re: The High Cost of a Home Is Turning American Millennials Into the New Serfs

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Yes... some of the millennials eat way too much avocado toast and act like spoiled little turds - but that's a small percentage of the group. Most of them want to start moving up the corporate ladder - but they are blocked by the 55 and 60 year olds who just realized they need to start saving for retirement.

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Spot on.

My boss is 63. In my department of 13, we have 3 under 50 yrs old, 2 under 40, I am 32 and the youngest is 29 and trying to get out of the industry.

In the entire office of about 125 people, I can pinpoint exactly 21 that are under 45.

This extends to other companies in our industry (industrial engineered products). Rarely do I come across people younger than 45.

The point is that most of my industry is crowded with older people hanging on for retirement and a very small % of young people making their way through their careers.

These older people are also in charge of deciding how much to pay people and they believe that $50,000 in Baton Rouge is still enough to raise a family in a decent part of town or a suburb because in 1990 they did it on that much.

$50,000 in 1990 equates to about $94,000 today, but they still think it is a decent living, but $50,000 today is like they were making $27,000 back then.