[FLT-bird]

Yeah, this narrative isn’t going to fly. Education is vastly more expensive in real terms than it was 50 years ago. Houses were 2.5 times median annual earnings back then. They are 6 times median annual earnings now. Real wages have hardly risen since that time. Yes, things really are much much worse for younger people now than they were back in your day Boomers. Hate to break it to you but there’s no question that as a whole, its true.

[Harmless Teddy Bear]

Looking at houses is one of those things I do for fun.

If you are looking for a three bedroom, two bath with granite counter tops on two acres yeah, those are very expensive.

If you look for a two bedroom, one bath on a postage sized lot, much more affordable.

The problem for many is they have already gone deep in debt for a degree. So taking on even rather modest debt for a house is not on the table.

You have to decide what you want to go into debt for and if it is worth it.

[ClearCase_guy]

+1

[packagingguy]

You can see the decline in wealth (home ownership, student debt, etc.) is getting worse with each generation.

This is called the “wealth pump”. It extracts resources from the middle and working class, transferring it to the top 0.1%.

Among others, two mechanisms are used to fleece the public. One is to offshore manufacturing (causing the rust belt). The second one is to bring in hoards of legal and illegal immigrants to suppress wages.

This started in earnest in the late 1970s and really picked up in the 1980s as everything became financialized (remember the “me generation” and “greed is good”?)

We cannot expect this ends well.

[Pollard]

On social media, many young people say things like, “Most people don’t live in houses because it’s too expensive.”

Yes, homes cost more now, but census data show more Americans own their homes now than when I was a kid.

He left something out. The age of the average home buyer now is 60 years old so it's the same people still buying homes as 30+ years ago. First time home buyers is almost 40 while 10 years ago it was 30. Average age of first time home buyer in the 60s was 23-24. The population has increased since Stossel was a kid. True that they were smaller and didn't have central AC.

Home prices have increased 10 fold as have car prices. Wages, quadrupled. Degree, increased 10 fold while the education quality has probably decreased 10 fold.

Can't imagine what the cause is

[FreedomNotSafety]

The average house is now huge and lavish compared to the house of 50 years ago. So yes today’s house is less affordable. But the standard from yesteryear is still available and cheap. But scorned upon.