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this post was submitted on 11 Feb 2024
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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.
For those downvoting, the most effective lies always have some truth to them.
Honestly the biggest reason they can’t afford housing is because the majority don’t know how to budget and/or stick to it. This goes for a large amount of the poor as well. They’re constantly spending their money on consumables and other non-wealth building things. In the US, as a society, we’ve done a shit job of teaching our kids this valuable lesson, pun intended.
Doesn’t mean the value of the dollar isn’t lower than it has been in a while and that mortgage rates aren’t high (they aren’t the highest, by the way; it was at ~12% in the 90s). That food prices aren’t insane and that corporations aren’t taking advantage and jacking up their margins, they are.
This is a lie and you've been manipulated. I've seen poverty and watched people starve themselves skinny for savings. There are individual differences and if your differences make you useless to the economy (where you aren't coerced into seperating from your money for your health) then that's absolutely fantastic for you. But please don't chime in to preach at people who are starving thanks.
Not everyone who is poor is starving. The vast majority aren’t.
"Come on, people, some of the poors are still fat!"
Your attitude is beyond despicable.
Words of someone who has never had a real relationship with someone financially struggling. I could explain the small accumulation of hardships such as medical, transport, food, rent, gas, electricity expenses and the psychological impact it has but idk if you are at the stage of life where you can swallow that properly.
I work with several people and have worked with many people that are financially struggling and they all have the same thing in common, which I’ve already outlined.
I’m not trying to say that you aren’t in a different boat but that doesn’t mean your experience is the same as all those who are poor either.
I hope you find the support you need to help you out of whatever situation you find yourself not able to get out of. We obviously aren’t going to have the same perspective.
You might not be starving while living paycheck to paycheck as nearly half of all Americans are currently, but make no mistake, you are poor.
I've been saving my cash for over a decade in hopes of buying a house someday, and it's still not realistic for me to purchase one right now. The line just keeps getting further and further away. I've done everything "right" according to you, yet it's still not getting me any closer to ownership.
We need government to step in and help us. This problem isn't going to go away just by having everyone tighten their belts and save for a year or two. It's going to require a massive legislative sweep to overhaul the system in favor of owner occupants and not investment hedge funds.