Few milestones in life mean as much to the American Dream as owning a home. And millennials have encountered the kind of trouble totally befitting their generation, which largely graduated into the teeth of the disastrous post-2008 job market. Just as they entered peak homebuying and household formation age, housing affordability is at 40-year lows, and mortgage rates are near 40-year highs.
The anxiety this generation feels about the prospect of never owning their own home affects their entire perception of their finances and the economy, says Moody’s chief economist Mark Zandi.
“If they feel like they’re locked out of owning a home it colors their perceptions about everything else going on in their financial lives,” Zandi says.
Millennials have long been dogged by a brutal housing market. They faced not one, but two, cataclysmic economic events—the Great Financial Crisis in 2008 and the pandemic in 2020. Both of which left them reeling financially and struggling to afford a home. The Great Recession decimated the real estate market as the economy nearly collapsed under the weight of tenuous mortgage backed securities. While the pandemic brought with it a remote work boom that caused millions of citydwellers to flee to the suburbs, sending housing prices soaring.
They really need to STFU with this “Millennials” crap. The entire population aside from the rich are being affected by the now destroyed economy. Nobody is getting a house outside of unusual circumstances.
Pointing out how boomers and even gen x enjoy privileges that millennials and Z do not enjoy is not unfair.
True but unaffordable housing is not painful across society nor a single generation
No, but the Boomers, and GenX like me have had our shot during the good years. Millennials and Zs have been screwed before they even entered adulthood.
Some have sure, but the sector most at risk of homelessness are older women who for what ever reason are continually ignored.
You’re referring to a completely different topic that is being discussed here. We’re not talking about homelessness, but instead people that can make a rent payment but do not have the ability to buy a house.
Feel free to find a news article talking about homelessness and raise your point there.
And this thread started by Sir Kevin talks about moving away from generational conflict, but thanks for keeping us on the very narrow track champ
I can’t tell if you’re trolling or you don’t understand that not every thread is about every problem facing people. Is homelessness a problem? Absolutely. However, so is climate change and we’re not talking about that here either.
When you try to broaden the topic as far as you are there is no meaningful discussion about anything.
yeah but really, it’s the people with diabetes that are hurting
This is just whataboutism
Being born in 1977, I’m right at the cusp between Gen X and Millennial. Most of my friends my around my age and older own houses. Most of my younger friends do not. That seems like a pretty stark difference to me.
Also stop treating millennials as teenagers. We’re pushing 40 my guy, not our fault yall killed the idea of retirement and are still hoarding what good jobs aren’t killed off in your late 70s.
The worst part is, timeline-wise, still feeling like a teenager. Except physically stuff hurts more and memento mori is more of a thing now.
We’ve been set back so many times!
I feel like I’m forever working harder and thinking smarter and still trapped behind never really “being an adult”.
And by the time we finally feel like we’re actually starting our lives, they’ll have already been mostly robbed from us.
Gen Z here, basically the same shit as millenials except I don’t even remember there being anything else; not sure if that’s a blessing or a curse. Kinda worried if this keeps going on more and more generations will have experienced nothing else and come to see it as normal.
Most millennial’s don’t remember anything else either. What we had were parents that still believed in the “American dream” but weren’t living it themselves and a generation before us that saw the writing on the wall, but eventually checked out of the fight. Now Gen Z and A have a generation to look to that is still fighting, but has lost steam because we’re too bogged down with surviving while raising kids or working ourselves to death. We’re exhausted, and on our last leg, so we’re all pretty much counting on the younger generations (who have less to risk/lose) to pickup that torch. Thankfully, younger generations are realizing that voting only gets us so far, and mass civil disobedience is a far more affective strategy for real systemic change.
I’m super impressed with our young people and I’m with y’all 100% of the way!
We need to focus on buying land instead of real estate.
This isn’t the first time this happened. When capitalism was first getting started, many people found themselves working in wage labour for longer and longer periods of their lives. In the mediaeval age, wage labour was for adolescents and young adults. Once you were done with your apprenticeship and your journey, you became a master and got your own house and spouse. Lifelong wage labour created barriers to home ownership and the stability required for marriage, and left many people feeling trapped in a state of permanent adolescence.
Wait, we are millenials? I thought that’s folks born after 2000. What are those then? I’m totally out of touch apparently. Thought with my 39 years I’m in boomer territory.
It’s perfectly reasonable to not be sure, nobody really cares except boomers who want to blame “the youth” and they just call anyone younger than them “millennials.” I believe we’re millennials because we were around for the millennium.
There’s no hard and fast rule to it, but ya got boomers, Gen x, millennials, Gen z, and now Gen alpha - but if you ask boomers we all millennials 😂 There’s no definitive agreement but from some quick clicking around a couple sites mostly agreed to
Boomers - 1946-1964 (~60-80) Gen X - 1965-1980 (~44-60) Millennials - 81-96 (~28-43) Gen Z - 97-2010 (~14-27) Gen Alpha - 2010-now (~13 and below)
Wow, that puts my dad right on the edge of boomer to gen x. The more you know… Thanks!
Approximately this graph.
My brother was born in 1965. He’s just barely not a Boomer. I was born in 1977 (yes, I was planned). I’m just barely not a Millennial. We’re both Gen X. That’s weird. I mean I already knew we both were, but seeing it on a chart like this…
Think of it like liquid. Oil and water separate but not always at the same level. Sometimes people born on the line could flip to the other side
I get that, it’s just weird to see it laid out visually.
Got it, thanks!
After 2000’s era is where you enter gen z/zoomer area
Destroyed? Captive. The economy is doing fine for the dwindling number of the mega-rich for whom it operates.
::mumbles:: notdwindlingfastenough…
chop chop!