Because I'm sick of people calling Millenials entitled, that they're lazy, and that they just want to much. It's garbage. What we have is a failing economy, and those who have benefited from it, home onwers, are completely detached from the damaged that's been done.
Yaaay, more hyperbolic rhetoric!
I concur that it is silly to dump on Millennials. However, the economy is not "failing." We're not even in a recession.
There are
some economic issues which contribute to the current housing crunch. For example, after the 2007 real estate and financial crash, developers pulled back on building new homes. The dual inefficiencies of the bubble and subsequent underbuilding resulted in a shortage of housing, and that drives up prices. Income inequality is another (international) issue which has an impact on housing affordability.
However, most of the factors impacting housing are
not due to macroeconomic conditions. To wit:
• Mortgage lenders learned their lesson after the previous crash, and are much more restrictive about lending standards
• Home buyers are also still skittish
• Younger generations are getting married later in life, meaning they are often delaying purchase of a home
• The Trump tax cut disincentivizes home ownership, as the SALT deduction was drastically cut, which drives up the tax bill for most homeowners
• Young people have larger debts when completing college
• Lots of people want to move to dense urban areas, which have limited available housing
• A lack of investment in regional public transportation further exacerbates the attractiveness of specific areas
• Many of those top urban locations have strict building codes, which further limits the supply of new housing (especially in the Bay Area)
Collecting rent isn't a neutral process. It harms those who must pay it for the benefit of those who collect it. Stop thinking that you're some maverick businessman because you own a few properties and now are retired with a nice income. You're not a saint. You're a parasite on the actual productive part of the economy.
Wow. That's pretty messed up.
Landlords are not "parasites." They give renters more flexibility with housing, including the ability to move for family or work; it doesn't require incurring a huge debt, or paying property taxes. Sure, some landlords behave unethically, but most are fine. We should also note that they often take huge risks, including tenants who damage property, fail to pay rent, or harass other tenants.
As for Millenials, this is the reality that they face. A median income around $25k isn't going to get you very far. What do you want to do about this?
We can start by not using incomplete sources, including images that don't load.
The actual figures for household income in 2018 by age:
15 to 24 years: $40,093.
25 to 34 years: $62,294.
35 to 44 years: $78,368.
45 to 54 years: $80,671.
55 to 64 years: $68,567.
65 years and older: $41,125.
Income and Poverty in the United States: 2017
Needless to say, household income is much higher in areas like Santa Monica, San Francisco, Manhattan, and so forth.
