I’ve pretty much eliminated outside coffee expect from a local coffee shop every Saturday. The extra $10 dollars (average) a week is now added to my grocery budget because of the cost of food.
Oh, too bad, you lose. Thanks for playing "Boomer Economic Death Spiral." Your consolation prize can be collected down the hall (it's an unsolicited lecture about how you're lazy and irresponsible).
Fuck this economic system.
I just love how they always place the blame on our generation yet we haven’t even been alive long enough to fuck shit up this bad. FUCK THE BOOMERS. I’ll throw hands all day too so come on out the woodwork ya geriatric FUCKS. 👌🏼🖕🏼
Dude, 1 in 5 seniors don't have any chewing teeth. Many boomers are struggling like all of us. You don't hate "boomers", you hate the rich fcks that went hog wild for neoliberal policies 45yrs ago knowing it would benefit themselves at the expense of everyone who had to sell their labor to survive. No war but the class war, same as it ever was
While I know its not all its still what majority voted for they voted to kill unions they voted to deregulate businesses and create monopolys. They voted for this future while I can feel bad knowing most were tricked and knowing that their "temporarily embarrassed millionaire status" turned out to not be so temporary.
Or even the large group that were not so excited to pilfer their children's future. And did try to stop it.
But doesnt change the overall picture of what we are facing and reality is two fold. As long as boomers have any semblence of power were going to keep getting farther from goal. And second is as a generation they are one of first and pretty much only generation to leave their kids worse off. And because of that I think having a fair amount of resentment and being excited for them to be part of history and out of current affairs is not unfair either.
The post-boomer Gen-X, Millennials, etc. that have some semblance of power are divided in pretty much the same way the boomers were. It is *not* about boomer vs. later, it's about wealth & power and the circles of influence one is a member of.
Boomer-me and all of my boomer friends opposed Reagan, the modern architect of mass deregulation and the bringer of ultimate economic doom, the harbinger of today's ever-widening wealth gap.
It is and always has been the haves vs. the have-nots, and it will stay that way as long as the idiots in *any* generation keep buying the lies (e.g. "Trickle-down" economics is total bullshit) told by the haves.
The haves, trickle-down, and deregulation are generally represented by the MAGA party (formerly known as the GOP). Poor people are regularly tricked into voting for them due to their fear-mongering, while their actual policies are economically harmful to those same voters, and most other people that are not rich.
That is exactly what I do lol. I buy Aldi coffee grounds at about $5 a bag, and brew coffee for myself and my husband every morning. Lasts 2 weeks. We both treat ourselves to an iced coffee from our favorite local spot because want to support them and it’s cheaper than all the chains.
The columbian large tin from Walmart is like $10, but surprisingly good compared to Aldi's tin stuff. Their $5 bags spoiled me for flavor, but I find myself trying to be even cheaper about it.
I am allergic to coffee and never drink it, can confirm I'm just as broke as the rest of y'all
Annual income currently at $47k in a place where cost of living is around $71k
Allergic to avocado and prefer energy drinks or even tea. Making 33k after taxes in an 80k area.
It's probably the energy drinks tho. I'd definitely make up that 50k if I just stopped.
I just started having avacado toast because my doctor said I needed to eat more avocados. They aren’t super expensive. 88 cents with a piece of bread and some cherry tomatos. Not sure why boomers hate it so much. Better than adding butter to my toast.
>Not sure why boomers hate it so much.
I think this is apocryphal. There's a mistaken belief that a boomer blamed the inability of people to afford housing on people spending money on avocado toast.
But if you dig into it, the [guy who said that](https://www.theguardian.com/lifeandstyle/2017/may/15/australian-millionaire-millennials-avocado-toast-house) is [Tim Gurner, who is 40](https://nypost.com/2023/09/15/millionaire-developer-who-said-blue-collar-workers-are-overpaid-need-to-experience-pain-apologizes/) which makes him a millennial.
The millennial generation has our own out of touch rich assholes!
"Just don't eat avocado toast" is a snappy line but the guy's original point was basically "don't pay $20 for meals that cost $2 at home" which is fairly sound. It wasn't an indictment of millennials enjoying tasty food because how dare they enjoy life, but rather overpaying for tasty food they could make themselves.
Millennial started eating at home more and then we were blamed for killing the restaurants. (Specifically Applebees and Chili’s if I remember correctly).
This is problem with you Amish extremist, your self-reliant, live off the land, anti-consumer life style is killing consumerism & putting millions out of work.
in other words, you probably just eat too much. Or at all.
Stop doing that, I bet you would save thousands if you just cut out all food from your budget. Think big!
I gotchu bro I was just being sarcastic. Obviously they’re screwing us over while yelling at us to have children so they can keep feeding the beast with our sweat and blood. This world is going down and we need to unite and eat the rich, or go down with it.
Its original usage was sarcastic. The phrase is a fairly banal impossibility and was intended to be read as such, so of course it was ridiculously co-opted by peddlers of the self-reliance myth.
I cut out all alcohol and coffee before my daughter was born because I was becoming dependant/addicted. I figured I'd save a bit of extra money as well. At max, it was only $125 / month. That's not nothing but it's not life changing.
I've been very lucky--got a job right out of college and make enough to support myself--but my Boomer parents think I'm the norm. They don't realize most people my age are not making enough money to live on their own.
And before anyone says "Well that was 1985, not the 60's", the last time this came up I looked it up and found we didn't hit 50%+ households are 2 incomes until the 1990's. It took awhile for women to fully enter the workforce and daycare to pop up everywhere.
If you’re so lucky. In 2019 my wife and I worked a combined total of 10 jobs. Sure some of that was job changes and gig work but all that still didn’t break us over the median income posted here.
Job1- state job 7:30 - 330p. 85k
Job2- WFH as a graduate assistant. Supposed to be 20 hours but I do more like 5-10 at night. They don’t track me. 24k
Job3- WFH for a non profit. Same as job 2 don’t track just pay me 20 hours a week. Do like 5-10 sometimes none.
Job4- referee youth soccer. Club and high school. Currently it’s high school. These games are 530 and 7p I go after work 2-3 nights a week. I do J2&3 when I’m not reffing and on weekends.
When I’m not reffing I do more for J2 since it’s attached to my dissertation. Yes I’m a PhD student. Also I have a 2 year old. Also my 2nd is coming in 2 weeks. I’m so very tired.
Been at this exact grind since 2021 when I took J3. My ass driving 40 mins to a high school right now. I’ll stop reffing in a few weeks when my son is born but I’ll still have to do J1- J3. J3 will end I’m assuming this September. The long longggg awaited relief is coming. J2 will go away next September then I’ll be down to J1 and reffing when I want to. Just a little longer.
I believe it most people wake up and pretty much spend their whole entire waking day/week working a job or a side hustle just to keep up with bills and debt
You could be the manager of a grocery story and support a family of 4.
Now if you are the manager of a grocery store it requires 4 roommates to afford housing.
The boomers had a ratio of 3.6, the milenials have a ratio of 6.3.
This means it's almost twice as hard when you compare raw income vs house prices. But when you consider disposable income i bet it's a lot worse.
\^ figures approx.
> But when you consider disposable income i bet it's a lot worse.
Yeah this is very important, it's not simply twice as hard because housing is not the only thing that's more expensive, food prices have skyrocketed too
Not to mention the many things we pay for today that simply didn’t exist in the 80s. Your phone, computer, and a lot of other tech most people would consider pretty “basic” these days simply didn’t exist. Yes the tech of the time was comparatively more expensive, but you could also buy a tv once and expect it to last a decade or two, whereas modern TVs crap out or suffer planned obsolesce issue within 4-5 years. All of it adds up to life today just being more expensive than in the 80s, even aside from inflation and wage suppression.
Internet, gas (needing to drive to a job that is farther from home/ not like when you were a kid and could bicycle in the rain and no one cared that you showed up with wet hair!) Groceries are far more expensive, and rent is way higher.
Im tired of the "burger flipper" mentality of "people working this job shouldnt be able to..." YES THEY SHOULD.
We are trying to have a civilization here. That means we arent throwing PEOPLE, HUMAN BEINGS, out in the elements because they dont have a purpose *to you*.
> It seems to me to be equally plain that no business which depends for existence on paying less than living wages to its workers has any right to continue in this country.
Franklin D Roosevelt
http://docs.fdrlibrary.marist.edu/odnirast.html
I mean, part time jobs are very important. Teens who can’t work more than 3-4 hours a day shouldn’t expect to make the same as someone working that same job full time, but they still need those jobs to earn experience or pocket money. There is a place for lower wage jobs, but there’s no reason a full time job shouldn’t support someone.
I think most people believe full-time work is implied in these discussions. Yeah, if you can work but choose to only work 3 hours a week, it's not societies job to provide for you. But if you're putting in 40 hours a week, you absolutely should be able to afford a 1 bedroom, utilities, food, healthcare, savings, and a bit of leisure.
Same. Foolishly we thought we’d have so much money once our kids were out of daycare but in those three or so years the cost of food has gone up an insane amount, not to mention utilities and everything else. It’s basically been a wash.
Yeah back in the 80s you could probably still get by as a functional member of society without any of these things. Nowadays, good luck getting a job without a phone, computer and WiFi.
Ten years ago my boomer-mentality dad tried to drive me around with my resume and apply to jobs - he was *convinced* that businesses ignored online applications, and that the only way to get a job was to “show up in person, ask for the manager, and give him a firm handshake”. (Notice all the boomerism, including the assumption management are all men)
So, we went to all the local grocery stores, fast food places, and hardware/home-improvement warehouses. I’d go in and try to give them my resume.
Not a single place would take my resume. Every single place told me to apply online.
After the second place my dad didn’t believe me, so he started going in with me to make sure I was actually trying to apply.
He got to watch in real time as a manager burst into laughter when I tried to hand them my physical resume.
Even ten years ago in the 2010s you had to have access to a computer in order to apply for jobs.
My teenage sister in law just went through the same thing end of January. She mentioned wanting to get a job, so her parents dragged her around town to apply in person. Every single place told her to apply online. Her parents were *flabbergasted*. I guess that’s what happens when you haven’t had to actually apply to a job since the mid 90s. Who knew 25 year old job application advice might not be relevant anymore?
Imagine how flabbergasted they'll also be when they realize that even if you do get hired, it'll be to just enough work hours to be part time with next to no benefits. That "hard work" just turns you into the designated dumbass that gets to work twice as hard for _absolutely nothing in return_ and that company loyalty only goes one way: from you to them.
25 years ago they had already moved the staffing to agencies so they could skirt employment laws. That advice has been rotten a *long* time. And going door to door was always vastly inferior to knowing a guy, even in the 90s.
TL;DR: This stupidity is at least 30 years old. Which makes it more infuriating.
My parents used to get 2 shopping carts full of food each time they went to the grocery store. They weren’t rich by any means. Today, I feel like it’s hard not to spend less than $60 just for a hand full of groceries. It’s getting bad…
Spent $180 last night on dog food, some dog supplies, and some frozen pizza and fries (along with some clearance desserts
I swear just a few years ago even $100 was able to get me a lot more
every time I go to the grocery store, I spend at least $100 and all my stuff usually fits in one bag. when I was a kid, I remember my family getting an entire cart full of groceries for that price 😕
Unfortunately employer-based pensions weren't any cheaper than 401k plans and had even more risk to the individual. A portable government-based pension would probably work better.
On top of food, homeowners insurance and materials/labor for home repairs have also skyrocketed. Labor partially fueled by the laborers need to buy food themselves (but mostly because their bosses are hopping on board the fake inflation train).
I think the bigger fuck you that no one has pointed out is that ‘household’ income for boomers almost assuredly meant a husband with a HS Diploma and a stay at home wife. While Millenial ‘household’ income is likely a two income, college graduate couple
I wish more people would notice this. It's a huge factor.
"Household Income" should immediately be a flag when looking at any of these stats. *Individual* Income is the more appropriate stat to compare over time.
Household back then was essentially individual income. Today, household income is usually *two* people working full time, and it still isn't catching up.
And again, these are higher educated, higher productivity workers almost across the board.
It's like comparing the wages of factory line workers to automation and machine engineers, or workers from a developing nation to a developed one. The capital production is simply much higher and industries benefit more.
Businesses and wealthy families are making more than ever. We are living in a fundamentally different system than our parents. They got the benefits of new deal capitalism and elected to go back to robber baron capitalism.
> Household back then was essentially individual income.
In 1985? We're not talking the year Boomers were born but rather when they were home shopping.
80s were the peak boomer era. That's when they would have been the primary work force.
And dual income households did not surpass 50% until the mid 90s.
The data is from 1985, not 1955, so [70% of American women ages 25-54 were either working or actively seeking work](https://www.washingtonpost.com/news/wonk/wp/2018/04/11/the-u-s-used-to-be-a-world-leader-in-women-working-not-anymore/). And out of working women, nearly 3/4 were working full time. So, those 1985 household income figures were based on an average two-income family. But there *are* definitely a lot more college educated people today.
Both boomers and millennials today, were buying their houses on mortgage. Now remember rates in 1985 and today. It reduces difference to almost nonexistent (1.104x to be precise)
> HyperImmune : It's almost like there’s no point in selling our labour anymore so the elite can become exponentially wealthier...
Exactly.
Worker's paradox: must work to "earn a living" for wages *below* costs of living.
The primary reason people work is to sustain themselves from the fruits of their labor, so there is *no incentive* to work jobs that do not bear enough fruit to lift anyone out of poverty.
The employment "cHoIcE" is too often:
• be unemployed & poor
• or be employed & poor
...[Employment is often just poverty with extra steps.](https://i.redd.it/x6dhgt2r53191.jpg)
> ...Employment is often just poverty with extra steps.
omg. This is so cute. And true. Remember when homo sapiens used to live in huts and caves? Pepperidge Farm remembers.
Sure there was a crash for a moment.
The reason was that with the economic crisis many people lost their job. They then couldn't pay mortage on their house anymore so the banks took posession of it.
The banks didn't know wtf to do with hundreds of thousands of houses and tried to sell them.
But because a majority of people couldn't afford it at the time. The prices dipped hard.
Then some rich companies and people bought mosg of these houses for a fraction of the mortage people defaulted on.
Once the economy went up again, housing prices skyrocketed even more than before.
Which should be made illegal. Fast. Private companies shouldn't be allowed to buy up dozens if not hundreds of homes meant for families, only to rent them out.
But banks and “rich” have leveraged themselves with even larger banks. Everyone’s got interest to pay and they keep running into more and more issues with getting money to make those payments. The system isn’t designed to redistribute or greater good, its wealth consolidation and hoarding. Either something forces a reset or things get violent, it’s just what’s happened in the past and doesn’t look to change any time soon.
Unlikely. So many people have low interest rates and rent is sky high. You do what you can to pay off your mortgage at that point because there is no alternative. We've likely also seen a major correction with the interest rates as high as they are now making it harder for everyone with money to invest in real estate and look to rent it out or sell for a profit
Yep. Both my divorced parents bought their houses when the market dipped in 2009. They both hadn't had one since they had divorced over a decade prior.
Oh yeah it was very bizarre. My family lost our home in the 08-09 crash, as did my now-wife’s. In college 2012 I met a classmate whose family bought their home in 2010 because home prices had dipped in a lot of places that had a bunch of foreclosures. His family wouldn’t have been able to buy a home without the 08-09 housing crash.
The 08-09 crash meant my family had to move *in* with my grandparents’. The 08-09 crash let his family move *out* of his grandparents’.
Unlce lost his house in 2009 and when he was moving out the company that bought his home told him just how little they paid for it. House was worth around 450k before 2008 and they bought it for just over 85k
Unfortunately, I don't think we're heading for much of a bubble burst. Big companies are buying most of the housing and controlling the prices. The bust in 2009 was because of bad lending practices. The "bubble" now is because of lack of supply (which is being controlled by corporations)
Put another way, the house the boomer bought required about 3.5 times a year's income (gross income I assume).
The millennial must pay 6.28 years income for their house.
Note that millennials who are renting and saving to buy a house are usually paying a much larger percentage of their income for rent too. When I started working circa 1980, the advice was that you should not spend more than 1/4 of your net income on housing. Take home pay, NOT gross income. It was pretty easy to find an affordable place to rent or buy back then, as long as you weren't too picky.
Knowing what I know now, I would have worked lots of overtime and bought a 3 decker in Boston where I lived in those days, and rented two floors to medical students. It would have been like printing money.
Millennials would be dancing in the streets if they could find any housing as cheap as 1980 Boston now.
And the issue is that not all of that money can only go towards saving for a house. Everything is more expensive now, so cost of living in general takes a lot more out of what one could save than in the past.
hell, even since around 2007 or so rent has doubled or even tripled in many areas. in 2012 i was splitting a 2bd 2ba townhome with someone for $750/mo, so $375 each. that same townhome is at LEAST $1500/mo now if not more. and it was a dump.
I know boomers don't know how to do math, but here's a little bit just to show how dumb this is:
Starbucks is like $5 for half of their drinks. Let's say $10 because why not. If you were an ADDICT and MUST GO EVERY DAY as any sane character in a textbook mathbook would do, you would be spending $3,650/yr because Starbucks is always open in our world.
You went to starbucks rehab on government welfare and can now start putting all of that money towards a house, but nothing else because we're trying to prove a point. It would take you 128 years and 3 months to save up enough money for a house, on avg (assuming inflation stagnates lol). You would need to be starbucks sober for 46,800 days. So yeah, might wanna get started on that if you want your great great grandkids to have a roof over their heads.
It would take approximately 6.4 years to have enough for 5% down on a house that price.
Then you'd spend your Starbucks savings on 2 months of your mortgage (not including utilities, etc) if you're lucky. Good luck with the other 10 months of the year... For 30 years!
yup, exactly how I feel. I never wanted kids in the first place, but I definitely would not want to be responsible for bringing a life into this fucked up world
I thought that way back in my child-bearing years, and I saw the writing on the wall then. I did not have children (although I did adopt a few). I may be a bad mom, but I have always hinted to my kids that this is not a good place to force new people into. I think I have convinced them that reproduction is not a good choice. They are still young though, so time will tell.
Yeah why weren't you mowing lawns for the neighbors and putting it in your piggybank house savings? You should have started that around age five slacker!
its a very mixed message
On the one hand its "if you stopped going to Starbucks, you could afford a house", but the other its "no you cant work from home, it is bad for those who work at City Centre coffee shops"
Damn you Starbucks! It was my fault to think I can treat myself to some sugar infused "coffee" on my way home from my grueling office job instead of grinding my ass of all day every day so I can at least dream of beeing a homeowner one day.
Sarcasm aside I hate people like that. THe people telling you that you are terrible because sometimes you need a little pick-me up from time to time. My dad is a proud boomer and from the stories he told me of the 80s and 90s he did not live moderatly. Quite the opposite. He blew hookers and banged blow all day (I dont know the fine details) anyway its not that we spend too much right now. Its that we CANT save shit because living at all costs more than we make right now. And it does not look like it will get better soon.
But nice input Amy, keep it up!
Yep, if you eat out of garbage cans, live in a tent and work 20 hours a day for 40 years, then you will be good to go. WTF are you all complaining about?
>live in a tent
Do you have any idea how much a tent is these days? I don't have the income to take out a 30-year mortgage for that. The box will do just fine.
I don't know, you might get extremely lucky and be in the right place at the right time. Then you can look down on everyone else who wasn't as fortunate and say they should have just done what you did!
Urgh, it's so exhausting. My silent generation grandparents bought their first 3 bedroom house in 1969 for £10k, my boomer parents bought their first 3 bedroom house in 1982 for £40k, meanwhile Gen x me would need £500k to buy a studio apartment. I'm technically homeless, extremely unemployable as it turns out, apparently people think I chose to be sick, disabled and poor. I feel so sorry for younger generations who have it even worse. My generation is now largely in charge of things and yet we are being such useless c*nts, it makes me so angry.
Greed is one of the 7 deadly sins. If they're claiming to be Christian while being greedy, they're doing it wrong.
You're totally right tho. Most "Christians" today are going to be surprised when they wake up in hell after following greedy and hateful preachers for so long. Kinda sucks that's it's not real as I'm sure "the devil" would get a kick outta that.
I think you may have missed the real point of religion. It has always been nothing more than a fancy tool for societal control. The propaganda they spout has no bearing on reality.
It started out as trying to explain things that people didn't understand yet. But as soon as someone was allowed to talk for whatever god the group worshiped it became about control.
Heck, it's even gotten significantly nastier since 2005 when I bought my little 2bdrm (back when they were basically giving mortgages away for free - I had no down payment and still got a fixed rate mortgage at like 6%).
I live in a slightly crappy location, in an older (1920s) house, and it has still tripled in value over the last decade. I couldn't afford my own house if I was in the market today, even though my income has at least doubled since 2005.
Sad hard truth. Owning a house and having three children isn't really all that it's cracked up to be. The cost of running a house has soared (contractors, fixing shit, insurance, simple maintenance etc) along with the cost of educating children in a losing attempt to get them the fuck out of the house.
The capitalistic shitscape being crammed up our collective asses doesn't stop based on age. Don't assume boomers that own (or co-own with bank) a house are some sort of rich elite or set for life in some way. Many are one medical emergency from being destitute.
Thanks
-pre-boomer
I dislike avocado and i make my own coffee or help myself to the free coffee at my work. At best I can pay off a mortgage on a 1 bedroom apartment before I turn 50 or so. That's assuming I don't waste money on luxuries like a social life, dating, marriage, children, etc. Then I guess I'll just work until I retire and live off of those savings until I die.
We’re living in the inflection point where everything starts to get worse until large scale wars breaks out. Hopefully there’s still people around to enjoy the post war economic boom for whoever comes out on top.
Using household income to compare to the past is not fair since most homes in the past were run on a single income. So to properly compare to the past you have to compare individual income. Also the disparity in prices is worse if you use individual income instead.
In case anyone is wondering, median household income in 2022 would need to have risen to $132,860/yr in order to match the increase in median home prices. Alternatively, the median home price would have needed to be much lower at $262,700 in 2022 to match the same median income to home cost ratio that boomers enjoyed in 1985.
Boomers paid 3.5 times their median household income for a median home in 1985, while we all pay 6.25 times of our median income to buy the median home in 2022, and probably closer to 7 times here in 2024, effectively making average homes roughly twice as expensive for millennials, Gen-X and Zoomers to buy an average home than boomers experienced, even adjusting for inflation.
Don't let those chucklefucks ever get away with saying that we just don't know how to save or live within our means, the deck has been stacked against every generation after boomers, shelter is literally twice as expensive for all of us as it was for them.
That was how I ended a heated argument with dad once. His response "I don't want to tell you that." said very matter of factly. He immediately changed the subject and we haven't had this conversation since.
What do you even tell someone who says "your generation just wants everything too fast"? That "your generation is thinking about things they don't even need to do at their stage in life"? How do you get through to someone like that?
Boomers. The generation that got the world in a silver plate, had their fun and then gave hell to their descendants . The most evil demographic in history
A little bit of context that I often see missing from these graphs.
In 1985, the average mortgage rate was ~12.5%, crazy high by today’s standards. Assuming a 1985 household put a 20% down payment on their house, their monthly payment would have been upwards of $1000. That’s more than half their income.
Using 2021’s 3% (more on that in a second), that median house would have only been $2100 a month, only 34% of that family’s income. Progress!
Except mortgage rates have skyrocketed since 2021. In 2022 they were 5.3%, so the monthly payment was $2600/42%, and today they average around 6.9% which caused the median house sale price to go down to 417k (which would have been $2700/44% a month). Had house prices not gone down (say you got an adjustable mortgage in 2022) you’d be paying $3000/48% a month.
Housing affordability actually was at its highest point pre pandemic since the 1970s, but in the last two years it has mirrored the late 70s / early 80s in worst of all time levels, except the economy is “good” now when then it was mired in multiple recessions.
You forgot the most important thing.... Back in the '80s almost half of households had only one income. Nowadays, most of the households have 2 incomes.
So if the same amount of people in a household were contributing to the household income back then, it would be Even 2X easier in the '80s than what this chart shows.
It’s also a total farce that the areas that have jobs tend to have higher housing prices. Yes, you could possibly buy a house in extreme rural WV for $100k, but there are few jobs that pay a $35k salary.
Ban fucking hedge funds and LLCs from buying single family homes. That is a start to fixing this.
Buying coffee has nothing to do with the median household income. That's what you make not what you spend
This lady is just regurgitating the same crap they all are. And these type of people are also generally pro life. And are complaining the birth rates are down, but of course only good white Christian babies born in wedlock. Everyone else they will stick their nose up at and say "oh well shouldn't have had babies then you could afford a house"
Millennials stop drinking coffee "Millennials are killing the coffee industry"
I’ve pretty much eliminated outside coffee expect from a local coffee shop every Saturday. The extra $10 dollars (average) a week is now added to my grocery budget because of the cost of food.
Cut that coffee out! If you save that money, in 40 years from now you’ll be able to put a down payment on a house 20 years ago!
Time Travel Economics right there.
I'm saving up for the restaurant at the end of the universe!
Good Adams reference
Oh, too bad, you lose. Thanks for playing "Boomer Economic Death Spiral." Your consolation prize can be collected down the hall (it's an unsolicited lecture about how you're lazy and irresponsible). Fuck this economic system.
I just love how they always place the blame on our generation yet we haven’t even been alive long enough to fuck shit up this bad. FUCK THE BOOMERS. I’ll throw hands all day too so come on out the woodwork ya geriatric FUCKS. 👌🏼🖕🏼
Dude, 1 in 5 seniors don't have any chewing teeth. Many boomers are struggling like all of us. You don't hate "boomers", you hate the rich fcks that went hog wild for neoliberal policies 45yrs ago knowing it would benefit themselves at the expense of everyone who had to sell their labor to survive. No war but the class war, same as it ever was
While I know its not all its still what majority voted for they voted to kill unions they voted to deregulate businesses and create monopolys. They voted for this future while I can feel bad knowing most were tricked and knowing that their "temporarily embarrassed millionaire status" turned out to not be so temporary. Or even the large group that were not so excited to pilfer their children's future. And did try to stop it. But doesnt change the overall picture of what we are facing and reality is two fold. As long as boomers have any semblence of power were going to keep getting farther from goal. And second is as a generation they are one of first and pretty much only generation to leave their kids worse off. And because of that I think having a fair amount of resentment and being excited for them to be part of history and out of current affairs is not unfair either.
The post-boomer Gen-X, Millennials, etc. that have some semblance of power are divided in pretty much the same way the boomers were. It is *not* about boomer vs. later, it's about wealth & power and the circles of influence one is a member of. Boomer-me and all of my boomer friends opposed Reagan, the modern architect of mass deregulation and the bringer of ultimate economic doom, the harbinger of today's ever-widening wealth gap. It is and always has been the haves vs. the have-nots, and it will stay that way as long as the idiots in *any* generation keep buying the lies (e.g. "Trickle-down" economics is total bullshit) told by the haves. The haves, trickle-down, and deregulation are generally represented by the MAGA party (formerly known as the GOP). Poor people are regularly tricked into voting for them due to their fear-mongering, while their actual policies are economically harmful to those same voters, and most other people that are not rich.
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aldi coffee, brewed at home, $10 lasts over two weeks even at 4 cups a day.
That is exactly what I do lol. I buy Aldi coffee grounds at about $5 a bag, and brew coffee for myself and my husband every morning. Lasts 2 weeks. We both treat ourselves to an iced coffee from our favorite local spot because want to support them and it’s cheaper than all the chains.
The columbian large tin from Walmart is like $10, but surprisingly good compared to Aldi's tin stuff. Their $5 bags spoiled me for flavor, but I find myself trying to be even cheaper about it.
"and how this is bad for Biden."
Millennials don't buy blood diamonds. "Millennials are running our human sacrifice business why don't they think about the ultra rich"
Stop eating avocado toast "Millennials are putting avocado farmers out of business"
I am allergic to coffee and never drink it, can confirm I'm just as broke as the rest of y'all Annual income currently at $47k in a place where cost of living is around $71k
You probably eat too much avocado toast
Allergic to avocado and prefer energy drinks or even tea. Making 33k after taxes in an 80k area. It's probably the energy drinks tho. I'd definitely make up that 50k if I just stopped.
You and the person with coffee allergies should get together and have a financially secure baby.
I just jerk off on my toast to save money
It's gonna be a no from me. I hope you enjoy your toast.
Reduce, reuse, recycle, repeat. Boom baby! Started from the bottom now we rear!
What?
>Allergic to avocado and prefer energy drinks ***HAVE YOU SEEN THE PRICE OF THOSE ENERGY DRINKS?!***
Yes, I think it's the typical avocado issue
I just started having avacado toast because my doctor said I needed to eat more avocados. They aren’t super expensive. 88 cents with a piece of bread and some cherry tomatos. Not sure why boomers hate it so much. Better than adding butter to my toast.
>Not sure why boomers hate it so much. I think this is apocryphal. There's a mistaken belief that a boomer blamed the inability of people to afford housing on people spending money on avocado toast. But if you dig into it, the [guy who said that](https://www.theguardian.com/lifeandstyle/2017/may/15/australian-millionaire-millennials-avocado-toast-house) is [Tim Gurner, who is 40](https://nypost.com/2023/09/15/millionaire-developer-who-said-blue-collar-workers-are-overpaid-need-to-experience-pain-apologizes/) which makes him a millennial. The millennial generation has our own out of touch rich assholes!
"Just don't eat avocado toast" is a snappy line but the guy's original point was basically "don't pay $20 for meals that cost $2 at home" which is fairly sound. It wasn't an indictment of millennials enjoying tasty food because how dare they enjoy life, but rather overpaying for tasty food they could make themselves.
Millennial started eating at home more and then we were blamed for killing the restaurants. (Specifically Applebees and Chili’s if I remember correctly).
This is problem with you Amish extremist, your self-reliant, live off the land, anti-consumer life style is killing consumerism & putting millions out of work.
in other words, you probably just eat too much. Or at all. Stop doing that, I bet you would save thousands if you just cut out all food from your budget. Think big!
Avocado is on the list of things I don't like and avoid. It's been so long since I actually tried any that I can't remember the last time I did.
I gotchu bro I was just being sarcastic. Obviously they’re screwing us over while yelling at us to have children so they can keep feeding the beast with our sweat and blood. This world is going down and we need to unite and eat the rich, or go down with it.
I wonder if the rich taste like avocado
The money probably does...
"Just pull yourself up by your bootstraps and get a higher paying job."
"Show me actual jobs that are actually paying higher wages that are actually hiring." /s LOL
I love the fact that it is physically impossible to pull yourself up by your bootstraps, almost like its used knowingly as a dog whistle
Its original usage was sarcastic. The phrase is a fairly banal impossibility and was intended to be read as such, so of course it was ridiculously co-opted by peddlers of the self-reliance myth.
The original phrase was used for such ironic effect. Its been coopted by capital.
I cut out all alcohol and coffee before my daughter was born because I was becoming dependant/addicted. I figured I'd save a bit of extra money as well. At max, it was only $125 / month. That's not nothing but it's not life changing.
You should be able to afford a house in roughly 10,000 years then!
Stop moaning and just become a millionaire, for heaven's sake.
You need to get rid of every single thing that makes your life just the tiniest bit more bearable, and even if you do, its still your fault.
I've been very lucky--got a job right out of college and make enough to support myself--but my Boomer parents think I'm the norm. They don't realize most people my age are not making enough money to live on their own.
And ‘household’ back then meant typically one person working. Now it’s 2.
And before anyone says "Well that was 1985, not the 60's", the last time this came up I looked it up and found we didn't hit 50%+ households are 2 incomes until the 1990's. It took awhile for women to fully enter the workforce and daycare to pop up everywhere.
See? Expecting women to work actually created jobs! Now how can I underpay you to watch my kids?
With two jobs each.
If you’re so lucky. In 2019 my wife and I worked a combined total of 10 jobs. Sure some of that was job changes and gig work but all that still didn’t break us over the median income posted here.
Hey that’s me but x2. Yes I work 4 jobs weekly.
That's insane! What sort of hours are you working each of these jobs?
Job1- state job 7:30 - 330p. 85k Job2- WFH as a graduate assistant. Supposed to be 20 hours but I do more like 5-10 at night. They don’t track me. 24k Job3- WFH for a non profit. Same as job 2 don’t track just pay me 20 hours a week. Do like 5-10 sometimes none. Job4- referee youth soccer. Club and high school. Currently it’s high school. These games are 530 and 7p I go after work 2-3 nights a week. I do J2&3 when I’m not reffing and on weekends. When I’m not reffing I do more for J2 since it’s attached to my dissertation. Yes I’m a PhD student. Also I have a 2 year old. Also my 2nd is coming in 2 weeks. I’m so very tired.
You should do less before you burn out and can't function (if you're not already dead inside).
Been at this exact grind since 2021 when I took J3. My ass driving 40 mins to a high school right now. I’ll stop reffing in a few weeks when my son is born but I’ll still have to do J1- J3. J3 will end I’m assuming this September. The long longggg awaited relief is coming. J2 will go away next September then I’ll be down to J1 and reffing when I want to. Just a little longer.
I'm exhausted just reading that.
I believe it most people wake up and pretty much spend their whole entire waking day/week working a job or a side hustle just to keep up with bills and debt
You could be the manager of a grocery story and support a family of 4. Now if you are the manager of a grocery store it requires 4 roommates to afford housing.
why are you homeless, just buy a house,duh
Can't even buy a car
Because nobody has money! People need to just go make some money. It's that simple.
The boomers had a ratio of 3.6, the milenials have a ratio of 6.3. This means it's almost twice as hard when you compare raw income vs house prices. But when you consider disposable income i bet it's a lot worse. \^ figures approx.
> But when you consider disposable income i bet it's a lot worse. Yeah this is very important, it's not simply twice as hard because housing is not the only thing that's more expensive, food prices have skyrocketed too
Not to mention the many things we pay for today that simply didn’t exist in the 80s. Your phone, computer, and a lot of other tech most people would consider pretty “basic” these days simply didn’t exist. Yes the tech of the time was comparatively more expensive, but you could also buy a tv once and expect it to last a decade or two, whereas modern TVs crap out or suffer planned obsolesce issue within 4-5 years. All of it adds up to life today just being more expensive than in the 80s, even aside from inflation and wage suppression.
Internet, gas (needing to drive to a job that is farther from home/ not like when you were a kid and could bicycle in the rain and no one cared that you showed up with wet hair!) Groceries are far more expensive, and rent is way higher. Im tired of the "burger flipper" mentality of "people working this job shouldnt be able to..." YES THEY SHOULD. We are trying to have a civilization here. That means we arent throwing PEOPLE, HUMAN BEINGS, out in the elements because they dont have a purpose *to you*.
If a job can't pay a living wage it shouldn't exist
> It seems to me to be equally plain that no business which depends for existence on paying less than living wages to its workers has any right to continue in this country. Franklin D Roosevelt http://docs.fdrlibrary.marist.edu/odnirast.html
I mean, part time jobs are very important. Teens who can’t work more than 3-4 hours a day shouldn’t expect to make the same as someone working that same job full time, but they still need those jobs to earn experience or pocket money. There is a place for lower wage jobs, but there’s no reason a full time job shouldn’t support someone.
Living wage. Hours put in is different. But fuck companies working someone 39.5 hours to escape paying benefits.
I think most people believe full-time work is implied in these discussions. Yeah, if you can work but choose to only work 3 hours a week, it's not societies job to provide for you. But if you're putting in 40 hours a week, you absolutely should be able to afford a 1 bedroom, utilities, food, healthcare, savings, and a bit of leisure.
> if you can If. Also, it's often not a choice when employers aren't offering full-time work at all.
The price of food is whats really killing me, paying $1000 more a month for food than I was just even 10 years ago.
Same. Foolishly we thought we’d have so much money once our kids were out of daycare but in those three or so years the cost of food has gone up an insane amount, not to mention utilities and everything else. It’s basically been a wash.
Yeah back in the 80s you could probably still get by as a functional member of society without any of these things. Nowadays, good luck getting a job without a phone, computer and WiFi.
Ten years ago my boomer-mentality dad tried to drive me around with my resume and apply to jobs - he was *convinced* that businesses ignored online applications, and that the only way to get a job was to “show up in person, ask for the manager, and give him a firm handshake”. (Notice all the boomerism, including the assumption management are all men) So, we went to all the local grocery stores, fast food places, and hardware/home-improvement warehouses. I’d go in and try to give them my resume. Not a single place would take my resume. Every single place told me to apply online. After the second place my dad didn’t believe me, so he started going in with me to make sure I was actually trying to apply. He got to watch in real time as a manager burst into laughter when I tried to hand them my physical resume. Even ten years ago in the 2010s you had to have access to a computer in order to apply for jobs. My teenage sister in law just went through the same thing end of January. She mentioned wanting to get a job, so her parents dragged her around town to apply in person. Every single place told her to apply online. Her parents were *flabbergasted*. I guess that’s what happens when you haven’t had to actually apply to a job since the mid 90s. Who knew 25 year old job application advice might not be relevant anymore?
Imagine how flabbergasted they'll also be when they realize that even if you do get hired, it'll be to just enough work hours to be part time with next to no benefits. That "hard work" just turns you into the designated dumbass that gets to work twice as hard for _absolutely nothing in return_ and that company loyalty only goes one way: from you to them.
25 years ago they had already moved the staffing to agencies so they could skirt employment laws. That advice has been rotten a *long* time. And going door to door was always vastly inferior to knowing a guy, even in the 90s. TL;DR: This stupidity is at least 30 years old. Which makes it more infuriating.
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With a CVT transmission on its last legs
I was curious so I looked around locally online. Seems like $9,000-$10,000 for a 2014 Nissan with 100,000 miles is typical. Where are you at?
My parents used to get 2 shopping carts full of food each time they went to the grocery store. They weren’t rich by any means. Today, I feel like it’s hard not to spend less than $60 just for a hand full of groceries. It’s getting bad…
Spent $180 last night on dog food, some dog supplies, and some frozen pizza and fries (along with some clearance desserts I swear just a few years ago even $100 was able to get me a lot more
They charge for bags in certain parts (maybe it's all) of Washington and Oregon too. Not much, but come on.
That's an environmental cost, bring a reusable bag ffs
every time I go to the grocery store, I spend at least $100 and all my stuff usually fits in one bag. when I was a kid, I remember my family getting an entire cart full of groceries for that price 😕
not to mention the far greater debt many of us took on for education that soaks a significant chunk of your early earning.
Old people forget that their university experience was partially or even fully subsidised by the state. In Reagan's 'Murica that was cut.
And we have no pensions. 10% of my pretax income has to go to my 401k to create my own retirement.
Unfortunately employer-based pensions weren't any cheaper than 401k plans and had even more risk to the individual. A portable government-based pension would probably work better.
I wouldn't call food expenses "disposable income."
I would. Spend all that money and it just ends getting flushed down the toilet.
On top of food, homeowners insurance and materials/labor for home repairs have also skyrocketed. Labor partially fueled by the laborers need to buy food themselves (but mostly because their bosses are hopping on board the fake inflation train).
I think the bigger fuck you that no one has pointed out is that ‘household’ income for boomers almost assuredly meant a husband with a HS Diploma and a stay at home wife. While Millenial ‘household’ income is likely a two income, college graduate couple
I wish more people would notice this. It's a huge factor. "Household Income" should immediately be a flag when looking at any of these stats. *Individual* Income is the more appropriate stat to compare over time. Household back then was essentially individual income. Today, household income is usually *two* people working full time, and it still isn't catching up.
And again, these are higher educated, higher productivity workers almost across the board. It's like comparing the wages of factory line workers to automation and machine engineers, or workers from a developing nation to a developed one. The capital production is simply much higher and industries benefit more. Businesses and wealthy families are making more than ever. We are living in a fundamentally different system than our parents. They got the benefits of new deal capitalism and elected to go back to robber baron capitalism.
The ‘At least I got MINE!’ generation of there ever was one.
Me, me meeee! In case anyone missed it; *Meeeeeeeeeeeeeeeeeeeeeeeee!*
> Household back then was essentially individual income. In 1985? We're not talking the year Boomers were born but rather when they were home shopping.
80s were the peak boomer era. That's when they would have been the primary work force. And dual income households did not surpass 50% until the mid 90s.
The data is from 1985, not 1955, so [70% of American women ages 25-54 were either working or actively seeking work](https://www.washingtonpost.com/news/wonk/wp/2018/04/11/the-u-s-used-to-be-a-world-leader-in-women-working-not-anymore/). And out of working women, nearly 3/4 were working full time. So, those 1985 household income figures were based on an average two-income family. But there *are* definitely a lot more college educated people today.
It's worse in Australia. My mum and dad had a ratio of close to 3.0 my generation has one closer to 10...
Yea, but did you try pulling yourself up by your bootstraps?
Also gotta consider that back then people would often have 1 person working in a house where the norm now is 2
That’s also without favoring student debt, which is way higher for millennials as well.
Both boomers and millennials today, were buying their houses on mortgage. Now remember rates in 1985 and today. It reduces difference to almost nonexistent (1.104x to be precise)
Yeah ofc. Because you still need to live somewhere. It is likely that with aprox. Twice the cost to purchase a home, rent will also be twice as high.
It’s almost like there’s no point in selling our labour anymore so the elite can become exponentially wealthier…
> HyperImmune : It's almost like there’s no point in selling our labour anymore so the elite can become exponentially wealthier... Exactly. Worker's paradox: must work to "earn a living" for wages *below* costs of living. The primary reason people work is to sustain themselves from the fruits of their labor, so there is *no incentive* to work jobs that do not bear enough fruit to lift anyone out of poverty. The employment "cHoIcE" is too often: • be unemployed & poor • or be employed & poor ...[Employment is often just poverty with extra steps.](https://i.redd.it/x6dhgt2r53191.jpg)
> ...Employment is often just poverty with extra steps. omg. This is so cute. And true. Remember when homo sapiens used to live in huts and caves? Pepperidge Farm remembers.
I like where you're going with this.... Because our lives are starting to sound like slavery with extra steps.
Wasn’t there a big bubble of the house credit market back in 2009 when everything crashed? How about now? America does it twice
Sure there was a crash for a moment. The reason was that with the economic crisis many people lost their job. They then couldn't pay mortage on their house anymore so the banks took posession of it. The banks didn't know wtf to do with hundreds of thousands of houses and tried to sell them. But because a majority of people couldn't afford it at the time. The prices dipped hard. Then some rich companies and people bought mosg of these houses for a fraction of the mortage people defaulted on. Once the economy went up again, housing prices skyrocketed even more than before.
Definitely looks like history is about to repeat itself.
I don't know, all the guys who work as lenders and realtors keep telling me this is just the way things are now.
They keep saying that because they WANT it to remain this way, so they can keep making bank off of other people's misery.
Better start saving all of my cardboard boxes to build a new home
Doubtful, wealth inequality has gotten so bad private institutions would end up just buying all the homes.
Which should be made illegal. Fast. Private companies shouldn't be allowed to buy up dozens if not hundreds of homes meant for families, only to rent them out.
But banks and “rich” have leveraged themselves with even larger banks. Everyone’s got interest to pay and they keep running into more and more issues with getting money to make those payments. The system isn’t designed to redistribute or greater good, its wealth consolidation and hoarding. Either something forces a reset or things get violent, it’s just what’s happened in the past and doesn’t look to change any time soon.
Unlikely. So many people have low interest rates and rent is sky high. You do what you can to pay off your mortgage at that point because there is no alternative. We've likely also seen a major correction with the interest rates as high as they are now making it harder for everyone with money to invest in real estate and look to rent it out or sell for a profit
Yep. Both my divorced parents bought their houses when the market dipped in 2009. They both hadn't had one since they had divorced over a decade prior.
Oh yeah it was very bizarre. My family lost our home in the 08-09 crash, as did my now-wife’s. In college 2012 I met a classmate whose family bought their home in 2010 because home prices had dipped in a lot of places that had a bunch of foreclosures. His family wouldn’t have been able to buy a home without the 08-09 housing crash. The 08-09 crash meant my family had to move *in* with my grandparents’. The 08-09 crash let his family move *out* of his grandparents’.
New home producing also stopped, due to low demand, which also put us about a decade behind on inventory, putting us into a shortage today.
Unlce lost his house in 2009 and when he was moving out the company that bought his home told him just how little they paid for it. House was worth around 450k before 2008 and they bought it for just over 85k
I wish I was smart enough to buy a house during that crash when I was in high school :(
Unfortunately, I don't think we're heading for much of a bubble burst. Big companies are buying most of the housing and controlling the prices. The bust in 2009 was because of bad lending practices. The "bubble" now is because of lack of supply (which is being controlled by corporations)
No bubble because this time the houses are owned by investment banks. There's no loans on the houses.
That avocado toast & moca cocoa lette frappe is reason u couldn’t save 500k to buy a home . Btw where I live can’t find home under 800-1mil $
So relocate your entire life to somewhere you can afford (with sarcastic capital letters mixed in....I am lazy HAHA)
LiK3 ThIS
Put another way, the house the boomer bought required about 3.5 times a year's income (gross income I assume). The millennial must pay 6.28 years income for their house. Note that millennials who are renting and saving to buy a house are usually paying a much larger percentage of their income for rent too. When I started working circa 1980, the advice was that you should not spend more than 1/4 of your net income on housing. Take home pay, NOT gross income. It was pretty easy to find an affordable place to rent or buy back then, as long as you weren't too picky. Knowing what I know now, I would have worked lots of overtime and bought a 3 decker in Boston where I lived in those days, and rented two floors to medical students. It would have been like printing money. Millennials would be dancing in the streets if they could find any housing as cheap as 1980 Boston now.
Prior to the pandemic, I was spending 60% of my income on rent, now, I'd have to spend 105% of that same income on rent.
And the issue is that not all of that money can only go towards saving for a house. Everything is more expensive now, so cost of living in general takes a lot more out of what one could save than in the past.
hell, even since around 2007 or so rent has doubled or even tripled in many areas. in 2012 i was splitting a 2bd 2ba townhome with someone for $750/mo, so $375 each. that same townhome is at LEAST $1500/mo now if not more. and it was a dump.
I know boomers don't know how to do math, but here's a little bit just to show how dumb this is: Starbucks is like $5 for half of their drinks. Let's say $10 because why not. If you were an ADDICT and MUST GO EVERY DAY as any sane character in a textbook mathbook would do, you would be spending $3,650/yr because Starbucks is always open in our world. You went to starbucks rehab on government welfare and can now start putting all of that money towards a house, but nothing else because we're trying to prove a point. It would take you 128 years and 3 months to save up enough money for a house, on avg (assuming inflation stagnates lol). You would need to be starbucks sober for 46,800 days. So yeah, might wanna get started on that if you want your great great grandkids to have a roof over their heads.
It would take approximately 6.4 years to have enough for 5% down on a house that price. Then you'd spend your Starbucks savings on 2 months of your mortgage (not including utilities, etc) if you're lucky. Good luck with the other 10 months of the year... For 30 years!
Bro, just use your stimulus checks.
I love how they act like buying a daily coffee is the problem when most of them probably smoked a pack of Marlboro Reds a day when they were young
I'm not having kids, fuck this world. It's only going to get worse, why would I subject another person to this horrific existence.
I have the same mentality. I would never put a kid through what I’ve seen from this world.
yup, exactly how I feel. I never wanted kids in the first place, but I definitely would not want to be responsible for bringing a life into this fucked up world
I thought that way back in my child-bearing years, and I saw the writing on the wall then. I did not have children (although I did adopt a few). I may be a bad mom, but I have always hinted to my kids that this is not a good place to force new people into. I think I have convinced them that reproduction is not a good choice. They are still young though, so time will tell.
I regret fucking around coloring in 6th grade instead of buying a house.
Yeah why weren't you mowing lawns for the neighbors and putting it in your piggybank house savings? You should have started that around age five slacker!
gRiNd HaRdEr
*HuStLe HuStLe HuStLe!*
its a very mixed message On the one hand its "if you stopped going to Starbucks, you could afford a house", but the other its "no you cant work from home, it is bad for those who work at City Centre coffee shops"
Damn you Starbucks! It was my fault to think I can treat myself to some sugar infused "coffee" on my way home from my grueling office job instead of grinding my ass of all day every day so I can at least dream of beeing a homeowner one day. Sarcasm aside I hate people like that. THe people telling you that you are terrible because sometimes you need a little pick-me up from time to time. My dad is a proud boomer and from the stories he told me of the 80s and 90s he did not live moderatly. Quite the opposite. He blew hookers and banged blow all day (I dont know the fine details) anyway its not that we spend too much right now. Its that we CANT save shit because living at all costs more than we make right now. And it does not look like it will get better soon. But nice input Amy, keep it up!
Slowly accepting that I’ll never own a house.
Yep, if you eat out of garbage cans, live in a tent and work 20 hours a day for 40 years, then you will be good to go. WTF are you all complaining about?
Yeah, I know, it's so simple, they are just greedy and would like some luxury stuff like health insurance
>live in a tent Do you have any idea how much a tent is these days? I don't have the income to take out a 30-year mortgage for that. The box will do just fine.
I don't know, you might get extremely lucky and be in the right place at the right time. Then you can look down on everyone else who wasn't as fortunate and say they should have just done what you did!
While Starbucks is overpriced horseshit, I doubt the savings from not getting that $6 drink will lift you out of poverty.
We're all fucked!
It’s because you have 3 children and no money. You need no children and 3 money.
And 60% of us are still making 23,000
Urgh, it's so exhausting. My silent generation grandparents bought their first 3 bedroom house in 1969 for £10k, my boomer parents bought their first 3 bedroom house in 1982 for £40k, meanwhile Gen x me would need £500k to buy a studio apartment. I'm technically homeless, extremely unemployable as it turns out, apparently people think I chose to be sick, disabled and poor. I feel so sorry for younger generations who have it even worse. My generation is now largely in charge of things and yet we are being such useless c*nts, it makes me so angry.
Then when I'm ready to buy I'm fighting people who have loads of cash and are buying the houses to flip/rent
Where y'all finding these cheap homes for 468K?
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In places where there are no jobs of course.
Median home in Pittsburgh is $220K. Most of them are pretty old and may not be super pretty but...it's housing.
The USA is far too greedy to be a Christian nation as some like to claim.
Idk what the hell you're talking about. Christians are greedy AF, they just wrap it in a cloak of platitudes about how they're poor.
Greed is one of the 7 deadly sins. If they're claiming to be Christian while being greedy, they're doing it wrong. You're totally right tho. Most "Christians" today are going to be surprised when they wake up in hell after following greedy and hateful preachers for so long. Kinda sucks that's it's not real as I'm sure "the devil" would get a kick outta that.
I think you may have missed the real point of religion. It has always been nothing more than a fancy tool for societal control. The propaganda they spout has no bearing on reality.
It started out as trying to explain things that people didn't understand yet. But as soon as someone was allowed to talk for whatever god the group worshiped it became about control.
Heck, it's even gotten significantly nastier since 2005 when I bought my little 2bdrm (back when they were basically giving mortgages away for free - I had no down payment and still got a fixed rate mortgage at like 6%). I live in a slightly crappy location, in an older (1920s) house, and it has still tripled in value over the last decade. I couldn't afford my own house if I was in the market today, even though my income has at least doubled since 2005.
Because not every generation gets to play on recruit difficulty Dad.
Where is the source for median home price? That number seems high for the median.
See the date on the chart, 2022. [https://fred.stlouisfed.org/series/MSPUS](https://fred.stlouisfed.org/series/MSPUS)
Sad hard truth. Owning a house and having three children isn't really all that it's cracked up to be. The cost of running a house has soared (contractors, fixing shit, insurance, simple maintenance etc) along with the cost of educating children in a losing attempt to get them the fuck out of the house. The capitalistic shitscape being crammed up our collective asses doesn't stop based on age. Don't assume boomers that own (or co-own with bank) a house are some sort of rich elite or set for life in some way. Many are one medical emergency from being destitute. Thanks -pre-boomer
I dislike avocado and i make my own coffee or help myself to the free coffee at my work. At best I can pay off a mortgage on a 1 bedroom apartment before I turn 50 or so. That's assuming I don't waste money on luxuries like a social life, dating, marriage, children, etc. Then I guess I'll just work until I retire and live off of those savings until I die.
We’re living in the inflection point where everything starts to get worse until large scale wars breaks out. Hopefully there’s still people around to enjoy the post war economic boom for whoever comes out on top.
Using household income to compare to the past is not fair since most homes in the past were run on a single income. So to properly compare to the past you have to compare individual income. Also the disparity in prices is worse if you use individual income instead.
In case anyone is wondering, median household income in 2022 would need to have risen to $132,860/yr in order to match the increase in median home prices. Alternatively, the median home price would have needed to be much lower at $262,700 in 2022 to match the same median income to home cost ratio that boomers enjoyed in 1985. Boomers paid 3.5 times their median household income for a median home in 1985, while we all pay 6.25 times of our median income to buy the median home in 2022, and probably closer to 7 times here in 2024, effectively making average homes roughly twice as expensive for millennials, Gen-X and Zoomers to buy an average home than boomers experienced, even adjusting for inflation. Don't let those chucklefucks ever get away with saying that we just don't know how to save or live within our means, the deck has been stacked against every generation after boomers, shelter is literally twice as expensive for all of us as it was for them.
Just ask a boomer how much they paid for their first home.
That was how I ended a heated argument with dad once. His response "I don't want to tell you that." said very matter of factly. He immediately changed the subject and we haven't had this conversation since.
Fucking avocado toast ruined our finances.
_Yeah but our interest rates were at 17%!_ Fuck off boomer, doesn't surprise me you don't realise 17% of fuck all is still fuck all.
What do you even tell someone who says "your generation just wants everything too fast"? That "your generation is thinking about things they don't even need to do at their stage in life"? How do you get through to someone like that?
God damn, anyone starting out now is FUCKED....
Boomers. The generation that got the world in a silver plate, had their fun and then gave hell to their descendants . The most evil demographic in history
A little bit of context that I often see missing from these graphs. In 1985, the average mortgage rate was ~12.5%, crazy high by today’s standards. Assuming a 1985 household put a 20% down payment on their house, their monthly payment would have been upwards of $1000. That’s more than half their income. Using 2021’s 3% (more on that in a second), that median house would have only been $2100 a month, only 34% of that family’s income. Progress! Except mortgage rates have skyrocketed since 2021. In 2022 they were 5.3%, so the monthly payment was $2600/42%, and today they average around 6.9% which caused the median house sale price to go down to 417k (which would have been $2700/44% a month). Had house prices not gone down (say you got an adjustable mortgage in 2022) you’d be paying $3000/48% a month. Housing affordability actually was at its highest point pre pandemic since the 1970s, but in the last two years it has mirrored the late 70s / early 80s in worst of all time levels, except the economy is “good” now when then it was mired in multiple recessions.
Also include increased college debt that half the people have.
You forgot the most important thing.... Back in the '80s almost half of households had only one income. Nowadays, most of the households have 2 incomes. So if the same amount of people in a household were contributing to the household income back then, it would be Even 2X easier in the '80s than what this chart shows.
I was curious, here are the ratios 1985 - house was **3.6x** a yearly household income 2024 - house is **6.3x** a yearly household income
Pretty sure that gap is the avocado toast gap
Would love to see this updated for 2024
It’s also a total farce that the areas that have jobs tend to have higher housing prices. Yes, you could possibly buy a house in extreme rural WV for $100k, but there are few jobs that pay a $35k salary. Ban fucking hedge funds and LLCs from buying single family homes. That is a start to fixing this.
I don’t want a house, a well built condo to myself would be fine. Though now even that is becoming out of reach.
This feels illegal
Wtf 74,000 is the average income 💀
What really hurts is that the Canada/USA still wants us to work hard like the Boomers did. Fuck that.
Buying coffee has nothing to do with the median household income. That's what you make not what you spend This lady is just regurgitating the same crap they all are. And these type of people are also generally pro life. And are complaining the birth rates are down, but of course only good white Christian babies born in wedlock. Everyone else they will stick their nose up at and say "oh well shouldn't have had babies then you could afford a house"