"Too many boys toys"
Posted on 05/21/2024 12:20:01 PM PDT by DallasBiff
The downturn of the pandemic economy has hit many groups hard. But for many millennials — those born between 1981 and 1996 — and Generation Z, who follow them, that pain — plus a number of other factors — are creating questions about who is responsible. Over the next few nights, economics correspondent Paul Solman is going to examine this. He begins tonight from the perspective of some millennials.
(Excerpt) Read more at pbs.org ...
The rule of thumb was that the house you could afford was double your annual income and the car would be half that.
Anything higher than that in cost was too expensive to finance.
It's not the boomers that caused interest rates and housing shortages. Look at government interference, illegal immigration causing a housing shortage, , Black Rock and it's ilk buying up property and renting it and taking houses off the market.
The democrats have been trying to destroy this country for decades and they've been successful in racial divide and pitting one race against another.
They are also stirring up animosity between generations through jealousy.
Don't buy it. Nobody is owed anything. Work for what you want and quit whining about things beyond your control.
The one thing that we all have now that none of us had when we were kids is YouTube.
You can literally watch a video(or ten)and learn how to do or repair almost anything.
I have plaster ceilings in my current 1972 house. There were cracks when I moved there from previous water damage. I learned how to fix them by watching YouTube vidoes. Incidentally, many of them were from the UK where they have thousands of old houses with lath and horse hair plaster.
I fixed four ceiling cracks about eight years ago. So far they have not cracked again. I guess I did it correctly.
I blame that on HGTV. Everyone now has to have a perfect house. With three to four bedrooms. At least three bathrooms. God forbid you might have to share one.
Those kitchens and bathrooms better have granite or quartz countertops too and SS appliances.
Then we need to have a two or three car garage to park our cars in.
This is one of the reasons why houses are so expensive today.
Also, why first time home buyers can not afford them.
Most first time home buyers bought a fixer upper back in the 1960s, 70s, 80s or even 90s. Now, a lot of young people expect all the best stuff in their first home.
I disagree. I do not think it is a lie that OFTEN boomers were riding a wave of home ownership. Nobody can speak for all boomers or any group for that matter. I know of boomers (older, granted) that took an average job, bought a house on one income and quietly got passively rich as their home increased in value over the years. What you say is also true, but not in all cases.
Well done, FRiend.
LOL, no you didn’t, you have to choose a generation, which one are they?
You have them fighting WWI, WWII, why not throw in Korea, how many generations are you clumping together?
I told my kids not to expect to live in the same type of house they grew up in for a long time. It took me 25 years to get to where I am now. I started out in a 2 bed rent house and slowly worked up to where I am now.
The first no-fault divorce law was passed in 1969.
The price to income ratio goes up and down over the years, in the 1980’s it averaged 3-4% all the way until the 2000’s when a big push of illegals coming here under Bush coupled with Carter and Clintons Community Reinvestment Act which forced banks to give loans to those with sketchy credit history, this helped bump it up to 4-5% price to income ratio, as housing was in shorter supply causing home prices to rise then. There was easy money with liar loans and low interest rates.
my first home in 1987 was bought at 9.95% interest. I was making 18.00/ hr with a mortgage over 1300/month. we both had to work to pay for it.
You Are HIGH, There was no 'f€¢^king "home ownership wave." more like a tsunami and we were issued lead boots for over 10 years.
Most Millenials and Zers are clueless about the destructive policies they advocate.
I have one millennial son and one gen-x. Just my experience, but the peers of my older son fit some of the stereotypes, but the gen-z kids I know are not the same. They were entering school around the time of the recession and didn’t quite have the entitled life the millennials had.
All my son’s gen-z friends are conservative, including the public school and non-churched kids. One thing is consistent, they feel they have a mess to clean up
I meant gen-x, not gen-x
GFY
I agree with all of this and suggested sealing the border, deporting tens of millions of illegals, radically slashing H1bs, even cutting back on legal immigration and getting Blackrock and Vanguard and the big banks out of the residential real estate market.
Also, slashing costly regulations and tariffs to bring back manufacturing.
Its not the Boomer’s fault per se, but I do understand why younger folks are pissed. Education and houses are way more expensive in real terms than they used to be. Houses are currently more unaffordable than they have ever been in history. These are the result of choices politicians have made. We could make different choices and undo much of the damage that’s been done.
Check out “The Fourth Turning.”
"Too many boys toys"
We still have the jobs locked up, we have home mortgages in the 2 to 3 % range and we have defined benefit pension plans. They can’t afford houses so they have to rent and they can’t get high paying jobs because we are still in them. They will have pensions that are more based on earnings than the amount of time spent working. They don’t get senior discounts. We also had better music growing up.
PO’d because they have College debt? Nobody made you borrow for it, you should and could have paid out of pocket for CC. Do two years, get a scholarship, buy USED books, and work. Or work two years after your AD, go to Loonieversity on your savings. No spring breaks, no winter trips to the beaches, or ski slopes. YOU CHOSE your sorry lot, and voted for the Democrats who destroyed the system. OWN IT.
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