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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

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
        Not in CA! And no, about a year ago now.

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
        Not in CA! And no, about a year ago now.