OT Unregulated capitalism killing the American Dream

The next generation will never be able to afford a house at this rate and it’s really sad. I tell my folks all the time the boomers had it easy. They’re actually starting to agree

 

Not true, I'm a boomer and it wasn't easy dealing with the war and perhaps even more difficult with the aftermath. Then, I had to figure out how to pay for my education. Of course I got the GI Bill which lavished me with $110/month. My parents gave me $50/month. Talk about rolling in clover.

 

every generation dealt with their own hardships no doubt. The fact that hard working young Americans may never even able to own a home is alarming. It’s going to be a couple generations of family splitting a mortgage payment. I’m lucky I bought about 6 years ago and put a good chunk down, I got a decent amount of equity. But this is getting out of control. I’m seeing houses that 5 years ago would sell for half what they’re selling for now while incomes remain stagnant. Unless a housing collapse this could be awful.

1 in every 5 houses these days is being paid straight cash by an investment firm usually based outside of the US. How do young Americans compete with that?

 

Blackrock, Koch Robbing Future Homeowners.



The ultra wealthy are buying up America and turning Americans into renters.

 

Boomers don't comprehend that college and houses are astronomically more expensive today than in their lifetime.

Everyone would rather pay 60,000 with 8% interest rates for a brand new home in Portland/Gresham like my parents did in 1988 than the 600,000 a house like that would cost today with 4% interest rates.

Here is Hasan Minhaj calling out congress about it.



Many boomers say our generation just needs to pull themselves up by their bootstraps. One of the dumbest sayings I have ever heard.

 

You can only flip houses at rapid speed so many times before it's out of control...it's out of control..especially in New York and California..getting there in Oregon...glad my son here bought his house in 2017....glad I own mine...my oldest son was born and raised in California has a great job and can't afford a house there..he's looking to move to Texas just so he can buy a house and lower his cost of living. He's been renting in California and raising kids his whole life. Sucks....the get rich quick real estate boom has about ruined that American dream for young people

 

yeah....but you have a ship....others just have grocery carts or eviction notices

 

I am a boomer, renting a house. I will almost certainly never own a home. Yes, college was cheaper but I graduated into double digit unemployment.
Went decades with crap jobs.
In order to retire had to live very frugally.
No bed of roses and a lot of thorns.

 

No such thing as a starter home anymore

 

But don’t you live in San Francisco where unless you’re a millionaire it’s impossible to buy a home and even then you’re getting a shack? I’m hoping the rest of the US doesn’t become like that

 

If I had remained single and not had children I could have easily never bought a home...for most of my younger years I could move in a taxi cab.I leased two houses later on...one in Hawaii and one in Nevada City Calif...that was a good setup. Not at the same time....

 

I came from a family where my parents essentially got rich off the real estate game. So I’m a little jaded

 

Gen Z is so fucked.

 

I've profited from it over the years now twice..selling houses but not with the jump you see in today's market

 

Now I know where my shoes went!

 

Or not allow dogs to breed

 

Bought my first house (condo) at 23. Fixed it up, made some money, got married, and had my wife’s mother basically steal $350-400K in cash and home equity from us (long fucking story).

Still doing okay. Love our house in Oregon wine country, love our house in Hawaii more. But it certainly hasn’t come without serious sacrifice and a strong work ethic. Most of my childhood classmates are in a strong financial position. Those that are a couple years younger definitely have more struggles (but also a much stronger sense of self-entitlement).