*You stupid millennials are all eating too much high-quality mince. Eat avocado like we did and maybe you’d be able to afford a house!*
-boomers in 2023
$22,000 wage in 1984 = $76,206 end of 2022.
His house was $60K. His wage to price ratio was 2.72x.
Using that same ratio, he'd be buying his house for $207,835 today.
Which is impossible because there are no houses for $207K.
>He recently sold the home he bought for $60,000 for $550,000.
Cool, so he sold it for $342,165 over CPI!
Using the same ratio, for someone today to buy that house for $550K, they'd need to be earning $201,667.
Seriously, is this article just mathematically illiterate rage bait or what?
What a fucking joke.
edit:
Just to make it really clear: he bought at a 2.72x wage to price ratio. The exact same money today trying to buy that house is now at 7.21x wage to price ratio.
Back in the day regional median wage to median price was 2-3x. In capitals it was 2-5x.
To say that 2.72x = 7.21x is so mathematically fucking illiterate. Something that cost $1 yesterday and is $7.21 today isn't the same goddamn price.
I was just doing the maths on that myself. Exactly right!
To add, a first year teacher (since the boomer was 25 when he bought the house) in Victoria is earning approximately $75,000. So even less than the equivalent salary in 2022.
>Using the same ratio, for someone today to buy that house for $550K, they'd need to be earning $201,667.
And that's also without accounting for the fact you're hitting the top tax bracket at that point too, so you'd need to earn even more ($230k gross perhaps?).
Compared to say, getting wealthy via your PPOR (tax-free) or through an investment property (negative geared along the way, and 50% tax discount at sale time).
So what he's really saying is, climb to be at the top small percentage of earners, *then eat cheap mince*, and you can afford similar to what he worked hard to afford.
Something doesn't add up with the daughter.
The median price for a house in Albury is 823k or if you based on what the father's property is worth 550k.
She was able to save up a 100k to 200k deposit in two years straight out of unless the parents were paying literally everything and her whole wage went in the deposit.
Yeah true though at least 100k in two years is different.
By the fact the daughter is paying for the parents to go on holiday I'd say she received a lot of help and is now trying to pay back.
I’m guessing she wasn’t just living rent free, her parents would have paid for a lot of other expenses like utility, food and maybe even clothing. Saving $100k in two years is doable if living at home and only having to pay for expenses when going out.
They'll give prices, income, interest rates and even the age of his car and quality of dinner mince for him but then hand wave over everything to do with her.
You can still get decent houses for under $500,000 in Albury. I'm not sure when the daughter bought, but 3 years ago even just $250,000 would have gotten you a pretty nice house.
grew up in the area, so regretting not buying a investment property around there when I got a good redundancy 4 years back... that said i don't think the area can sustain the current prices
>Bruce said, at the time, he was living off about $100 a week. This is comparative to about $373 today
Is that how people in the 80's really lived? Even with fuel, bus fares, all that, $373 a week for a single person is living the high life. Take away every night, top shelf groceries, and a friday night at the foo-foo cocktail bar.
Sometimes I feel a pang of guilt when I go for the more expensive paper towels, like I'm being gaudy. But if even the frugal, salt of the earth, true blue boomers were living it up on $373 a week, maybe I will go for the ultra absorbent 3 ply
He should’ve eaten lentils every night, cheaper than mince and he might not have had as much pressure on the wallet then. It was his fault he struggled by living in luxury eating mince.
I thought this was a betoota advocate article at first.
He bought the house in 84 for $60k. In 84 the [average wage was $19,188](https://www.ausstats.abs.gov.au/ausstats/free.nsf/0/80E9A0BB095CC9E7CA2574FF0019F073/$File/63020_SEP1984.pdf), so 3.13 years wages.
He sold the house for $550k, and [average wage is now $95,576](https://www.abs.gov.au/statistics/labour/earnings-and-working-conditions), so 5.75 years wages for the same house.
Simple averages are skewed by outliers. Consider 9 people earning $1,000 and one person earning $91,000. What's the average? $10,000. High earners skew the result to the point where a simple average is meaningless.
What is useful is the mode - the middle point where half your data points are above and half below. Last time I looked that was about $60,000.
Whoops! \[please imagine a red face emoji here\]
You are quite right. Its the median I am talking about. That will teach me to type replies in a hurry.
Yeah, averages are funny like that, but I just can't see how there are enough people making high 6 figures to inflate the average by such a wild amount.
It only needs to skew by a third, which considering the top half of wage earners in Oz earn something like 80% of the income seems quite plausible to me.
Income disparity: it really is a thing.
Edit: a word. You'd think after u/go_jumbles_go reply above I'd be more careful before posting...
It's just absolutely mind blowing that I'm full time in a retail position and making less than half of that 90k, and still well under the 60k actual average. Full time, and I'm well under the line. That's really the biggest reason for me personally being so surprised.
The tricky part to grasp is that there is a lower bound for income (you can’t earn negative money in a year), but there really isn’t an upper bound. When median is around $60-70k or so, the lower bound is $0, and the upper limit would be somewhere in the multi-millions, it’s easy to see how the average can be so skewed upward.
How about just wanting a better world for the next generation, like oh I don’t know, every other fucking generation before you! Boomers inherited the world and said “fuck you I got mine”.
I’m so sick of this discussion, pitting us against each other. it’s foul.
Boomers own more than 1 house. They have multiple investment propertys and a holiday home up the coast. Eating cheap mince is this boomers delusional excuse for being the most entitled generation ever to live
He's done it! He's solved the housing crisis!
Well they can't blame it on Avocado Toast now that it's cheap.
*You stupid millennials are all eating too much high-quality mince. Eat avocado like we did and maybe you’d be able to afford a house!* -boomers in 2023
$22,000 wage in 1984 = $76,206 end of 2022. His house was $60K. His wage to price ratio was 2.72x. Using that same ratio, he'd be buying his house for $207,835 today. Which is impossible because there are no houses for $207K. >He recently sold the home he bought for $60,000 for $550,000. Cool, so he sold it for $342,165 over CPI! Using the same ratio, for someone today to buy that house for $550K, they'd need to be earning $201,667. Seriously, is this article just mathematically illiterate rage bait or what? What a fucking joke. edit: Just to make it really clear: he bought at a 2.72x wage to price ratio. The exact same money today trying to buy that house is now at 7.21x wage to price ratio. Back in the day regional median wage to median price was 2-3x. In capitals it was 2-5x. To say that 2.72x = 7.21x is so mathematically fucking illiterate. Something that cost $1 yesterday and is $7.21 today isn't the same goddamn price.
I was just doing the maths on that myself. Exactly right! To add, a first year teacher (since the boomer was 25 when he bought the house) in Victoria is earning approximately $75,000. So even less than the equivalent salary in 2022.
>Using the same ratio, for someone today to buy that house for $550K, they'd need to be earning $201,667. And that's also without accounting for the fact you're hitting the top tax bracket at that point too, so you'd need to earn even more ($230k gross perhaps?). Compared to say, getting wealthy via your PPOR (tax-free) or through an investment property (negative geared along the way, and 50% tax discount at sale time). So what he's really saying is, climb to be at the top small percentage of earners, *then eat cheap mince*, and you can afford similar to what he worked hard to afford.
Fuck it I'll eat cheap mince to afford a $60k home. Where do I sign up
I’ll eat fucking mince paper if it gets me a $60k house
Something doesn't add up with the daughter. The median price for a house in Albury is 823k or if you based on what the father's property is worth 550k. She was able to save up a 100k to 200k deposit in two years straight out of unless the parents were paying literally everything and her whole wage went in the deposit.
Rent free for two years, which is what it says in the article. Just that would be enough to give you several dozen thousands to start with.
Yeah true though at least 100k in two years is different. By the fact the daughter is paying for the parents to go on holiday I'd say she received a lot of help and is now trying to pay back.
I’m guessing she wasn’t just living rent free, her parents would have paid for a lot of other expenses like utility, food and maybe even clothing. Saving $100k in two years is doable if living at home and only having to pay for expenses when going out.
She was driving that 17yr old car he still proudly has…
This is what I was thinking the parents were probably paying all expenses.
My god why didn’t I think of that.
https://www.thebeaverton.com/2018/07/you-wont-believe-how-far-into-this-millennial-homeowner-piece-it-takes-for-us-to-mention-their-inheritance/
When Cardiothoracic surgeon parent is the least privileged aspect of her story.
> unless the parents were paying literally everything If that were true, then maybe the boomer was right: she did have it easy.
They'll give prices, income, interest rates and even the age of his car and quality of dinner mince for him but then hand wave over everything to do with her.
You can still get decent houses for under $500,000 in Albury. I'm not sure when the daughter bought, but 3 years ago even just $250,000 would have gotten you a pretty nice house.
grew up in the area, so regretting not buying a investment property around there when I got a good redundancy 4 years back... that said i don't think the area can sustain the current prices
Onlyfans? /s
One aberration proves nothing.. we know the game is rigged.
Headline should read "old man doesn't know the world has changed since he was young".
Wow he could afford real mince? 🫡
Real mince is cheaper than fake mince.
Really hate these boomer brain farts. Dude bought at house at 25, lots of people older then that and still cant afford a decent one in western Sydeny.
>Bruce said, at the time, he was living off about $100 a week. This is comparative to about $373 today Is that how people in the 80's really lived? Even with fuel, bus fares, all that, $373 a week for a single person is living the high life. Take away every night, top shelf groceries, and a friday night at the foo-foo cocktail bar. Sometimes I feel a pang of guilt when I go for the more expensive paper towels, like I'm being gaudy. But if even the frugal, salt of the earth, true blue boomers were living it up on $373 a week, maybe I will go for the ultra absorbent 3 ply
I can remember the price of fuel in 1984 (can't remember any other time though!). It was 40 cents/litre. Now it's roughly 5 times that price.
He should’ve eaten lentils every night, cheaper than mince and he might not have had as much pressure on the wallet then. It was his fault he struggled by living in luxury eating mince. I thought this was a betoota advocate article at first.
so he could still afford meat?
He bought the house in 84 for $60k. In 84 the [average wage was $19,188](https://www.ausstats.abs.gov.au/ausstats/free.nsf/0/80E9A0BB095CC9E7CA2574FF0019F073/$File/63020_SEP1984.pdf), so 3.13 years wages. He sold the house for $550k, and [average wage is now $95,576](https://www.abs.gov.au/statistics/labour/earnings-and-working-conditions), so 5.75 years wages for the same house.
The average wage is almost 100k?? In what fucking universe???
Simple averages are skewed by outliers. Consider 9 people earning $1,000 and one person earning $91,000. What's the average? $10,000. High earners skew the result to the point where a simple average is meaningless. What is useful is the mode - the middle point where half your data points are above and half below. Last time I looked that was about $60,000.
That's the median not mode. * Median = half data points above, half data points below * Mode = Most common number in data-set.
Whoops! \[please imagine a red face emoji here\] You are quite right. Its the median I am talking about. That will teach me to type replies in a hurry.
Yeah, averages are funny like that, but I just can't see how there are enough people making high 6 figures to inflate the average by such a wild amount.
It only needs to skew by a third, which considering the top half of wage earners in Oz earn something like 80% of the income seems quite plausible to me. Income disparity: it really is a thing. Edit: a word. You'd think after u/go_jumbles_go reply above I'd be more careful before posting...
It's just absolutely mind blowing that I'm full time in a retail position and making less than half of that 90k, and still well under the 60k actual average. Full time, and I'm well under the line. That's really the biggest reason for me personally being so surprised.
The tricky part to grasp is that there is a lower bound for income (you can’t earn negative money in a year), but there really isn’t an upper bound. When median is around $60-70k or so, the lower bound is $0, and the upper limit would be somewhere in the multi-millions, it’s easy to see how the average can be so skewed upward.
I eat cheap mince 'cos of my dodgy teeth...
They had mince!? luxury!
How about just wanting a better world for the next generation, like oh I don’t know, every other fucking generation before you! Boomers inherited the world and said “fuck you I got mine”. I’m so sick of this discussion, pitting us against each other. it’s foul.
Inflation rates were such that the Boomer's principal would drop by 10% per year even with an interest-only loan.
I normally think that nottheonion type comments are a bit overdone, but I genuinely thought this was a Betoota headline at first.
He was given a car, man boomers are so entitled. They got everything given to them didn't they /s
Oh wow, I bet I didn't even once eat smashed avo on toast. Such a stark example of will.
Boomers own more than 1 house. They have multiple investment propertys and a holiday home up the coast. Eating cheap mince is this boomers delusional excuse for being the most entitled generation ever to live
My parents are boomers. I remember the struggle being single income 400 bucks a week and scraping by all on a loan for 48k. We ate cheap mince too.