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Yeah, this is a "blame the millenials" article in disguise. The problem is that we're pretty broke compared to our parents, because the big purchases (housing,
by ashelmire 8y ago
Yeah, this is a "blame the millenials" article in disguise. The problem is that we're pretty broke compared to our parents, because the big purchases (housing, education, cars) cost way more relative to our incomes. The elder dev sitting across from me bought his house for 10k around 1989. Now every house in that neighborhood costs ~350-400k (and it's one of the bigger and better ones).
- wilsonnb3 8y agoThe average price of a house sold in the US in 1989 was around $145,000. The average price of a house sold in the US in 2018 is around $375,000. If we adjust the 1989 dollars for inflation, that $145,000 becomes about $295,000. That means, in 2018 dollars, the average house price has gone up around $80,000 or 27% over the past 29 years. That's a significant increase and we should be concerned about whether or not Americans can afford to purchase houses, but framing the problem as "houses are now 35-40 times as expensive as they were in the late 80's" is terribly inaccurate as a general metric. house price data: https://fred.stlouisfed.org/series/ASPUS https://fred.stlouisfed.org/series/ASPUS inflation calculator: https://www.usinflationcalculator.com/ https://www.usinflationcalculator.com/