5 ms·

This only is possible with people owning their homes and the land they're built on. With asset prices outgrowing wages and thereby pricing out generations out o

by 2ion 5y ago

This only is possible with people owning their homes and the land they're built on. With asset prices outgrowing wages and thereby pricing out generations out of the same arrangement for most of their working life and also beyond for lifetime renters, this will be possible for fewer and fewer families.

ChuckNorris89 5y ago
Bingo! The slow life in small European towns, like grandfather described, works because almost everyone there is a part of the boomer generation so they are financially secure by now, with their homes or small businesses inherited across family generations or fully paid off, have no loans or debt, so then they can afford to do only the work that they enjoy and fulfills them. Younger generations that have no family business or real estate to inherit, have no option of such a cushy lifestyle so their option is moving to big cities/wealthier countries and grind on the hamster-wheel or risk being left out of the game due to ever increasing real-estate costs and stagnating wages. Near the Austrian alps, a region of mostly farmers in the 1950's, most of the land there could be bough and houses build for pennies, with very little regulations. A father could get a factory job with no advanced formal education, receive training from the company and make enough money to support a family, take them on vacation and even buy a second home. Fast forward to today, real estate prices have exploded there while wages have stagnated and competition fiercely increased along with the requirements for education. Homes in that region that were just poor farmers about 7 decades ago, are now worth millions and the small family business there are making bank thanks to the tourism boom, but a factory worker today can't even dream of building a house there anymore, hell, even a SW dev can't afford to do that due to the scarcity of land and increase in regulations plus wage stagnation.
SavantIdiot 5y ago
Totally. It is why this exponential housing boom scares the bejeebers outta me. And I'm in my 50's on my 4th house. I've benefited from it, but I know it isn't going to end well.

by 2ion 5y ago

ChuckNorris89 5y ago

Bingo! The slow life in small European towns, like grandfather described, works because almost everyone there is a part of the boomer generation so they are financially secure by now, with their homes or small businesses inherited across family generations or fully paid off, have no loans or debt, so then they can afford to do only the work that they enjoy and fulfills them. Younger generations that have no family business or real estate to inherit, have no option of such a cushy lifestyle so their option is moving to big cities/wealthier countries and grind on the hamster-wheel or risk being left out of the game due to ever increasing real-estate costs and stagnating wages. Near the Austrian alps, a region of mostly farmers in the 1950's, most of the land there could be bough and houses build for pennies, with very little regulations. A father could get a factory job with no advanced formal education, receive training from the company and make enough money to support a family, take them on vacation and even buy a second home. Fast forward to today, real estate prices have exploded there while wages have stagnated and competition fiercely increased along with the requirements for education. Homes in that region that were just poor farmers about 7 decades ago, are now worth millions and the small family business there are making bank thanks to the tourism boom, but a factory worker today can't even dream of building a house there anymore, hell, even a SW dev can't afford to do that due to the scarcity of land and increase in regulations plus wage stagnation.

SavantIdiot 5y ago

Totally. It is why this exponential housing boom scares the bejeebers outta me. And I'm in my 50's on my 4th house. I've benefited from it, but I know it isn't going to end well.