Millennial middle class
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Tough road for a lot of young people.
I have a lot of cousins that grew up in Vancouver (my hometown). Many of them have good job, many of them really good jobs - though several can't seem to save enough to buy a house (these are people with kids).
It doesn't seem like a short term rut. It doesn't seem to be getting better.
The situation is the same in many American cities.
"Move" is not a tenable solution for many folks I know. I dunno what the answer is (other than - we need to build a lot more housing).
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I have little sympathy. Statistics show that millennials generally spend a lot more than previous generations at the same point in their lives even adjusted for inflation.
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I have little sympathy. Statistics show that millennials generally spend a lot more than previous generations at the same point in their lives even adjusted for inflation.
@lufins-dad said in Millennial middle class:
I have little sympathy. Statistics show that millennials generally spend a lot more than previous generations at the same point in their lives even adjusted for inflation.
That still doesn't discount what Xenon said. You're assuming they could buy a house if they saved that money without proof that that's true. And this is one of those things where personal experience can't extrapolate into an accurate judgment against an entire generation.
It's absolutely true that Millennials spend a greater percentage on experiences rather than assets. (By the way, there's obviously some value to that or else retired boomers wouldn't do it. Except they do, in droves.) What I wonder, though, is if they spend more money on experiences because they just value that more (in which case, yeah, quitcher bitchin, Millennials), or if home ownership is such a stretch that they just say fuck it and travel instead.
I think it's one of the two; I don't buy the boomer argument that Millennials are just stupid with money. That's as ignorant as saying all boomers are ageists who hate Millennials because they know how to make money on social media whereas boomers don't even know how to spell Tik Tok.
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