re: Quiet Quitting? Well that a new term.

quote:

---

It’s easy in hindsight to say that millennials should have bought a home when prices were depressed in the aftermath of the 2008 financial crisis. But even then, millennials — the oldest of whom were around 27 years old — were saddled with debt and seeking jobs in an unforgiving market. Both the 2008 recession as well as Covid-19 struck at critical times in their developing careers.

---

quote:

---

Working millennials were saddled with more student debt than previous generations and less money to pay for it when Lehman Brothers went bankrupt.

---

quote:

---

Median incomes fell by 3.6% in 2008, the largest single-year drop since 1967, according to the Economic Policy Institute, and continued to drop until 2012 on an inflation-adjusted basis.

---

quote:

---

According to economic data from the New York Federal Reserve Bank, consumers ages 18 to 29 had a debt balance totaling $1.01 trillion in 2007; student loans accounted for $211 billion of that debt, which was $40 billion more than those aged 30 to 39.

---

quote:

---

Millennials already in the workforce experienced widespread job losses the following year as the overall employment level for those considered in the prime working age (those aged 25 to 54) fell by 2.2 million, according to the Bureau of Labor Statistics. With the labor market constricted, millennials fresh out of college had limited job prospects and little bargaining power, sometimes competing with more experienced workers for entry-level roles.

---

quote:

---

As many millennials reached the age that their parents may have started looking into homeownership, the Great Recession dug in and mortgage rates shot up above 6%. The ripple effects of the financial crisis were felt long after as median household incomes continued to drop, reaching their lowest in 2012 at $57,623. That only compounded as home values and costs of living bounced back.

---

quote:

---

Now, Americans are paying more than ever to own a home: an average single-family home was valued around $383,000 as of February, according to Zillow. First-time homebuyers, many of whom are millennials, are being priced out of homeownership entirely as home values jumped 20.3% in the last year alone and mortgage rates top 4%.

---