this post was submitted on 28 Nov 2024
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Fuck gen z. Millennials have had it way worse and have been beaten to death by the economy since our late teens.
Also it’s mainly mommy and daddy buying them houses.
They didn’t graduate into the worst economy since the Great Depression, and then when they finally regained their footing get the rug pulled out with covid. And the cost of housing quadruple. Nah. In fact wages skyrocketed under covid if they were lucky enough to get a work from home “job”.
Hey, graduating Gen Z here, where are those mythical high-paying remote jobs? Hell, where's somewhere that will actually look at my resume? People that got hired during COVID got laid off and now we're competing with people who have 2-4 years of experience for a junior position, inflation is significantly higher and paying for college and rent didn't exactly get easier. How can you look at the current situation and say we have it easy, just because you also had it rough?
I’m not saying there aren’t gen z who are suffering. You’re one of many and I’m sorry for that.
Millennials still, as a generation, have it objectively worse financially.
I protested during OWS and got pepper sprayed for it. I worked for the Bernie campaign just to see the DNC royally fuck their base in the ass no lube. The only peaceful action we have left is a general strike and everybody’s struggling so hard trying to fend for themselves that no one has it in them to organize a strike let alone all the fucking bootlickers who’d be against a unified labor action anyways.
We’re fucked. Violence appears to be the only answer, and for now it’s only the far right with an appetite for it. And they love the state.
How else can you afford a down payment? I'm a home owning millennial and I'll happily admit my house down payment was covered in large part by what was left in my college fund. No way I'd just have $50k laying around at age 30, otherwise
And that was ten years ago, when housing was half the price it is today.
You’re extremely privileged. I didn’t have a college fund, I was coerced into taking out a mortgage on my worthless education.
My mom is on the brink of homelessness (she lost the house after dad died) and my dad is dead (thank you for profit american healthcare system). Despite being college educated, the most money I’ve ever consistently made per hour is $25. I’m just barely getting by, and jobs in my field pay less than what I currently make as a valet driver with tips (~35 an hour but half is tips).
Unless I win the lottery or fall into exceptionally lucky circumstances, I will never have a house of my own. And all I want is a simple house with a mother in law apartment so my mom and I can share the house but live in separate quarters.
Being in vermont I’m surrounded by rich people and my job is a pointless job fellating the egos of the rich. They hate us and we hate them.
There are types of loans that require 0% down. It's difficult, though, because monthly payments will be higher. Still a valid approach in some parts of the country. I managed to buy my first home this way with no help from my parents - and yes it was in the Midwest where no one wants to live.
No down payment on a cheap loan can be worth it in the long run, particularly if you can get under the principle quickly and refinance to a better rate.
But it carries bigger risks than a traditional fixed rate 30 year with a standard down
This is a super shitty comment you wrote here dude. Gen Z isn't having life handed to them any more than we millennials did. If anything it's worse for them because inequality isn't getting any less striking.
I'm a millennial who has a remote, work from home job, go ahead and shit on my career. Gen Z are our friends and allies in the end, they understand pretty well what we went through and they'll almost certainly go through worse because gestures vaguely at the state and trajectory of everything. The pain Olympics suck and someone's suffering doesn't invalidate yours.
We gotta use the empathy the boomers didn't, we need to be better and not continue generational infighting or the only people who win are the rich.
Laughs in blue collar. When this country collapses, as it is currently doing, what are you gonna do with the skills from your fancy laptop job?
Fun fact: there are people who don't live in the United States, we exist.
Personally I don't give a fuck about blue collar vs white collar. We're all working class in the end dude, and basing your whole life's trajectory around fear is a very sad way to live. God knows it's possible to have hobbies that are practical without making them your life.
I hope you find some way to deal with your anxieties instead of letting them rule you.
The whole world is gonna collapse not just the US. Gestures broadly at the climate
I feel like at that point you're kinda moving the goalposts. Your question was a condescending one about what I'll do "when this country collapses" not about climate change.
Climate change as a whole is another issue and not one that knowing how to use a hammer or fix a plumbing issue is going to magically spare you from. I'm doing what I can to prepare for the realities that might follow but as you point out, nothing and no one but the billionaires are safe (and probably not even them considering their staff are still real people and not robots).
I'm not having kids, I'm living small, but I'm also not living in fear of what I can't control. Fuck man, we're ex-redditors for crying out loud. We don't I Am Legend a way out of this, we don't magically survive because we went camping a lot. Get real and stop kidding yourself that your career will make one lick of difference unless it puts you in reach of billionaires and their private bunkers.
I know you mean well, but it's not a good look.
The US is going to collapse because of the poly crisis. So is the rest of the world. Climate change, late stage capitalism, authoritarian right wing governments getting elected worldwide. Having real skills will soon becoming in handy.
Well it's been a chat but I'm gonna go. Good luck with the doomsday prepping.
What a sad way to see things.
Saf?
*sad
*realist
It's sad being angry that other people supposedly don't struggle as much as you do/did.
Why not simply rejoice that they don't have it as hard?
Graduated in 09. No mommy money here 🤷♂️.
Quadruple 🤣. You realize when you say that to anyone educated that are just going to start nodding their head blankly right?
When did you buy? 2017/2018/2019?
The last time I could even think of getting a house was back then, and the prices here went up at least four fold.
Most millennials I know can’t afford houses and never could. If they didn’t buy before covid they can’t buy until the market crashes again.
Also you’re not gen z. The oldest gen zs are like 25… hence mommy and daddy’s money.
Gen z didn’t have a decade of extremely suppressed wages to account for, and if they graduated right into a cush work from home “job” during covid they won’t have any financial difficulties at all. They’re not dealing with the compound lost interest of a lost decade.
Home prices are rapidly falling in my area after several years of out of control growth. The real problem is interest rates, which add hundreds of dollars per month to mortgage payments for the same home price. Fortunately interest rates are temporary and are starting to go down too.
Where are you? In vermont prices just go up and up. I don’t even pay attention to interest rates as the prices are far beyond what I’m capable of.
Austin, TX. Prices here more than doubled from 2019-2023, but have been falling for well over a year now. A ton of new homes and apartments are still hitting the market too, so I doubt we've hit the bottom.
They built housing and aren’t a retirement home for rich boomers who like to ski and golf.
I just looked on Zillow at house prices in Vermont and there are some fucking good deals, but not in the really desirable areas like where you probably want to live
They’re likely not good deals. They just look good to out of state money.
I'm seeing huge fixer uppers on 2+ acres for sub $250K well outside the main population centers
You need to be in vermont to understand how feasible these places are. The work required for any deals is usually major and getting the labor to do it is a long waiting list.
No, they did not increase 4x. Stop that, you sound silly.
2 years ago I purchased.
And while I understand your peer group may be struggling the group as a whole is still in largly able to afford homes over a 60% rate which is quite competitive in the Western world.
Don't get me wrong, we should strive to improve housing, it's just not the dystopia that the memes and shitty media would have you believe.
And the market isn't crashing anytime soon (well with trump in office who the fuck knows). The last housing crash was fraud. This market is quite stable with good volume. It's not a bubble.
In vermont where I live, $150k houses are now nearly $600k.
The market in vermont is a bubble. Full of wealthy people from NYC and Boston pushing out locals.
The bubble WILL pop.
When all the expats and retires decide to move back to New York?
No no no. Those prices aren't coming down any time soon. This isn't 2008. There's no flood of liar loans to default on. These are fixed prices going forward.
Considering our health system is collapsing, I’m hoping they die / move back for healthcare.
Or the stock market crashes and all of their play money vanishes.
I very much doubt it. I doubt you'll give me a zip code but there are incredibly few markets dealing with those increases. I won't go to say it is impossible but it would be incredibly localized and an outlier on a national scale.
Vermont. Especially the commuting towns to the ski areas. The problem is state wide.
Really depends on your market. New homes on my street in Houston are selling for twice what they went for before the pandemic. If you're in a hotter market, on the East or West Coast, prices are higher.
And the jump from 3% interest to 6-7% interest following the pandemic raised monthly mortgage rates around another 1.5-2x (since taxes and interest are the lion's share of the cost).
95% is the national average and a good chunk of that was getting better. We'll see what Trump does 😐