5 ms·

Yep Millennials, Gen X and Boomers have all been handed a once in a lifetime gift here. Each of those generations made out like bandits with low housing prices

Yep Millennials, Gen X and Boomers have all been handed a once in a lifetime gift here. Each of those generations made out like bandits with low housing prices until the last few years and low interest rates. Gen Z and the generations to come have a real reason to be pissed at the rest of us.

Fauntleroy 4y ago
...and you are absolutely right that we're pissed. Hopefully y'all will be willing to help out with reasonable public policy at least.
wizofaus 4y ago
In Australia at least there's a substantial gap between affordability for millennials and us Gen X'ers, reflected in homeownership rates. The trend only seemed to have been getting worse throughout covid (governments threw a lot of money into economic recovery, combined with super low interest rates, driving up house prices despite near zero immigration and absence of foreign students etc., though they're coming down now). Was that not true in the US? Gen Z are just coming into house- buying age now, though my own son is likely 8-10 years off from being a good position to afford anything at all, and without my help (or a lottery win), it's not going to be a house or even apartment anywhere close to where I live. But a lot could change in that time.
- chollida1 4y ago
  No idea about the US, I'm in Canada and housing has only gone off the rails in the past 4-5 years. So those 3 generations all had legit chances to buy a home at a reasonable price. I'd assume every country is its own special mess:) In Canada last year we had a stat released that said 1 in 5 Millennials that own property own more than one. This was inline with both GenX and Boomer stats. Millennials are just as much a part of the problem as any other generation, assuming you think speculators are part of the problem.
  - wizofaus 4y ago
    "Speculators" sure, but most people who own multiple properties I wouldn't think fall into that category. We own a rental property - it's very much a long term investment, and we charge rent below market rate (it's still positively geared!). I don't believe our purchase locked out any first home buyers, it's a tiny 1BR flat, and priced at a point those just getting onto the property ladder could've afforded it (and outbid us). If we do sell the property it'll be to help my Gen-Z son buy a house. Having had assistance from my own parents (a smallish interest free loan that I paid back within 5 years) that seems fair enough.
    - chollida1 4y ago
      > I don't believe our purchase locked out any first home buyers, it's a tiny 1BR flat I mean, by definition that property would have sold to either a new home buyer or another speculator like yourself. And by definition, if you own a property you rent out, you are a speculator:) i have no problem with you being a speculator:)
      - wizofaus 4y ago
        I would if I thought I was one! A speculator I'd see as the sort of person who regularly buys and sells property hoping to make quick cash. While there is some tax regulation to discourage that here (you pay a lot more in CGT if you sell quickly etc.), I still don't think we have the settings right, it's too easy to make money if you already have it, at the expense of houses not being available to people who actually want to buy a house they can live in (who are stereotypically couples thinking of starting families etc.)
        onlyrealcuzzo 4y ago
        Where did you invest in CA that the Price-to-Rent ratio isn't abysmal? Or did you buy 20+ years ago?
        wizofaus 4y ago
sleepdreamy 4y ago
What gift would that be? Genuine question - I don't see what gift I received that is comparible to my in-laws purchasing their first home for 30k and flipping it for 100k not long after. I haven't had a gift close to that.
- 3qz 4y ago
  > purchasing their first home for 30k and flipping it for 100k not long after In a lot of markets here (I’m Canadian) average people who bought average homes in the mid 2010’s (millennials) have already made over a million dollars. Most home owners make way more money from their home than their job. This will never happen to my generation.

Fauntleroy 4y ago

...and you are absolutely right that we're pissed. Hopefully y'all will be willing to help out with reasonable public policy at least.

wizofaus 4y ago

In Australia at least there's a substantial gap between affordability for millennials and us Gen X'ers, reflected in homeownership rates. The trend only seemed to have been getting worse throughout covid (governments threw a lot of money into economic recovery, combined with super low interest rates, driving up house prices despite near zero immigration and absence of foreign students etc., though they're coming down now). Was that not true in the US? Gen Z are just coming into house- buying age now, though my own son is likely 8-10 years off from being a good position to afford anything at all, and without my help (or a lottery win), it's not going to be a house or even apartment anywhere close to where I live. But a lot could change in that time.

chollida1 4y ago
No idea about the US, I'm in Canada and housing has only gone off the rails in the past 4-5 years. So those 3 generations all had legit chances to buy a home at a reasonable price. I'd assume every country is its own special mess:) In Canada last year we had a stat released that said 1 in 5 Millennials that own property own more than one. This was inline with both GenX and Boomer stats. Millennials are just as much a part of the problem as any other generation, assuming you think speculators are part of the problem.
- wizofaus 4y ago
  "Speculators" sure, but most people who own multiple properties I wouldn't think fall into that category. We own a rental property - it's very much a long term investment, and we charge rent below market rate (it's still positively geared!). I don't believe our purchase locked out any first home buyers, it's a tiny 1BR flat, and priced at a point those just getting onto the property ladder could've afforded it (and outbid us). If we do sell the property it'll be to help my Gen-Z son buy a house. Having had assistance from my own parents (a smallish interest free loan that I paid back within 5 years) that seems fair enough.
  - chollida1 4y ago
    > I don't believe our purchase locked out any first home buyers, it's a tiny 1BR flat I mean, by definition that property would have sold to either a new home buyer or another speculator like yourself. And by definition, if you own a property you rent out, you are a speculator:) i have no problem with you being a speculator:)
    - wizofaus 4y ago
      I would if I thought I was one! A speculator I'd see as the sort of person who regularly buys and sells property hoping to make quick cash. While there is some tax regulation to discourage that here (you pay a lot more in CGT if you sell quickly etc.), I still don't think we have the settings right, it's too easy to make money if you already have it, at the expense of houses not being available to people who actually want to buy a house they can live in (who are stereotypically couples thinking of starting families etc.)
      - onlyrealcuzzo 4y ago
        Where did you invest in CA that the Price-to-Rent ratio isn't abysmal? Or did you buy 20+ years ago?
        wizofaus 4y ago

sleepdreamy 4y ago

What gift would that be? Genuine question - I don't see what gift I received that is comparible to my in-laws purchasing their first home for 30k and flipping it for 100k not long after. I haven't had a gift close to that.

3qz 4y ago
> purchasing their first home for 30k and flipping it for 100k not long after In a lot of markets here (I’m Canadian) average people who bought average homes in the mid 2010’s (millennials) have already made over a million dollars. Most home owners make way more money from their home than their job. This will never happen to my generation.