Housing prices haven't returned to their pre-crash highs, but they've recovered quite a bit. Roughly speaking, they're about 80-100 percent higher than they were in 2000.
And how have millennials done since then? According to census data, the median 25-34 year old earned about $35,000 in 2000. The median 25-34 year old household earned $61,000.
In 2014, adjusted for inflation, median millennial income was down to $31,000. Median household income was down to $54,000.
In other words, millennial income is down about 10 percent while house prices are up 80-100 percent. Just in the past four years alone, housing prices are up by a third. This makes things a lot more comprehensible: millennials just can't afford the housing market these days. Unlike boomers and some Xers, they don't have an existing house that's appreciated, which helps offset the cost of a new house.
http://www.motherjones.com/kevin-drum/2016/03/millennials-arent-buying-houses-because-they-cant-afford
>>79217508
mfw I just recently sold my grandparents house for 1.5 million.
mfw they originally bought it in the 60s for 20k
>>79217508
I'm too much of a lazyfag to do yard work, so I'm going to be renting for the rest of my life.
Is this a surprise to anyone?
You rack up mountains of debt just for a chance at a high paying job and even if you do get one you're paying off loans for the next quarter of your fucking life in the same time window you're expected to find housing, raise a family, and become entirely independent.
Eventually people will make the choice to pay for housing and food rather than pay back asshole banks that they were forced to deal with in the first place and the bubble will finally explode.
>>79217508
My mom's house built in the 50's went from $105k to fucking $200k in the last 10 years. No renovations or improvements or anything. It's fucking crazy.
>>79217737
condo
GenY truly is fucked beyond belief. We're the ones that will have to pay for the world given to us in ruins. It is our task and reason for existence. We have to rebuild it if w e want to survive in a decent fashion. It is a noble cause.
Good thing we're creative as fuck and are able to generally think big. Make no mistake, if anyone is able to get out of this hell, it's us.
Buckle up, boys! Great things are going to happen!
Just kill me
wages haven't recovered though, so its even worse now.
>>79217508
>we should base our stats on an artificially inflated market
>>79217508
The only thing i can barely afford is a $2,500 sailboat fixer up as a live aboard housing.
>>79219269
Nice reddit impression
>>79217508
why not build own house about $8000
>>79220376
Here it's the land you're paying for.
>>79217621
I know you're bull shitting but I have a house with black mold in it and need like 4 grand to fix a wall/roof issue...
>>79217508
WE HAD THIS THREAD IN THE MORNING
STOP SHILLING.
JUST FUCK MY SHIT UP ZEN PIE
>>79217508
>not inheriting your mother's 3 story house when she dies
Why would I want to get in to massive debt when she's only going to live a few more decades
>>79220465
ask for your parents land they will give you discount maybe?
Why not just build a new house like me.
shitty 4 bed houses near me go for like 400k.
mfw I finish my well built 4 bed house for 275k including land
>tfw saving up money and I have no idea what I'm going to do with it
but I'll be damned if I ever pay for a lunch or go out with my friends. I'm going for that highscore, boys.
>>79220623
One facet of this mess is all of that central bank money "printing" is finding it's way not in to productive investment but "safe haven" global real estate markets.
Ah well, at least baby boomers will retire like kings.
>>79220350
Thnx buddy. Now go and free Anders to start with.
>>79217508
The problem is that while wages (despite what the left like to say) have managed to keep pace with inflation, costs have not.
Adjusting for inflation, the median wage now is only about 5% lower than the median wage 30 years ago, while the cost of a new home is three times what it was then, and even a previously owned home in a nice neighborhood is at least twice the cost of what it was then. Same thing for cars, luxury items, and in many cases even cost of living type stuff like groceries and basic supplies.
Costs have out-inflated earnings by a factor of 2-3... which is why nobody in this generation can manage to actually afford any of the really important shit necessary for living a "normal" life and raising a family.
>>79217508
>make 100k first year out of school software engineering
>girlfriend graduated in math/stats and is taking actuary tests, starting job next week 90k
You guys just aren't trying.
>>79221644
It's only going to get worse as more people invest in real estate. It's either rich folks from all over the place moving in or it's people taking out loans that are sometimes out of their means (again). As population rises real estate will continue to boom and companies will continue to find ways to lower salaries. It's an interesting problem.
>>79217903
>bubble will fucking explode
What did you mean by this?
The debt can't be removed by bankruptcy and if any individual bank goes bankrupt they will sell the debt for pennies on the dollar.
>>79221644
>The problem is that while wages (despite what the left like to say) have managed to keep pace with inflation, costs have not.
>Adjusting for inflation, the median wage now is only about 5% lower
Derp.
What you're really talking about is CPI.
CPI has been redefined (similar to unemployment) to exclude the costs you mentioned so that it appears that inflation is under control.
>>79217508
Come to the fucking UK if you wanna complain about house prices
Average English House price = £273,000
"ricing our younger generations out
The most striking and well publicised example of the damage being inflicted by unaffordable house prices is the plight of the UK's first time buyer. The number of first time buyers managing to make in onto the housing ladder is at it's lowest level in 25 years.
The number of areas of the UK they are priced out of is increasing at a frightening rate with 85% of towns unaffordable for first time buyers.
Those who do make it onto the ladder are getting increasingly older, having to accumulate and spend more of their savings whilst taking on crippling mortgage debts. They are being forced into taking significantly higher financial risks than any previous generation."
