4 ms·
Median household income in the US is about $67k, where many of the households include two or more income earners. The homeownership rate for millennials though
by analyte123 5y ago
Median household income in the US is about $67k, where many of the households include two or more income earners. The homeownership rate for millennials though lower is still over 40%. How are they making it work, indeed. They just live in different places, places that we don't think are good enough. Maybe this is a prison that we have built for ourselves. I think I'm smart for seeing through Cartier ads and other luxury marketing tactics, but I think I've been sold on an idea just as unattainable.
- antisthenes 5y agoThe answer is right on the surface, but not usually spoken about very openly: Intergenerational wealth transfer. Every single millennial home-owner that I know (myself included) received a very generous gift from their parents, or, in some cases, other surviving relatives (usually older than them). The average gift size was approximately the size of the down-payment. > They just live in different places, places that we don't think are good enough. Young people generally live approximately where their parents live, regardless of what people think about that place. NYT found the average distance from parents that people live at, is approximately 18 miles. The reasons, again, should be fairly obvious.