Here’s the number one concern for us Americans. Homeownership rate among young Americans is considerably lower than it was during the baby boomer era

[ReinyDays]

Baby boomers, when they were younger owned homes at a considerably higher rate compared to today’s generation of young Americans. And that should be the number one concern for politicians in this country. Fix our horrible economy.


Substantially fewer of those born between 1981 and 1996 are homeowners today than Gen X and baby boomers were at the same age. Housing affordability is taking a toll on all generations, but the lack of entry-level homes and the dearth of new builds are particularly impacting millennials.”
…
“In fact, the median cost of a typical 20% down payment was about 85% of the average millennial household's salary last year. That's considerably higher than the 75% for Gen X and 64% for baby boomers when they were the same age.”

Millennial Homeownership Still Lagging Behind Previous Generations

Millennials are buying homes at a lower rate than generations before, with high housing prices, the lack of entry-level homes, and the dearth of new builds particularly impacting millennials.

www.investopedia.com

see the numbers don’t lie. The coronavirus lockdowns which were totally unnecessary helped to worsen this problem along with Biden inflation.

Politicians want us to give all our money away to foreign countries for their wars. There are still some politicians democrat and Republicans who care…. Few and far between it seems like though.

This country ain’t what it used to be and we have work to be done. There will be those who will claim “there’s plenty of jobs to be had”, might be true but looks like they don’t make any difference. Sure people can get a job at McDonald’s or Walmart. It ain’t nothing man. Back in the day you could get a job at a steel plant Be proud of yourself contribute to this country….. and be set for life. We’ve lost millions of those jobs and they haven’t been replaced.

School shoes are $15 a pair at Walmart ... are you suggesting an American worker can make these from scratch in 45 minutes? ... or did Cambodians working for 50¢ a day? ...

I've worked construction my whole life and it's crystal clear to me why homeownership is down ... the cost of construction materials is skyrocketing ... I'll give you the date ...

August 29th, 2005 ...

Plywood is 10 times as expensive today, less than twenty years later ... and we use a fuck-load of plywood in our buildings ... drywall is only 8 times as expensive than twenty years ago ... and there's a fuck-load of drywall in our buildings ... that will never backtrack ...

Construction is dangerous ... the final cost of the home will include the workman's compensation costs, and we all know which direction medical costs are going ...

Those among the Millennials who are smart will figure out how to buy a home, and those Millennials who are stupid won't ... same as my generation ... except we had 12% mortgage interest rates, Millennials don't ... see the stupidity? ...

=====

My children were 10-, 8- and 6-years-old when we moving into our first house with electric light switches on the walls ... all the places before we had to screw the bulb in and out, or have a pull chain if we were lucky ... spoiled brat kids want indoor plumbing, they better be ready to pay for it ...

The entitlement today is outrageous ...

 

[sparky]

The entitlement today is outrageous ...

Yet it would seem far more prevalent in the faction that's been around long enough to be on top of the hill Reiny

~S~

 

[Lisa558]

School shoes are $15 a pair at Walmart ... are you suggesting an American worker can make these from scratch in 45 minutes? ... or did Cambodians working for 50¢ a day? ...

I've worked construction my whole life and it's crystal clear to me why homeownership is down ... the cost of construction materials is skyrocketing ... I'll give you the date ...

August 29th, 2005 ...

Plywood is 10 times as expensive today, less than twenty years later ... and we use a fuck-load of plywood in our buildings ... drywall is only 8 times as expensive than twenty years ago ... and there's a fuck-load of drywall in our buildings ... that will never backtrack ...

Construction is dangerous ... the final cost of the home will include the workman's compensation costs, and we all know which direction medical costs are going ...

Those among the Millennials who are smart will figure out how to buy a home, and those Millennials who are stupid won't ... same as my generation ... except we had 12% mortgage interest rates, Millennials don't ... see the stupidity? ...

=====

My children were 10-, 8- and 6-years-old when we moving into our first house with electric light switches on the walls ... all the places before we had to screw the bulb in and out, or have a pull chain if we were lucky ... spoiled brat kids today want indoor plumbing, they better be ready to pay for it ...

The entitlement today is outrageous ...

The following describes a typical middle class family in the 1960s, with three kids: A 1200 foot house, 3 bedrooms, 1 bathroom, a driveway (sometimes); the one TV was in the “den,” dinner out was the Hot Shoppes cafeteria once a month, and vacation was a 2-bedroom rental apartment a few blocks away from the beach. Families felt comfortably middle class.

Nowadays, people think that middle class means a 4 or 5 bedroom house (one for each kid, plus a guest room), 3 bedrooms, a two-car garage, a walk-out finished basement with a bar for entertaining; a TV in the family room, and in the parents’ bedroom, and a small one for each kid; dinner out is at least weekly at a steakhouse or seafood restaurant; and vacation is a winter trip to Disney world and a summer trip on a Royal Caribbean cruise. Anything less than this, and people don’t consider themselves middle class.

 

[Lisa558]

Yet it would seem far more prevalent in the faction that's been around long enough to be on top of the hill Reiny

~S~

Top of the hill after decades of working and saving. They weren’t born there.

 

[sparky]

Top of the hill after decades of working and saving. They weren’t born there.

I didn't claim otherwise Lisa

But they (much like i ,and many my age) assumed the high ground wishing to pat themselves on the back as self made sorts

Pulling others down to stroke their ego's phenomenal sense of entitlement is a key giveaway

But i'll just let his thread's sociopathic responses continue to prattle on proving that...... ~S~

 

[ReinyDays]

I didn't claim otherwise Lisa

But they (much like i ,and many my age) assumed the high ground wishing to pat themselves on the back as self made sorts

Pulling others down to stroke their ego's phenomenal sense of entitlement is a key giveaway

But i'll just let his thread's sociopathic responses continue to prattle on proving that...... ~S~

I earned it ... you didn't ... because I worked hard ... one wheel barrel, one shovel and $100/hr I'm half the cost of an John Deere excavator ... kids like you don't know how to use a shovel ... why shouldn't I embarrass you about it ...

My oldest son was born in a tobacco curing shed ... in February ... he bought his home at 25, no help from me either ... called "hard work" ... something EARNED is ownership, not an entitlement, child ...

 

[sparky]

I earned it ... you didn't ... because I worked hard ... one wheel barrel, one shovel and $100/hr I'm half the cost of an John Deere excavator ... kids like you don't know how to use a shovel ... why shouldn't I embarrass you about it ...

because you can't Reiny.....

~S~

 

[Resnic]

A large part of the problem is with the younger generation themselves.

They want everything to be easy. They don't want to put effort into anything. Owning a home is a big responsibility. It takes hard work, effort, ambition and time. They want easy, renting is easy because they don't have to do anything aside from pay rent. It's a big upfront expense, property taxes, home maintenance, land to take care of and so on. Renting allows them to skip all that because someone else will do it.

Yes the economy sucks but a lot of them also want the most for doing the least. They expect to work a menial job and make a living wage and that isn't how life works. So they work some non skilled job and all they can afford to do is rent, they never aquire skills or mature much so they get stuck where all they can afford to do is rent.

Younger generation today also are soft and weak. They don't have traditional American morals, values and standards. So owning a home, owning land, having a family, working for their future and so on are things they don't want. They only care about "right now".

If the younger generation had traditional American morals, values, and standards they would be out there wanting a stronger America, they would be working harder for better jobs, they would be upset about the economy beyond just "I want more money", and so on. But no, all they do is bitch that pouring coffee at Starbucks doesn't pay 30 bucks and hour, spend all day on social media making stupid videos, crying about trans rights and so on. If they would grow up, put their phones down, and act like adults they would own more homes. But today's 25 year olds have the maturity of a 16 year old from 30 years ago.

 

[JoeB131]

That claim has no basis in fact

China is not making all the stuff it imports to the US with robots

Its using people

I've been to factories in China, they are more technically advanced than ours are.

 

[Mac-7]

I've been to factories in China, they are more technically advanced than ours are.

Nonsense

They have millions of lower paid workers assembling parts by hand

 

[JoeB131]

The reason that young Americans are struggling to achieve the American Dream is that they refuse to start at the bottom, sharing small apartments in marginal areas, and work their way up. They want to remain with their parents until they earn enough to buy a luxury condo or townhouse, and that ain’t happening.

Actually, what we did 40 years ago can't be done now.

I got my first apartment right after College when I went active duty. My rent was $400 a month in Cicero, IL (which wasn't as bad as it is now.)

Despite how much Cicero has declined as a neighborhood in the last 35 years, a comparable two bedroom would cost $1200 a month.

What do you mean “I got mine”? I got mine after renting a studio apartment for six years, and then buying a tiny studio condo, where I lived for another nine years, at which point I could finally buy my own townhouse - just shy of 40. And THAT was with a college education in a career-oriented field, and 15 years of working up the ladder.

Which again, is out of reach for most people now that Republicans demolished the middle class.

The primary impetus behind the crisis was the Community Reinvestment Act, specifically the modifications made by Clinton and then Barney Frank. Spin away, but this is the conclusion informed, non-partisan intelligent people reach. Dopes like you will never figure it out. It is far too complicated.

Wow, you keep repeating THAT lie.

The CRA didn't anything but end the practice of banks refusing to loan in certain neighborhoods. That was it. Also, it was passed in 1977, not during the Clinton years by that scary gay man.

FRB: FEDS Notes: Assessing the Community Reinvestment Act's Role in the Financial Crisis

The Federal Reserve Board of Governors in Washington DC.

www.federalreserve.gov

A number of researchers have investigated whether the CRA could be responsible for the subprime boom and riskier lending in general. Three key findings suggest the CRA did not have an important role in the subprime mortgage boom, either through banks' direct originations or their secondary market purchases.

First, Bhutta and Canner (2009) analyze 2005–2006 mortgage origination data from the Home Mortgage Disclosure Act (HMDA) and find that just 6 percent of all higher-priced loans (a proxy for subprime loans) were "CRA-related"--that is, were originated by depositories to either lower-income borrowers or lower-income neighborhoods in the banks' CRA assessment areas. The small share of subprime lending in 2005 and 2006 that can be traced to the CRA suggests that the CRA is unlikely to have played a substantial role in the subprime crisis.

Second, in follow-up work using loan performance data matched to 2006 HMDA origination records, Bhutta and Canner (2013) find that CRA-related loans experienced a delinquency rate that was less than half the overall rate for loans in lower-income neighborhoods and was actually lower than the overall delinquency rate across all 2006-vintage mortgages.4

Avery and Brevoort (forthcoming) and Ghent et al. (forthcoming) also find no evidence that the CRA drove up mortgage default rates during the housing bust, showing that default rates in neighborhoods that just meet the CRA definition of "lower-income" are nearly identical to those in neighborhoods just outside the lower-income definition.5 Relatedly, in preliminary work, Ringo (2015) finds that the CRA increased refinancing opportunities in lower-income neighborhoods that were added to a bank's assessment area by the Office of Management and Budget's redefinition of statistical areas between 2003 and 2004. By lowering homeowners' mortgage payments, the increase in refinancing reduced default rates.

 

[leftwinger]

The median cost of a home in 1970 was $23,400.00 The median cost of a home in 2023 was $410,200.00.

The median income for all families in the US, in 1970, was $9,870. The median income in 2020 was $44,225.00.

Pay people more and they will buy homes.

Feel free to come up with a product and start a company. You can pay everyone $125K with $10K XMAS bonus. You can deal with GOVT, Taxes, insurance, buildings, utilities, security, lawsuits, accontants, certifications, permits, maintenance and a whole lot more.

 

[leftwinger]

The biggest enemy of our manufacturing jobs has always been automation. But as long as politicians can point to tens of thousands of minimum wage jobs they "created", nothing will change.

False. You flat earth clowns said the same thing about ATMs in the early 80s. The poor tellers would lose their job. Just stop, your embarrassing yourself. The good jobs are in creation of the automation products you dumb OX.

 

[ReinyDays]

because you can't Reiny.....

View attachment 857468


~S~

That trenching sure looks like it was done with a backhoe ... are those excavator trackways behind that really good-looking fella? ... the footings' total pussy ... no gravel underneath the concrete? ... do you own a level? ... the styrofoam is for termite channels? ... how thoughtful ...

You're leaving the taillings on-site ... what a scab ...

 

[leftwinger]

It's not Biden inflation that caused the entire world to be suffering from inflation, and it's silly to think so.... Sure, it's easy to say and repeat and blame Biden for all of it, but if you had any self awareness of what is going on in the world, you would know that in this horrible, and suffering inflation state that we are in, the USA is doing better than most in our circle of allies and others... NOT that this is much of a consolation prize!

As far as more boomers owning homes than recent generations,

Boomer parents had the GI BILL, where all those that served our nation during world war, were guaranteed a VA Mortgage with no money needed as a down payment. Boomer parents that served also were given a college education if they wanted one, free with the GI BILL..... Making it easier to fund and advance their own boomer children's home ownership and education.... Many boomers had the GI Bill too with Vietnam service via the draft...

Before the boomer generation, we were not crowded, with plenty of land to build....homes and land were a dime a dozen....now....not so much...plus we have all of the new regulations on building homes hurricane safe, flood safe, etc. and protecting our water and wild life, and ourselves with building codes on arsenic water and radon gas etc....raising prices of homes and land....

Then, decades of our incomes not keeping up with the Jones's and inflation, and here we are.....the present dilemma.....

Pure BS. As goes America goes the rest of the planet. Obiden killed the big guy on the block. Now the deck is being reshuffled to see who comes out on top. America is now in collapse, becoming more and more irrelevan, a laughing stock, $33T debt, broke, pathetic, full of poverty and crime (on the rise). You stupid forkers own it.

 

[leftwinger]

I've been to factories in China, they are more technically advanced than ours are.

they dont have the costs of ten million lawyers suing for every muslim, homeO, tranny. Govt regulations, insurance bogging them down. They can just operate, produce more easily & cost effective.

 

[Care4all]

Pure BS. As goes America goes the rest of the planet. Obiden killed the big guy on the block. Now the deck is being reshuffled to see who comes out on top. America is now in collapse, becoming more and more irrelevan, a laughing stock, $33T debt, broke, pathetic, full of poverty and crime (on the rise). You stupid forkers own it.

WOW! You really should move to a better country, that you don't hate so much!

 

[ReinyDays]

A large part of the problem is with the younger generation themselves ... They want everything to be easy.

[paraphrasing mine]

That's the problem with the older generation as well ... this rhetoric is the same from 50 years ago ... it was to be my generation that collapsed the American Economy due to sloth and gubbermint give-a-ways ... and here I am now collecting Social Security ...

The tradition "salaries and wages" are stagnant to some degree, I agree, but that's just men ... what's different today is women's salaries and wages are growing, very much men are losing marketshare ...

... $30 a sheet for plywood ... 'nough said ...

 

[BrokeLoser]

Baby boomers, when they were younger owned homes at a considerably higher rate compared to today’s generation of young Americans. And that should be the number one concern for politicians in this country. Fix our horrible economy.


Substantially fewer of those born between 1981 and 1996 are homeowners today than Gen X and baby boomers were at the same age. Housing affordability is taking a toll on all generations, but the lack of entry-level homes and the dearth of new builds are particularly impacting millennials.”
…
“In fact, the median cost of a typical 20% down payment was about 85% of the average millennial household's salary last year. That's considerably higher than the 75% for Gen X and 64% for baby boomers when they were the same age.”

Millennial Homeownership Still Lagging Behind Previous Generations

Millennials are buying homes at a lower rate than generations before, with high housing prices, the lack of entry-level homes, and the dearth of new builds particularly impacting millennials.

www.investopedia.com

see the numbers don’t lie. The coronavirus lockdowns which were totally unnecessary helped to worsen this problem along with Biden inflation.

Politicians want us to give all our money away to foreign countries for their wars. There are still some politicians democrat and Republicans who care…. Few and far between it seems like though.

This country ain’t what it used to be and we have work to be done. There will be those who will claim “there’s plenty of jobs to be had”, might be true but looks like they don’t make any difference. Sure people can get a job at McDonald’s or Walmart. It ain’t nothing man. Back in the day you could get a job at a steel plant Be proud of yourself contribute to this country….. and be set for life. We’ve lost millions of those jobs and they haven’t been replaced.

Here’s the number one concern for us Americans.​

That’s complete bullshit….home ownership is WAY down the list from “Americas number one concern”.

 

[leftwinger]

WOW! You really should move to a better country, that you don't hate so much!

getting rid of your kind of mental rejects will be more satisfying. You support the Police State, the criminal corrupt regime installed with help of Communist China and the virus launch. You are Evil. Or you are too dumb to tie your shoes? Probably both. We can no longer Vote Evil out, but we can watch your type destroyed quickly upon full collapse.