3 ms·

The fact that the old own much, much more than the young isn’t a bad thing—it’s evidence that the economy is a wealth-creation machine which works quite well.

The fact that the old own much, much more than the young isn’t a bad thing—it’s evidence that the economy is a wealth-creation machine which works quite well. A 60 year old has been working 4x years longer than a 30 year old. The average dollar a 30 year old saved between 20-30 has, by the time they’re 30, grown for five years to ~$1.30 (assuming historical S&P returns), while the average dollar a 60 year old saved from 20-30 has grown for 35 years to ~$7.20. Any system where the old didn’t own much more than the young would be a nightmare. > A generation with nothing to lose. That’s what they said about millennials. Now the average millennial is 34, has kids and owns their home. Isn’t it just the pits when the system turns your would-be revolutionaries into homeowning parents with a stake in the success and stability of the system? Maybe it’s oppressing them through prosperity?

kelnos 3y ago
> Now the average millennial [...] owns their home I found this suspect, and looked up some stats[0]. It's hard to tell exactly, since the age groups don't fall on generational boundaries. But it does seem like ~50% of millennials own a home. However, the more concerning trend is that rates of home ownership have declined across all age groups since 2009[1]. In particular, the age of the average homeowner increased by 10 years between 2001 and 2019. [0] https://ipropertymanagement.com/research/homeownership-rate-by-age#age https://ipropertymanagement.com/research/homeownership-rate-... [1] https://ipropertymanagement.com/research/homeownership-rate-by-age#historical https://ipropertymanagement.com/research/homeownership-rate-...
- marcusverus 3y ago
  The homeownership rate was high in ‘09 because of the real estate bubble. Homeownership rates are fine from a historical perspective[0] and are trending up. [0] https://fred.stlouisfed.org/series/RHORUSQ156N https://fred.stlouisfed.org/series/RHORUSQ156N

kelnos 3y ago

> Now the average millennial [...] owns their home I found this suspect, and looked up some stats[0]. It's hard to tell exactly, since the age groups don't fall on generational boundaries. But it does seem like ~50% of millennials own a home. However, the more concerning trend is that rates of home ownership have declined across all age groups since 2009[1]. In particular, the age of the average homeowner increased by 10 years between 2001 and 2019. [0] https://ipropertymanagement.com/research/homeownership-rate-by-age#age https://ipropertymanagement.com/research/homeownership-rate-... [1] https://ipropertymanagement.com/research/homeownership-rate-by-age#historical https://ipropertymanagement.com/research/homeownership-rate-...

marcusverus 3y ago
The homeownership rate was high in ‘09 because of the real estate bubble. Homeownership rates are fine from a historical perspective[0] and are trending up. [0] https://fred.stlouisfed.org/series/RHORUSQ156N https://fred.stlouisfed.org/series/RHORUSQ156N