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The High Cost of a Home Is Turning American Millennials Into the New Serfs
Posted on 8/21/17 at 4:40 pm
Posted on 8/21/17 at 4:40 pm
LINK
quote:
The problems facing millennials include an economy where job growth has been largely in service and part-time employment, producing lower incomes; the Census bureau estimates they earn, even with a full-time job, $2,000 less in real dollars than the same age group made in 1980. More millennials, notes a recent White House report, face far longer period of unemployment and suffer low rates of labor participation. More than 20 percent of people 18 to 34 live in poverty, up from 14 percent in 1980.
quote:
Downward mobility, for now at least, is increasingly rife. Stanford economist Raj Chatty finds that someone born in 1940 had a 92 percent chance of earning more than their parents; a boomer born in 1950 had a 79 percent chance of earning more than their parents. Those born in 1980, in contrast, have just a 46 percent chance.
quote:
Overall, more than 80 percent of millennials already live in suburbs and exurbs, and they are, if anything, moving away from the dense, expensive cities. Since 2010 millennial population trends rank New York, Chicago, Washington, and Portland in the bottom half of major metropolitan areas while the young head out to less expensive, highly suburbanized areas such as Orlando, Austin, and San Antonio.
46
Posted on 8/21/17 at 4:41 pm to GreatLakesTiger24
Who can't afford $250,000 homes these days? Chump change.
This post was edited on 8/21/17 at 4:42 pm
Posted on 8/21/17 at 4:42 pm to GreatLakesTiger24
quote:
The High Cost of a Home
bullshite. They just refuse to live within there means.
I've seen picture of the house my parents had until I was 5. It was a tiny 1 story shithole starter home way out in the suburbs.
Millennial dips hits keep trying to match the lifestyle their 50/60yr old parents currently have. Not possible morons.
Posted on 8/21/17 at 4:44 pm to GreatLakesTiger24
How about accounting for how millennials drive for success is complete shite compared to past generations? Everyone believes they're entitled to shite and they don't work for it.
Posted on 8/21/17 at 4:44 pm to GreatLakesTiger24
On today's episode of "Why I, as a millennial, am a victim"....
Posted on 8/21/17 at 4:45 pm to GreatLakesTiger24
Millennials can afford the house, the sorry little turds don't want sacrifice not having the latest cellphone, Macbook, and foodie subscription service.
Posted on 8/21/17 at 4:46 pm to Breesus
quote:
It was a tiny 1 story shithole starter home way out in the suburbs.
Nobody is building small homes like that anymore.
Posted on 8/21/17 at 4:46 pm to Breesus
quote:
Millennial dips hits keep trying to match the lifestyle their 50/60yr old parents currently have. Not possible morons.
I don't think this is true at all. I think the big McMansion/boat/car/beach home is not something younger generations value.
Posted on 8/21/17 at 4:46 pm to theunknownknight
quote:
Who can't afford $250,000 homes these days? Chump change.
Good luck finding a family home for that in a decent city that doesn't have bars on the windows or ride on wheels.
Posted on 8/21/17 at 4:46 pm to GreatLakesTiger24
Home ownership is arguably one of the more overrated aspects of the "American dream". It was the pinnacle of success back in the day, but I know several successful people that aren't homeowners and they get to move around with great paying jobs to boot. The economy isn't setup to be a 9-5 office job nowadays. The more mobile you are, by far and away, the better off you'll be.
Posted on 8/21/17 at 4:47 pm to GreatLakesTiger24
capitalism is working everyone I promise. It's just the millennials fault.
Posted on 8/21/17 at 4:47 pm to Breesus
quote:
Millennial dips hits keep trying to match the lifestyle their 50/60yr old parents currently have. Not possible morons.
Posted on 8/21/17 at 4:48 pm to NIH
quote:
I don't think this is true at all. I think the big McMansion/boat/car/beach home is not something younger generations value.
Travel and new experiences are what we like to spend money on more than anything. And not luxurious travel, just travel in general.
Not a lot of people putting down roots.
Posted on 8/21/17 at 4:48 pm to GreatLakesTiger24
Thanks Obama
Posted on 8/21/17 at 4:48 pm to UnAnon
quote:
capitalism is working everyone I promise. It's just the millennials fault.
Bernie Bro?
Posted on 8/21/17 at 4:49 pm to Clames
quote:
Millennials can afford the house, the sorry little turds don't want sacrifice not having the latest cellphone, Macbook, and foodie subscription service.
This hair bag is 100% organic, sustainably farmed alpaca wool, dude. Saving the planet and contributing to small businesses is expensive but is more important than a house.
Posted on 8/21/17 at 4:49 pm to GreatLakesTiger24
quote:
More millennials, notes a recent White House report, face far longer period of unemployment and suffer low rates of labor participation. More than 20 percent of people 18 to 34 live in poverty, up from 14 percent in 1980.
This is what happens when you grow up being told that you're a winner (even when you lose) and can do anything you want in life, sky is the limit.
No, the sky is not the limit. You have very real limits, along with very real strengths. You should take into account both when deciding on a career. You should also focus on a career that allows you to support yourself financially after school. You can't major in Androgynous Non-binary Leisure Studies, rack up $200k in student loans and then complain about the job market.
These people have no skills. They offer little to society. They're the people (on both sides of the aisle) protesting and acting like lunatics.
I don't feel bad for any of them.
This post was edited on 8/21/17 at 4:52 pm
Posted on 8/21/17 at 4:49 pm to GreatLakesTiger24
I don't live in the burbs because I can't afford the inner city.
Posted on 8/21/17 at 4:50 pm to TheCaterpillar
Which is great. So many people back in the day were affixed to this notion of staying at the same job for 40 years and same house. Times have drastically changed. Thank goodness.
Posted on 8/21/17 at 4:50 pm to Pecker
quote:
You can't major in Androgynous Non-binary Leisure Studies, rack up $200k in student loans and then complain about the job market.
The average millennial goes to state school and majors in something like communications, education, engineering, accounting, etc. The gender studies thing is such a rare example.
This post was edited on 8/21/17 at 4:51 pm
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