Who Had It Worse? Boomers or Millennials
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- เผยแพร่เมื่อ 28 ส.ค. 2024
- Who Had It Worse when buying their first home? Boomers or Millennials? Interest rates have been on a rollercoaster ride the last 5 years and headlines are constantly reading doom and gloom for anyone looking to buy a home. But what happens when we take a look back at history to see how rates compare through the years? All of a sudden today's rates don't look so bad.
I appreciate you watching and would love to hear your perspective!
Let's keep things in perspective. That was 16% interest on what most likely was a mortgage of less than $100k.
Perspective is exactly what we were referencing. 16% interest on a home that was $100,000 at a time when unemployment was high and wages were low. The average income was under $15,000. Perspective.
Indeed, let's do keep things in perspective... the incomes of average Americans were lower as well. You act like that interest rate was no big deal, because you believe homes were so cheap, lol. Wages may not have been lagging as bad as they are now, but in no way was a 100k home cheap for most families. Things may be hard for people now, but there have been many periods of hardship and the one things today's generations have that none previously ever had was free time. There was no work from home or choosing your hours, etc. You can't imagine the grind most boomers endured. I find it miraculous that the suicide numbers weren't far worse, tbh.
@@swampwitch9939 Couldn't agree more.
CDs were paying 11 percent in the early eighties.
That is true, but that preceeded the savings and loan crisis, so it wasn't the boon you might be implying.
I'm the older end of Gen X and my parents are boomers. When I was 10 we began moving every 8 to 14 months from 1977 to 1985 due to my father's job as a district supervisor for a retail jewelry chain. My mom worked for Merrill Lynch at that time, but it was his job that drove the frequent moves. When I hear millennials complain about how easy it was for my parents generation I literally laugh. I don't know any generation after boomers, including my own, who worked so much and so hard. They literally had little to no life, work, home to make dinner bathe children and to bed and back to work. We rented due to frequently relocating and I'll remind you that although there were less rental properties overall, there were more than enough to support the population numbers at that time, so the apartment complexes quadriplexes, and duplexes were plentiful in most areas... maybe not all, but most. My parents wanted to buy a home, but it was more the market than the moves that kept us renting. Even with both parents working quite good jobs, they weren't able to even begin consider financing a home until 1983-84 when interest rates began to fall. Once my father was promoted to upper/corporate management around 1985 they were in a better position to get into a home where they could acrue equity, but things truly weren't great until the nineties in spite of the yuppy mythology of the eighties. Finally, with the Clinton administration came better times for most everyone. As a nonpartisan independent it is clear to me that the best economic times were brought on by Democratic presidencies... the deficits were always reduced and economic problems were mostly rectified during their terms. If you look at the hard cold numbers from president to president it's undeniably clear. I only say this because so many in our country don't understand economics and are misled by their misplaced allegiance to whatever particular party their family adhered to. Nonetheless, younger generations truly have no concept as to how difficult it was for the boomers and prior generations. If your family wasn't upper middle-class or higher, you were completely at the mercy of the economy. The only way you could find success was through constant work. There truly was no leisure time unless your job came with paid vacation time. I can say this, for all the boomer myths there was one aspect that was somewhat true, in the early seventies, at the very end of the strongest economy the middle-class ever enjoyed, wages were more in line with the economy and a single mother could conceivably pay rent and finance a new economy car on a minimum wage income. That didn't last long, but it actually was true for a very short time.
Thank you so much for sharing. It is always so interesting to hear life from the lens of someone else. You're parents sound like they were great, hardworking people that were after the American dream.
@ashleylazarian Thank you. Those were hard years for us all, but you're right, all their hard work did finally pay off. My dad wound up receiving Entrepreneur of the year almost a decade ago. They live in Naples, Fl area now, but lived up the street in Edinburgh for a while... hence why I live in Sugar Hill now. Enjoyed your videos, keep at it!
@@swampwitch9939 amazing story!
❤❤❤❤❤❤❤❤❤❤no sound why?
My mic wasn't working at first! Love technology. Thankfully it started working just a few seconds in!