I am surrounded by boomers saying this that in their day interest rates were at 15% and we have it easy! I’m also surrounded by the younger generations saying this is ‘not the same thing’
Explain to me the reasoning…
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They are both wrong. It’s not as bad as the young crowd wants to make it sound. It’s not as good as the boomers want to believe it is.
Owning a house is entirely attainable for most working professionals, especially dual income white collar families. But that comes with some compromise that a lot of the younger college educated crowd isn’t willing to make… Relocating away from the big cities with lots to do in favor of smaller cities that don’t have as much to offer and buying older houses, maybe relocating to a different state, dealing with snow, etc.
In the meantime I know 25-39 year old mechanics here in the mid-sized city Midwest that came from dirt and have been stacking up their property portfolios the last few years.
On the other hand, every dollar earned doesn’t pay for as much house as it used to. In addition, a family has far more expenses than what the older crowd had decades ago. Cell phones and cellphone plans for the family, home internet, laptops or tablets for the kids, computers; cars are far more expensive comparatively, both due to all the tech and increased safety standards. Childcare has gotten mindbogglingly expensive. Getting a new job or a raise is no longer as simple as giving someone a resume and a firm handshake. Boomers don’t get how much more expensive it is to raise a family now.
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