That more older Americans can afford bigger and more luxurious houses does nothing for your woe-is-me complaint about younger people not being able to afford a home of their own. That is why the relatively more expensive, more luxurious houses of the wealthy are not suitable for the comparison you are trying to make.
But somehow that seems to be beyond you. As are the specifics around relatively more expensive average tuitions.
And your investment returns complaint is likewise ridiculous. I already sent you the stats on that too. But you are apparently impervious to logic, data and argument.
We are not comparing just older Americans. We are comparing the average house and the average salary then vs the average house and the average salary now.
Houses are bigger and have more amenities now? People make more now. The point is that a house is more expensive in real terms now than a house was 40-50 years ago. Its not even disputable. So you can go ahead and drop any arguments about “the wealthy”. There were wealthy people back then too. As a multiple of salary, houses are much more expensive now than they were then. That seems to be beyond you. Or more like you take it as some kind of grand insult toward the Boomer generation to admit the blindingly obvious - ie that houses and education were cheaper and equities had a better rate of return.
Your lame attempts at denying the blindingly obvious are ridiculous. Its hilarious that you accuse me of being impervious to logic and facts when its plainly you that is guilty of that. Go ahead and look up the affordability of houses then vs now, the affordability of education then vs now. The numbers will all tell you what I’ve told you.
Here’s the first article that popped up:
“When most baby boomers turned 30 around 1985, the average single-family home cost $82,800. But today, millennials’ dollars don’t stretch nearly as far. The sense that homeownership is no longer within reach isn’t imagined, as the average millennial who turned 30 in 2019 would have spent $313,000 on a typical home — a cost that far outpaces inflation since 1985, when the average baby boomer turned 30.”
Did you notice they did not talk about homes of the wealthy? Did you notice they talked about the typical/average single family home in both instances?
read on:
“We found that home prices have rapidly increased over the last five decades, eclipsing the inflation rate by 150% since 1970. In fact, if home prices grew at the same rate as inflation since 1970, the median home price today would be just $177,788 – rather than $408,100.
Additionally, the median American household’s income has just slightly kept ahead of inflation over the last 40 years, leaving many wondering what will happen this year as the inflation rate continues to climb rapidly.”
Get it yet? MORE EXPENSIVE NOW. CHEAPER THEN.
More:
“In fact, home prices alone have increased 1,608% since early 1970, while inflation has increased just 644% in comparison. In other words, Americans have seen a steep decline in their purchasing power across the last five decades, especially when it comes to homeownership:
🛍 $20,000 in assorted goods in 1970 would cost you $148,800 today.
🏠 But a $20,000 house in 1970 would cost you $341,600 today.”
“Millennials Face 31% Higher Home-Price-to-Income Ratio Than Boomers Did in Their 30s”
“The average boomer turned 30 in 1985 when the median sale price of a home was just $82,800 and the median household income was $23,620 – that’s a 3.5 home-price-to-income ratio. In other words, homes cost 3.5x what the average American earned in 1985.
To afford a home with the suggested 2.6 ratio, a boomer turning 30 in 1985 would have needed a household income of $31,850, 35% higher than the median household income at the time.”
“For millennials, who, on average, reached their 30s around 2019, that ratio is significantly higher. The median sale price of a home in 2019 was $313,000, while the median household income was $68,700 – a 4.6 ratio. To afford a home at the suggested 2.6 ratio, the average millennial would need a household income of $120,400, a 75% higher salary than the actual median.
But millennials aren’t just combatting inflated housing prices – they also carry more added expenses such as education costs. In fact, after adjusting for inflation, college tuition costs grew 52% between when baby boomers and millennials began attending universities and have spiked an alarming 143% in total since 1963.”
LOL! Literally the first article that popped up.
https://anytimeestimate.com/research/housing-prices-vs-inflation/