Millennials own less than half the real estate wealth of boomers—can they catch up?
Millennials own less than half the real estate wealth of boomers—can they catch up?
GenX not even mentioned. 🏆
Hey man, I'm Gen X and I have a house.
It's in a shitty town I hate living in and if I sold it, I couldn't afford to buy a house anywhere else, but I have a house!
I'm GenX and I just bought my first house. Just shows you what working hard for 29 years can get you! Just got to work for another 29 and I can start thinking about retirement and then work another 29 cause millennials killed retiring. Damn millennials.
I keep telling my wife that every time she talks about moving. My house has almost doubled in price. There are no houses within 60 miles for the price we paid that aren't ghetto or half the size.
Gen X as well here - I've come to the conclusion that while I'm not expecting to be able to afford to retire at a reasonable age and have no life insurance beyond what my employer offers, the one thing I'm hoping to be able to leave my children is my house. For so many years raising them we were broke and housing was definitely questionable at times, but now I'm about 6.5 years into a 30 year mortgage. If it can be maintained, at least they won't have to worry (as much) about losing the roof over their heads. And if need be they'll be able to sell it when I'm gone, and hopefully it'll still be worth something.
But of course. Did you think you were only going to be ignored as a kid?
/golfclap
Amazing.
All we were good for was being silent consumers and producers.
Well, eventually they'll all be dead...
It's insane the largest group of home buyers is boomers already, but obviously they can't keep it up for more than a decade or two max.
Just enough time to ruin the retirements of millenials and screw up their children's generation too
Trying to get into a small 2 bedroom was so hard in my area. If the house was in good shape and didn’t have stairs, downsizing boomers were throwing giant all cash offers at the home with 30% over asking.
I think the implied premise of this article that the young will "catch up" with retirees is quite flawed. Not saying there aren't issues here but anyone in their 20s and 30s will not be as well off as most are in their 60s and 70s.
sure, just in time for their great-grandchildren to enter their 20s
How could they not? Do boomers not die anymore?
Just waiting for the boomers to die out and the market collapses to follow
Maybe my grandchildren will have financial stability
Yes.
There are multiple ways to buy homes.
Also people do not live forever. Baby boomers die. They go to assisted living and home get sold.
On top of that, we really should be focusing on corporate ownership of housing artificially inflating prices of homes, but instead we get propagandized into dividing generations
I think the reason younger people are upset at boomers about this isn’t that their generation caused it directly as a generation of people, it is that (at least in the US) the general complete lack of awareness about how austerity, deregulation of everything and trickle down economics is utter nonsense coupled with a deep distrust of any kind of unions that in general defines the (US at least) boomer generation created a huge space for corporations to eat away at the foundations of the society that made boomers able to live relatively high quality lives.
Yes it is the rich that are ruining everything, but boomers still bought the bullshit the rich were selling hook line and sinker and most refuse to interface with that at all even as they watch their kids clearly growing up into adults with much less quality of life than they had.
So yes, let’s keep this focused on the rich but that doesn’t mean boomers don’t deserve shit, especially middle class and wealthier boomers in the US.