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More of gen z are home owners than previous generations at that age[0], real wages are increasing for the lower and middle class for the first time since 1970[1

More of gen z are home owners than previous generations at that age[0], real wages are increasing for the lower and middle class for the first time since 1970[1]. More people are leaving the workforce than anytime in history, creating high paying trade job openings at an unprecedented rate[2]. Health care costs are growing slower now than any prior decade[3]. Every generation has challenges and benefits. Framing the narrative can happen in any direction and the variance in group is bigger than the variance between. [0] https://www.cnbc.com/amp/2024/09/05/how-gen-z-outpaces-past-generations-in-homeownership-rate.html https://www.cnbc.com/amp/2024/09/05/how-gen-z-outpaces-past-... [1] https://www.americanprogress.org/article/americans-wages-are-higher-than-they-have-ever-been-and-employment-is-near-its-all-time-high/ https://www.americanprogress.org/article/americans-wages-are... [2] https://www.protectedincome.org/news/labor-day-peak-65-trades-hit-hardest/ https://www.protectedincome.org/news/labor-day-peak-65-trade... [3] https://www.healthsystemtracker.org/chart-collection/u-s-spending-healthcare-changed-time/#Total%20national%20health%20expenditures%20as%20a%20percent%20of%20Gross%20Domestic%20Product,%201970-2023 https://www.healthsystemtracker.org/chart-collection/u-s-spe...

lotsofpulp 2y ago
[0] needs to breakout what proportion of the homeowners received help from parents, either via free rent or cash.
- kasey_junk 2y ago
  [0] in the parent comment needs to note most of the increase comes from older people living and staying in their houses longer rather than dying, moving to facilities or in with family.
Uehreka 2y ago
> More of gen z are home owners than previous generations at that age[0] If you’re going to make a claim this bold and this counter to the prevailing narrative, you’re gonna need to cite a better source than an outbrain-riddled webpage that tells me to “watch our video to find the lede we buried”. I’m not saying this isn’t true, but extraordinary claims require good sourcing and explanation.
- kasey_junk 2y ago
  Here is the underlying dataset https://www.ipums.org/projects/ipums-cps/d030.V11.0 https://www.ipums.org/projects/ipums-cps/d030.V11.0 Redfin did the analysis quoted https://www.redfin.com/news/homeownership-rate-by-generation-2023/ https://www.redfin.com/news/homeownership-rate-by-generation...
  - cj 2y ago
    > The homeownership rate for 26-year-old Gen Zers is 30%, below 31% for millennials at 26, 32.5% of Gen Xers at 26, and 35.6% of boomers at 26. Unless you're specifically 26 years old, I suppose? This analysis seems far from scientific and cherry picks data in strange ways.
    - lazyasciiart 2y ago
      The fall in genz ownership rates is also quite interesting: I guess they weren’t buying during the pandemic?
- 9rx 2y ago
  > If you’re going to make a claim this bold and this counter to the prevailing narrative What do you see as the prevailing narrative? The one I see is homeownership itself, which suggests that homeownership has been seen as being hotly desirable. I strongly suspect we wouldn't have a homeownership narrative to speak of if ownership was unwanted. When something becomes unusually desirable like homeownership has, it is not unexpected to see an uptick in participation around it; in this case owning a home. Much of the urban age has been marked with the majority of the population being renters. Everyone wanting to own a home with such furor is historically unusual. I expect homeownership has become so desirable as it has become seen as a way to build wealth. While, historically, housing only kept pace with inflation at best, real home values have risen by unfathomable amounts in the last decade or two. Which, again, attracts people willing to risk it all for a chance at some of that wealth opportunity. It would be unusual if said generational group had comparatively lower ownership rates given the "FOMO" aspect. People run away when prices are falling, not when they are rising. Given the market we've watched, the extraordinary claim would be that Gen-Z has lower ownership rates compared to previous generations at the same age.
Tade0 2y ago
Regarding home ownership: they only started with a higher rate. It's too early to say, but considering that growth has stagnated, they're on track to become the generation that will own the least homes.
lazyasciiart 2y ago
> Health care costs are growing slower now than any prior decade[3]. I don’t see any data on that page supporting this claim. The current decade is growing much faster than the previous one, and they only show data up to 2023. > Health spending increased by 7.5% from 2022 to 2023, faster than the 4.6% increase from 2021 to 2022. The growth in total health spending from 2022 to 2023 is well above the average annual growth rate of the 2010s (4.1%).
- kasey_junk 2y ago
  I should have said compared to gdp.

lotsofpulp 2y ago

[0] needs to breakout what proportion of the homeowners received help from parents, either via free rent or cash.

kasey_junk 2y ago
[0] in the parent comment needs to note most of the increase comes from older people living and staying in their houses longer rather than dying, moving to facilities or in with family.

Uehreka 2y ago

> More of gen z are home owners than previous generations at that age[0] If you’re going to make a claim this bold and this counter to the prevailing narrative, you’re gonna need to cite a better source than an outbrain-riddled webpage that tells me to “watch our video to find the lede we buried”. I’m not saying this isn’t true, but extraordinary claims require good sourcing and explanation.

kasey_junk 2y ago
Here is the underlying dataset https://www.ipums.org/projects/ipums-cps/d030.V11.0 https://www.ipums.org/projects/ipums-cps/d030.V11.0 Redfin did the analysis quoted https://www.redfin.com/news/homeownership-rate-by-generation-2023/ https://www.redfin.com/news/homeownership-rate-by-generation...
- cj 2y ago
  > The homeownership rate for 26-year-old Gen Zers is 30%, below 31% for millennials at 26, 32.5% of Gen Xers at 26, and 35.6% of boomers at 26. Unless you're specifically 26 years old, I suppose? This analysis seems far from scientific and cherry picks data in strange ways.
  - lazyasciiart 2y ago
    The fall in genz ownership rates is also quite interesting: I guess they weren’t buying during the pandemic?
9rx 2y ago
> If you’re going to make a claim this bold and this counter to the prevailing narrative What do you see as the prevailing narrative? The one I see is homeownership itself, which suggests that homeownership has been seen as being hotly desirable. I strongly suspect we wouldn't have a homeownership narrative to speak of if ownership was unwanted. When something becomes unusually desirable like homeownership has, it is not unexpected to see an uptick in participation around it; in this case owning a home. Much of the urban age has been marked with the majority of the population being renters. Everyone wanting to own a home with such furor is historically unusual. I expect homeownership has become so desirable as it has become seen as a way to build wealth. While, historically, housing only kept pace with inflation at best, real home values have risen by unfathomable amounts in the last decade or two. Which, again, attracts people willing to risk it all for a chance at some of that wealth opportunity. It would be unusual if said generational group had comparatively lower ownership rates given the "FOMO" aspect. People run away when prices are falling, not when they are rising. Given the market we've watched, the extraordinary claim would be that Gen-Z has lower ownership rates compared to previous generations at the same age.

Tade0 2y ago

Regarding home ownership: they only started with a higher rate. It's too early to say, but considering that growth has stagnated, they're on track to become the generation that will own the least homes.

lazyasciiart 2y ago

> Health care costs are growing slower now than any prior decade[3]. I don’t see any data on that page supporting this claim. The current decade is growing much faster than the previous one, and they only show data up to 2023. > Health spending increased by 7.5% from 2022 to 2023, faster than the 4.6% increase from 2021 to 2022. The growth in total health spending from 2022 to 2023 is well above the average annual growth rate of the 2010s (4.1%).

kasey_junk 2y ago
I should have said compared to gdp.