And let me guess. College was $400 a semester.
Anyhow, I'm Gen-X. The house my dad bought in 1977 for $50,000 is now worth $700,000. My mom retired from the bowling alley with a pension. It cost me $80 to be born.
So yeah, I kinda laugh at all these Boomers whining about how Millennials complain too much.
I feel you, Drew.
My oldest is married and moved out (I warned him he was too young at 22, but it’s his life and he’s grinding away).
My younger two will stay with my husband and I probably until their 30s.
I would rather my children stay home and sock the money away or invest it than make a landlord rich. Keep the funds in the family, for their future home purchase.
When my husband and I purchased our first home, our mortgage and utilities was less than 25% of our net pay.
Now, a couple coming in with 5% down on a $300K mortgage is looking at over $4K a month. You need two six figure incomes to equal the ratio.
It’s insane.
Those scholarships are still available today, and that's the only way I encourage young men and women to enter the military.
BTW, Boomers ended the Cold War, and elected Ronald Reagan. It was Clinton and succeeding presidents who spent the "peace dividend."
>Anyhow, I’m Gen-X. The house my dad bought in 1977 for $50,000 is now worth $700,000.<
I don’t want to get in the middle of your guy’s slap battle, but that increase is not unreasonable.
The economic Rule of 72 is used to predict how long it takes an investment to double in value. A 6% rate of return puts your dad’s house right there.
https://www.investopedia.com/ask/answers/what-is-the-rule-72/
BTW - I worked a minimum wage job in college in 1977 for $2.30 an hour. Two years later I landed my dream job as a flight instructor in a major university for $12 an hour.
And, yes. We bitched about how little our parents paid for their house and how expensive things were for us.
EC
It cost me $80 to be born.
I was born in 1970 and have the receipt from the hospital for my birth - it was more than $80. (Less than $200, though).