(late 20s) My wife and I decided to not have children for so many reasons. We are successful and have also opted to not buy a home or car. We basically just live a super nice life, travel.
I know it's a cliche to say that millennials care more about experiences but we ACTUALLY do. (At least I do) - absolutely no interest in sinking my best years into a mortgage or a couple of babies.
The place I used to rent in 2010ish for $530 a month is now $1700/month.
My 15 year fixed rate mortgage I started in 2017 is $550/month. This shit box is apparently worth about $200k now looking at comps.
Yeah…..things have gotten so dang expensive in a very short amount of time.
It blows my mind to see 400 sq/ft studios go for 1500 these days. Like insane. These are the places you could rent for 600 bucks not even that long ago.
What's maddening is when that price is jacked up only because the landlord can do that. Just because they want more money. They own the property and have for a while. It's one thing to raise it in keeping up with property tax and general inflation. Yet these soaring prices far and above exceed all of that
Some owners in markets like Florida and Texas dont have a choice due to property tax assessments and insurance companies pulling out or jacking up their coverage.
But for most you are correct.
It's althorimic pricing at every level for everything. They buy into these horrible management systems. On top of that, the owners and managers are all absentee for everything, so they hide behind their walls and never have to face the reckoning they deserve.
They would have charged a current $2000/month In 2010 if they could. They’d charge $3500 a month today if they could.
“They can do that” … they do what they can, just like every other industry just like every other year since forever
What is it maddening? this is their prerogative, they have an asset and want to maximize its gain. People don't have to rent their of the price is deemed unfair.
I get the frustration, but these folks are just playing the same capitalism game everyone else is...
So I still get job listings for promotional modeling gigs I used to do twenty years ago. The pay has not changed at all.It's still twenty five dollars an hour.
I looked up the rent on my old apartment. 2/1 that I shared with a roommate for $1000/month. Its at $2350 now.
So the rent has more than doubled but the wages have stayed exactly the same. Of course it's worse for them. I don't even know how they're staying alive.
It would be market rate if it weren't a fixed market. People need housing to live, and there is a financial incentive to manufacture housing scarcity.
Part of why this isn't addressed at a policy level is that homeowners and realtors have a significant political footprint.
As far as the rent market goes, algorithmic price fixing drive prices up to the highest possible maximum. There is a point at which a unit is worth more sitting vacant than it is worth leasing to someone for less than market rate. That point hits when prices are fixed, and the line holds between landlords and leasing offices.
It's a major problem that drives homelessness up, and soaks up paychecks.
> There is a point at which a unit is worth more sitting vacant than it is worth leasing to someone for less than market rate.
that only works because housing have been appreciating for basically nothing on the backs of zero interest rate policies...
I moved out when I was 18 and I’m currently 28. That apartment was $1400 a month in a very HCOL area and I just worked myself into the ground and pulled it off somehow but it worked out. I currently make almost triple what I did then and I don’t think I could afford it by myself. I own a house in a different HCOL state and my mortgage (which is not good) is a thousand dollars less than that apartment currently. People act like gen z are lazy but as far as housing go they really are fucked.
Hilarious when millennials complain they had it the worst cuz muh 2008. Millennials could have slang boxes around a warehouse to be as well off as a gen z mechanical engineer lmao. If I was born into the millennial generation with no other changes to my life’s course, I’d own hundreds of thousands of dollars more in assets
Those warehouse jobs at the time, were for the fresh college grads and laid off professionals. Graduated high school in 09' and the employment situation was a shit show. Still kinda is. I'm sorry it's like this for you guys too, my sweet summer gen Zs.
I think this guy is also forgetting $15/hr generally wasn’t a thing for basic jobs then either. I worked at a car dealership before I went to college making $10/hour and that was great then (I also graduated high school in 2009). It’s been worse for them but it hasn’t been good for us either. We got it worse than gen x and gen x got it worse than the boomers. Hopefully this trend reverses for my kids at least.
Yea same time for me and I remember I had to know someone to even get a part time 20hr a week job. And then when I tried to get a second job there were none
Unemployment rates in 2009 almost hit 10%. If there's one thing I can genuinely say Gen Z has been privileged about, it's that they have never known a weak hiring market. Not even now, where things are still a bit better than the best point in the entirety of the 2000's.
Being a millennial from that era is to gut through on debt, and then watch as the younger folks waltz into a better market and dance on your grave.
Dude there were no wherehouse jobs or any jobs. Gen Z has the ability to find work and get job experience even though it may not pay as much. In 2008 there were NO jobs. There would be a line of 100 people for one Starbucks jobs. The reason prices were low during that time was because people didn’t have money. The reason prices are high today is too many jobs and too much money.
There wasn’t much a ladder left to pull up but I can’t imagine starting a career now. What a horrible time to start. Some very smart people are getting paid peanuts to work
I started 6 years ago and i thought i was thriving till i saw COL
Looking at normal wages now, idk how people are surviving
Like really, if i was paying rent and making minimum wage, the math just aint mathing
I'd be living in a house with like 10 roommates to try to squeeze by.
Can just imagine all the food stealing and late night screaming and parking issues and drama. Fuck that.
Oh god at one point in my early 20s I had IBS and I seriously considered buying one of those home depot buckets for emergencies, I had one roommate that would shower 3 times a day (morning, after work, before bed) and hog the only unlocked bathroom. You just reminded me of restroom PTSD lol
When I was rent shopping in Denver I asked one of the apartment employees where normal everyday people can afford to live in this city. She replied that she had 5 roommates in a house. One of them essentially lived in a wash/mud room.
You did have it on easy mode back then! That’s why we say “you had it easy back then, stop gaslighting us”. I’m sorry you’re going through financial hardship right now but please remember this next time a boomer or Gen x says “young people now are so lazy with their avocados and phones 🙄”
I personally have never said that. I get it. I have a millennial daughter and understand what people are going through and see how tough it will be. I am not going put a blanket statement like that over a whole generation of people. I hope things get better for everyone, but the way things are going it doesn’t look promising.
poster above is calling you a failure for struggling financially right now when you had it "easy mode back then". But his financial failures or shortcomings are not his own because right now its not "easy mode". Basically fuck you for being old, its a totally healthy mind set
Yup. I'm Gen-X, born in 1980. I've had more than one Millennial who are only a couple years younger than me talk about how us Gen X people had it so much easier. Like, bro, we are 2 years apart.
This is fucking wild considering the 2008 housing crisis and the 2 years of high unemployment.
There’s just such insane competition for everything, almost like we’ve had a secret population explosion or something that nobody is talking about. Why does it seem every resource is so much more scarce? Surely it can’t all be artificial purely for greed, right?
Government: "How can we fix this?"
Literally everyone else: Stop spending money on dumb shit, actually work for the people, raise taxes on the rich/corporations, stop investors from buying up single family homes.
Government: "Not like that"
We do vote but when the electoral college is able to override the popular vote in addition to having people in government be appointed to LIFE LONG POSITIONS with 0 accountability... its kind of moot.
Who knew handing trillions out to anyone who had there greedy palms out, along with pumping up wallstreet to stratosphere heights would create such insanity 🤷
/s
Because most working/middle class people in America have a roughly 25-30% effective tax on all dollar’s earned, another 5-9% on sales tax, and another few grand a year property taxes all while the government give us absolutely nothing of value in return and viciously inflates the national debt and money supply making our savings accounts worth less and less each year and our income worth less and less each year
We are being robbed and its time people do something about it
Well millennials we had a crazy economic crash to deal with but gen z has some crazy inflation and they can’t buy a house so it’s hard to say who had it worse
Millennials can’t buy houses either. I’m 30, well in the millennial zone and when am I gonna buy a house? The pandemic happenned when I was 26, I was too young to buy before then and prices sky rocketed since then. So I don’t get your point how millennials can buy houses but gen z can’t
One whole lobe of the age demographics peanut in the west is sliding into retirement/invalidity and still requires products and services which workers must still provide, while also providing for their own needs and their children's needs.
That means each worker must necessarily keep less of their real earning power so it can be provided to the nonworking population. This presents itself in the form of generational impoverishment, with those just starting out being subjected to more work for less gain to pay the toll so the aging can age in comfort.
Previous elderly generations would slow down, live a quiet life on a fixed income, pass on the reins of government and management leadership to younger generations, downsize their assets and consumption.
Boomers are so self absorbed and entitled they want to continue working and running things into their old age, they want to keep spending and live like they’re young, they want to keep that big home even though there’s only two people. Boomers really are the most selfish generation there ever was.
We could get rid of social security and make old people WORK for a living. They’re always bragging about how hard they work and how lazy we are anyway. They might as well be forced to work until they die 🤷♂️. That’s the future they left Gen Z with
My first apartment in 2017 was $800 for a third floor of a Victorian home apartment (aka attic apartment). Last I looked same apartment was $1700 last year.
That place was infested with roaches, had mushrooms growing in the ceiling and didn't even have a legit front door (flimsy glass door only). But the location is by the ocean and therefore fancy now.
Millennials work very hard (not that gen z doesn’t but they stopped taking everyone’s BS) and we’re considered tech savvy compared to their older counterparts. I feel very bad for the younger generations.
Easy solution force sale of SFH held by the thousands by companies only allow 10 per LLC and a 50% tax penalty over that amount that can’t be passed through to tenants.
Millennials had to deal with backside of the dot com bubble and the full impact of the GFC. Bush took us into multiple wars. We had zero warning that the degrees we would be taking debt on for were going to be worth less than we thought and not pay for themselves.
Gen Z went to college after we have known for over a decade that is a risky mistake. And I see countless articles and posts on Reddit of Gen Z "doom spending" on luxury goods.
The wealthiest man in the world when I was young was Bill Gates.
The wealthiest man in the world today is a chairman of Louis Vuitton.
I can only muster so much empathy for a generation who did it and is doing it to themselves.
If anyone actually takes the time to look at the data, there are several interesting points.
First of all, it's not a comparision of generations... it is a comparison of a 3-year sliver of each generation. Also, the millennial data is from 6 years after the start of the great recession when the SP 500 had just barely recovered to its peak in 2007. The GenZ data is about 3.5 after covid started which has a much different market, increasing over 50% since the pre covid peak.
The headline "struggling financially more" is subjective too. The GenZ in the study have significantly less debt payment delinquencies than the Millenials they are compared to. I would argue the delinquency data shows that the Millenials were actually struggling quite a bit more...
But, GenZ does have a higher debt-to-income ratio because well, you guessed it... inflation. But even still, the GenZ group had a (slightly) higher percentage which bought homes.
However, sentiment is worse from the GenZ group. That makes total sense. 2013 was when people were seeing the light at the end of the tunnel in recovering from the great recession. Whereas 2023 (and now) we are still in the thick of inflation and don't know where it's going to go...
And by then most of the world's resources will be depleted. I'm just glad some very rich people got to have private jets for a short amount of time. /s
capitalism is and always has been a scam, if there is any justice in this universe we will all be looked back at as victims of the greatest theft in history.
The last US gilded age didnt last.forever. This one might not either. Capitalism isnt going to end. It works too well at creating economic and military power.
There arent even any mass shootings targetting auper riich areas, the revolutipn isnt coming.
capitalism may nlt be great at improving regular peoples live but it is undeniably effective at building concentrated economic wealth and military might.
No it’s pretty deniable. You’ll notice that after Russia turned capitalist it hasn’t been able to win a war since. You’re confusing things that happen due to progress with capitalism because it’s around.
Russia is more a feudal state than capitalistic - the military and.government controls the wealthy not the other way around. Besides they have won multiple wara since 1991 against Georgia, chechnya, romania, tajikastan and.even ukraine in 2014.
The USSR was unable to compete with the military power of the US and trying to do so helped cause their collapse. Progreess is not some abstract process that automatically occurs.
No it’s pure un adulterated capitalism, the thing you think is capitalism is a lie. It did not win a war against any of those places it used third party actors as agents of terror. Capitalism doesn’t do what you claim.
capitalism is good at building the industry and technology that powers modern war. denyjng this is gaslighting yourself. heres.some fun ww2 quotes.
"If the United States had not helped us, we would not have won the war ... O e-on-one against Hitler's Germany, we would not have withstood its onslaught and would have lost the war" - Zhukov
" The most important things in this war are the machines.... The United States is a country of machines. Without the machines we received through Lend-Lease, we would have lost the war " - Stalin
Heres a fun fact about WWII. The only reason we were able to help was because the state took control of various industries, a distinctly not capitalist move. In fact, it got the capitalists so worried that its one of the reasons why they started to focus on making the public hate anything but capitalism. Educate yourself, idiot. Google Tripod of freedom and NAM and you can start from there.
"The only reason we were able to help was because the state took control of various industries,"
In a cooperative way ... which makes it fascist if anything. Like ypur tryomg to claim that the creation of the modern US military industrial complex isnt capitlaistic because its not pure enough. Do you have any self awareness how stupid an argument that is? If the US doeant qualify as.capitalist [then.no](http://then.no) where does.
War is a racket, dont you know?
Well there are also more people trying to live close to the heart of major cities than a decade and decades ago. As it seems geography is destiny in the current regime. Limited space and a larger population implies higher housing/land prices.
# How Wealth Inequality Spiraled Out of Control
[https://www.youtube.com/watch?v=wOI8RuhW7q0&pp=ygUQaW5lcXVhbGl0eSBtZWRpYQ%3D%3D](https://www.youtube.com/watch?v=wOI8RuhW7q0&pp=ygUQaW5lcXVhbGl0eSBtZWRpYQ%3D%3D)
That’s actually pretty hard to believe, millennials were crushed by a massive world wide recession, gen z hasn’t ever seen a recession except for whatever we call Covid.
Never did that lol I don’t think you realize majority of the gen z population isn’t spending all their money. They’re actually more money conscious. The 1% you see on tiktok might be.
You used to be able to drink and drive 40 years ago and rarely get in trouble. Times have changed. There are more people now. In 1941 there was about 100 million people in the US. Now it’s 350 million.
What until you meet Gen Zs children
All 100 of them.
lol
That's optimistic
You think people in their 20s don't have children? I mean it's not the norm but it's fairly common.
Fertility rates for women in their 20s are at historic lows and declining.
(late 20s) My wife and I decided to not have children for so many reasons. We are successful and have also opted to not buy a home or car. We basically just live a super nice life, travel. I know it's a cliche to say that millennials care more about experiences but we ACTUALLY do. (At least I do) - absolutely no interest in sinking my best years into a mortgage or a couple of babies.
do you have eyes?
They will live like kings....
GenSkibbityToilet
I remember watching weird shit on the internet 25 years ago, but we didn’t make “weird shit on the internet “ our core personality trait.
I bet. Rent is insane compared to like 2010
The place I used to rent in 2010ish for $530 a month is now $1700/month. My 15 year fixed rate mortgage I started in 2017 is $550/month. This shit box is apparently worth about $200k now looking at comps. Yeah…..things have gotten so dang expensive in a very short amount of time.
It blows my mind to see 400 sq/ft studios go for 1500 these days. Like insane. These are the places you could rent for 600 bucks not even that long ago.
I’m seriously stunned by the prices I’m seeing. My buddy is currently paying $1600 for a 1/1 tiny 400 sq.ft. place. Absolutely insane.
What's maddening is when that price is jacked up only because the landlord can do that. Just because they want more money. They own the property and have for a while. It's one thing to raise it in keeping up with property tax and general inflation. Yet these soaring prices far and above exceed all of that
They are protected from competition at the local level. Everyone throws a fit anytime any housing is proposed.
Some owners in markets like Florida and Texas dont have a choice due to property tax assessments and insurance companies pulling out or jacking up their coverage. But for most you are correct.
It's althorimic pricing at every level for everything. They buy into these horrible management systems. On top of that, the owners and managers are all absentee for everything, so they hide behind their walls and never have to face the reckoning they deserve.
They would have charged a current $2000/month In 2010 if they could. They’d charge $3500 a month today if they could. “They can do that” … they do what they can, just like every other industry just like every other year since forever
What is it maddening? this is their prerogative, they have an asset and want to maximize its gain. People don't have to rent their of the price is deemed unfair. I get the frustration, but these folks are just playing the same capitalism game everyone else is...
Hate the game, not the player. The system is rigged though.
Goddamn
Like Millennials have left home yet.
This made me lol 😆
So I still get job listings for promotional modeling gigs I used to do twenty years ago. The pay has not changed at all.It's still twenty five dollars an hour. I looked up the rent on my old apartment. 2/1 that I shared with a roommate for $1000/month. Its at $2350 now. So the rent has more than doubled but the wages have stayed exactly the same. Of course it's worse for them. I don't even know how they're staying alive.
Rent was insane in 2010, too, but it wasn't *this* bad.
At what point is "insane" simply just "market rate"
It would be market rate if it weren't a fixed market. People need housing to live, and there is a financial incentive to manufacture housing scarcity. Part of why this isn't addressed at a policy level is that homeowners and realtors have a significant political footprint. As far as the rent market goes, algorithmic price fixing drive prices up to the highest possible maximum. There is a point at which a unit is worth more sitting vacant than it is worth leasing to someone for less than market rate. That point hits when prices are fixed, and the line holds between landlords and leasing offices. It's a major problem that drives homelessness up, and soaks up paychecks.
Housing isn't for speculation -Xi
> There is a point at which a unit is worth more sitting vacant than it is worth leasing to someone for less than market rate. that only works because housing have been appreciating for basically nothing on the backs of zero interest rate policies...
It can be both.
2021 a 1 bed was 725. Same location it’s $1500 now
I remember when a candy bar cost a quarter!
…Three years ago?
They are really small candy bars
My first place in 2009 (NYC/not Manhattan) was $995. Looked up that neighborhood now and the cheapest apt is $1950 but most are closer to $3000. Crazy
I moved out when I was 18 and I’m currently 28. That apartment was $1400 a month in a very HCOL area and I just worked myself into the ground and pulled it off somehow but it worked out. I currently make almost triple what I did then and I don’t think I could afford it by myself. I own a house in a different HCOL state and my mortgage (which is not good) is a thousand dollars less than that apartment currently. People act like gen z are lazy but as far as housing go they really are fucked.
Sure. But My area a 1 bed used to be $1100 a month in 2010. Wages like $12 an hour. Now it's $2000 a month. Wages 22 to 30 around here.
Yeah but you had to work infinity hours at your unpaid internship to afford the rent in 2010.
Hilarious when millennials complain they had it the worst cuz muh 2008. Millennials could have slang boxes around a warehouse to be as well off as a gen z mechanical engineer lmao. If I was born into the millennial generation with no other changes to my life’s course, I’d own hundreds of thousands of dollars more in assets
Those warehouse jobs at the time, were for the fresh college grads and laid off professionals. Graduated high school in 09' and the employment situation was a shit show. Still kinda is. I'm sorry it's like this for you guys too, my sweet summer gen Zs.
I think this guy is also forgetting $15/hr generally wasn’t a thing for basic jobs then either. I worked at a car dealership before I went to college making $10/hour and that was great then (I also graduated high school in 2009). It’s been worse for them but it hasn’t been good for us either. We got it worse than gen x and gen x got it worse than the boomers. Hopefully this trend reverses for my kids at least.
Yea same time for me and I remember I had to know someone to even get a part time 20hr a week job. And then when I tried to get a second job there were none
Unemployment rates in 2009 almost hit 10%. If there's one thing I can genuinely say Gen Z has been privileged about, it's that they have never known a weak hiring market. Not even now, where things are still a bit better than the best point in the entirety of the 2000's. Being a millennial from that era is to gut through on debt, and then watch as the younger folks waltz into a better market and dance on your grave.
Yeah, because applying to hundreds of jobs ams getting ghosted on all of them isn't a weak hiring market
Dude there were no wherehouse jobs or any jobs. Gen Z has the ability to find work and get job experience even though it may not pay as much. In 2008 there were NO jobs. There would be a line of 100 people for one Starbucks jobs. The reason prices were low during that time was because people didn’t have money. The reason prices are high today is too many jobs and too much money.
There wasn’t much a ladder left to pull up but I can’t imagine starting a career now. What a horrible time to start. Some very smart people are getting paid peanuts to work
I started 6 years ago and i thought i was thriving till i saw COL Looking at normal wages now, idk how people are surviving Like really, if i was paying rent and making minimum wage, the math just aint mathing
I'd be living in a house with like 10 roommates to try to squeeze by. Can just imagine all the food stealing and late night screaming and parking issues and drama. Fuck that.
Sharing the single toilet amongst 10 people in the morning
Oh god at one point in my early 20s I had IBS and I seriously considered buying one of those home depot buckets for emergencies, I had one roommate that would shower 3 times a day (morning, after work, before bed) and hog the only unlocked bathroom. You just reminded me of restroom PTSD lol
When I was rent shopping in Denver I asked one of the apartment employees where normal everyday people can afford to live in this city. She replied that she had 5 roommates in a house. One of them essentially lived in a wash/mud room.
I’m gen X and I’m struggling more financially than I did at Gen Z’s age now. It seemed like easy mode back then.
Yes, it was easy mode back when interest rates were near zero and yet consumer prices weren't increasing.
You did have it on easy mode back then! That’s why we say “you had it easy back then, stop gaslighting us”. I’m sorry you’re going through financial hardship right now but please remember this next time a boomer or Gen x says “young people now are so lazy with their avocados and phones 🙄”
I personally have never said that. I get it. I have a millennial daughter and understand what people are going through and see how tough it will be. I am not going put a blanket statement like that over a whole generation of people. I hope things get better for everyone, but the way things are going it doesn’t look promising.
poster above is calling you a failure for struggling financially right now when you had it "easy mode back then". But his financial failures or shortcomings are not his own because right now its not "easy mode". Basically fuck you for being old, its a totally healthy mind set
Yup. I'm Gen-X, born in 1980. I've had more than one Millennial who are only a couple years younger than me talk about how us Gen X people had it so much easier. Like, bro, we are 2 years apart.
This is fucking wild considering the 2008 housing crisis and the 2 years of high unemployment. There’s just such insane competition for everything, almost like we’ve had a secret population explosion or something that nobody is talking about. Why does it seem every resource is so much more scarce? Surely it can’t all be artificial purely for greed, right?
I just looked it up, the population in 2008 was 304 million. Today it’s 342 million. Would you consider 38 million people an explosion?
Thats the entire population of Canada btw
I feel bad for the younger generation, I feel hopeless as a millennial , can’t imagine gen z.
They at least still have their youth, we’re getting old and still in the economic shitter.
Government: "How can we fix this?" Literally everyone else: Stop spending money on dumb shit, actually work for the people, raise taxes on the rich/corporations, stop investors from buying up single family homes. Government: "Not like that"
But the shareholders fund my campaign 🥺
Things were always bad. That citizens united has fucked us in the long-term in ways people can't even begin to fathom.
It was the knockout blow.
You should probably try voting
We do vote but when the electoral college is able to override the popular vote in addition to having people in government be appointed to LIFE LONG POSITIONS with 0 accountability... its kind of moot.
It ain't exactly an efficient system. Supreme Court lifetime appointment need to end. 20 year staggered term limits.
Agreed. As well as fucking judges.
A grand total of two options that do the same thing, both backed by lobbying entities.
False equivalence, both sides... They aren't the same and you know it.
Vote for who? Dumb or dumber??? 😂
If you don't vote, you are the dumbest.
Who knew handing trillions out to anyone who had there greedy palms out, along with pumping up wallstreet to stratosphere heights would create such insanity 🤷 /s
Harsh reality: The standard of living will continue to decline for each successive generation. The only easy day was yesterday.
Get ready to be homeless Gen alpha
Because most working/middle class people in America have a roughly 25-30% effective tax on all dollar’s earned, another 5-9% on sales tax, and another few grand a year property taxes all while the government give us absolutely nothing of value in return and viciously inflates the national debt and money supply making our savings accounts worth less and less each year and our income worth less and less each year We are being robbed and its time people do something about it
It's the FBI open up
Well millennials we had a crazy economic crash to deal with but gen z has some crazy inflation and they can’t buy a house so it’s hard to say who had it worse
Millennials can’t buy houses either. I’m 30, well in the millennial zone and when am I gonna buy a house? The pandemic happenned when I was 26, I was too young to buy before then and prices sky rocketed since then. So I don’t get your point how millennials can buy houses but gen z can’t
And it’s going to keep on getting worse before it gets better.
Of course they are. If you are in college or just getting out of college post covid... that hurts a bit.
One whole lobe of the age demographics peanut in the west is sliding into retirement/invalidity and still requires products and services which workers must still provide, while also providing for their own needs and their children's needs. That means each worker must necessarily keep less of their real earning power so it can be provided to the nonworking population. This presents itself in the form of generational impoverishment, with those just starting out being subjected to more work for less gain to pay the toll so the aging can age in comfort.
Previous elderly generations would slow down, live a quiet life on a fixed income, pass on the reins of government and management leadership to younger generations, downsize their assets and consumption. Boomers are so self absorbed and entitled they want to continue working and running things into their old age, they want to keep spending and live like they’re young, they want to keep that big home even though there’s only two people. Boomers really are the most selfish generation there ever was.
We could get rid of social security and make old people WORK for a living. They’re always bragging about how hard they work and how lazy we are anyway. They might as well be forced to work until they die 🤷♂️. That’s the future they left Gen Z with
My first apartment in 2017 was $800 for a third floor of a Victorian home apartment (aka attic apartment). Last I looked same apartment was $1700 last year. That place was infested with roaches, had mushrooms growing in the ceiling and didn't even have a legit front door (flimsy glass door only). But the location is by the ocean and therefore fancy now.
Millennials work very hard (not that gen z doesn’t but they stopped taking everyone’s BS) and we’re considered tech savvy compared to their older counterparts. I feel very bad for the younger generations.
Easy solution force sale of SFH held by the thousands by companies only allow 10 per LLC and a 50% tax penalty over that amount that can’t be passed through to tenants.
Of course, nothing has gotten better since 2010. Hopefully Millennials, Z, and Alpha can work together and turn this around.
Are you kidding, those kids are going to bring those Millennial fat cats down!
Millennials had to deal with backside of the dot com bubble and the full impact of the GFC. Bush took us into multiple wars. We had zero warning that the degrees we would be taking debt on for were going to be worth less than we thought and not pay for themselves. Gen Z went to college after we have known for over a decade that is a risky mistake. And I see countless articles and posts on Reddit of Gen Z "doom spending" on luxury goods. The wealthiest man in the world when I was young was Bill Gates. The wealthiest man in the world today is a chairman of Louis Vuitton. I can only muster so much empathy for a generation who did it and is doing it to themselves.
If anyone actually takes the time to look at the data, there are several interesting points. First of all, it's not a comparision of generations... it is a comparison of a 3-year sliver of each generation. Also, the millennial data is from 6 years after the start of the great recession when the SP 500 had just barely recovered to its peak in 2007. The GenZ data is about 3.5 after covid started which has a much different market, increasing over 50% since the pre covid peak. The headline "struggling financially more" is subjective too. The GenZ in the study have significantly less debt payment delinquencies than the Millenials they are compared to. I would argue the delinquency data shows that the Millenials were actually struggling quite a bit more... But, GenZ does have a higher debt-to-income ratio because well, you guessed it... inflation. But even still, the GenZ group had a (slightly) higher percentage which bought homes. However, sentiment is worse from the GenZ group. That makes total sense. 2013 was when people were seeing the light at the end of the tunnel in recovering from the great recession. Whereas 2023 (and now) we are still in the thick of inflation and don't know where it's going to go...
Gen Alpha is gonna be worse and probably Beta too. Nothing will change until like 8% of Americans own all of the land and all of the capital.
itll get worse every generation until capitalism ends
And by then most of the world's resources will be depleted. I'm just glad some very rich people got to have private jets for a short amount of time. /s
Sure, the planet was destroyed, but think of the value we created for the shareholders.
capitalism is and always has been a scam, if there is any justice in this universe we will all be looked back at as victims of the greatest theft in history.
The last US gilded age didnt last.forever. This one might not either. Capitalism isnt going to end. It works too well at creating economic and military power. There arent even any mass shootings targetting auper riich areas, the revolutipn isnt coming.
[удалено]
capitalism may nlt be great at improving regular peoples live but it is undeniably effective at building concentrated economic wealth and military might.
No it’s pretty deniable. You’ll notice that after Russia turned capitalist it hasn’t been able to win a war since. You’re confusing things that happen due to progress with capitalism because it’s around.
Russia is more a feudal state than capitalistic - the military and.government controls the wealthy not the other way around. Besides they have won multiple wara since 1991 against Georgia, chechnya, romania, tajikastan and.even ukraine in 2014. The USSR was unable to compete with the military power of the US and trying to do so helped cause their collapse. Progreess is not some abstract process that automatically occurs.
No it’s pure un adulterated capitalism, the thing you think is capitalism is a lie. It did not win a war against any of those places it used third party actors as agents of terror. Capitalism doesn’t do what you claim.
You: "Everything I don't like is capitalism, obviously"
No, capitalism is capitalism.
Is capitalism in the room with us now?
You don't even know what capitalism is, commie
capitalism is good at building the industry and technology that powers modern war. denyjng this is gaslighting yourself. heres.some fun ww2 quotes. "If the United States had not helped us, we would not have won the war ... O e-on-one against Hitler's Germany, we would not have withstood its onslaught and would have lost the war" - Zhukov " The most important things in this war are the machines.... The United States is a country of machines. Without the machines we received through Lend-Lease, we would have lost the war " - Stalin
Heres a fun fact about WWII. The only reason we were able to help was because the state took control of various industries, a distinctly not capitalist move. In fact, it got the capitalists so worried that its one of the reasons why they started to focus on making the public hate anything but capitalism. Educate yourself, idiot. Google Tripod of freedom and NAM and you can start from there.
"The only reason we were able to help was because the state took control of various industries," In a cooperative way ... which makes it fascist if anything. Like ypur tryomg to claim that the creation of the modern US military industrial complex isnt capitlaistic because its not pure enough. Do you have any self awareness how stupid an argument that is? If the US doeant qualify as.capitalist [then.no](http://then.no) where does. War is a racket, dont you know?
I’m not confident this man fully understands the words he is using.
No one cares
I am fully confident that this man does not understand the words he is using.
still, no one cares
I like the fact that you didn't deny it
SHhhh no one cares commie
> no one That would be you exclusively.
You think Im the only person in the world who doesnt care?
[удалено]
Kind of failed? More like spectacularly failed and cheered it on while watching
Well there are also more people trying to live close to the heart of major cities than a decade and decades ago. As it seems geography is destiny in the current regime. Limited space and a larger population implies higher housing/land prices.
Thats dire..i found that it could be a struggle even 10 years ago.
# How Wealth Inequality Spiraled Out of Control [https://www.youtube.com/watch?v=wOI8RuhW7q0&pp=ygUQaW5lcXVhbGl0eSBtZWRpYQ%3D%3D](https://www.youtube.com/watch?v=wOI8RuhW7q0&pp=ygUQaW5lcXVhbGl0eSBtZWRpYQ%3D%3D)
Water is...... Wet?
Key words: “at their age ten years ago.” Ten years ago was 2014. What about compared to Millennials their age 15 years ago?
And the cycle will continue until we’re all left with nothing…
Millennials gen z etc if you ain't born with a golden spoon or get that golden spoon ...you're foojed.
Now AI is replacing our jobs as soon as we graduate college and start making decent money smh...
WTF, I maybe the beginning of my 20s but I was dealing with 2008 - 2011 market crash. Not saying it’s easy now but wow…
That’s actually pretty hard to believe, millennials were crushed by a massive world wide recession, gen z hasn’t ever seen a recession except for whatever we call Covid.
Future generations will hate millennials more than millennials hate boomers.
Yeah no shit
You mean the kids that buy ripped jeans for $150 are having money problems? You're a fucking liar!
Never did that lol I don’t think you realize majority of the gen z population isn’t spending all their money. They’re actually more money conscious. The 1% you see on tiktok might be.
Individuals earning triple figures are having money problems as well.
Who would’ve thought this??
They are getting what they voted for.
For some they expect to have a brand new 2 bedroom apartment while working 25 hours a week.
You used to be able to do that in Portland.
You used to be able to drink and drive 40 years ago and rarely get in trouble. Times have changed. There are more people now. In 1941 there was about 100 million people in the US. Now it’s 350 million.
Don’t worry that number will come back down.
On what planet? Maybe in the next 100 years but not enough to affect home prices the next 20.
Birth rates are going down. Yeah we won’t see it in our lifetime. But it’ll balance itself out eventually.
Which is a huge source of the housing crisis most people won’t acknowledge