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Missing the other big factor:
There's a large quantity of influencers profiting off of doomsaying and convincing millennial they can't afford homes with bad math and bogus statistics. They churn out clickbait content with unfounded claims, purposefully designed to rile up viewers and drive engagement.
This of course applies to many topics, housing affordability just being one, that turns out drive big engagement by spreading disinformation.
It's actively profitable to lie on the internet nowadays, so lots of my fellow millennials have an extremely soured and warped perspective of reality, because if you keep getting told lies by enough different random strangers on the internet on a topic you aren't familiar with, you'll start to believe it.
Spreading disinformation, especially about serious topics like economics, medicine, politics, religion, etc, needs to be cracked down on more. Posing as a professional online and spreading damaging info on purpose should result in jail time imo.
I'm not seeing any lies there. I worked my ass off my entire career and still have to go back to school to get a little piece of paper that lets me do what I do in a clinical setting. I've got 2 degrees already, almost a decade of experience and I'm even decently-paid, but thanks to the cost of being alive I was forced into even more schooling to open up a few more doors in the long run. I'm feeling exactly like this article, I've given life everything I've got and the bar keeps getting higher and higher, its soul-crushing, I'm just so tired.
Something I’ve noticed about lemmy is that people here love their anecdotes. Something I miss about Reddit is that data seemed to be held in higher regard.
I don’t mean to single out your comment but this is also a reply to the one above yours.
https://www.investopedia.com/millennial-homeownership-still-lagging-behind-previous-generations-7510642
So maybe lots of articles get written about this because it’s a growing problem but also our personal experiences might not be indicative of a larger trend (although yours seems to be).
Huh? If you want to talk data, this is directly from your article:
Lol warped perspective? Millennials are the poorest working generation since the great depression. Millennials, the largest working generation ever in America only hold ~3% of the wealth. Our parents at the same age owned ~30%. So Ya shut up
Don't need a professional expert to acertain whether the market is sour. Where I am the cost of renting a one bedroom apartment is around $1800 a month plus utilities on the low end. Mind you I am in a city but is you drive an hour and a half away to the farthest "commutable" burbs you are still looking at rents that are $1400 for essentially a one bedroom basement suite.
There are a lot of people my age I know who are working proper professional jobs double income no kids situations who are never able to save up enough for the initial down payment for a house. Why would they when they face so much precarity? Whatever money they are able to sock aside for a rainy day might only cover a car repair or some time off work if they have a life altering event like a parent dying and paying down chunks of student loan.
They wouldn't be able to handle paying for repairs and maintenance for an actual property while still paying high mortgage. Practically every early millenial I know who didn't start making their nest egg through a job in trades right out of high school and instead spent time in the post secondary system getting a degree got bit.
I don’t think this is as important as your making it out to be because it’s not far off from the truth for many. The reality is that a condemned or empty lot in my area starts at 6 times my annual salary. To get something that can be lived in starts around 9 times. That means I need at about a year’s salary to afford the land alone. To be able to live on that lot is closer to 2 years salary. Realistically this won’t happen because the rent in the area is 60% of my income and after required expenses like fuel, insurance, food, etc I can usually save about 5% of my income. Any unforeseen expenses like car repairs eat that away, so I’m left with an annual savings rate of about 3%. At this rate homes will inflate faster than my income will accrue. The math doesn’t work and I suspect it doesn’t for many others.
Yeah bruh a 1500 sf house in my hood sold for $1.3 million.
They aren't lying. The housing market has become incredibly prohibitive due to how property prices have gone up with speculation and demand.
Maybe the older millennials can afford a home eventually, but they'll be 10-15 years behind their parents into achieving that goal.
Even in Canada, in the cheapest city to live in, Montreal, 1 and 2 bedrooms go for about 400k. Houses are over half a million. You can't afford these with our average wages unless you're in a couple and have a very solid down payment.
Ten years ago? Sure. I remember basically everyone insisting there wasn't any point in even looking for a house until you could break the PMI threshold and how houses were so much more expensive than rent and you would never break even. And I have a few friends who, regardless of what the rest of us said, may have lost their "window" to ever own a home.
These days? It is just the truth that you are fucked. Because unless you can afford to pay considerably over asking price and waive inspections, you are basically fucked outside of unicorn scenarios. And... basically the only way to amass enough wealth to reach that point is to come from money or have a high paying remote job and actively choose to live in the middle of nowhere next to two trailers with confederate flags painted on the walls.
Oh shut up and enjoy retiring in your home that you worked half as hard for as the rest of us you privileged turd.