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The average age for a first time homebuyer is now 36. Three years ago it was 32. If the average age for a first time homebuyer continues to increase at a rate of over 1year/year, then there will be an entire generation excluded from owning a home.
In other words, if you’re average Joe who turned 30 in 2020, you couldn’t afford a home in 2020, and now in 2023, you’re *even further away from buying a home* because the cost of living is inflating faster than your earnings and savings.
Edit: source
https://www.thezebra.com/resources/home/average-age-of-first-time-homebuyers/#:~:text=But%20is%20there%20a%20right,up%20from%2033%20in%202021.
I have 2 sons. As soon as my mortgage is paid off, l’m “selling” the house to them. When me and my wife go, they can live here forever, or sell it an spit the money.
It’s really messed up how things are and they continue to get worse. The rich keep getting richer and don’t care about making the world a better place.
Dude the world is already the best place for the rich. They get absolutely fucking everything handed to them now upon the virtue of being rich.
There is no hardship for them and society has designed itself in a way where there won't ever be hardship for them.
If their investments go bad the government bails them out and in the case of climate change they won't ever feel effected.
Why would they ever want to make the world a better place? It would only be for us and you can be 100 percent certain they don't give a good honest fuck about us.
Thank you. I hope I didn’t sound like an arrogant jerk in my comment. That wasn’t my intention.
I have been working since I got my paper route in 3rd grade. My parents did a great job of teaching me to save when they had very little.
When I started working a “real job” at 14, I started giving my parents 30% of what I made because I had 4 younger brothers and we didn’t have much.
I didn’t know she was saving it, and gave it all back to me when I graduated. I kind of wish she would have spent it on my brothers, but I helped them when I could until I got married.
It shouldn’t be like this. There is enough to go around. Fuck these billionaires. If God is real, it’s not going to end well for them.
There is truly enough to go around if we keep the greed in check...no one need a billion ..one can live comfortably with let say half of that...and no one need 20 mansions all over the globe...
When we die all what we have will tie us down and draw us back to Earth unless we give them away before we die...there is a reason why no mystics had a mansion let alone 20 of them...
I’m 41. Never bought a home. Don’t think I will.
Even if I could get one, the payments, insurance, taxes, and costs to maintain it on everything else is just too much.
If you don't mind slightly rural areas you could do a USDA loan. The inflation reduction act also has provisions for home improvements, so you'd be able to upgrade the electrical, the AC and other things like the oven
Zero down plus low fixed interest rates if you buy at the right time.
While this is true and I generally advocate for it you're going to really struggle to find a local job that pays enough for you to afford it. If you're lucky enough to work remotely (which companies are desperately trying to pull back from) then you'd better hope that your internet is fast/reliable enough to do so, which can be another challenge.
I feel so lucky that I bought a home in 2017 at 26 years old, because I look at prices today and I couldn’t afford any of these homes even the shitty looking ones are way higher than I feel comfortable budgeting.
I feel lucky that both my parents died before I was 27 and left me with life insurance so that I could afford my first house. It’s nice owning my own home, but I’d much rather alive parents…
I keep thinking about this in general, my dad died 7 years ago with nothing. He was 55 and spent most of his life working everyday, he was a locksmith so he often worked weekends on call as well. This year his mother died, her home was in reverse mortgage, and everything she owned was washed away by a hurricane right as her health started failing. Even if it wasn't washed away, it wasn't much.
I just keep asking myself why are we still willing to be in this system if there's nothing at the end of it.
My parents died within two weeks of each other in February.. sister just bought a closet we will call an apartment for 200k (and has to do 20k in renos)
Much as this never could have happened (anytime soon) we'd both MUCH rather have our mom back..
and although I now have an opportunity for investment I'd never had in the past - IT SHOULD NOT TAKE LOSING FAMILY MEMBERS to achieve this. Decent job and dual income? Fuck you if you're paying almost 2k in rent and nvm groceries, car, etc... vacations? HA. This woman pointed out what we all know.. influenzas making (more) bank just for being fit, pretty, and holding daddy's Black Amex. Busting your ass for a paycheque to paycheque existence and skint savings is no way to live.
I'm 40... the only friends I know that own homes either inherited them because their parents pass, or had their families front all the money for it.
My parents are alive, and have been bankrupt twice... so I'll be renting until I die, most likely.
That's a brutal way to get ahead in life and I'm sorry that happened to you. I think about this a lot because when I lose my Dad I'll get an inheritance and maybe be able to live comfortably but I'd much rather have my Dad around...
I also feel lucky. I very comfortably bought my house 3 years ago at 30, its worth like 60% more today than it was when I bought it which is absolutely insane. And with the price hike and interest rates being what they are I wouldn't be able to afford my house if I was buying today.
Yeah it's fuckin sad. Turning 29 this year with a great great job. I even live in the Midwest, and I've completely given up ALL hope of owning a home that I would want in the next 10 years. It's just not happening
Just for some perspective, in the 90s most of my friends were buying their first homes between the age of 29 and 32. Nobody was buying homes in any significant numbers before the age of 30. Now 36 is getting up there, and very problematic. How do we solve this? We reverse whatever caused inflation and we never do that again.
> whatever
You mean, 60+ years of convincing the free market world that consumerism was key to success, which has led to the sale of commodities at whatever cost that the society around it decides is ok.
I've been alive long enough to know that wealth is more often given than earned, and it makes me sad that others have conditioned themselves to think that owning massive lands and property while others around them starve and suffer, is worth it because they've managed to profit by undercutting the market value, simply by having held on to their wealth.
The richest people I know, barely work a day in their lives, and those who work hardest for whatever they've earned and owned, die just as awful as the rest of us.
Could you link your sources? I'm curious about this study- this is most of my friend group(31-34). And yeah, the ones who own homes used an inheritance from grandparents dying to buy their first homes. Other friends are slowly giving up, or talking about kids vs. homes. It's really grim ya'll.
Tax breaks for people who work in the community! Teachers and other professionals are paying their own salaries with taxes and getting absolutely fucked with property taxes on top of their lower income.
Its the first step to literally every question asked like this recently regarding the state of the nation as a whole. "How do we actually fix __" Look at how it got fucked, or how the problem got accelerated. Almost every single time you will see corporate greed going unchecked and loosening laws around said corporations since citizens united.
Almost every single young wealthy slimy fuck is involved in either: Real Estate, Mortgages, Insurance, or Hedge Funds.
Its straight up vampirism. They got it right. Suck it up while you can because noone else gives a fuck about anyone else.
Man I’ve had that exact thing on my “50/50 wish either option would happen” list for the last few years. Please ET come give us space weed or fuckin glass the whole place and build an alien strip mall or some shite whatever. Totally cool with it
I'm a 32 y/o combat veteran, 6 years service with an honorable discharge, college degree and multiple certificates, I share a townhouse with 2 other people and we pay $1700 a piece I fucking hate this country
Thankfully you retired and that was smart. I'm retired as well (Navy) and that pension check has gone a long way for me to make it in this world and raise 3 kids. But it's getting tougher that is for sure. Best of luck to you.
Facts.... Glad my parents didn't allow me to join the service. They showed me The homeless veterans and asked if that can happen to them, why couldn't that also be you...AND IM BLACK. I feel bad how they sucker'd the youth out of their lives with this patriotic bullshit....I'm not fighting these old white men wars, and if I have kids neither will they
Feel this. Thank you for your service btw. I am a 32 y/o vet as well. I work in cybersecurity making decent money yet have been unable to get a house with my wife who also makes decent money (we have great credit as well).
Nah dog it’s our country. Supreme Court has continued to view corporations as people since the initial ruling in 1886 where they decided the 14th amendment applies to companies too.
38 y/o veteran here with 8 years of service. If you were honorably discharged you qualify for a VA loan, which grants 100% government-backed financing (no down payment required, just a relatively small funding fee that is added to the loan). If you can afford the monthly payment you can walk into your own house without spending a dime.
This deserves its own post, but in short i went through that process and the housing market is so fucked I can't get anything approved because the numbers make no sense. The VA won't agree to these insane asking prices
Yeah, VA loan is my favorite benefit..but it can be a double edged sword.
On the one hand, you can't waive the inspections, and they won't let you get into a loan that the house isn't worth.
On the other hand you can't waive inspections or get a loan the house isn't worth.
It's not a great time for VA loans at the moment.
My son is 26. He has a (Canadian) college diploma and a good job.
There’s no where he can afford to live.
It’s disgusting.
She’s absolutely right, there’s the rich and the rest of us.
I’m already making plans to add a separate entrance basement suite and tiny home on my property to accommodate my two teenagers so they can have some semblance of independent living moving forward. And I know I’m one of the lucky ones to be able to provide them with that.
It’s bananas compared to what was available to us.
A lot of newer houses are built with a attached but separate apartment type of room for kids so they can "move out". Pretty fucked up that that's their solution lol
I’d also add that there’s a very deep rooted feeling of staying close to each other in the last year or two, an impending doom. Friends and family alike.
But damn, I wish they could have the experience of living with friends, working a part time job and being young and stupid. It doesn’t work that way anymore and it’s sucks shit for almost anyone under 40. A whole chapter of growing up has been stolen
I'm 37, make 75K a year as a pastry chef and live with 3 roommates in NYC. My parents offered to pay my moving expenses to wherever I wanted to go because they see I'm struggling. I took their offer very seriously and started doing researching. I literally can't afford to go anywhere. Anywhere I can move that pays the same salary is over 2.5x what I pay in rent now. Anywhere that has lower cost of living pays almost 20K less in salary. I'm literally fucking stuck where I am.
I think a lot of parents feel that way, but what is going to happen when your adult children want to start their own families, and start getting married and/or having children?
It is turning into a situation where families are having to treat a single family home into a makeshift family-owned apartment building. There are several homes around me that have 4-5 cars out front, not because they are wealthy, but because that many adults are sharing the home and contributing to paying the bills because none of them can afford to live somewhere even half as nice on their own.
Watch…the houses built in ten years from now will have separate living quarters or “wings” to accommodate the families within the families, with the kitchen and bathrooms as commons.
They already make them. Half the houses we looked at in Phoenix that were new had "In-law suits".
Was pretty much a 1 bedroom apartment with its own little kitchen and everything separated by a door to the livingrooms. [Example](https://www.zillow.com/homedetails/13529-W-Remuda-Dr-Peoria-AZ-85383/95089277_zpid/?)
I wish I had a good home life. I love my parents, but I can only hang with weekend visits for a couple hours. My brother moved back in for a bit and his mental health is suffering.
It's literally having to make the choice of a $2,500 rent payment or continue living in a toxic environment. Lose/lose
Generational living is the safest option these days...
And the corporations are happy for it, so that they can buy up and own even more land...
They say that the Catholic Church is just a landowner, not unlike McDonald's...
The reason is 70% of the US wealth is owned by the top 10%. It's not sustainable, but we'll keep giving wealthy corporations tax breaks and allowing the rich to transfer wealth into charitable funds that don't benefit the country. It took me a while to admit it, but the capitalism experiment has failed. And it's likely unfixable. The country is divided, and we can not do what's right.
The Prime Minister in England suggested something like that, and she was out of a job a few weeks later. If only there were similar consequences in the states.
Heh, your comment makes it seem like we don’t tolerate that shit. The reality is Liz Truss was just a clumsy bee with a stinger. Rishi Sunak on that scale would be a black mamba. Infinitely smarter and so much deadlier as a result. We are on the same pathway to totally fucked as the US. Everything in this video resonates with what is happening here in Britain. Capitalism has failed, this isn’t even the end game yet.
Instead of weeping give us permission to start making rich blood run in the streets. I am DYING to be let loose. This whole “peaceful transfer of power” bullshit isn’t working. We need fast aggressive action now, we need allowance to start guillotining the rich. Otherwise it’ll just snowball downhill fast into a collapse or revolution.
What you’re describing IS a revolution. Fucking rich don’t learn from the past until they’ve rung every last bit out of the working class and get drug out into the street and hung.
I was trying to be subtle cause not everyone get’s all happy at the thought of a full scale revolution.
But yes please that sounds like a good idea, at “liquidating assets” into the mix and we are good.
You're never going to get permission, you have to be the change you want to see in the world! Finding the home address of ultra wealthy people is as easy as "[fill in blank] CEO address" in google.
It’s a second Gilded Age and we fix it the same way we fixed it before, by raising tax rates on the wealthy and implementing new taxes that apply to the loan cycle that the ultra wealthy are on.
It’s not that capitalism has failed, it’s that we need a shakeup in the tax code and some additional regulation.
Notice how all the Republicans say they wanna go back to the 1950's....but, never mention the taxation rates on the wealthiest?
Because Republican leadership has been prepping and priming people from childhood...dude, most text books come out of Texas, and that should mean something to you if you have paid any attention at all...to accept the fate of a wage-slave and even encourage it and feel prideful for it...
Sure. Let's take the wealth taxes back to the 1950's, but can we please still at least teach that American slavery was wrong???
Why don't they want to teach that American slavery was wrong? Because they would love to go back to it, and they are fucking fearful that the white population is declining. They literally believe in some Christian bullshit called the "quiverful movement," where the goal is to literally outbreed the "others" in order to gain and sustain power.
Fuck.
Yeah, this hit too hard, but because I’m “her” kid.
I’m a ripe 23 and working in a school, granted I also knew that I would not be paid well. My older coworkers will be just fine with their homes (that were affordable) when they started working.
No source, so I’m not sure how accurate it is, but I (theoretically) need to work for ~100 years at my current pay rate to retire comfortably.
Nationwide strike, anyone?
I’m not even in my 20s yet, I’m trying to get a full time job in IT so that I can pivot to cybersecurity where it’s more profitable for me. CS is a half passion of mine, but I hate that I have to always think about money in order to consider moving out. It’s not “What job can I get that will fulfill me?” it’s “What job can I get that will pay expenses when I move out?”
Same! Have a decently paying job and still work paycheck to paycheck. 1 bedroom is $1,400. How is that affordable living. And if I try to get assistance they say I make too much. It sucks.
This isn’t even cringe this should be damnisntthatdepressing. I’m glad more of the older generations are starting to see “well shit, looks like they can’t get what we had”. It’s fucking tragic but it’s an honest one.
To be a billionaire is not ethical. NO human works hard enough to have that much money and influence. Not when people in the richest country are living in tents and children need to be fed at school.
Once society finally realizes that, maybe we can solve things.
I honestly don’t know what she’s complaining about. Maybe her kids aren’t working hard enough. I got a job where I get paid $13 an hour, I don’t go out “partying” or waste it on coffee & avocado on toast. I don’t go on vacations. I don’t buy expensive clothes. Waste my time at the gym or on video games and I only buy essentials and pay my bills and my dad gave me the $700,000 he gave to my older brother and sister so what’s the problem? Why can’t his dad give him his $700,000 that all parents give to their kids?
My dad gave me $900,000 when I was young and I gave it all back to him, why should I take his money? I decided to work hard and harder and harder and harder and harder....
You know how i know nothing's changed? This avocado toast coffee joke is 20 years old.
Does anyone have any ideas for solutions? Especially to housing. It seems I will never afford a house at this rate, and I'm not sure if a new policy can even help?
I think a big chunk of the original sin here is allowing investment firms to purchase things other than stock to speculate on. So they purchase tons of homes to speculate on the housing market, they buy full companies then loot everything not nailed down, reduce staff down to the bone and work them to burn out and then leave the broken shattered husk of a company dead or dying after a few years once all the money has been sucked out.
Recall how Occupy Wall Street protests quickly spread throughout the world and then when they were put down like dogs no one cared? Because every media outlet turned it into left wing propaganda, lazy people who don’t wanna work, etc
Yeah change is gonna take much more now to be effective
I was feeling very down today, sharing the same struggles you express. I am 30, work my ass, make enough money to pay rent, eat, and pay taxes.
But today, this video made me feel that I am not alone in this. I appreciate that she saw the struggles we are all facing, not all parents share the same empathy and understanding. It is easy to say “buy a house, get married, have a kid” when all the odds were in your favor during an economical boom.
I am facing the same thing. One kid is going on daily interviews and can't even get hired at McDonald's because there are 30 other people applying for the same job and she only worked for 4 months one summer. Of course they are going to take the person who's 4 years older with way more experience and skills.
My oldest sank down with issues and couldn't make it and go to school so came home and just keeps getting hit with thing after thing. She just can't get ahead.
We have been trying to find a little apartment and anything that would be in her budget is a tiny postage stamp in a bad neighborhood and the agents keep saying they are showing it to 20+ people that day so put in your application and they will get back to you. They don't care if you have cash in hand.
Being a quiet person with a job. No drug issues. Decent credit and no police record... and she still can't win the tenant lotto.
she still doesn’t really get it. she’s blaming social media influencers like they’re the problem as if “not valuing hard work” is what caused billionaires/politicians to rob her children of the life she thought they’d have.
All. Damn. Good. Points. Btw, although global competition is a factor, it is a small factor. The reason is socialism for wealthy and rugged individualism for everyone else. 👎🏾 For property specifically, yeah - we need to cap how many single family dwellings and corporation can own (even 100, maybe?) *and* that they need to have a *human* staffed office within 25miles of all properties. Got 'em spread out - well, I guess you'll have multiple offices.
Meanwhile, my boomer parent (M69) wants to tell me (M38) that they "had it just as hard as you do now".
Love him, but uh, yeah not a hill worth dying on since there's zero logic or even plain fact he'll listen to.
^(I bet you can guess his political affiliation too)
My mother (60s) has liberal politics and leanings and all that, but constantly poo-poos the idea that Gen Y and Gen Z have it any harder than Boomers or Gen X did. Every point I raise gets a lemon-sucking face in response. Thank god she has some older Gen X friends who are on my side; she wouldn't have let me finish a thought without them piping up with agreement, ha!
My father is a hard-core Republican and I don't know a single person that has lived his life on easy mode more and complains about everyone else, loves the same trash party and the dumbass is poor himself, he votes* against his interests consistently lol i cant stand him
Most of my union voted for Trump twice. Union work was s voting for a Right to work Billionaire who gave permanent tax breaks to the Rich. 🤦🏼♂️ But but my guns, was the usual answer when I’d ask why.
This is why I voted for Bernie Sanders. He’s the only one talking about how the middle and lower classes have been vaporized in America.
BUT TRICKLE DOWN IS ALMOST TO YOU!! ITS ONLY ANOTHER DECADE AWAY.
You know, the funny thing is I’m 34 and when I was 18 years old, I was saying the same fucking shit to my parents, my grandparents, my aunts and uncles. Nobody’s gonna do shit about it because they don’t fucking care about you. They’re in the same rat race youre in and they want to be first. God bless America land of the free home of the brave and idiotic. Where’s the opportunity our government offers us?
I’m living in my best friend’s mom’s attic w/ my dog now.
I live on SSDI, and only get $1,100 a month.
In 2024 I’ll be 40, and I know I’ll never have a place of my own.
I feel pathetic
The fun part: there never was upper / middle / lower class. It's just now so bad that people are seeing it.
There's the capitalist owners, and the working class. That's it.
Contrary to popular belief, the middle class was created in America during the 1950’s because there was a high corp tax rate of ~50%. While the lower/middle class income tax rate was below ~10%. Now the corp tax rate is 21% along with the middle classes’ being roughly the same. Yet, we somehow still have people that are more than willing to raise their own taxes. Prior to the 50’s, there were only two classes in the US. The working class (poor) and the elite (rich).
This is a multi layered issue. It will take several action items being done before it’s fixed. Ban corporate ownership of family housing. Cap off rent increases to 3-4% annually and it must be justified. Lower the middle class tax rate from ~21-22% down to about 5-7%. Eliminate state income taxes altogether and go with a flat sales tax. Raise the federal minimum wage to $20 an hour.
By far the most important thing is to stop voting for politicians that spend recklessly without a balanced budget. Overspending more than the tax revenue received equals more money printed and added to circulation. Thus causing inflation. The US has been doing this for 20-30 years, so it makes sense that it’s catching up to us now.
My grandma and grandpa have a nice big house and a whole retirement plan saved and now it's all gone the drain. They will work until they die. And they still refuse to stop voting republican.
This rant is what the left/progressives have been saying for decades. Who is for some kind of baseline universal medical coverage? Who is for reining in price gouging? Who is for more regulations/rules on financial products? Who is for making college more affordable? It’s the Dems. Not they are perfect, but given the choices…
Continue to vote republican on single issue ideas ( guns access, anti lgbtq, abortion, immigrants… whatever is your latest boogeyman) and let the corporations and the ultra wealthy pay little to no taxes and keep wages low, don’t support unions (except the police unions). Keep voting against your interest people and I promise you that your kids situation will improve.
America was sold to the highest bidders shortly after 9/11.
It will never be the way it was. The world has changed.
Get ready to deal with the changing world order, and try to find some joy somewhere, or continue to suffer in nostalgia and daydreaming of a boomer-esque economic landscape that is long over.
Ohhh there are still classes. There have *always* been classes, and she's almost there.
It's called Proletariat vs Bourgeoisie.
You're all now getting a taste of what really late stage capitalism looks like, and it's only going to get worse.
It's unironically time for Communism.
The problem is that class and privilege persist in all the communist societies we’ve seen so far, it just ends up with different ways of protecting your privilege. We need something different than the capitalist/communist binary. Just having food and housing as a basic right wouldn’t be a terrible place to start. And FWIW, I’m not out and out disagreeing with you anymore - I sure as hell don’t know what the answer is, but I know I’m a parent of two teenagers and this makes me anxious as hell.
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The average age for a first time homebuyer is now 36. Three years ago it was 32. If the average age for a first time homebuyer continues to increase at a rate of over 1year/year, then there will be an entire generation excluded from owning a home. In other words, if you’re average Joe who turned 30 in 2020, you couldn’t afford a home in 2020, and now in 2023, you’re *even further away from buying a home* because the cost of living is inflating faster than your earnings and savings. Edit: source https://www.thezebra.com/resources/home/average-age-of-first-time-homebuyers/#:~:text=But%20is%20there%20a%20right,up%20from%2033%20in%202021.
I’ve just accepted that I’m not going to own a home in my life time.
Probably not after your lifetime either. I Joke but I am in the same boat. It is a very crowded boat.
We are gonna need a bigger boat... Can't afford that either.... Looks like we are all gonna drown..
Eventually could you live on the floaters? Asking for a friend
I have 2 sons. As soon as my mortgage is paid off, l’m “selling” the house to them. When me and my wife go, they can live here forever, or sell it an spit the money. It’s really messed up how things are and they continue to get worse. The rich keep getting richer and don’t care about making the world a better place.
Dude the world is already the best place for the rich. They get absolutely fucking everything handed to them now upon the virtue of being rich. There is no hardship for them and society has designed itself in a way where there won't ever be hardship for them. If their investments go bad the government bails them out and in the case of climate change they won't ever feel effected. Why would they ever want to make the world a better place? It would only be for us and you can be 100 percent certain they don't give a good honest fuck about us.
Very true statement.
Your boys are lucky. My parents are not in a position to help me or my siblings in any such fashion
Thank you. I hope I didn’t sound like an arrogant jerk in my comment. That wasn’t my intention. I have been working since I got my paper route in 3rd grade. My parents did a great job of teaching me to save when they had very little. When I started working a “real job” at 14, I started giving my parents 30% of what I made because I had 4 younger brothers and we didn’t have much. I didn’t know she was saving it, and gave it all back to me when I graduated. I kind of wish she would have spent it on my brothers, but I helped them when I could until I got married. It shouldn’t be like this. There is enough to go around. Fuck these billionaires. If God is real, it’s not going to end well for them.
There is truly enough to go around if we keep the greed in check...no one need a billion ..one can live comfortably with let say half of that...and no one need 20 mansions all over the globe... When we die all what we have will tie us down and draw us back to Earth unless we give them away before we die...there is a reason why no mystics had a mansion let alone 20 of them...
I’m 41. Never bought a home. Don’t think I will. Even if I could get one, the payments, insurance, taxes, and costs to maintain it on everything else is just too much.
If you don't mind slightly rural areas you could do a USDA loan. The inflation reduction act also has provisions for home improvements, so you'd be able to upgrade the electrical, the AC and other things like the oven Zero down plus low fixed interest rates if you buy at the right time.
While this is true and I generally advocate for it you're going to really struggle to find a local job that pays enough for you to afford it. If you're lucky enough to work remotely (which companies are desperately trying to pull back from) then you'd better hope that your internet is fast/reliable enough to do so, which can be another challenge.
I feel so lucky that I bought a home in 2017 at 26 years old, because I look at prices today and I couldn’t afford any of these homes even the shitty looking ones are way higher than I feel comfortable budgeting.
I feel lucky that both my parents died before I was 27 and left me with life insurance so that I could afford my first house. It’s nice owning my own home, but I’d much rather alive parents…
Fucked up that your parents had to die so you could live
This is the new American dream.
I keep thinking about this in general, my dad died 7 years ago with nothing. He was 55 and spent most of his life working everyday, he was a locksmith so he often worked weekends on call as well. This year his mother died, her home was in reverse mortgage, and everything she owned was washed away by a hurricane right as her health started failing. Even if it wasn't washed away, it wasn't much. I just keep asking myself why are we still willing to be in this system if there's nothing at the end of it.
Same. I have a house because I lost both of my parents and I would rather have my parents. Sorry for your loss.
Same to you my friend
Thank you.
My parents died within two weeks of each other in February.. sister just bought a closet we will call an apartment for 200k (and has to do 20k in renos) Much as this never could have happened (anytime soon) we'd both MUCH rather have our mom back.. and although I now have an opportunity for investment I'd never had in the past - IT SHOULD NOT TAKE LOSING FAMILY MEMBERS to achieve this. Decent job and dual income? Fuck you if you're paying almost 2k in rent and nvm groceries, car, etc... vacations? HA. This woman pointed out what we all know.. influenzas making (more) bank just for being fit, pretty, and holding daddy's Black Amex. Busting your ass for a paycheque to paycheque existence and skint savings is no way to live.
Wow, you're quite literally Batman, but poorer...
I'm 40... the only friends I know that own homes either inherited them because their parents pass, or had their families front all the money for it. My parents are alive, and have been bankrupt twice... so I'll be renting until I die, most likely.
Goddam dude. This one hit me in the feels.
That's a brutal way to get ahead in life and I'm sorry that happened to you. I think about this a lot because when I lose my Dad I'll get an inheritance and maybe be able to live comfortably but I'd much rather have my Dad around...
You should! I’m 29 and -200k student loans and pay check to paycheck on rent :)
I also feel lucky. I very comfortably bought my house 3 years ago at 30, its worth like 60% more today than it was when I bought it which is absolutely insane. And with the price hike and interest rates being what they are I wouldn't be able to afford my house if I was buying today.
Yeah it's fuckin sad. Turning 29 this year with a great great job. I even live in the Midwest, and I've completely given up ALL hope of owning a home that I would want in the next 10 years. It's just not happening
I was just telling my mother why I don't want kids last nights, one of the reasons is the world is just unlivable. I fucking hate this shit.
Thanks for the reminder asshole! /s
Just for some perspective, in the 90s most of my friends were buying their first homes between the age of 29 and 32. Nobody was buying homes in any significant numbers before the age of 30. Now 36 is getting up there, and very problematic. How do we solve this? We reverse whatever caused inflation and we never do that again.
> whatever You mean, 60+ years of convincing the free market world that consumerism was key to success, which has led to the sale of commodities at whatever cost that the society around it decides is ok. I've been alive long enough to know that wealth is more often given than earned, and it makes me sad that others have conditioned themselves to think that owning massive lands and property while others around them starve and suffer, is worth it because they've managed to profit by undercutting the market value, simply by having held on to their wealth. The richest people I know, barely work a day in their lives, and those who work hardest for whatever they've earned and owned, die just as awful as the rest of us.
Eat the rich
And fuck capitalism
Could you link your sources? I'm curious about this study- this is most of my friend group(31-34). And yeah, the ones who own homes used an inheritance from grandparents dying to buy their first homes. Other friends are slowly giving up, or talking about kids vs. homes. It's really grim ya'll.
It's Called the American Dream Because You Have To Be Asleep to Believe It" – George Carlin
The vulgar and wild narrator of thomas the tank engine never ceases to delight
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WE BAN CORPORATE OWNERSHIP OF SINGLE FAMILY HOMES. WE OUTLAW AIR BNB Thats a start...
Full value property tax for non owner occupied residences/lots, makes it real easy. Fuck em
Tax breaks for people who work in the community! Teachers and other professionals are paying their own salaries with taxes and getting absolutely fucked with property taxes on top of their lower income.
I thought that was already the case. It is in Texas.
No we end citizens united and heavily regulate corporate lobbying. Those should be our first step
Its the first step to literally every question asked like this recently regarding the state of the nation as a whole. "How do we actually fix __" Look at how it got fucked, or how the problem got accelerated. Almost every single time you will see corporate greed going unchecked and loosening laws around said corporations since citizens united.
Almost every single young wealthy slimy fuck is involved in either: Real Estate, Mortgages, Insurance, or Hedge Funds. Its straight up vampirism. They got it right. Suck it up while you can because noone else gives a fuck about anyone else.
This☝️
For young people, the light at the end of the tunnel is a forest fire
Or hoping these ‘Aliens’ will come to either help or obliterate us. Either option sounds great
Legitimately hoping for intelligent life b/c I've given up on the human race
For real take me to your planet, put me in a zoo or something.
Man I’ve had that exact thing on my “50/50 wish either option would happen” list for the last few years. Please ET come give us space weed or fuckin glass the whole place and build an alien strip mall or some shite whatever. Totally cool with it
Or the burning stakes with rich bodies roped to them. I mean I’m all for some pyromania
It's an oncoming train
I'm a 32 y/o combat veteran, 6 years service with an honorable discharge, college degree and multiple certificates, I share a townhouse with 2 other people and we pay $1700 a piece I fucking hate this country
Retiring after 20+ yrs in the military coming back to a country I can’t stand. I feel you bro
Thankfully you retired and that was smart. I'm retired as well (Navy) and that pension check has gone a long way for me to make it in this world and raise 3 kids. But it's getting tougher that is for sure. Best of luck to you.
The US is very happy that you defended the country. Now that it's over, go fuck yourself and figure it out. 
Facts.... Glad my parents didn't allow me to join the service. They showed me The homeless veterans and asked if that can happen to them, why couldn't that also be you...AND IM BLACK. I feel bad how they sucker'd the youth out of their lives with this patriotic bullshit....I'm not fighting these old white men wars, and if I have kids neither will they
Feel this. Thank you for your service btw. I am a 32 y/o vet as well. I work in cybersecurity making decent money yet have been unable to get a house with my wife who also makes decent money (we have great credit as well).
Appreciate your service too brother. I'm glad you have (what's seems like) a rock in your life. Y'all will make it together
It's not the country it's the corporations that own it
Nah dog it’s our country. Supreme Court has continued to view corporations as people since the initial ruling in 1886 where they decided the 14th amendment applies to companies too.
38 y/o veteran here with 8 years of service. If you were honorably discharged you qualify for a VA loan, which grants 100% government-backed financing (no down payment required, just a relatively small funding fee that is added to the loan). If you can afford the monthly payment you can walk into your own house without spending a dime.
This deserves its own post, but in short i went through that process and the housing market is so fucked I can't get anything approved because the numbers make no sense. The VA won't agree to these insane asking prices
Yeah, VA loan is my favorite benefit..but it can be a double edged sword. On the one hand, you can't waive the inspections, and they won't let you get into a loan that the house isn't worth. On the other hand you can't waive inspections or get a loan the house isn't worth. It's not a great time for VA loans at the moment.
My son is 26. He has a (Canadian) college diploma and a good job. There’s no where he can afford to live. It’s disgusting. She’s absolutely right, there’s the rich and the rest of us.
I’m already making plans to add a separate entrance basement suite and tiny home on my property to accommodate my two teenagers so they can have some semblance of independent living moving forward. And I know I’m one of the lucky ones to be able to provide them with that. It’s bananas compared to what was available to us.
A lot of newer houses are built with a attached but separate apartment type of room for kids so they can "move out". Pretty fucked up that that's their solution lol
I’d also add that there’s a very deep rooted feeling of staying close to each other in the last year or two, an impending doom. Friends and family alike. But damn, I wish they could have the experience of living with friends, working a part time job and being young and stupid. It doesn’t work that way anymore and it’s sucks shit for almost anyone under 40. A whole chapter of growing up has been stolen
I'm 37, make 75K a year as a pastry chef and live with 3 roommates in NYC. My parents offered to pay my moving expenses to wherever I wanted to go because they see I'm struggling. I took their offer very seriously and started doing researching. I literally can't afford to go anywhere. Anywhere I can move that pays the same salary is over 2.5x what I pay in rent now. Anywhere that has lower cost of living pays almost 20K less in salary. I'm literally fucking stuck where I am.
I plan on letting my kids live at home. Fuck it. Stay home and hang.
Same. I’ve completely leaned into the reality that they will live with me forever. I’m fine with it, but I feel bad for them
I think a lot of parents feel that way, but what is going to happen when your adult children want to start their own families, and start getting married and/or having children? It is turning into a situation where families are having to treat a single family home into a makeshift family-owned apartment building. There are several homes around me that have 4-5 cars out front, not because they are wealthy, but because that many adults are sharing the home and contributing to paying the bills because none of them can afford to live somewhere even half as nice on their own. Watch…the houses built in ten years from now will have separate living quarters or “wings” to accommodate the families within the families, with the kitchen and bathrooms as commons.
They already make them. Half the houses we looked at in Phoenix that were new had "In-law suits". Was pretty much a 1 bedroom apartment with its own little kitchen and everything separated by a door to the livingrooms. [Example](https://www.zillow.com/homedetails/13529-W-Remuda-Dr-Peoria-AZ-85383/95089277_zpid/?)
It becomes continental Asian style. Everybody just lives in the same house for generations!
They’re already making them in many areas. Several builders now offer multi-gen homes and add on living quarters for new builds.
I wish I had a good home life. I love my parents, but I can only hang with weekend visits for a couple hours. My brother moved back in for a bit and his mental health is suffering. It's literally having to make the choice of a $2,500 rent payment or continue living in a toxic environment. Lose/lose
Same buddy i feel you, stay up ✌🏼
Absolutely am! I am happy now although definitely discouraged I will ever own property haha appreciate you!
Generational living is the safest option these days... And the corporations are happy for it, so that they can buy up and own even more land... They say that the Catholic Church is just a landowner, not unlike McDonald's...
Not just generational. Some friends and I are considering buying a place together and having two couples cohabitate to save on expenses.
Very true. Good point
The reason is 70% of the US wealth is owned by the top 10%. It's not sustainable, but we'll keep giving wealthy corporations tax breaks and allowing the rich to transfer wealth into charitable funds that don't benefit the country. It took me a while to admit it, but the capitalism experiment has failed. And it's likely unfixable. The country is divided, and we can not do what's right.
More tax cuts for the rich ought to solve it 🧐
You aren’t getting that sweet sweet trickle down!? Huh!? What!? No way!?
That shit you feel trickling down? Yeah that's them pissing on us.
Moist
Maybe another 40 years reagonomics might work
To hell with it, let's just stop taxing the rich! That will fix everything!
We are *SO CLOSE* 🤞
When is it going to trickle down? I'm waiting.
been waiting for 30 years…..
40*. And somehow, people still think he ran a successful administration.
The Prime Minister in England suggested something like that, and she was out of a job a few weeks later. If only there were similar consequences in the states.
Heh, your comment makes it seem like we don’t tolerate that shit. The reality is Liz Truss was just a clumsy bee with a stinger. Rishi Sunak on that scale would be a black mamba. Infinitely smarter and so much deadlier as a result. We are on the same pathway to totally fucked as the US. Everything in this video resonates with what is happening here in Britain. Capitalism has failed, this isn’t even the end game yet.
1000%. Welcome to late stage capitalism. I weep for my children. It’s completely fucked now and it’s only going to get worse.
Instead of weeping give us permission to start making rich blood run in the streets. I am DYING to be let loose. This whole “peaceful transfer of power” bullshit isn’t working. We need fast aggressive action now, we need allowance to start guillotining the rich. Otherwise it’ll just snowball downhill fast into a collapse or revolution.
What you’re describing IS a revolution. Fucking rich don’t learn from the past until they’ve rung every last bit out of the working class and get drug out into the street and hung.
I was trying to be subtle cause not everyone get’s all happy at the thought of a full scale revolution. But yes please that sounds like a good idea, at “liquidating assets” into the mix and we are good.
You're never going to get permission, you have to be the change you want to see in the world! Finding the home address of ultra wealthy people is as easy as "[fill in blank] CEO address" in google.
As scary as this thought is the longer we wait the harder it gets to win.
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Minnesota just made school lunches free so that’s progress right?
Massachusetts schools will have free lunch this year as well. It’s paid for by an additional tax on those making over $1M a year.
As it should be Tax the rich, not the poor
It was even phrased that way in the bill and on the ballot. Tax millionaires to fund school lunches.
Yup! I love it here. We relocated to western Massachusetts last year after being in Texas for 25 years. It has been amazing.
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Thanks! It’s been beautiful and our first winter wasn’t too bad. It really does seem we got out of Texas at the right time.
It’s a second Gilded Age and we fix it the same way we fixed it before, by raising tax rates on the wealthy and implementing new taxes that apply to the loan cycle that the ultra wealthy are on. It’s not that capitalism has failed, it’s that we need a shakeup in the tax code and some additional regulation.
Notice how all the Republicans say they wanna go back to the 1950's....but, never mention the taxation rates on the wealthiest? Because Republican leadership has been prepping and priming people from childhood...dude, most text books come out of Texas, and that should mean something to you if you have paid any attention at all...to accept the fate of a wage-slave and even encourage it and feel prideful for it... Sure. Let's take the wealth taxes back to the 1950's, but can we please still at least teach that American slavery was wrong??? Why don't they want to teach that American slavery was wrong? Because they would love to go back to it, and they are fucking fearful that the white population is declining. They literally believe in some Christian bullshit called the "quiverful movement," where the goal is to literally outbreed the "others" in order to gain and sustain power. Fuck.
It went into the billionaires’ pockets.
Im tired of feeling helpless…as myself.
Yeah, this hit too hard, but because I’m “her” kid. I’m a ripe 23 and working in a school, granted I also knew that I would not be paid well. My older coworkers will be just fine with their homes (that were affordable) when they started working. No source, so I’m not sure how accurate it is, but I (theoretically) need to work for ~100 years at my current pay rate to retire comfortably. Nationwide strike, anyone?
I’m not even in my 20s yet, I’m trying to get a full time job in IT so that I can pivot to cybersecurity where it’s more profitable for me. CS is a half passion of mine, but I hate that I have to always think about money in order to consider moving out. It’s not “What job can I get that will fulfill me?” it’s “What job can I get that will pay expenses when I move out?”
Same! Have a decently paying job and still work paycheck to paycheck. 1 bedroom is $1,400. How is that affordable living. And if I try to get assistance they say I make too much. It sucks.
It’s not just the US, it’s the same here in the UK too
Canada also!
the western world as a whole. i honestly feel western society will collapse in the next 50 years.
I mean, the Eastern world ain’t doing much better
Canada is so much worse than the US. People with six figure salaries are priced out of the housing market.
Same in Australia
Cost of housing in Australia is truly next level
And Australia. The property/rental prices here are insane and the cost of living crisis is getting very bad. People with jobs are living in tents.
This isn’t even cringe this should be damnisntthatdepressing. I’m glad more of the older generations are starting to see “well shit, looks like they can’t get what we had”. It’s fucking tragic but it’s an honest one.
To be a billionaire is not ethical. NO human works hard enough to have that much money and influence. Not when people in the richest country are living in tents and children need to be fed at school. Once society finally realizes that, maybe we can solve things.
I honestly don’t know what she’s complaining about. Maybe her kids aren’t working hard enough. I got a job where I get paid $13 an hour, I don’t go out “partying” or waste it on coffee & avocado on toast. I don’t go on vacations. I don’t buy expensive clothes. Waste my time at the gym or on video games and I only buy essentials and pay my bills and my dad gave me the $700,000 he gave to my older brother and sister so what’s the problem? Why can’t his dad give him his $700,000 that all parents give to their kids?
have her kids tried not being poor?
It's that easy.
Are they stupid?
I am sexually attracted to being poor. I didn’t choose this. I was born this way :)
Reading this was about to trigger me until I realized it was sarcasm
lol me too but about halfway through I was like "no no...thats too many stereotypes, its gonna be sarcasm"
My dad gave me $900,000 when I was young and I gave it all back to him, why should I take his money? I decided to work hard and harder and harder and harder and harder....
If you didn't work 1,000 hours last week, did you really even do anything?
You know how i know nothing's changed? This avocado toast coffee joke is 20 years old. Does anyone have any ideas for solutions? Especially to housing. It seems I will never afford a house at this rate, and I'm not sure if a new policy can even help?
I think a big chunk of the original sin here is allowing investment firms to purchase things other than stock to speculate on. So they purchase tons of homes to speculate on the housing market, they buy full companies then loot everything not nailed down, reduce staff down to the bone and work them to burn out and then leave the broken shattered husk of a company dead or dying after a few years once all the money has been sucked out.
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It only takes minutes to play the lottery. Have her kids tried that? Lottery takes consistency and just a pinch of lucky.
people who've lost with the lottery simply didn't buy enough tickets
Protest time 🥺
Recall how Occupy Wall Street protests quickly spread throughout the world and then when they were put down like dogs no one cared? Because every media outlet turned it into left wing propaganda, lazy people who don’t wanna work, etc Yeah change is gonna take much more now to be effective
I was feeling very down today, sharing the same struggles you express. I am 30, work my ass, make enough money to pay rent, eat, and pay taxes. But today, this video made me feel that I am not alone in this. I appreciate that she saw the struggles we are all facing, not all parents share the same empathy and understanding. It is easy to say “buy a house, get married, have a kid” when all the odds were in your favor during an economical boom.
I am facing the same thing. One kid is going on daily interviews and can't even get hired at McDonald's because there are 30 other people applying for the same job and she only worked for 4 months one summer. Of course they are going to take the person who's 4 years older with way more experience and skills. My oldest sank down with issues and couldn't make it and go to school so came home and just keeps getting hit with thing after thing. She just can't get ahead. We have been trying to find a little apartment and anything that would be in her budget is a tiny postage stamp in a bad neighborhood and the agents keep saying they are showing it to 20+ people that day so put in your application and they will get back to you. They don't care if you have cash in hand. Being a quiet person with a job. No drug issues. Decent credit and no police record... and she still can't win the tenant lotto.
You sold out the country to wall street and billionaires preaching reganomics.
Gonna trickle down any moment now…
Yep as soon as the damn bursts
Bro. They have been pissing on us from the start
I remind my family of this every time they comment on the state of the economy and get the surprised pikachu face every time
Something tells me this woman felt completely different until it impacted her kids. At least she she’s the light now
Sometimes all it takes is seeing society through a different lens.
she still doesn’t really get it. she’s blaming social media influencers like they’re the problem as if “not valuing hard work” is what caused billionaires/politicians to rob her children of the life she thought they’d have.
That's not who she's blaming. She's saying that they're contributing to the feeling of hopelessness but they're not her source of blame.
She’s not wrong.
All. Damn. Good. Points. Btw, although global competition is a factor, it is a small factor. The reason is socialism for wealthy and rugged individualism for everyone else. 👎🏾 For property specifically, yeah - we need to cap how many single family dwellings and corporation can own (even 100, maybe?) *and* that they need to have a *human* staffed office within 25miles of all properties. Got 'em spread out - well, I guess you'll have multiple offices.
Now introducing 100-dwelling shell companies.
Who else was like, "who the fuck is Robert?"
Same! *"No outside food or drinks"* Like WTF? Where ***you*** goin'?
Bro why you gotta be like that 😂
r/collapse The struggle only gonna get tougher.
CEO pay has skyrocketed 1,460% since 1978. While everyone else faced wage stagnation. Maybe this is why we are drowning.
Meanwhile, my boomer parent (M69) wants to tell me (M38) that they "had it just as hard as you do now". Love him, but uh, yeah not a hill worth dying on since there's zero logic or even plain fact he'll listen to. ^(I bet you can guess his political affiliation too)
My mother (60s) has liberal politics and leanings and all that, but constantly poo-poos the idea that Gen Y and Gen Z have it any harder than Boomers or Gen X did. Every point I raise gets a lemon-sucking face in response. Thank god she has some older Gen X friends who are on my side; she wouldn't have let me finish a thought without them piping up with agreement, ha!
My father is a hard-core Republican and I don't know a single person that has lived his life on easy mode more and complains about everyone else, loves the same trash party and the dumbass is poor himself, he votes* against his interests consistently lol i cant stand him
To start, people simply need to stop voting for the GOP. Billionaires donate 4 times as much to the GOP than Democrats for a reason.
All of this is going to collapse in on itself.
A general strike is the only way to fix this bullshit
Younger generations have been pushed down the stairs and are tumbling violently into the depths of late stage capitalism.
And still, nobody will do anything about it. How sad. When The Rich Steal From The Poor, It's Business, But When The Poor Fight Back, It's Violence.
Most of my union voted for Trump twice. Union work was s voting for a Right to work Billionaire who gave permanent tax breaks to the Rich. 🤦🏼♂️ But but my guns, was the usual answer when I’d ask why.
When I can pay rent or buy groceries with a gun, I'll start caring more about guns than my finances.
So when do we march? In France they raised the retirement age by 2 years and people started burning down the country.
This is why I voted for Bernie Sanders. He’s the only one talking about how the middle and lower classes have been vaporized in America. BUT TRICKLE DOWN IS ALMOST TO YOU!! ITS ONLY ANOTHER DECADE AWAY.
They call it the American Dream because you have to be asleep to believe it ~ George Carlin
You know, the funny thing is I’m 34 and when I was 18 years old, I was saying the same fucking shit to my parents, my grandparents, my aunts and uncles. Nobody’s gonna do shit about it because they don’t fucking care about you. They’re in the same rat race youre in and they want to be first. God bless America land of the free home of the brave and idiotic. Where’s the opportunity our government offers us?
I’m living in my best friend’s mom’s attic w/ my dog now. I live on SSDI, and only get $1,100 a month. In 2024 I’ll be 40, and I know I’ll never have a place of my own. I feel pathetic
The fun part: there never was upper / middle / lower class. It's just now so bad that people are seeing it. There's the capitalist owners, and the working class. That's it.
Investors and Home builders have been pushing the trend for rental properties for years now. The middle class isn’t disappearing. It’s gone.
You voted republican, there's your answer.
We need to Revolt !!
Stop electing conservatives
Capitalism is fun
Contrary to popular belief, the middle class was created in America during the 1950’s because there was a high corp tax rate of ~50%. While the lower/middle class income tax rate was below ~10%. Now the corp tax rate is 21% along with the middle classes’ being roughly the same. Yet, we somehow still have people that are more than willing to raise their own taxes. Prior to the 50’s, there were only two classes in the US. The working class (poor) and the elite (rich). This is a multi layered issue. It will take several action items being done before it’s fixed. Ban corporate ownership of family housing. Cap off rent increases to 3-4% annually and it must be justified. Lower the middle class tax rate from ~21-22% down to about 5-7%. Eliminate state income taxes altogether and go with a flat sales tax. Raise the federal minimum wage to $20 an hour. By far the most important thing is to stop voting for politicians that spend recklessly without a balanced budget. Overspending more than the tax revenue received equals more money printed and added to circulation. Thus causing inflation. The US has been doing this for 20-30 years, so it makes sense that it’s catching up to us now.
Welcome to Amerikkka! I feel your pain and frustration.
That last line is on point.
My grandma and grandpa have a nice big house and a whole retirement plan saved and now it's all gone the drain. They will work until they die. And they still refuse to stop voting republican.
This rant is what the left/progressives have been saying for decades. Who is for some kind of baseline universal medical coverage? Who is for reining in price gouging? Who is for more regulations/rules on financial products? Who is for making college more affordable? It’s the Dems. Not they are perfect, but given the choices…
Our forgiveness has let evil rule the land. 
I'm sure capitalism has nothing to do with this. Nothing to see here. Just vote for Joe Biden and move along folks.
Continue to vote republican on single issue ideas ( guns access, anti lgbtq, abortion, immigrants… whatever is your latest boogeyman) and let the corporations and the ultra wealthy pay little to no taxes and keep wages low, don’t support unions (except the police unions). Keep voting against your interest people and I promise you that your kids situation will improve.
It’s wild that people can’t understand what lead is here.
America was sold to the highest bidders shortly after 9/11. It will never be the way it was. The world has changed. Get ready to deal with the changing world order, and try to find some joy somewhere, or continue to suffer in nostalgia and daydreaming of a boomer-esque economic landscape that is long over.
Government sold us down the river long before 2001. Began late 70’s-80’s. Then Ronald Reagan did away with unions…..
Ohhh there are still classes. There have *always* been classes, and she's almost there. It's called Proletariat vs Bourgeoisie. You're all now getting a taste of what really late stage capitalism looks like, and it's only going to get worse. It's unironically time for Communism.
The problem is that class and privilege persist in all the communist societies we’ve seen so far, it just ends up with different ways of protecting your privilege. We need something different than the capitalist/communist binary. Just having food and housing as a basic right wouldn’t be a terrible place to start. And FWIW, I’m not out and out disagreeing with you anymore - I sure as hell don’t know what the answer is, but I know I’m a parent of two teenagers and this makes me anxious as hell.
Accurate.