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"Housing and food are two areas where millennials have spent less than previous generations." Spending less on food I would believe; we have tremendous abundanc
by couldbewrong113 8y ago
"Housing and food are two areas where millennials have spent less than previous generations." Spending less on food I would believe; we have tremendous abundance and it's inexpensive relative to everything else. Housing, though? That...doesn't seem correct, unless they're including in the calculation millennials who live with their family and pay nothing for housing. Can anyone point to a reference that backs up the claim that millennials are paying less for housing than the prior generation?
- esotericn 8y agoGuesswork here, but it might be possible due to a selection effect. If you can obtain a mortgage, you are more likely to (be willing to) spend more on that mortgage than you would on the rent for a number of reasons. Anecdotally, I see people attempting to spend as little as possible on flatshares because they don't think they'll ever have a high enough income to bother with that, so they don't save either, and just enjoy themselves with the money left over (spending as little time at home as possible).
- claudiulodro 8y agoI don't have a reference, but it doesn't sound far-fetched to me. Student loans eat a lot of money that could be spent on housing, and also lots of people have roommates to lower their housing cost.