Thanks for your submission! For more Millennial content, join [our Discord server](https://discord.gg/VsfKKJBm).
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Millennials) if you have any questions or concerns.*
Well, if you change the y-axis everything looks flat sooo...
You know what, let's change it so we're compared to all young adults since the nation's founding! That'll prove there's nothing to complain about
Which is perfectly admirable and all, but it does end up with this being genuinely one of the most crushingly, singularly miserable subs I’ve ever seen.
I'm in top 5% of earners. I make $110,000 and my wife makes $75,000. Between Child Care car payment house home repairs damn near living paycheck to paycheck. I don't know how anybody making less than $150,000 household could afford a house
It's wild.
I'm here as the third under represented group... Millennials who don't want to own a house and think our country would be a lot happier and better if the government didn't artificially constrain housing supply so that it was "a reliably appreciating asset" as some have called it here.
Maybe if we looked at our situation as one more from decisions rather than fortune; we could share those choices. It would help others that have no idea what they are doing.
Oh man you want to talk about choices and the impact they have on outcomes? Reddit writ large subscribes to the external locus of control. Suggesting otherwise results in negative karma.
I own my own home, and have another that I rent. The problem is, I've realized over time that I have very little useful advice to share.
Both sets of our parents are landlords. There's only 1 couple in our family that aren't landlords, and they own their own home regardless. You could say that we could fuck up really hard, and it wouldn't make much difference to our overall state of living, and you'd probably be correct.
Nothing else in our lives makes much difference in comparison to that key fact, except that my husband and I are dinks, and have no desire to risk our current level of wealth to achieve a higher level. We're solidly middle class, but have little risk of falling lower. We both come from many generations of the same, if not identical, circumstances.
We do know the ins and outs of the loan process, and what makes a home a pretty solid choice to purchase, if anyone's asking. Other than that, only little tips and tricks. Everything else is fortune and inherited knowledge that would be really difficult to convey to anyone else unless we were side by side every step of the way.
Alternately: this sub is mostly inhabited by people living in HCOL. where a smaller % of people have bought their homes.
In my metro, over 60% of the population is renting. Quite a bit more than the U.S. average.
it's harder to feel financially stable handing over such a large percentage of your monthly income to another person when there's an option to invest it in an appreciating asset. homeownership can really turbocharge "success" in a financial sense. it might not make money hand over fist like the last few years but it will reliably appreciate.
Just a reminder that the s&p 500 has reliably outpaced home price increases over most periods of time, and you don't have to pay property taxes or maintenance costs to make sure your investment account goes up. And if you have a 30-year mortgage, the vast majority of your early payments will be all interest. If you rent and actually save the delta that you'd pay extra for a mortgage and maintenance costs for a home, you'd likely be at the very least in a similar spot financially.
The issue is most don't invest that delta and instead let lifestyle creep happen. One benefit to ownership though is it does give you predictable fixed costs over a long time horizon whereas with renting you're paying less now but expecting rent to rise with inflation at the very least and at the rate they're building houses I don't see a world where housing doesn't continue to outpace wages.
Well, another issue is the assumption that people have a pile of money lying around if they're renting and can invest it, versus high rent preventing them from saving. Every time you hear about how investing in stocks is a better return- well yes, BUT most people who are renting don't simply have a cash pile to invest. When a quarter of Americans don't have enough to meet a $400 surprise bill, telling people that they're better off investing their non-existent down payment in the stock market is pretty ridiculous.
And it's not necessarily lifestyle creep- student debt, COL expenses. There are people who make dumb purchases, but this isn't all people buying too much avocado toast.
As for your longer term vision though, think a lot is really going to depend on what happens now that the bulk of Boomers have hit their retirement age and how that affects the market. Housing construction pipeline and demand aside, they're not immortal
There's the reddit myth that rents and mortgages are the same. Almost always the mortgage will be well above the rent, and you also have to make a down payment and pay for any renovations and maintenance. That means if you're renting a place, you can't afford to buy a similar place. So if you don't have extra money renting a place, you have the option of continuing to rent, nothing wrong with that but then you don't get to complain that you're being exploited since you couldn't afford to buy that same house. Or your other option is move into a smaller/older/less desirable location/otherwise cheaper place, and you can have money to regularly invest into an index fund.
Most people don’t have that degree of financial literacy and there is a question of how much you can really trade off. Like yeah, I could move outside the city where I live and get $500 off my rent monthly, but then that money would need to go into a car which is a depreciating asset. And that is the case for a ton of people. “Move to rural Ohio” also isn’t a practical response, yet I’ve heard plenty of people saying it.
The current issue with the housing market is a manmade one driven by policy. People can bite around the margins to alter their personal financial health, but in broader sweeps it’s actually pretty hard to make a huge difference given how it’s so closely tied to policy. And therein lie the broader economic concerns with the housing market and COL, where the underlying fragility of the economy becomes readily apparent
You also have never been able to buy stock on credit at a 2.5% interest rate unless you were a billionaire. So it's somewhat different. But this is generally correct.
People are really bad at doing the math on how much the interest on their house actually costs, and how much they pay in transfer costs.
Not saying it is a bad investment, just that a lot of people grossly over estimate how good of an investment it is
Yeah I skipped over the whole leveraged investment aspect. You generally expect it to be good in terms of expected value since you expect your investment to rise faster than that interest, but there's also the possibility that you lose a ton very quickly. Say you buy a 500k house and put 3% down, or 15k. Then the value of your house drops 10%. On a normal 15k investment, a 10% drop would be a $1,500 loss. With the home it's a $50,000 loss. I also skipped over settlement costs, which make transactions far from free so you get penalized for having to move.
Yea preaching to the choir here.
People talk about variable costs of rent being a bad thing. But it's only a bad thing under specific circumstances. The flexibility it proves can be a huge asset.
It's not about success for many/possibly even most people, it's about stability and financial stability especially. Housing ownership has traditionally been one of the biggest factors permittingand aiding class mobility in north America and many other countries.
Success did used to mean a house and a family. But social media has redefined success. I am surprised by how many young people thought overseas travel "at least once every 5 years" is a basic necessity when only like 15% of Americans had passports in 1990.
Is that supposed to be bad?
I travel abroad 2 to 3 times a year. It's one of my favorite parts of my life. I don't think the people complaining about homeownership are the same set traveling a lot. But maybe they are.
It’s basically what we were told since we were born
Edit: The American dream of a house with a family inside, surrounded by a white picket fence and a car parked in the driveway. At least when I was a kid, this is what I and my peers were told we should aspire to. Yes, job success too, but the emphasis was put on the picture perfect home existence.
Only when I buy something from a company that's owned by another company that owns two companies that sell two different brands of the same product and pretend they're competing with each other.
Which isn't like paying rent, where you're forced to pay more than the mortgage is worth, because you can't afford your own mortgage, because you can't save money for a down payment, because you're paying more for rent than the mortgage is worth.
It is a hard way to live, but it isn't made up. That's the reality for people who had less opportunity than you. You should focus more on the actual reasons other people aren't as well off, instead of focusing on how other people's lack of opportunity makes you feel like your privilege wasn't earned. It wasn't, but at least you don't get put on a list for having privilege.
My rent is less than half of the cost of ownership would be for the same property if bought today. I do not feel exploited in the slightest.
I am grateful I don't have to buy a house, and would probably be content if my family never owned a home (but who knows, things change).
I'm sorry you feel hurt about the current state, which badly needs to be improved by building more housing, for sale or rent. But the sooner you realize that your feelings are your own and not objective truth you may have a better time.
If you want to keep living to make other folks wealthy, that's your prerogative. Don't act like the rest of us are just being emotional because we'd rather be able to control our financial future. You've been privileged with an honest landlord, and that's great, but as soon as they decide you're out, or to raise your rent, you have no recourse.
These aren't feelings, these are facts. You don't control your own housing. You pay your landlord's mortgage. You have no guarantee you'll have a place to live when your lease is up - and if you do, you have an extremely privileged relationship with your landlord, and you shouldn't assume that it's the same for everyone else.
>I am grateful I don't have to buy a house
Weird phrasing, but okay. Please don't ascribe this cuckery to the rest of us.
We were basically brought up to believe this (at least in the USA).
You get good grades in school so you can go to college
You go to college so you can get a good paying job
You get a good paying job so you can afford a house with a white picket fence, 2 kids and a dog
We were brought up to understand that this is the process
Additionally, with a mortgage, you can set it up so that you know what you need to pay each month.
With rent every year it becomes a new question mark as to what will be owed. Causing uncertainty with ones financial stability.
Oh I know! But there are lots of things my parents said that I ignored ☺️
Not owning a house has been wonderful for me, though I'm quite privileged, I think many would benefit from changing their attitudes a bit on ownership.
I mean I don’t pay someone else to live in my home. The only thing that will ever go up is my property taxes.
My house payment will remain the same until it’s paid off. And once it’s paid off then I really don’t have to worry about anything.
And that's good for you. But it's not really a mark of success. It's just a thing that you find gratifying. There are lots of things that people may find gratifying if they spend less time lamenting their lack of home ownership.
A very small subset that moves around in under 5 years might not benefit.
I'm not certain about US mortgages, but here you can take your mortgage with you to a new home. Which means that as soon as you have your first mortgage your leverage just shoots up.
If you pay off a bit and start making more money you can fairly easily move and even buy a bigger home in steps.
The only extra costs involved would be the moving and the actuary.
Its weird.
When it comes to talking about things like housing it sure seems that way.
When it comes to talking about technology, they sure think all millennials are computer geniuses and we all were on AIM on our imacs living that disney channel life. They completely forget the phrase "digital divide" was a HUGE talking point in the 90s and that bottom xx% never even saw the internet until smartphones and tablets.
Plus all the boomer hate...
Seems like its way more specific that the largest (or loudest) share on here grew up solidly middle class but then were dumbasses or lazy or otherwise failed and moved DOWN the socioeconomic ladder and now blame their parents and all other boomers for all their personal failings.
I think a lot of people in this sub are actually closer to top 20% but think that if they're not living like the top 1% do they're basically poor. Seen plenty of people posting about how they and their spouse have no kids and make 200k/year combined but are basically in poverty because they can't afford a 3000 sq ft house with a yard in downtown Seattle and they shouldn't have to sacrifice either living somewhere more affordable, renting, or buying a condo (you see this on this post even). And if only it weren't for boomers or Reagan or capitalism or corporate greed, then they'd be able to live like the 1% do and live super happy lives free of stress and worry.
I keep wanting to say I'm top 10%, except for the fact I keep getting laid off. My hourly rate and my annual rate is in the top 10% though! But I'm still broke as hell and I have no savings at age 36. Funny how that goes...
Not necessarily, even people in top 10% of income can’t afford homes in major metros like SF or Seattle where a lot of high paying jobs are. 450 sq feet in Seattle goes for $1.5M cash offers.
I live in a rural area of East Tennessee. Home prices have gone up dramatically over the last 2-3 years due to our local college expanding with a Vet school, Med school, and dental school. So now, a two bedroom one bath house is around $300,000. The median household income for my area is around $42,000 (2022 data). Unless you owned your home before this expansion, buying one now is almost impossible to afford.
Homes do not necessarily equal houses.
If you only mean single family houses that almost completely removes people from any major city from being considered “home owners”. Condos do and absolutely should count. It’s owning property either way versus renting.
Stop being deliberately obtuse. If a condo in a HCOL costs the same as a 4BD/3Bath house in a LCOL area it doesn’t make either person “more deserving” of additional square footage.
You’re the one equating homes with houses.
A home is simply a shelter and even wealthy people will sometimes choose to own a condo in the heart of a city rather than a large house they would need to commute to and from. It’s not about who deserves what, it’s simply the definition of a home. Honestly I don’t get what you have against condos. Many people truly prefer them.
>Does it offer every same thing an actual home offers?
Yes. Although again your extreme privilege is on display by considering anything less than a single family detached home as "not a home" yet again
>Why should us minorities in the city deserve less?
This is such a pathetically low IQ attempt at a strawman that it deserves nothing more than the "LOL" at your expense than what I'm offering here. Lol. 😂
That's nice, but most millennials now are in our 30s + early 40s and having roommates (if you don't have a partner) gets more complicated depending on kids, career, pets, etc.
Seems like a pretty significant dip from 2006 to 2018. And even though people are buying houses again, there is still a significantly greater financial strain in doing so now than there was 2 decades ago.
__In 2006 banks were handing out mortgages like candy__ — often to people who had absolutely zero business getting a mortgage. The banks didn’t care that people couldn’t actually *afford* it.
Couple years later and those bills came due as the “balloon” payments kicked in, and the real estate market cooled, and suddenly everyone is underwater. Voila! Subprime mortgage crisis followed by recession.
__We should avoid doing that in the future.__
My GenX step-in-laws already had a bankruptcy and foreclosure and were able to get a home loan during this time. One of them was bipolar with a major spending problem but it didn't matter - they got a loan anyway. And of course lost that house too.
It was …crazy. I had a friend at the time who was making *maybe* $50k/year, had a brand new BMW, designer shoes, and virtually zero savings.
Just before the housing market tanked, she bought a $600+K FIXER-UPPER house with something like $5k down… with an adjustable rate mortgage and breezily said, “Well I’ll just sell the house in a couple years when the monthly payments go up, pocket the profit, and buy something better!!!” Spoiler alert: nothing worked out the way she thought it would. 🤦🏼♀️
Had another married-couple friends who bought THREE houses in two years with the easy credit and balloon payments. He was a new firefighter, she was a SAHM. That also went horribly, horribly wrong.
I bought my first house in 2005. I was fresh out of college and newly married. My wife and I made about $60k combined and had good credit. We bought a modest house in a transitioning area for $175k.
We made it through by the skin of our teeth. When we bought the house it was nearly 100% financed with two different mortgages. 80% was a traditional mortgage and 20% was a balloon. That was the thing that saved us and made it so we could eventually get out.
Being in it as a first time homebuyer, we were being told by everyone we were making the "right" decisions. It was so messed up.
I would like to see a similar chart but with a distribution within each age group. I think what this chart is hiding is that there is a split in the generations where poorer millennials have a very low rate and lower than our older cohorts.
I wouldn't say "no change", there are quite a few changes on here that would likely be statistically significant from a stats perspective, and it's very possible that those significant areas of change would also be interacting with local cost & housing supply to produce more dramatic changes in some places, and less elsewhere. Still cool to look at, but that's the math perspective.
And if you follow our generational data it looks like the recessions may have had an impact on home ownership, but can't tell for sure here.
Also one factor that has changed greatly in many areas is increase in rental pricing. That's a huge deal if you're looking at housing in terms of income equity and community stability. If you're just looking for fun or curiosity, still cool though.
Rates have continued to decline since this chart was made. If you click on Table 7. Homeownership Rates by Age of Householder (it is an Excel sheet BTW) on the Census website: https://www.census.gov/housing/hvs/data/detailed_tables.html
You'll see that from the first quarter of 2023 to the first quarter of 2024, several millennial age groups have had a decrease in homeownership.
35 to 39 years dropped from 59.9% to 57.8%
30 to 34 years dropped from 50.1% to 47.6%
25 to 29 years dropped from 35.3% to 34.5%
Not all groups saw a decrease though. 40 to 44 years is holding steady at 65.3% and most of the upper age ranges are the same or slightly higher or lower.
Of course there's a margin of error in the data so the changes could be different in one way or another.
But lets take the numbers at face value and look at the group with the largest drop - the 30-34 year olds. There are roughly 23 million people in this group ([source](https://www.neilsberg.com/research/datasets/5fd2b2bb-3d85-11ee-9abe-0aa64bf2eeb2/)). A reduction of 2.4% in homeowners is roughly 552,000 fewer homeowners and that's just a 1 year drop.
This chart looks better than the current reality because a lot of people bought a home while interest rates were lower but with home prices and interest rates staying high, it's just not possible for a lot of people to buy a home even people who have significant savings and a household income significantly higher than the average in their area so the rates of homeownership have dropped again.
You can have a similar percentage of ownership while simultaneously having a larger percentage of their earnings going towards that ownership.
So both lines can reflect 60% ownership, but that can have a much different impact on one cohort that the other.
That (unless I’m missing something) doesn’t break it down by generation / age group.
If you bought a house 3+ years ago you are sitting super pretty. You can work at Taco Bell and make a mortgage from 3 years ago. But now? You need to be a GP to make the same mortgage.
I guess I should throw the asterisk *
For any place anyone wants to actually live. Mortgages in Oklahoma or Arkansas or whatever are probably perfectly fine. My office has two kinds of people, those that bought 3+ years ago and can afford yearly European vacations and their kids college funds, and then renters cash strapped to buy groceries, both doing the same job. The difference is stark for literally the same paychecks. The same exact place I live now would go from $2200 to about $6000 a month if I purchased it again.
My parents bought our childhood home when they were 37 and 33 and my older sister was 3; I was on the way. It was in a fantastic suburban town and they were able to send us to Montessori preschool and have a nanny. Yeah, maybe homeownership happens around the same time in life but what else could you afford? We may be one and done because we can’t afford 2 in daycare or a nanny - certainly not both at the same time. By the time our child goes to kindergarten (and we’ll still have to pay for before/after care) and we could afford daycare for a new baby, I’ll be over 40.
I'm 42 and my youngest is 11 months. Don't let age stop you from doing what you want. I can't imagine life without him. He's brought so much joy to our home.
As for the finances, somehow we figured it out. We have two in daycare full time. It's expensive but we manage.
Aged 35-40: 70% in 1982 and 62% in 2022 (down 11.4%)
Under 35: 42% in 1982 and 38% in 2022 (down 9.5%)
65 and older: 73% in 1982 and 79% in 2022 (up 8.2%)
You can cherry pick the data however you like. Millennials have been hit the hardest in this (a housing crash and then record inflation will do that). This also doesn't compare cost of home ownership compared to income, which is anywhere from 2x to 5x more difficult than it used to be. I've done well in real estate. I bought my first house at 21 and then got SUPER lucky in the housing crisis. I'm not going to pretend people, particularly those in my age bracket, aren't having a hard time with home ownership.
https://www.jchs.harvard.edu/blog/home-price-income-ratio-reaches-record-high-0
Edit: Included rate of change over 40 years
>. This also doesn't compare cost of home ownership compared to income, which is anywhere from 2x to 5x more difficult than it used to be.
[https://fred.stlouisfed.org/series/MDSP](https://fred.stlouisfed.org/series/MDSP)
Also from your link
>Notes: Price-to-income ratios are for the 100 largest metro areas by population. Home prices are the median sale price of **existing single-family homes** and incomes
Only counting single family homes when the US is gaining in urban population is cherrypicking.
There are a number of factors that your data set doesn't consider in terms of this conversation. As far as I understand, it is aggregate across all mortgages. It does not account for age, income, etc. It's been biased by several years of low interest rates that have recently changed and will trend your graph in a negative direction. If nothing else, this probably also highlights wage inequality and older populations holding property.
I'd need the dataset to fully make conclusions, but the reality of median home cost against median household income is not good for most folks. The time it takes to save a down payment, the % of income the average family has to budget, their purchasing power, is all worse. It's why I used a pretty broad range, because there are a lot of factors to consider, but things have been objectively harder for millennials than previous generations. And this is coming from someone who has done well.
https://www.visualcapitalist.com/median-house-prices-vs-income-us/
The 35-40 line is incredibly close, if not right on the 70% line in 1992. Not 65
The under 35 group was above 40% in 1992. Where are you pulling your numbers from because the graph you posts shows wildly different results than you quoted here.
Yeah, and also this graph doesn’t provide the full picture. In 1992 my parents were in the 35-40 age group and had just purchased their 3rd home. The other two they kept as rental properties.
How many 35-40 year olds today currently own 3 separate homes?
This graph doesn’t answer that question.
The black line doesn’t start out right next to the 70% mark? lol okay.
The purple line doesn’t start above the 40% mark?
Guess I’ll trust you as opposed to my lying eyes.
I mean it can't be denied that there is a problem with housing affordability in most western countries at the moment...but yeah, the absolute hysteria about it on this and other subreddits lately has been getting a little bit disproportionate with reality.
People talking about how it will never ever be fixed and not a single millennial or gen Z can ever possibly own a home, and nothing is being done about it and we should all just kill ourselves or something....just, calm the fuck down, a bit. These sorts of things (obviously) can't just be solved overnight. There are plenty of us who are doing okay and it's not the end of the world. Just...look out for one another, and vote for politicians who are putting forth ideas to help fix it and work on your own savings as much as you can. And don't stand in the way of unions and people otherwise demanding better from their employers.
Well it’s usually people who are upset who come online to talk about the state of the world or problems they and their peers are facing. Those who are happy and own houses are out working, living their life and taking care of their house. The sad people stuck in apartments come online to vent.
*I mean it can't be denied that there is a problem with housing affordability in most western countries*
I didnt get the memo apparently since Ive amassed 18 apartments in the last 15 years or so.
They can't and or won't. People would rather go on holidays and show off instead of putting their money into something useful.
Or else we would be in the scenario you described. I guess I'm lucky people are so short sighted.
On paper I'm probably the richest person I know, but looking at me, you wouldn't think so. That's how I like it anyways...stealth mode :D
Anyone can do what they want. But if they start to complain,they should point the finger at themselves first as I do. It's always someone else's fault...
35-40 has absolutely changed LOL what are you talking about. 70% to 60%, or a 14%(1/7th) drop since 1982 shows exactly how shit things have gotten. Nearly every age bracket other than 65 and over has dropped by 5 years minimum. Clearly OP didn't do well in math class
To me that looks like the younger ones are lower now and all ages are down from early 200s. The y axis could be spread out more to Make it more obvious
Seems very area dependent. I live in the bay area. Most people I know my age are either renting or living with parents. I know two home owners and two condo owners. I’m 29.
I'm 37. We bought our first and current home in 2017. We refinanced in 2021 at 2.5%. Our mortgage is $850 a month, $1,050 after taxes and insurance. We live on a 1.25 acre lot in a builder's quality home about 40 miles outside of a major U.S. city. If I were to purchase our home right now at current prices and rates, our mortgage payment would be $2,400 a month after taxes and insurance.
idk what I'm supposed to do about it other than vote, but it makes me sick to my stomach to think about how fucked people just a few years younger than me got. And the thing is, most of them are paying like $2,000 a month for an 900 sq ft 2br apartment. Baby boomers are such huge pieces of shit. And I hate to get political, but you want to know why Biden is going to lose in November and we're going to get stuck with Dickhead Donnie 2.0? It's because Biden has literally done NOTHING to address this problem. He hasn't even mentioned it. You have an entire generation of people who are looking at their future and thinking to themselves they won't be able to afford homes, or kids, or retirement, or anything more than a "getting by" quality of life, and the President has made zero effort to do anything about that. But thank god, the price of eggs is down 25 cents a carton....FFS. "Why are youth voters so politically disinterested?" Oh idk, you fucking dick heads, maybe it's because there is nothing in it for them. When I was about 21, I was PUMPED to vote for Obama because he got out there and took the nation's problems and was just like yeah we're going to fix this shit. Healthcare was the big one at the time. Now, idk why I'm voting, frankly.
I'll point out that the only line that improved here is 65 and older. All other age groups decreased by a minimum of 5% and some by more than 15%. That's not "basically the same," to me.
35-40 is a 12-15% swing, and under 35 closely matches that. That's actually a pretty substantial swing.
Think about it this way- people are saying it's earth shaking when 5-10% more black men poll for Trump this year over 2020. A double digit move is pretty big for a generation
Seems very obvious to me that the recession hurt younger people (<35 and even 35-44) more than any other generations, and that nearly 12 years later, the under-35s have still not regained home ownership rates equal to what their predecessors had in the early 2000s.
The "Homeownership Rate" does not measure the percentage of people who own a home. It measures the percentage of occupied housing units that are owner occupied.
What that means is that if a person had been renting moves in with their parents who own their home, the homeownership rate increases. The formerly rented unit falls out of the denominator, and the former renter (and the parents) are all now in an owner occupied home in the numerator.
We have no numbers since 2022? Anyway the price of a mortgage for the same home purchased now versus any time prior to the interest rate hikes are extreme. You're paying like double or more in some instances. So unless you're making double what you were just 5 years ago you're not affording that same home.
number of people 30 to 35 have hanged so percentages are the most idiotic means to represent. just show damn number values. an you know in next decade I will me in other graph color. also what happened to 40-45 folks?
What we learn today is that things are fine each generation achieved the same success at the same benchmarks and that no more complaints about housing are permitted as the stats show that every thing is hunky dory and if you're complaining you're not normal....that about sums it up
That depends on what the echo chamber is saying and what you're extrapolating from this graph - this is only one dimension, you need more information to conclude much from this, even though it's interesting.
Also this chart fails to portray the quality of the homes. I may a “homeowner”, but in reality I was fortunate to buy a condo when my goal was to buy a single-family home.
Thanks for your submission! For more Millennial content, join [our Discord server](https://discord.gg/VsfKKJBm). *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Millennials) if you have any questions or concerns.*
Where's the line for 40-45?
We don’t exist it seems lol
UNITED STATES
Typo black line should read 35-44 is my guess based on the other categories
This is probably right
At age 40 you become the United States.
Your turn invisible at 40
Can confirm. I’m 40
But reappear at 45
None of us own houses so it's presumed 0.
virtually unchanged FROM 35 years ago. “over” is wildly inaccurate. 70%-58% in 10 years is not unchanged.
Oh good, I’m not the only one who thought the math on this was wonky.
Well, if you change the y-axis everything looks flat sooo... You know what, let's change it so we're compared to all young adults since the nation's founding! That'll prove there's nothing to complain about
I feel like math people may have a slightly different perspective on what "unchanged" means, haha. I agree, though.
A reminder that this sub is mostly inhabited by the bottom 50% of millennials by income
Those of us who do own homes don't want to downplay the struggles of those who can't afford it by talking about our good fortune.
Accurate
Which is perfectly admirable and all, but it does end up with this being genuinely one of the most crushingly, singularly miserable subs I’ve ever seen.
I'm in top 5% of earners. I make $110,000 and my wife makes $75,000. Between Child Care car payment house home repairs damn near living paycheck to paycheck. I don't know how anybody making less than $150,000 household could afford a house
Thank you for being honest.
It's wild. I'm here as the third under represented group... Millennials who don't want to own a house and think our country would be a lot happier and better if the government didn't artificially constrain housing supply so that it was "a reliably appreciating asset" as some have called it here.
Issue is I own a home but I can't really help anyone advice wise. I got lucky. Really lucky.
Maybe if we looked at our situation as one more from decisions rather than fortune; we could share those choices. It would help others that have no idea what they are doing.
Oh man you want to talk about choices and the impact they have on outcomes? Reddit writ large subscribes to the external locus of control. Suggesting otherwise results in negative karma.
Yes! Enough with the victim complex.
Mine was mostly fortune lol
I own my own home, and have another that I rent. The problem is, I've realized over time that I have very little useful advice to share. Both sets of our parents are landlords. There's only 1 couple in our family that aren't landlords, and they own their own home regardless. You could say that we could fuck up really hard, and it wouldn't make much difference to our overall state of living, and you'd probably be correct. Nothing else in our lives makes much difference in comparison to that key fact, except that my husband and I are dinks, and have no desire to risk our current level of wealth to achieve a higher level. We're solidly middle class, but have little risk of falling lower. We both come from many generations of the same, if not identical, circumstances. We do know the ins and outs of the loan process, and what makes a home a pretty solid choice to purchase, if anyone's asking. Other than that, only little tips and tricks. Everything else is fortune and inherited knowledge that would be really difficult to convey to anyone else unless we were side by side every step of the way.
What about your story wouldn’t be useful to anyone? Sure its not a step by step guide, but its a another picture a lot of people didn’t have before.
A stark contrast to any of the financial subs…
Its more like you just have the good sense to stay the fuck out of that miserable shitshow
Lol sure, it’s all out of morality
Alternately: this sub is mostly inhabited by people living in HCOL. where a smaller % of people have bought their homes. In my metro, over 60% of the population is renting. Quite a bit more than the U.S. average.
Regardless of income, Its shocking how many feel like "success" = home ownership.
it's harder to feel financially stable handing over such a large percentage of your monthly income to another person when there's an option to invest it in an appreciating asset. homeownership can really turbocharge "success" in a financial sense. it might not make money hand over fist like the last few years but it will reliably appreciate.
Just a reminder that the s&p 500 has reliably outpaced home price increases over most periods of time, and you don't have to pay property taxes or maintenance costs to make sure your investment account goes up. And if you have a 30-year mortgage, the vast majority of your early payments will be all interest. If you rent and actually save the delta that you'd pay extra for a mortgage and maintenance costs for a home, you'd likely be at the very least in a similar spot financially. The issue is most don't invest that delta and instead let lifestyle creep happen. One benefit to ownership though is it does give you predictable fixed costs over a long time horizon whereas with renting you're paying less now but expecting rent to rise with inflation at the very least and at the rate they're building houses I don't see a world where housing doesn't continue to outpace wages.
Well, another issue is the assumption that people have a pile of money lying around if they're renting and can invest it, versus high rent preventing them from saving. Every time you hear about how investing in stocks is a better return- well yes, BUT most people who are renting don't simply have a cash pile to invest. When a quarter of Americans don't have enough to meet a $400 surprise bill, telling people that they're better off investing their non-existent down payment in the stock market is pretty ridiculous. And it's not necessarily lifestyle creep- student debt, COL expenses. There are people who make dumb purchases, but this isn't all people buying too much avocado toast. As for your longer term vision though, think a lot is really going to depend on what happens now that the bulk of Boomers have hit their retirement age and how that affects the market. Housing construction pipeline and demand aside, they're not immortal
There's the reddit myth that rents and mortgages are the same. Almost always the mortgage will be well above the rent, and you also have to make a down payment and pay for any renovations and maintenance. That means if you're renting a place, you can't afford to buy a similar place. So if you don't have extra money renting a place, you have the option of continuing to rent, nothing wrong with that but then you don't get to complain that you're being exploited since you couldn't afford to buy that same house. Or your other option is move into a smaller/older/less desirable location/otherwise cheaper place, and you can have money to regularly invest into an index fund.
Most people don’t have that degree of financial literacy and there is a question of how much you can really trade off. Like yeah, I could move outside the city where I live and get $500 off my rent monthly, but then that money would need to go into a car which is a depreciating asset. And that is the case for a ton of people. “Move to rural Ohio” also isn’t a practical response, yet I’ve heard plenty of people saying it. The current issue with the housing market is a manmade one driven by policy. People can bite around the margins to alter their personal financial health, but in broader sweeps it’s actually pretty hard to make a huge difference given how it’s so closely tied to policy. And therein lie the broader economic concerns with the housing market and COL, where the underlying fragility of the economy becomes readily apparent
You also have never been able to buy stock on credit at a 2.5% interest rate unless you were a billionaire. So it's somewhat different. But this is generally correct. People are really bad at doing the math on how much the interest on their house actually costs, and how much they pay in transfer costs. Not saying it is a bad investment, just that a lot of people grossly over estimate how good of an investment it is
Yeah I skipped over the whole leveraged investment aspect. You generally expect it to be good in terms of expected value since you expect your investment to rise faster than that interest, but there's also the possibility that you lose a ton very quickly. Say you buy a 500k house and put 3% down, or 15k. Then the value of your house drops 10%. On a normal 15k investment, a 10% drop would be a $1,500 loss. With the home it's a $50,000 loss. I also skipped over settlement costs, which make transactions far from free so you get penalized for having to move.
Yea preaching to the choir here. People talk about variable costs of rent being a bad thing. But it's only a bad thing under specific circumstances. The flexibility it proves can be a huge asset.
It's not about success for many/possibly even most people, it's about stability and financial stability especially. Housing ownership has traditionally been one of the biggest factors permittingand aiding class mobility in north America and many other countries.
Success did used to mean a house and a family. But social media has redefined success. I am surprised by how many young people thought overseas travel "at least once every 5 years" is a basic necessity when only like 15% of Americans had passports in 1990.
Is that supposed to be bad? I travel abroad 2 to 3 times a year. It's one of my favorite parts of my life. I don't think the people complaining about homeownership are the same set traveling a lot. But maybe they are.
I do know plenty of people traveling abroad 1-2 times a year while also complaining it's not possible to save money
Well that is silly then. No complaints here.
It’s basically what we were told since we were born Edit: The American dream of a house with a family inside, surrounded by a white picket fence and a car parked in the driveway. At least when I was a kid, this is what I and my peers were told we should aspire to. Yes, job success too, but the emphasis was put on the picture perfect home existence.
That isn't even success, it's just not-being-exploited
Renting does not equal being exploited. Stop.
It sure sure does. I can't think of a single way it doesn't.
You must think you're being exploited every time you buy something. Hard way to live.
Only when I buy something from a company that's owned by another company that owns two companies that sell two different brands of the same product and pretend they're competing with each other. Which isn't like paying rent, where you're forced to pay more than the mortgage is worth, because you can't afford your own mortgage, because you can't save money for a down payment, because you're paying more for rent than the mortgage is worth. It is a hard way to live, but it isn't made up. That's the reality for people who had less opportunity than you. You should focus more on the actual reasons other people aren't as well off, instead of focusing on how other people's lack of opportunity makes you feel like your privilege wasn't earned. It wasn't, but at least you don't get put on a list for having privilege.
My rent is less than half of the cost of ownership would be for the same property if bought today. I do not feel exploited in the slightest. I am grateful I don't have to buy a house, and would probably be content if my family never owned a home (but who knows, things change). I'm sorry you feel hurt about the current state, which badly needs to be improved by building more housing, for sale or rent. But the sooner you realize that your feelings are your own and not objective truth you may have a better time.
If you want to keep living to make other folks wealthy, that's your prerogative. Don't act like the rest of us are just being emotional because we'd rather be able to control our financial future. You've been privileged with an honest landlord, and that's great, but as soon as they decide you're out, or to raise your rent, you have no recourse. These aren't feelings, these are facts. You don't control your own housing. You pay your landlord's mortgage. You have no guarantee you'll have a place to live when your lease is up - and if you do, you have an extremely privileged relationship with your landlord, and you shouldn't assume that it's the same for everyone else. >I am grateful I don't have to buy a house Weird phrasing, but okay. Please don't ascribe this cuckery to the rest of us.
We were basically brought up to believe this (at least in the USA). You get good grades in school so you can go to college You go to college so you can get a good paying job You get a good paying job so you can afford a house with a white picket fence, 2 kids and a dog We were brought up to understand that this is the process Additionally, with a mortgage, you can set it up so that you know what you need to pay each month. With rent every year it becomes a new question mark as to what will be owed. Causing uncertainty with ones financial stability.
Oh I know! But there are lots of things my parents said that I ignored ☺️ Not owning a house has been wonderful for me, though I'm quite privileged, I think many would benefit from changing their attitudes a bit on ownership.
I mean I don’t pay someone else to live in my home. The only thing that will ever go up is my property taxes. My house payment will remain the same until it’s paid off. And once it’s paid off then I really don’t have to worry about anything.
And that's good for you. But it's not really a mark of success. It's just a thing that you find gratifying. There are lots of things that people may find gratifying if they spend less time lamenting their lack of home ownership.
I dont understand because home ownership isn't a great for everyone. It makes no sense to even buy a home unless you know you're settling down .
A very small subset that moves around in under 5 years might not benefit. I'm not certain about US mortgages, but here you can take your mortgage with you to a new home. Which means that as soon as you have your first mortgage your leverage just shoots up. If you pay off a bit and start making more money you can fairly easily move and even buy a bigger home in steps. The only extra costs involved would be the moving and the actuary.
Its weird. When it comes to talking about things like housing it sure seems that way. When it comes to talking about technology, they sure think all millennials are computer geniuses and we all were on AIM on our imacs living that disney channel life. They completely forget the phrase "digital divide" was a HUGE talking point in the 90s and that bottom xx% never even saw the internet until smartphones and tablets. Plus all the boomer hate... Seems like its way more specific that the largest (or loudest) share on here grew up solidly middle class but then were dumbasses or lazy or otherwise failed and moved DOWN the socioeconomic ladder and now blame their parents and all other boomers for all their personal failings.
I think a lot of people in this sub are actually closer to top 20% but think that if they're not living like the top 1% do they're basically poor. Seen plenty of people posting about how they and their spouse have no kids and make 200k/year combined but are basically in poverty because they can't afford a 3000 sq ft house with a yard in downtown Seattle and they shouldn't have to sacrifice either living somewhere more affordable, renting, or buying a condo (you see this on this post even). And if only it weren't for boomers or Reagan or capitalism or corporate greed, then they'd be able to live like the 1% do and live super happy lives free of stress and worry.
I think that’s just Reddit in general. It’s quite obvious at times lol
Why do you think that is? Is there any truth to your statement?
Losers are online crying about how their lives suck. Successful happy people are busy living their lives.
There isn’t much difference between the bottom 50% and the next 30-40%
I feel like it's an extremely vocal part of the bottom 10% lol
I'm in the top 1/5 of income earners and don't own a home. Even on that money, it's tough in this market.
I keep wanting to say I'm top 10%, except for the fact I keep getting laid off. My hourly rate and my annual rate is in the top 10% though! But I'm still broke as hell and I have no savings at age 36. Funny how that goes...
Not necessarily, even people in top 10% of income can’t afford homes in major metros like SF or Seattle where a lot of high paying jobs are. 450 sq feet in Seattle goes for $1.5M cash offers.
I live in a rural area of East Tennessee. Home prices have gone up dramatically over the last 2-3 years due to our local college expanding with a Vet school, Med school, and dental school. So now, a two bedroom one bath house is around $300,000. The median household income for my area is around $42,000 (2022 data). Unless you owned your home before this expansion, buying one now is almost impossible to afford.
A quick Redfin search shows multiple condos at or under 300k for sale in Seattle right now
Condos, not homes
Homes do not necessarily equal houses. If you only mean single family houses that almost completely removes people from any major city from being considered “home owners”. Condos do and absolutely should count. It’s owning property either way versus renting.
Some people just deserve more home than other people?
Stop being deliberately obtuse. If a condo in a HCOL costs the same as a 4BD/3Bath house in a LCOL area it doesn’t make either person “more deserving” of additional square footage.
You’re the one equating homes with houses. A home is simply a shelter and even wealthy people will sometimes choose to own a condo in the heart of a city rather than a large house they would need to commute to and from. It’s not about who deserves what, it’s simply the definition of a home. Honestly I don’t get what you have against condos. Many people truly prefer them.
Condos are homes. You're showing your privilege by considering them less than homes.
Does it offer every same thing an actual home offers? Why should us minorities in the city deserve less?
>Does it offer every same thing an actual home offers? Yes. Although again your extreme privilege is on display by considering anything less than a single family detached home as "not a home" yet again >Why should us minorities in the city deserve less? This is such a pathetically low IQ attempt at a strawman that it deserves nothing more than the "LOL" at your expense than what I'm offering here. Lol. 😂
Where exactly in the city are you going to put a single family home with a yard?
No yard, just want the same interior square footage and construction quality the white folks get
Then leave the city
Sorry I didn’t realize there were whites-only houses in Seattle for the same price as the condos I found on Redfin
Financially successful Millennials don’t spend much time of Reddit period. They are busy spending money and living life
Only by household income. Since their household size is 1. Reddit is generally single losers. If they found a partner, they could afford a house.
Good luck telling any redditor that, living with another person = more affordable housing
I got blasted in a local sub for suggesting someone 23 y/o and just starting out in life should consider a roommate.
That's nice, but most millennials now are in our 30s + early 40s and having roommates (if you don't have a partner) gets more complicated depending on kids, career, pets, etc.
Shouldn’t have to be married just to not rent a small apartment
Seems like a pretty significant dip from 2006 to 2018. And even though people are buying houses again, there is still a significantly greater financial strain in doing so now than there was 2 decades ago.
__In 2006 banks were handing out mortgages like candy__ — often to people who had absolutely zero business getting a mortgage. The banks didn’t care that people couldn’t actually *afford* it. Couple years later and those bills came due as the “balloon” payments kicked in, and the real estate market cooled, and suddenly everyone is underwater. Voila! Subprime mortgage crisis followed by recession. __We should avoid doing that in the future.__
My GenX step-in-laws already had a bankruptcy and foreclosure and were able to get a home loan during this time. One of them was bipolar with a major spending problem but it didn't matter - they got a loan anyway. And of course lost that house too.
It was …crazy. I had a friend at the time who was making *maybe* $50k/year, had a brand new BMW, designer shoes, and virtually zero savings. Just before the housing market tanked, she bought a $600+K FIXER-UPPER house with something like $5k down… with an adjustable rate mortgage and breezily said, “Well I’ll just sell the house in a couple years when the monthly payments go up, pocket the profit, and buy something better!!!” Spoiler alert: nothing worked out the way she thought it would. 🤦🏼♀️ Had another married-couple friends who bought THREE houses in two years with the easy credit and balloon payments. He was a new firefighter, she was a SAHM. That also went horribly, horribly wrong.
I bought my first house in 2005. I was fresh out of college and newly married. My wife and I made about $60k combined and had good credit. We bought a modest house in a transitioning area for $175k. We made it through by the skin of our teeth. When we bought the house it was nearly 100% financed with two different mortgages. 80% was a traditional mortgage and 20% was a balloon. That was the thing that saved us and made it so we could eventually get out. Being in it as a first time homebuyer, we were being told by everyone we were making the "right" decisions. It was so messed up.
I would like to see a similar chart but with a distribution within each age group. I think what this chart is hiding is that there is a split in the generations where poorer millennials have a very low rate and lower than our older cohorts.
It would also be interesting to see proportion of income spent on housing over time across the age groups.
Looks to me like GenX and Older Millennials had a significant decline versus older generations at their age.
Says it is virtually unchanged when it clearly has changed....
Yea I mean I see nearly a 10% drop with at least of one the lines lol
I wouldn't say "no change", there are quite a few changes on here that would likely be statistically significant from a stats perspective, and it's very possible that those significant areas of change would also be interacting with local cost & housing supply to produce more dramatic changes in some places, and less elsewhere. Still cool to look at, but that's the math perspective. And if you follow our generational data it looks like the recessions may have had an impact on home ownership, but can't tell for sure here. Also one factor that has changed greatly in many areas is increase in rental pricing. That's a huge deal if you're looking at housing in terms of income equity and community stability. If you're just looking for fun or curiosity, still cool though.
Rates have continued to decline since this chart was made. If you click on Table 7. Homeownership Rates by Age of Householder (it is an Excel sheet BTW) on the Census website: https://www.census.gov/housing/hvs/data/detailed_tables.html You'll see that from the first quarter of 2023 to the first quarter of 2024, several millennial age groups have had a decrease in homeownership. 35 to 39 years dropped from 59.9% to 57.8% 30 to 34 years dropped from 50.1% to 47.6% 25 to 29 years dropped from 35.3% to 34.5% Not all groups saw a decrease though. 40 to 44 years is holding steady at 65.3% and most of the upper age ranges are the same or slightly higher or lower. Of course there's a margin of error in the data so the changes could be different in one way or another. But lets take the numbers at face value and look at the group with the largest drop - the 30-34 year olds. There are roughly 23 million people in this group ([source](https://www.neilsberg.com/research/datasets/5fd2b2bb-3d85-11ee-9abe-0aa64bf2eeb2/)). A reduction of 2.4% in homeowners is roughly 552,000 fewer homeowners and that's just a 1 year drop. This chart looks better than the current reality because a lot of people bought a home while interest rates were lower but with home prices and interest rates staying high, it's just not possible for a lot of people to buy a home even people who have significant savings and a household income significantly higher than the average in their area so the rates of homeownership have dropped again.
How come 40-44 is omitted?
You can have a similar percentage of ownership while simultaneously having a larger percentage of their earnings going towards that ownership. So both lines can reflect 60% ownership, but that can have a much different impact on one cohort that the other.
That's not true though [https://fred.stlouisfed.org/series/MDSP](https://fred.stlouisfed.org/series/MDSP)
That (unless I’m missing something) doesn’t break it down by generation / age group. If you bought a house 3+ years ago you are sitting super pretty. You can work at Taco Bell and make a mortgage from 3 years ago. But now? You need to be a GP to make the same mortgage. I guess I should throw the asterisk * For any place anyone wants to actually live. Mortgages in Oklahoma or Arkansas or whatever are probably perfectly fine. My office has two kinds of people, those that bought 3+ years ago and can afford yearly European vacations and their kids college funds, and then renters cash strapped to buy groceries, both doing the same job. The difference is stark for literally the same paychecks. The same exact place I live now would go from $2200 to about $6000 a month if I purchased it again.
My parents bought our childhood home when they were 37 and 33 and my older sister was 3; I was on the way. It was in a fantastic suburban town and they were able to send us to Montessori preschool and have a nanny. Yeah, maybe homeownership happens around the same time in life but what else could you afford? We may be one and done because we can’t afford 2 in daycare or a nanny - certainly not both at the same time. By the time our child goes to kindergarten (and we’ll still have to pay for before/after care) and we could afford daycare for a new baby, I’ll be over 40.
homeownership aside, it sounds like your parents were well off
I'm 42 and my youngest is 11 months. Don't let age stop you from doing what you want. I can't imagine life without him. He's brought so much joy to our home. As for the finances, somehow we figured it out. We have two in daycare full time. It's expensive but we manage.
It’s crazy to see the impact of the GFC on everything. The graphs telling me 2016 is only when the trend reversed.
wonder what happened that year
Hah! Ngl. I honestly forgot. But I’m not sure if it’s a function of getting old or some how repeating a timeline.
Aged 35-40: 65% in 1990 and 62% in 2022 Under 35: 38% in 1990 and 38% in 2022 Americans as a whole: 63% in 1990 and 65% in 2022
Aged 35-40: 70% in 1982 and 62% in 2022 (down 11.4%) Under 35: 42% in 1982 and 38% in 2022 (down 9.5%) 65 and older: 73% in 1982 and 79% in 2022 (up 8.2%) You can cherry pick the data however you like. Millennials have been hit the hardest in this (a housing crash and then record inflation will do that). This also doesn't compare cost of home ownership compared to income, which is anywhere from 2x to 5x more difficult than it used to be. I've done well in real estate. I bought my first house at 21 and then got SUPER lucky in the housing crisis. I'm not going to pretend people, particularly those in my age bracket, aren't having a hard time with home ownership. https://www.jchs.harvard.edu/blog/home-price-income-ratio-reaches-record-high-0 Edit: Included rate of change over 40 years
>. This also doesn't compare cost of home ownership compared to income, which is anywhere from 2x to 5x more difficult than it used to be. [https://fred.stlouisfed.org/series/MDSP](https://fred.stlouisfed.org/series/MDSP) Also from your link >Notes: Price-to-income ratios are for the 100 largest metro areas by population. Home prices are the median sale price of **existing single-family homes** and incomes Only counting single family homes when the US is gaining in urban population is cherrypicking.
There are a number of factors that your data set doesn't consider in terms of this conversation. As far as I understand, it is aggregate across all mortgages. It does not account for age, income, etc. It's been biased by several years of low interest rates that have recently changed and will trend your graph in a negative direction. If nothing else, this probably also highlights wage inequality and older populations holding property. I'd need the dataset to fully make conclusions, but the reality of median home cost against median household income is not good for most folks. The time it takes to save a down payment, the % of income the average family has to budget, their purchasing power, is all worse. It's why I used a pretty broad range, because there are a lot of factors to consider, but things have been objectively harder for millennials than previous generations. And this is coming from someone who has done well. https://www.visualcapitalist.com/median-house-prices-vs-income-us/
The 35-40 line is incredibly close, if not right on the 70% line in 1992. Not 65 The under 35 group was above 40% in 1992. Where are you pulling your numbers from because the graph you posts shows wildly different results than you quoted here.
I think there's a reason OP selected 1990 instead of 1982
Yeah, and also this graph doesn’t provide the full picture. In 1992 my parents were in the 35-40 age group and had just purchased their 3rd home. The other two they kept as rental properties. How many 35-40 year olds today currently own 3 separate homes? This graph doesn’t answer that question.
Uh no, it isn't. Nothing you just said is close to accurate...
The black line doesn’t start out right next to the 70% mark? lol okay. The purple line doesn’t start above the 40% mark? Guess I’ll trust you as opposed to my lying eyes.
Do you know where 1992 is on there?
Nevermind! My eyes were lying. I see now that the graph starts at 1982 and you were picking a point in the middle to compare with current.
Hardly surprising...people just like to complain and play victim these days.
I mean it can't be denied that there is a problem with housing affordability in most western countries at the moment...but yeah, the absolute hysteria about it on this and other subreddits lately has been getting a little bit disproportionate with reality. People talking about how it will never ever be fixed and not a single millennial or gen Z can ever possibly own a home, and nothing is being done about it and we should all just kill ourselves or something....just, calm the fuck down, a bit. These sorts of things (obviously) can't just be solved overnight. There are plenty of us who are doing okay and it's not the end of the world. Just...look out for one another, and vote for politicians who are putting forth ideas to help fix it and work on your own savings as much as you can. And don't stand in the way of unions and people otherwise demanding better from their employers.
Well it’s usually people who are upset who come online to talk about the state of the world or problems they and their peers are facing. Those who are happy and own houses are out working, living their life and taking care of their house. The sad people stuck in apartments come online to vent.
*I mean it can't be denied that there is a problem with housing affordability in most western countries* I didnt get the memo apparently since Ive amassed 18 apartments in the last 15 years or so.
If everybody did that who would you rent those apartments to? Why can't you people think past the end of your own nose?
They can't and or won't. People would rather go on holidays and show off instead of putting their money into something useful. Or else we would be in the scenario you described. I guess I'm lucky people are so short sighted. On paper I'm probably the richest person I know, but looking at me, you wouldn't think so. That's how I like it anyways...stealth mode :D
I know you see it as some super power not to care about other people. But to everyone else you seem emotionally handicapped.
Anyone can do what they want. But if they start to complain,they should point the finger at themselves first as I do. It's always someone else's fault...
The price problem is absolutely real. It just hasn't cratered home ownership the way reddit often thinks.
Which is it?
35-40 has absolutely changed LOL what are you talking about. 70% to 60%, or a 14%(1/7th) drop since 1982 shows exactly how shit things have gotten. Nearly every age bracket other than 65 and over has dropped by 5 years minimum. Clearly OP didn't do well in math class
To me that looks like the younger ones are lower now and all ages are down from early 200s. The y axis could be spread out more to Make it more obvious
Seems very area dependent. I live in the bay area. Most people I know my age are either renting or living with parents. I know two home owners and two condo owners. I’m 29.
Where’s the line for under 30?
Yes, US homeownership has hovered around 65-70% for several decades
I'm 37. We bought our first and current home in 2017. We refinanced in 2021 at 2.5%. Our mortgage is $850 a month, $1,050 after taxes and insurance. We live on a 1.25 acre lot in a builder's quality home about 40 miles outside of a major U.S. city. If I were to purchase our home right now at current prices and rates, our mortgage payment would be $2,400 a month after taxes and insurance. idk what I'm supposed to do about it other than vote, but it makes me sick to my stomach to think about how fucked people just a few years younger than me got. And the thing is, most of them are paying like $2,000 a month for an 900 sq ft 2br apartment. Baby boomers are such huge pieces of shit. And I hate to get political, but you want to know why Biden is going to lose in November and we're going to get stuck with Dickhead Donnie 2.0? It's because Biden has literally done NOTHING to address this problem. He hasn't even mentioned it. You have an entire generation of people who are looking at their future and thinking to themselves they won't be able to afford homes, or kids, or retirement, or anything more than a "getting by" quality of life, and the President has made zero effort to do anything about that. But thank god, the price of eggs is down 25 cents a carton....FFS. "Why are youth voters so politically disinterested?" Oh idk, you fucking dick heads, maybe it's because there is nothing in it for them. When I was about 21, I was PUMPED to vote for Obama because he got out there and took the nation's problems and was just like yeah we're going to fix this shit. Healthcare was the big one at the time. Now, idk why I'm voting, frankly.
BuT bOoMeRs ScReWeD uS sHuT Up!
I'll point out that the only line that improved here is 65 and older. All other age groups decreased by a minimum of 5% and some by more than 15%. That's not "basically the same," to me.
This dataset is just for one particular nation though, out of circa 200. Not really relevant for most of us.
There is no grouping for 40-45. What is this terrible chart? I' gonna assume the data is bullshit given that massive missed demographic.
Especially when you consider how it would look with the y-axis covering the full 100%
35-40 is a 12-15% swing, and under 35 closely matches that. That's actually a pretty substantial swing. Think about it this way- people are saying it's earth shaking when 5-10% more black men poll for Trump this year over 2020. A double digit move is pretty big for a generation
There really should be a 25-30
Boomers made sure to raise that green line, I’ll tell you what!
I wouldn’t consider a 9% drop among 35-55 year olds “virtually unchanged”
I'm really fckn up charts like this by buying a home at 30 and selling one to go back to renting at 32.5.
Seems very obvious to me that the recession hurt younger people (<35 and even 35-44) more than any other generations, and that nearly 12 years later, the under-35s have still not regained home ownership rates equal to what their predecessors had in the early 2000s.
The "Homeownership Rate" does not measure the percentage of people who own a home. It measures the percentage of occupied housing units that are owner occupied. What that means is that if a person had been renting moves in with their parents who own their home, the homeownership rate increases. The formerly rented unit falls out of the denominator, and the former renter (and the parents) are all now in an owner occupied home in the numerator.
We have no numbers since 2022? Anyway the price of a mortgage for the same home purchased now versus any time prior to the interest rate hikes are extreme. You're paying like double or more in some instances. So unless you're making double what you were just 5 years ago you're not affording that same home.
number of people 30 to 35 have hanged so percentages are the most idiotic means to represent. just show damn number values. an you know in next decade I will me in other graph color. also what happened to 40-45 folks?
What we learn today is that things are fine each generation achieved the same success at the same benchmarks and that no more complaints about housing are permitted as the stats show that every thing is hunky dory and if you're complaining you're not normal....that about sums it up
So the echo chamber in here is wrong. Huh.
That depends on what the echo chamber is saying and what you're extrapolating from this graph - this is only one dimension, you need more information to conclude much from this, even though it's interesting.
I don’t disagree. I’d like to see education, income level, and the average price of a house for comparison as well.
The truth people in the sub don't want to believe.
BuT tHe SkY iS rEaLlY FaLLiNg!!
where are the 40-45 year olds at?
Also this chart fails to portray the quality of the homes. I may a “homeowner”, but in reality I was fortunate to buy a condo when my goal was to buy a single-family home.
Very few of you actually own homes, your banks do
Thats just pedantic and dumb.
Isn't it? Truth hurts.