Young Americans are holding off on buying a home, with the average age in 2024 being a record high of 38
  • A_Random_Idiot@lemmy.worldEnglish
    401·
    2 days ago

    because the previous generation were all robber barons that drained the world for their personal gain at the expense of the children they insisted on having.

    • ameancow@lemmy.worldEnglish
      9·
      2 days ago

      I watched my own father illicitly borrow millions of dollars by bullshitting other rich boomers, acquire vast acres of property across the country, promise the family he would pass it all down to us and our futures were set, then have everything taken away by courts as he and and the rest of my family drank themselves to death after snorting away every family assets on cocaine and other drugs.

      I lost everything I owned after investing my time and energy into being there for my family and they just crashed out without any accountability to their next generation. Starting over in the middle of my life from nothing. I may never own property of any kind. I probably will never retire.

      I feel like it was all just a microcosm view of what’s happening broadly. The legacy of the boomer generation is going to be crushing us for a century to come or maybe forever.

      • Whats_your_reasoning@lemmy.world
        2·
        2 days ago

        In our one-bedroom apartments that we still struggle to afford. Not sure how we’ll be able to take care of them full time when we’re also still working full time.

        And people think we can afford to save for our own retirements. Lol.

  • lightnsfw@reddthat.com
    19·
    2 days ago

    “Holding off”? No, I can’t afford it. I’d love to own a home but my wage doesn’t keep up with inflation.

    • Whats_your_reasoning@lemmy.world
      9·
      2 days ago

      At today’s prices, a family would need to earn $126,700 a year to afford monthly payments on an average home purchased in 2024, up from $79,300 annually in 2021, according to a report from the Harvard Joint Center for Housing Studies.

      We are so screwed.

      • M0oP0o@mander.xyz
        8·
        2 days ago

        And they think someone can save for a down payment how? If you need 6 figures to afford the payments who can do that and have a down payment?

      • Whats_your_reasoning@lemmy.world
        2·
        2 days ago

        As far as having a personality and sense of empathy? Absolutely. I also like knowing that people love me for who I am, rather than because I’d have money.

        But to not have to worry about affording the roof over my head would be pretty nice.

  • billwashere@lemmy.worldEnglish
    7·
    2 days ago

    Maybe it has something to with home prices rising an average of about 7.5 % per year over the last 10 years which means more than doubling.

    Bought my house 2 years ago and it had doubled in price since 2013.

    • No_Eponym@lemmy.ca
      3·
      1 day ago

      Meanwhile, wages have not kept up, largely to support/advantage/non-impact for those who bought in earlier. Boomers take advantage of low taxes, low-cost services, etc. driven by low wages.

      Even with low interest rates, the size of the necessary downpayment is prohibitive and exposure to interest rate related shocks are much greater.

      And everything else is much more expensive for an expensive house, including insurance, which is also getting harder to get and more expensive due to climate change.

      Tl;DR: Younger generations are not getting housing because of older generations. We all know the answer to this question…

    • Pacattack57@lemmy.world
      1·
      2 days ago

      Ya housing prices right now are a joke. What nobodies talking about is it doesn’t only affect buyers. Owners are getting screwed on their taxes. I am paying $500/month more this year than last in taxes alone.

  • jjjalljs@ttrpg.network
    1211·
    3 days ago

    People aren’t paid enough. The rich have too large a portion of the resources.

    Eat the rich. Bury their collaborators.

    • Stovetop@lemmy.world
      55·
      2 days ago

      The worst part is that I am getting paid a salary I could have only dreamed about years ago, and yet I still can’t afford anything with how drastically everything went up in price.

      Wages in general have gone up a little bit, but it’s crazy to me that I’m earning more than 5x as much as I used to 15 years ago and feel like my buying power has not noticeably improved at all. I’m still stuck living in crappy apartments because that is all I can afford.

      • Guitarfun@lemmy.world
        23·
        2 days ago

        Exactly! My partner and I together make over $100,000 a year and finally we are just barely comfortable. All of our bills get paid and even though the budget is tight, we still have a little money and decent credit. I could put a $1,000 guitar on credit and pay that off no problem, but there’s no way we could get a house.

        Maybe if our wages doubled then we could find something further out in the sticks. Hopefully by that time more companies allow full remote work because I already lose an hour or more a day traveling.

        • jjjalljs@ttrpg.network
          16·
          2 days ago

          Companies demanding return to office is such a twist of the knife. It’s a pay cut, making someone spend an hour or two commuting without paying them for it. But the boss doesn’t care

          • Guitarfun@lemmy.world
            10·
            2 days ago

            Maintenance, gas, car insurance, more expensive food, tolls, parking, and time. It’s a massive paycut for many people when you really think about it.

    • Lka1988@sh.itjust.worksEnglish
      36·
      2 days ago

      $100k down

      Fucking LMAO

      “Yeah, before you buy, we want an amount of money you will never have at any one point in your entire life before we consider thinking about suggesting a mortgage to you”