    March 1, 2019 at 10:06 am
    Pumps – re: “How is the future not going to be taxed into Armageddon?”

    Answer is they won’t be. Plan has always been to inflate the debt away, that is why the Fed stepped in during the last decade to artificially inflate “assets” AKA paper debts. Most of the people who ran up the debt and benefited directly from it will be long dead when the cows come home.

    It will the children and grandchildren that will suffer from any reset. Let’s hope it won’t end up in WW III.

  12. The Great Pumpkin says:

    The writing was on the wall that they will inflate it away when they took away the cost of living adjustment on the pensions. Those pensions will be worth sh!t.

  13. JUice Box says:

    re: “Dirty renters”

    Not always “dirty”. My brother FIL had a hoarder living on the second floor of his home. “Nice Lady” dies and they go to clean out the place. Stacked floor to ceiling with all nice and neat piles of junk. They had to rent two 20 yard dumpsters to clean out the place, there was no smell, no water leaking etc all those years, she kept the place clean and neat but stacked to the ceiling with junk.

  14. chicagofinance says:

    Fcuk you a$$hole

    The Great Pumpkin says:
    March 1, 2019 at 10:41 am
    Obviously, I’m not talking about luxury rentals that cost 3,000 dollars or more a month, but wouldn’t doubt if they were dirty too. People just don’t care if it is not their own. At least that’s what I see…

  15. The Great Pumpkin says:

    Just generalizing, obviously not every renter is like that.

    Been a landlord for almost 20 years, I have only had two families that were clean. Rest make me sick how they live. Never clean sinks, wood floors, or bathrooms. Fuc!ing disgusting.

    Just had a Philipino man leave his apartment due to getting a job in cali. Nice and respectful, but got damn, they are a dirty culture. Unbelievable how this guy lived. Now have to drop 5,500 to update the apartment (should be able to raise rent by another $250 dollars at the min…house is now generating over 60,000 in income…thank you renters). Thank god I didn’t update before he moved in. He didn’t even ask for his security back, he just knew.

    chicagofinance says:
    March 1, 2019 at 11:05 am
    Fcuk you a$$hole

  16. D-FENS says:

    I don’t know about this one…Gottheimer and Sherrill are actual normal Democrats…she might just help hand those districts back to Republicans…if there are any left in NJ that is.


    After gun vote, @AOC threatens to help liberals oust moderate Dems in primaries, including @JoshGottheimer @MikieSherrill @RepAndyKimNJ @CongressmanJVD.

  17. D-FENS says:

    Morris, Passaic, Warren and Bergen counties are not the Bronx…I’m not sure her winning formula works there…

  18. The Great Pumpkin says:

    I would think it’s only a matter of time before someone goes after AOC. She is pissing off a lot of people and throwing some dangerous ideas out there to the masses. She is out of her mind….

    I hope she realizes what she says now will follow her for the rest of her life. As soon as soci!ism is not cool, you will be an outcast.

  19. JCer says:

    Pumps broad generalizations are the problem, tenants are funny. For the most part it isn’t just the rent. Country of origin is a huge contributor, people from 3rd world countries with poor sanitation are generally used to living in filth, and are more likely to overcrowd the apartment. Biggest issues with tenants come from young males and foreign nationals from 3rd world countries. I’ve seen what some H1B people from india did to expensive apartments in Jersey City and it is horrendous. Also good luck collecting for the damage above and beyond the security deposit.

    Pumps the point is for a tenant there is no worry, you have one cost and the landlord takes care of maintenance and you have no risk of needing to spend on repairs.

    Lots of renters are generally respectful of their homes but it is a matter of lifestyle, I know people who own apartments who generally mistreat their places. Their thought process is I’m going to live if it breaks I’ll replace it.

    Being a landlord isn’t the best thing especially at current cap rates, you are sitting on MV gains and rent inflation, at current numbers the picture is less rosy.

  20. 1987 Condo says:


    “The IRS has released new data about tax filing season that has put weeks of overhyped media stories to rest: Compared to last year, refunds are now up 1.3 percent on average. Many politicians were quick to jump to conclusions about how tax refund data had proven that the recent tax cut law was a bad idea, but it’s turning out that the Tax Cuts and Jobs Act has been on the whole a windfall for taxpayers up and down the income ladder.”

  21. The Great Pumpkin says:

    That’s the thing with being a landlord, it’s slow wealth creation. It’s a game of patience. The longer you hold, the more lucrative the investment is. Eventually, one or two years of rent covers the cost of the house purchase if you hold it long enough.

    In the beginning, it’s tough and you don’t see a dime for a long time. Down the road, it becomes the goose that lays the golden eggs. Eventually, you can take the rent roll from one place, and have it pay for the new real estate investment. The longer you play, the easier it gets. You just can’t get too big and take on too much risk. Keep it simple.

    “Being a landlord isn’t the best thing especially at current cap rates, you are sitting on MV gains and rent inflation, at current numbers the picture is less rosy.”

  22. The Great Pumpkin says:


    You nail it when it comes to culture. It’s not about the color of skin, but the culture of the individual. That’s the bottom line.

    I think lots of people confuse racism for disgust with a culture. If you don’t want to rent to this specific type of culture, for obvious reasons, they throw out the race card. Here’s a little tip to those type of people, it’s nothing to do with your skin color, and everything to do with how you choose to live. You can look at an individual before renting to them, and have a good general idea of what kind of risk you are taking on. Of course, this somehow gets caught up with the race card….

    It’s easy to claim that you should rent to anyone when you are not the one taking on the risk of renting to said individual. Some people just don’t get it. It’s not racism, it’s called I don’t want to lose money or destroy my asset.

  23. The Great Pumpkin says:

    Lmfao….That’s what I have been saying all along. I don’t get what all the fear is? How can you be losing money under this tax law?

    It’s hilarious that homebuyers are scared to purchase in this area because of headlines selling fear. Criminal! Just shows you are ignorant the avg individual is.

    The sky is falling now that I’m paying less in taxes because I don’t have my salt deduction. What a bunch of idiots who basically just hate trump so hate the tax law.

    1987 Condo says:
    March 1, 2019 at 12:14 pm

  24. 3b says:

    Pumps I have been ignoring you but I will give myself a pass. On this. Dirty renters? How arrogant and ignorant on your part but really no surprise! I have seen plenty of dirty homeowners including ones who let their dogs crap in the yard and don’t clean it up!! My Aunt is a wealthy woman and has rented since she cane to this country. Her apartment is spotless. The bathroom looks like it’s brand new and it has not been redone in 40 years except for paint! You really need to get over yourself!

  25. Libturd, can't say I didn't warn you. says:

    On bad tenants. Before I sign any lease I always give the same spiel. It goes like this:

    I am the best land lord you’ll ever have. You can call every single one who has ever lived in my home to verify. And many of them are still close friends. We do dinner periodically and our kids often hang out together. Here’s how it works.

    “If something breaks, I fix it as quickly as humanly possible. I don’t care what it is or how often you call me. Just call me!

    I expect the rent by the 1st of every month. There is no late fee, because there is no such thing as late rent. I will call you on the 2nd and ask you to leave. On the third, you will have left involuntarily as you will find every single thing that you own on the front lawn with the locks changed. I know it’s illegal. But by the time the court hears your case, you will have to pay for a moving truck, a temporary rental and a lawyer. At that point, it will have been cheaper to just had paid the rent. In the 15 years I have owned this home, I have never had a late rent check. Don’t try me.

    Also, I don’t raise the rent more than the annual property tax increase. The longer you stay, the cheaper this place becomes. It would behoove you to take care of it because you are probably going to be here for a while. Don’t trust me. Call my prior tenants.

    Here are the keys, I’ll check in on you in a week. Let me know if anything is not working properly.

    Finally, take a good look around. Look how clean the fridge and oven are. You could drink from the toilets. I’ll remind you about this conversation when you question why I charged you a cleaning fee in a few years when you move out.”

    To this day, I have never been vacant for more than two weeks. In most cases, three days between tenants so I can touch up and clean up.

  26. Juice Box says:

    D-FENS – AOC is busy fundraising for herself for 2020. I doubt she can barely replace the fundraising machine that is NY Democratic politics (they will float a primary challenger against her) nevermind the National party that is going to be going all out against Trump in 2020. She is going to eat crow and will get swept out.

  27. Libturd, can't say I didn't warn you. says:

    And the article about disgruntled millennial buyers is spot on. This generation does not know how to work a screwdriver. I’ve been b1tching about this phenomenon for the past five years. Their parents were probably the last generation to have the know-how to fix things, but they became so spoiled that they would rather pay someone else to do it. The knowledge did not transfer.

    My kid doesn’t know nearly as much as I did as his age. But he knows basic small motor repair and maintenance. The easy car stuff. He mows the lawn now and is required to come with me whenever I make repairs at the multi since it’s paying for his higher education. He also shovels the snow over there with me. He’s learned basic plumbing and electric too. He just needs to learn patience.

    He is building himself a gaming rig with his refereeing money. He just purchased a 27″, 240 refresh rate monitor for $270 delivered. I swear, he spent 10 hours agonizing over the specs and price. I’ve never been so proud. He’s learning some super valuable lessons through researching and building this computer. He wanted to buy one of those tower cases with all of the fancy lights on it. I reminded him about how unnecessary the appearance of the box is. Also, why he should buy as much of this rig with as many scratched and dented parts as possible as long as they are certified fully operational by the manufacturer. There’s another Captain Cheapo in the making.

  28. Libturd, can't say I didn't warn you. says:

    Not sure what the fascination with her on the right is. I call it AOC OCD. No one, including her, thought she would win. No one ran against her. She is the poster girl for youth and innocence. There is a reason the president has to be 35. Senators 30 and 25 for the House. There was only one note the topic from the drafting of the constitution.

    “The one discussion of note involved two important Founders: James Wilson, a future Supreme Court Justice, and George Mason, a constitutional dissenter. Mason, who was 62 years of age, argued that a requirement of 25 years of age was needed for the House because of his own experience. Mason said, “if interrogated [he would] be obliged to declare that his political opinions at the age of 21 were too crude and erroneous to merit an influence on public measures.”

  29. The Great Pumpkin says:


    I’m sorry, like I said, I was generalizing. It’s just from my experience. Are all renters dirty, no, but the majority are. They don’t clean, and I’m stuck taking it out of their security deposit.

    Like you point out, are the majority of homeowners clean? Depends on the culture. There is a reason some homes owned by Indians are hard to sell. Just happens that a lot of people that own homes in a nice town belong to a culture that values cleanliness. That’s why I choose to live in a nicer community that doesn’t load up their property with junk. I’ll pay the extra cost to live in a nicer neighborhood…I’m a clean freak.

  30. The Great Pumpkin says:


    Good advice about being a landlord.

  31. chicagofinance says:

    Is this delivered in a conversational style or do you rap it?

    Libturd, can’t say I didn’t warn you. says:
    March 1, 2019 at 12:52 pm
    On bad tenants. Before I sign any lease I always give the same spiel. It goes like this:

  32. chicagofinance says:

    Did you ever date a latina? As an aside, if you have any question why that white dork Riley Roberts is her boyfriend, take it to the bank he has a big c0ck…..

    Libturd, can’t say I didn’t warn you. says:
    March 1, 2019 at 1:13 pm
    Not sure what the fascination with her on the right is. I call it AOC OCD. No one, including her, thought she would win. No one ran against her. She is the poster girl for youth and innocence.

  33. chicagofinance says:

    I think this is all you need to know…….

  34. The Great Pumpkin says:

    Positive trends happening in nj….

    “Cohen, principal partner at Prism, envisioned there being a lot of life sciences tenants with an interest in New Jersey’s first spec lab development in many years. He was right.

    “We’re getting tremendous interest all over New Jersey, even from some transitional people looking to potentially relocate out of Manhattan,” he said. “Needless to say, we’re bullish on the life sciences.”

    What all real estate firms in the Garden State are experiencing is a demand for more spaces for life science-related research and development — sometimes more than can be met. New Jersey has lower life science lab vacancy today than New York and other regional biotech strongholds.

    With new developments such as ON3 signing leases with such haste, life sciences are expected to become even more of a factor in the New Jersey real estate market in the coming years, especially due to the sector’s recession resilience.

    It might seem like this is well-trodden territory in terms of New Jersey’s real estate trends. But as a Cushman & Wakefield report from late last year indicates, the growth story — both in New Jersey and beyond — is actually a more recent phenomenon.

    According to that real estate corporation’s survey, the snapshot nationwide for life sciences included much slower than expected job growth throughout the ’90s and into the millennium’s turn. And it was in just the past eight years that the sector’s job growth advanced by about 70 percent. Also, in that period of time, the amount of venture capital flooding into the industry more than doubled, with last year being a record year for investment nationally.”

  35. Juice Box says:

    re: “No one, including her, thought she would win”

    AS IF. The Democrats Gerrymandered the district in 2011. It used to be Manhattan, Queens and it became Bronx, Queens.

    In the new district only 27,658 votes we cast in the 2016 Dem primary. AOC won by 4,136 votes. Crowley lost because of the demographic change meaning all the Irishmen living there are now dead.

    As far as the election AOC won because there barely any republicans left they all died too.

  36. JCer says:

    Pumps, NJ should be silicon valley east. The fact that it isn’t is an indictment on the politicians particularly the democrats who have had a death grip on the state for at least 20 years. The proximity to NYC is huge, the pool of workers is huge, and the ethnic communities(Indian, Chinese, Korean, etc) make it a great place for foreign tech talent. No foresight from the politicians, a business unfriendly climate and high cost of living leaves us where we are.

    They should have been pushing Jersey City as a tech hub for the last 25 years, trying to bring companies like Google, Apple, Amazon in. I’m talking NYC area equivalents of Silicon Valley tech headquarters in warehouse space in Jersey City.

    I’d finger drug companies being located in NJ and limited amount of life sciences laboratory space as the reason we have lower vacancy rates than other states.

  37. Libturd, can't say I didn't warn you. says:


    Exactly. Instead, our politicians have been focused on reaping rewards for themselves. The corruption in NJ is worse than any other state in the country. They get away with it because they hide it behind all of our poor cities. The public workers in this state have it like no other.

  38. The Great Pumpkin says:


    How do we change this? Is it possible to get the state to vote Republican? If so, will they be just as corrupt as the Democrats (meaning is this a jersey thing or democratic party issue)?

    Obviously, I love this state. If Democrats are to blame, I’m going to do my best to try and convert as many Democrats as I can. Enough is enough, do the right thing. This state deserves it. Should be a complete economic powerhouse based on location, education system, and the amount of capital available to invest.

  39. Libturd, can't say I didn't warn you. says:

    It not a party thing. Don’t kid yourself.

  40. Comrade Nom Deplume, the Last American says:

    “I would think it’s only a matter of time before someone goes after AOC. She is pissing off a lot of people and throwing some dangerous ideas out there to the masses. She is out of her mind….”

    I would absolutely defend her. Not just because it is a threat to our republican form of government should she be exposed to mob violence, but because she is the gift that keeps on giving–to the GOP.

    Sometimes I actually wonder if she isn’t a GOP plant.

  41. Comrade Nom Deplume, better armed than all of you. says:

    I invite all those multimillionaires in South Jersey (you won’t get North Jersey) to come across the river. The tax savings pool is fine. And we won’t try to disarm you.

  42. Libturd, can't say I didn't warn you. says:

    I warned you all about Murphy. He will go down as the worst governor NJ has ever had.

  43. The Great Pumpkin says:

    You were right.

    I truly believed he was going to be innovative and bring needed changes to our economy….🤦🏼‍♂️

  44. The Great Pumpkin says:

    Yes, aoc is destroying what’s left of the Democratic Party. The party is so splintered, I don’t know what they even stand for as a group anymore.

  45. The Great Pumpkin says:

    Yea, you are right…thought that, just wanted to confirm.

    Libturd, can’t say I didn’t warn you. says:
    March 1, 2019 at 3:45 pm
    It not a party thing. Don’t kid yourself

  46. The Great Pumpkin says:

    “$180,000 for a Barber
    Pete McGarity opened Headlines Barber Shop in Odessa in 1998 and has ridden the boom-bust cycle before. This time around he decided to capitalize on it.

    In 2017, Mr. McGarity spent about $25,000 to retrofit a trailer into a custom, mobile barber shop. That October, he drove it about an hour west to Pecos, Texas, and parked in front of the town’s only grocery store, hoping to catch oil field workers between shifts. It was an instant success.”

  47. The Great Pumpkin says:

    “Fortunes are being made in this fracking-related gold rush, and money and workers are flooding in. But many necessities in the area now cost a small fortune, creating opportunities for businesses selling everything from dipping tobacco to sand for fracking. It can be hard to get a haircut, grab a plate of good Texas barbecue, or find a table at a popular bar, because demand outstrips supply. Housing is scarce and hotel room prices sometimes rival those of New York City at more than $500 a night.”

  48. The Great Pumpkin says:

    Reminds me of the gold rush in California in the 1800s.

  49. The Great Pumpkin says:

    This article is a case study on supply and demand. Don’t tell me you can get good paying jobs in cheap locations. It defies supply and demand economic principles. If a place is cheap, it has limited money competing for products and that includes houses.

  50. Blue Ribbon Teacher says:

    I had a similar conversation with my landlord. But it went more along the lines of, I clean every speck of dust out of the house when I move in and out. And if he tried to charge me anything, I would have no qualms about taking him to court. He decided to test me for $1300 and I ended up taking him to court. We had a stack of 150 pictures prior to moving in and 150 pictures prior to moving out all dated and notarized. The judge jokes “is this a murder trial?”. The judge had to have his clerk convince him to settle for full deposit and my friend’s legal fees.

    Side note. I believe it is illegal to deduct from the deposit for your own labor cleaning and you must hire a service.

  51. The Great Pumpkin says:

    “India/Pakistan update:

    -Heavy clashes happening now in the Kashmir region
    -India is using heavy artillery and anti-tank guided missiles, according to reports
    -Pakistani snipers have reportedly killed multiple Indian forces at the Line of Control
    -Numerous civilian casualties”

    “Why is this not making MAJOR headlines. These are 2 nuclear countries basically at war. And our media wants to talk about payoffs to strippers?”

  52. The Great Pumpkin says:

    “From Australia to Japan, New York City to Hong Kong, garbage collectors are being forced to make a mockery of those curbside recycling bins we’ve all been trained to fill. In Philadelphia, for example, the city currently burns 200 tons of recyclables a day—half of what it collects. The result is an increase in carcinogens spewing into the air around the city’s incinerator in nearby Chester, Pa.”

  53. The Great Pumpkin says:

    Law­mak­ers are tak­ing ac­tion to deal with the “re­tire­ment cri­sis.” More than 200 House “De­moc­rats are spon­sor­ing a bill to ex­pand So­cial Se­cu­rity ben­e­fits, funded by a dra­matic in­crease in taxes. Cal­i­for­nia, Con­necti­cut, Illi­nois and Ore­gon have es­tab­lished state-run re­tire­ment plans for pri­vate sec­tor-work­ers, which some pro­gres­sives hope will sup­plant 401(k)s.

    But there is no re­tire­ment cri­sis among ei­ther to­day’s re­tirees or to­mor­row’s. Eight in 10 re­tirees tell Gallup they have enough money to “live com­fort­ably,” and 6 in 10 work­ing-age house­holds say the same. Sev­enty-five per­cent of re­tirees tell the Fed­eral Re­serve’s Sur­vey of Con­sumer Fi­nances they have “at least enough to main­tain [their] stan­dard of liv­ing,” up from 61% in 1992. Cen­sus Bu­reau re­search that uses In­ter­nal Rev­enue Ser­vice data to mea­sure re­tirees’ in­comes found that the over-65 poverty rate was only 6.7% in 2012, down from 9.7% in 1990 and lower than any other age group.”

    “Pro­gres­sives wish to move away from the pri­vate-sec­tor plans that have mas­sively ex­panded re­tire-ment sav­ings and re­tiree in­comes in fa­vor of gov­ern­ment pro­vi­sion of re­tire­ment in­come, which is nowhere fully funded. If they get their way, a real re­tire­ment cri­sis could ma­te­ri­al­ize.”

  54. 1987 condo says:

    You find out that most of the recycling went to China and thereabouts and was just dumped in landfills or worse entered rivers and streams and made its way to the Pacific Ocean. Last year China stopped taking our recycling and now we are learning just how limited true recycling is.

  55. The Great Pumpkin says:

    I called this, but for some reason, the wage inflation is nowhere near as strong as it should be. More evidence that economics is not a science, if it was we would have insane wage inflation right now. Good luck making sense of this.

    You have had way stronger wage inflation in the past based on a much weaker labor market than you are seeing today. It makes absolutely no sense.

    “Inside the Hottest Job Market in Half a Century

    The job mar­ket doesn’t get much bet­ter than this. The U.S. econ­omy has added jobs for 100 con­sec­u­tive months. Un­em­ploy­ment re­cently touched its low­est level in 49 years. Work­ers are so scarce that, in many parts of the coun­try, low-skill jobs are be­ing handed out to pretty much any­one will­ing to take them—and high-skilled work­ers are in even shorter sup­ply.”

  56. The Great Pumpkin says:

    Recycling…..the latest paradox in our society. Sure feels good though putting that plastic bottle in the blue recycling container.

  57. The Great Pumpkin says:

    No one,

    Was thinking about that min wage article you posted. It makes no sense. It’s a tight labor market. So maybe the lost of fast food jobs has more to do with automation in that industry than the min wage. Why is the fast food industry the only industry losing jobs to the min wage? Doesn’t make much sense to me..

  58. The Great Pumpkin says:

    Can’t lower the amount of workers you employ, and get the same productivity without automation.

  59. xolepa says:

    Just read the that the NJ $15 minimum wage increase will cost NJ and municipalities $500 million extra annually. Think Life Guards, summer patrols, park help, etc.

    They are searching for budget answers to this one. Screwed themselves.

    And the taxpayers, of course.

  60. 1987 Condo says:

    My town already moved the summer “help” to 1099’s to save on the SS match

  61. xolepa says:


    Depends on the nature of the work. If it’s ’employee like’ and the IRS finds out, they’re f’ed

  62. The Great Pumpkin says:

    That’s a lot of money being injected into the local economy. Inflation is coming.

    xolepa says:
    March 2, 2019 at 9:14 am
    Just read the that the NJ $15 minimum wage increase will cost NJ and municipalities $500 million extra annually. Think Life Guards, summer patrols, park help, etc.

  63. The Great Pumpkin says:

    Those people receiving this wage boost spend every penny. Actually, they spend more than every penny, this increases the amount of debt they can leverage.

  64. Bystander says:


    Again you are oblivious to reality of hiring process. Let me be clear, the job market is pumped full of lies and deception. I work for one of largest IBs in world and manage work force plans globally. When I started 6 months, I was first perm hire in my groups location in 3 years. Everything else was outsourved in 2015. My boss said they planned to hire 5 more perms in 2019. Jobs are posted and you know how many we have hired or even interviewed? Zero. Reason? We are not allowed to hire in US or Europe. It is all lip service. You come up with a budget then they wack 20% off in first qtr. He changes perm location to India only to save money. We interview fake or weak candidates there. It takes 6 months to interview and onboard candisate and meanwhile we are running significantly under on spend. Management gets mad. My bosses answer? Forecast more roles in US and Europe to show we anticipate spend. More braasrings, more fake jobs that will never be filled. Rinse & repeat. There is your fake economy for middle class folks. There is why you are stunned that wage inflation is not moving.

  65. xolepa says:

    Note to Landlords:
    Be aware of the new rule now in effect for smoke detectors in NJ: must have 10 year sealed batteries

    I have ordered a bunch.

    If you have hardwired units, you’re still OK

  66. Libturd, can't say I didn't warn you. says:

    Thanks Xo.

  67. Bruiser says:

    Departmental budgets will continue to be slashed until morale improves.
    The Shareholders demand it.

  68. Libturd, can't say I didn't warn you. says:

    BRT – I bring in Brazilian cleaning ladies. They make about $25 an hour off the books. They are worth their weight in gold. The on the book cleaners you bring in are all twice the price, untrustworthy and just generally suck. My guess is they are all legals making minimum wage, except for the franchise owner who is laughing all the way to the bank. Good thing we are building a wall.

  69. Libturd, can't say I didn't warn you. says:


    My cleaning fee is $100.

  70. Libturd, can't say I didn't warn you. says:
  71. drad says:

    Given that we are on the topic of renters and we have a few opinionated landlords here :-). Got a question.
    I rent a 1st floor condo and have been there for 3 years. I have been making frequent trips outside the country to take care of my ailing parents. During one of those trips the water pipe in the attic of the 3rd floor unit broke during the cold weather week 6 weeks ago. The water ran down all the way down to my floor and has damaged some portion of the hardwood on my floor and roof has now perforated lines. When I was out, my landlord used a lot heaters to de humidify the place. Now that I am back he wants me to move out so that he can fix it. The problem is he does not want to give me written notice and two, as you know it is damn cold outside to even think about a move. On top of it my wife is not back until 2 weeks from now. My lease officially expires April End. What are my options ? :-)

  72. Not Drad says:


    First don’t listen to the losers landlord here, don’t pay March Rent.

    Did he notify you within 30 days of you giving security deposit where the money is when you rent it? If no, you can use it the 1.5 months as final rent payments

    Did he give you rent credit or send you a check every year by 1/31 on interest earned? If no then you can charge him 7% interest rate on money.

    Don’t move out. He can fix it with you there or fix it after you move out at end of lease. If problems contact towns building department to light fire under his behind or if getting ugly get yourself landlord/tenant attorney, but work on moving by end of lease 4/30 or so.

    Ignore all these 3rd world wanna be Mussolini landlords in here, they play fast and lose and it works if you have dumb tenant, otherwise they get burned.

  73. Not Drad says:


    1-Is always better for them to try collect from you, then for you to try to collect from them.
    2-If less than 5k is small claim court (in same county, out of county-state – big problems -you are out of luck) tennant/landlord 5k-10k special civil part and over 10k civil part (both lawyer areas)
    3-When you go to small claim court, they will put you in arbitration with a law student to negotiate, otherwise Judge hears it. If you win related to Sec Deposit – you get 2x money claimed. Issue is collecting, so make sure you know where your landlord keeps loot.
    4- In short, if your landlord uses LLC or out of county/state/country. Make them chase you, because is difficult on you chasing them. By the way, they will always try to screw you with “cleaning fees” and “stuff broken”. Law is clear regarding cleaning “broom clean”. So report all stuff broken right away, whether they fix it or not. They can’t blame you later.

    You got a lot of landlords that read up on Carleton Sheet’s Real Estate seminars from the 80’s, and they are stuck in hell. Look at Pumkin, he sniffs 2 bottle of glue a day to be able to be a landlord and a mailman.

  74. The Great Pumpkin says:

    Not Drad is a perfect example of a dirtbag renter…you are the problem!

  75. The Great Pumpkin says:


    Do you have rental insurance? Otherwise, good luck getting reimbursed for that month.

    What’s your lease? Month to month? Whatever your lease states is how much time is needed for notice.

  76. The Great Pumpkin says:

    Being a mailman for a year and half taught me lots of lessons as a teenager. Went back to school highly motivated to not get stuck in an avg joe job. I’m better than that.

  77. drad says:

    Frankly, I want to leave in good terms. My lease is a year’s lease with 2 months notice and if no notice, then ends on April 30th.. What is making it difficult is he does not want me to talk to any one about the incident and wants me to silently leave as I think he is getting money from the condo assoc for that month and has charged me as well (my guess). I don’t mind if he double dips but I guess he is worried about insurance fraud. He is promising to give me the deposit but does want to give me anything in writing now to say I am being asked to leave. I am just worried that he might just say I did not honor the lease to pay till April end. and yes, he has 10 other units in the same condo and even though he is a little rough on the edges, I would like to believe him. The problem is I have to take the leap of faith.

  78. drad says:

    BTW, The condo is in decent shape and I don’t mind continue living there, which is what he was hoping for first, but then he had second thoughts and wanted me to leave. May be something changed with the assoc wanting him to do things a certain way.
    I just signed up for renter’s insurance not because of that I have anything valuable that I am worried that would get damaged, but just because of any liability I may have in case I damage the condo in some way like keeping the water running (never happened in so many years, but just my defense mechanism kicking in :-) )

  79. Not Drad2 says:


    He’s going to screw you like a priest does a boy. If he owns that many apartment, he has a system, hell he probably has plenty of influence with the board.

    Man up. It means if he wants you out, you want CASH or Teller’s Check for your security deposit and rent back for March (if you paid it ). Go nowhere. Call town building if need be.

    Otherwise, your leap of faith is your money going out of the window, plus the expense of moving. If he’s doing something dirty, you want your cut for putting up with it. Cash talks, BS talks.

    Notice that the only complain is from a loser landlord wannabe polish mussolini with a deported drug dealing father.

  80. drad says:

    The condo assoc does not like him as he plays hard. I am due to pay the rent for March by 5th and I don’t want him to tag on late fees if I don’t pay or use that as an excuse to change out locks :-)
    Looking at all this is very discouraging and hindsight feel better off renting at a regular rental community than from a private landlord.

  81. Not Drad 2 says:

    In NJ he can’t do anything without court order.

    If he plays hard ball with a Condo Board, what do you think he’s going to do to you?

    If what was said before about 30 days and January 31 applies – Don’t pay and send Certified Letter with Signature Return demanding he uses your Security Deposit for rent, calculate out 7%.

    If he’s legit and followed the rules. Than tell him to use the Security Deposit as rent and you’ll move out by end of lease. Your half a month is your compensation. Otherwise ask for cash that includes Security + Interest plus $ moving expense money

  82. Not Drad 2 says:


    Because he might be a hot head. Be professional dealing with him, but record all conversations.

    Any threats call cops – terrorristic threats and get restraining order. Then use up you time and get out. Pay not one cent more.

  83. Not drad3 says:


    New Jersey Statute Annotated 46:8-19 to 26 covers residential landlord tenant security deposits

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  86. xolepa says:

    Note to Drad:

    I don’t want to get that much involved in this discussion, other than to say that the landlords most likely has insurance to cover your costs of being put up somewhere else while they repair the damage. He/She most likely don’t want to file the claim. If they filed one already, and if you know that, you can pursue using that approach.

    As a landlord, I had o once pay tenants hotel fees because a unit contained excessive lead and it had to be remediated. I did not know about the lead issue, and so didn’t the lawyer who drew up the original contract of sale for this property that I purchased several years prior. I subsequently sued my way for full recovery of expenses and won.

    As a landlord, I try to play by the book best I can. I put in the lease the name of the banking institution, its location and a statement that the tenants received a copy of the Landlord registration act paper right there and then.

    BTW, in New Jersey, if the landlord raises the rent, then he/she can ask for additional security to cover, so don’t complain about that interest. It may bite you in the face for all of about a buck and a half.

    Pumpkin face, do you know about the NJ Landlord Registration act?

  87. xolepa says:

    Man, such horrible grammar/typos from my first of the day post!
    Apologies to all!

  88. chicagofinance says:

    Well let’s see whether is she up for the challenge…… she might very well be…. to be clear, she asked for it…

  89. chicagofinance says:
  90. Not Chi Fi says:


    Are you sure you did not have one of those Thai Lady Boys stage in your youth and worked “wink wink” in the trade?

    After all you have all the signs of a Larry Craig

  91. leftwing says:

    drad, for what it’s worth….

    Sounds like you won’t be staying there, he doesn’t want to extend your lease.

    What do you want to do? If you are now moving anyway I would guess that you need through the end of the current term to find an alternate place. Or do you not care, can you accommodate his request that you leave early?

    Either way make sure you protect yourself financially. Lots of good starting points on advice/laws here, I would focus on two:

    Possession is 9/10ths of the law. If you both possess the unit and the money (March rent) he has to chase you.

    You catch more bees with honey than vinegar. If you have been here 3 years already presumably you have a decent relationship with him, or at the very least have been a good tenant. Pick up the phone, schedule a call with him tomorrow, and see what you can out.

    My goal is to be accommodating but you should get consideration for doing so. He wants things quiet and off the books, fine, but something comes your way. Be open when you talk with him (obviously don’t accuse the guy of gaming insurance or anything though). If you can help him you want something. Otherwise just agree to do everything by the book.

    I wouldn’t go the route right now of banging away on the legal angle, don’t even mention it. Know your rights before you hop on that call, but if you need to go legal just do it, don’t threaten it. If he has ten units he’s fully aware of your rights, you don’t need to remind him.

    My experience in multiple circumstances has shown me that raising a legal threat just fcuks up any negotiation and doesn’t move the needle with the counterparty anyway. If your going to go legal, just do it the right way once you exhaust the collaborative option. Much for impactful to have that registered letter show up without notice and unexpected anyway.

    It may be simply that he’s figured out you’re never there and he sees a window of time that if you’re not around anyway he can use that time to fix the place and avoid having the gap between leases, maybe even while collecting insurance for lost rent. Again, talk with guy. You might be able to work something out so that you stay, and even get few bucks for letting him renovate while you’re traveling.

  92. Galadusa says:

    Can you be interested in a direct FREE loan up to $ 100,000?

  93. Blue Ribbon Teacher says:

    With respect to the interest, the judge during my case made it clear that if you weren’t as a landlord, depositing money and giving yearly statements on the interest earned, you automatically run the risk of paying double damages, even if you think you are acting in good faith.

    After reading through all the laws, I would never want to be a landlord. I mean, most tenants don’t put up a fight but the one that is willing to hold you to the letter of the law can be a nightmare if they choose.

  94. Blue Blue Ribbony says:


    Is incredible how many scammy landlords are out there?

    The easiest scams are with rent security, where is it kept and charging against it. Is actually getting worse, with landlords thinking is their money and not a tenant’s money held in trust. The preponderance of immigrant first time landlords in NJ makes them behave as it was their old country of might makes right and not rule of laws. The easiest defense for tenants is to use it up in the last 2 months, and pay the half month if treated right, or charge up the 7% interest if they start charging “bs” charges for damages, when no paperwork was done right.

    Frankly NJ should do it like New Mexico, where by Security Deposit up to a month (no need for bank account or interest – it implies it will be used up for last month’s rent) more than one months than bank account rules kick in.

    There was a scam a decade or so back in Fort Lee, which (has or had?) rent stabilization laws, no more than 5% a year, 1.5% if elderly or disabled. One big rental building sent a form to the town with one set of numbers and another set on number to tenants.

  95. Walking bye says:

    Does the security deposit need to earn interest in N.J.? With such low rates I can imagine a 3,000 deposit earning maybe $3 a year? My Florida leases all state security deposits will be held in a non interest bearing account.

  96. Bruiser says:

    Home maintenance is a b1tch, especially when something big hits you early. 3 days after closing, our furnace wouldn’t fire up. Bad inducer, $800 including the emergency service call. A few years later, the AC unit crapped out. $9000. However, the day-to-day maintenance and upgrades can be enjoyable, if you look at it as putting your own thumbprint on the house and making it your own. We installed hardwood floors on the 2nd floor, remodeled both bathrooms, I have my yearly battle with the lawn weeds which I’m finally winning, etc. It helps when you learn from one of the “greats”…my neighbor across the street is an old foul-mouthed retired union carpenter who takes great pride in his home and wants to pass on tidbits of knowledge to the youngins. Plus he has every tool known to man in his workshop.

  97. Blue Ribbon Teacher says:

    In NJ, it has to earn interest. The $3 interest is the difference between you having the legal right to deduct from the deposit.

  98. Blue Ribbon Teacher says:

    When I was in college, we would just withhold the rent for the last 1.5 months and tell them to take us to court if they think they were wronged. Never happened. Most landlords, like tenants aren’t even capable of filling out the paperwork to file the lawsuit.

    We have some neighbors who lived in the same complex as us prior to moving to our current neighborhood. The company, Middlesex Management, tried to keep my entire deposit. I sent a letter to them with enough evidence that if I did file a lawsuit I would get double damages, and would not offer a settlement. They sent my deposit back in a week with a letter saying if I cashed it, I give up the right to sue them.

    My neighbors got screwed by them too. I told them, just file the lawsuit or email them threatening. They can’t bring themselves to do it, which is why landlords in general get away with the shit that they do.

  99. leftwing says:

    The double damage provision keeps the scumbag element of real estate honest. Automatic triple damages for contractor. Had one asshole that added $70k to a project in the final two weeks. Contract called for bi-weekly progress reports to budget, he tracked right up to the final. It was a spec house, we went under contract before completion, the prick thought he could dip into our profit and we wouldn’t fight. Met two days before we were to close, told him unless the number was the correct number the next step was that the buyer would break contract since the contractor wouldn’t sign off and we would sue him for damages and for the overbilling. Guy went white, knocked off the padded figures.

    Remember also with contractors they are licensed by DCA. Rattling that cage is worth it, DCA actually cares about consumer fraud in this area. Bounced license means no work.

  100. leftwing says:

    “When I was in college, we would just withhold the rent for the last 1.5 months and tell them to take us to court if they think they were wronged. Never happened. Most landlords, like tenants aren’t even capable of filling out the paperwork to file the lawsuit.”

    Never been in a landlord/tenant dispute so maybe it’s different but in the civil part just the statutory timeline is in your favor. IIRC you have 28 or 35 days to respond to any complaint once filed with the Court. Complainant then has to respond within a certain number of days (15?). Then you get your first hearing date sometime out in the future usually preceded by some (always thrice postponed because of counsel conflicts) mandatory mediation.

    Even without dragging your feet, if you run out the clock on the first response period you will likely have next year’s perennials popping in your new place before you ever first sit down to resolve.

  101. xolepa says:

    Well, nowadays. It’s not so easy. All college area landlords want parent’s co-signature. Also, I can force the tenant to pay via third-party payer, if agreed to by the lease. The third-party software provider transfers payment from tenant to landlord via bank accounts. All payment information is sent to credit agency, either as on-time or late.

  102. leftwing says:

    Xolepa, yes, one parent co-signed my college kid’s house lease. Different animal. Make sure the housemates are credible and (in my mind at least) the security deposit was written off when the check was written.

    Re: third party auto-pay by contract, anyone signing on to that for a residential lease is a fool. I don’t even do it for my utilities, I go in each month. Almost learned the hard way, changed carriers on a business, a lot of hardware, all there and returned. Verizon comes back and wants to bang us for nearly a grand for allegedly missing (antique) boxes and routers. They threatened to hit our auto-pay, we told them to fcuk off, we don’t, sue us. Never heard back from them.

  103. Blue Ribbon Teacher says:

    Never been in a landlord/tenant dispute so maybe it’s different but in the civil part just the statutory timeline is in your favor. IIRC you have 28 or 35 days to respond to any complaint once filed with the Court. Complainant then has to respond within a certain number of days (15?). Then you get your first hearing date sometime out in the future usually preceded by some (always thrice postponed because of counsel conflicts) mandatory mediation.

    Even without dragging your feet, if you run out the clock on the first response period you will likely have next year’s perennials popping in your new place before you ever first sit down to resolve.

    That wasn’t my experience. The judge was ready to let it go to trial right away to GTFO and go home. Yes, this was 8 months down the road already but once we were there, it was go time.

  104. leftwing says:

    Agree. It’s the 8 months you’re playing for. Six months later than when the security deposit is due, which you’ve used for final months rent.

    That of course assumes the tenant is in the right. Dangerous game to play if they aren’t.

  105. Blue Ribbon Teacher says:

    I didn’t play the security for rent game after age 21.

    The time I took my landlord to court, he tried to keep my deposit even though I paid my full rent. It was open and shut. He had no right and no proof where as I had a total of 150 pictures before and 150 pictures after, dated and notarized. Quite frankly, I coulda nailed him for double damages and the judge knew it. I let him off easy paying me my full deposit and legal fees. In the end, I ended up with $300 free oil that he tried to deduct from the deposit and was within his legal right of doing so. He unfortunately, forgot to mark my lease on the oil level he signed so that was my FU to him.

  106. Libtard says:

    Listen to left wing. He is right on all counts. Try talking to the Landlord. The legal shit is a waste of time. I was always told it was illegal to take security as rent and I never am willing to. Need it to cover possible damage. I don’t know though. I am probably too nice of a landlord.

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