Millennials struggling to afford homes in cities

Researchers have found millennials are having a hard time paying for city housing markets. Dr. Riordan Frost, senior research analyst at the Harvard Joint Center for Housing Studies, joined CBS News to discuss why the generation is getting priced out.
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[@SeanTalkoff]

Prices are too high. With rates not subsidised in ’24 and mortgage still high , currently seeking alternatives to maximize savings without an RV move or taking a loan. I’m seriously contemplating the latter.

[@mikey43221]

Affording our mortgage is tough as well. I have suggested cashing in, renting or relocating, and investing the rest in the stock market.

[@DavidCovington-st2id]

It will, if anything, worsen. Affordable homes won't be available for much longer. Therefore, I will advise everybody who wants to do anything to do it right now because tomorrow's prices will look lower than they did today. I believe that frenzy brought on by rogue inflation will continue until the Fed tightens its controls much further. It is impossible to tear off the bandage halfway.

[@tmer831]

Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.

[@SteveDutton-v]

this is all new to me, where do I find a fiduciary, can you recommend any?

[@tmer831]

Well, I chose Vivian Carol Gioia as my advisor after her interview on CNBC In 2020. She is SEC regulated with offices in the US and quite frankly a genius with portfolio diversification.

[@oherroprease207]

As a young millennial who makes 100k a year, no car payment, and can’t afford a starter home. I can confidently say this is not bussin.

[@BackseatJuice]

🥴

[@windycity301]

Yep. Same

[@dc2guy2]

It's just been on crisis after the next for us it seems starting with the 08 recession. I hate it here 😅

[@shaymalchione809]

What starter homes?

[@petenrita]

not bussin: meaning?

[@henryrivera9816]

I’m struggling to afford food

[@coffeecup3177]

Do you have a food bank in town or have you thought about getting a job or a second job? That has worked for me in the past.

[@coffeecup3177]

Sorry Henry I meant "different job". Meaning one that paid more. I know it is difficult to leave.

[@SelfEducation.]

It's sad, in the same boat have to prioritize housing, transportation so I can work, etc before I budget or try to grocery shop. Because things are so rough. I'm 27 been on my own since 17 I really wish I had the option like others in my age range to live with Mom or Dad

[@JesusisLordgh8j]

vote joe biden again... he will help

[@SelfEducation.]

@@JesusisLordgh8j LOL no politician can fix the economic forces at play, Cantillon effect causing the issues and will only get worse from here

[@_amelia96]

and they can't afford to have children either.

[@charliecampbell1232]

Cost us 13k to have our only born, standard c-section. I almost asked doc if putting it back was an option.@@Bluecatwing

[@Bluecatwing]

@@charliecampbell1232 ddaaaanngg! That’s a lot of money! Well congratulations, best wishes to you and your family ❤️

[@ocampbell1954]

We're going to have the same issues as Japan. A country with more older people than younger people and young people not wanting kids or marriage.

[@matthewnelson325]

half your lifetime is gone before your able to do anything ! ☹

[@vladimirofsvalbard9477]

@@charliecampbell1232 That's called (Doctor scared you into C-Section) to charge you extra; all hospitals do this. There is almost no reason for a c-section and some 30% of mothers seem to have had one. My wife went into labor for 70 hours straight. Hospitals policy is based on what methods are efficient and profit the most. They are always going to pressure you to milk anything and everything. Doctors are like cops, they are looking for anything and everything to add to the report. Hospital Administration is the blame for this; they run it like a business. Plus, medical staff are completely beholden to the company. The days of Doctors being in charge is long gone. Now they are told what to do and it attracts the wrong types of workers.

[@armytruth6860]

A house that was 40K 60 year ago when salary was 30K. In 2024 that exact house cost $700K and salary is 55K. Thsts why

[@MaksimIzer]

30k salary 60 years ago 🤣😆🤣😆 average salary was 5-8k

[@jacobjohnson4763]

You can’t just make up numbers. It takes seconds to disprove your nonsense

[@Jay-jb2vr]

Meanwhile, boomers say "work harder"

[@waltchan]

30K was the median in the 1980s, not 1960s.

[@Rdsxfn]

These are straight up wrong or cherry picked numbers.

[@slowbro1337]

In cities??? Nah, it's everywhere

[@nathanheath3756]

Except if it's in the middle of nowhere like a lot of the Midwest

[@markwhisler3501]

Until we stop allowing corporations and hedge funds to buy homes, we are on track to become a nation of clients.

[@mariusfacktor3597]

Redlining-era zoning codes are still on the books in just about every city in America. These make it illegal to build more homes on about 70-90% of the city's land which is zoned for single-family houses. And it's been that way for about half a century now-- pretty much illegal to build more housing on almost every parcel of land in every city. All institutional investors combined own 3% of the nation's housing stock. I'm not a fan of corporations either, but we need to address the root of the problem which is Exclusionary Zoning.

[@usernameryan5982]

Quit being so ignorant and read about the actual causes. This is all due to the feds quantitative easing that created demand in these areas that have inelastic supply curves due to urban growth boundaries and zoning regulations on density which has caused enormous increases in price. This can all be blamed on the federal reserve and the governments (both federal and local). The dramatic lowering of interest rates has incentivized speculation and bad investment. If people were able to liberally add to the supply of housing, the more investment would be even better because it’d be into something that is productive and a good offered to both buyers and renters. Educate yourself

[@usernameryan5982]

@@mariusfacktor3597explain exactly why corporations are bad. If the supply of housing was able to added liberally as you mentioned with zoning, the more investment into a productive asset like housing would be a net positive because it’d incentive production and more goods and services being offered to the marketplace for both buyers and renters. That’s how wealth is created.

[@shaymalchione809]

Homes should be for families not corporations. They’re buying up whole neighborhoods & usually all cash regular buyers can’t compete with that. Then they rent them out at ridiculously high prices.

[@mariusfacktor3597]

@@usernameryan5982 Yeah the whole point of my comment was to place the blame where we both agree it belongs, overly restrictive and antiquated zoning codes. If corporations increased their share of home ownership dramatically, like say 20% then that would be concerning because they could control prices. But it's only 3% so I'm in agreement with you that they aren't causing the price hikes.

[@Bluecatwing]

And managers wonder why employees want to work remote. They can’t afford to live near the damn office, foo!

[@LoveForBluebirds]

Remote work has been a disaster economically for non-remote workers. Bringing high paying city incomes to lower income areas has accelerated national disparities. Keep remote workers at minimum in the cities they live in. This is why many people don't want remote workers to be fully remote.

[@sollunaystars]

This!

[@blam9346]

@@LoveForBluebirds CRY A RIVER. Remote work is here to stay!

[@dc2guy2]

@@blam9346 not cool. They have a point remote work has impacted some place in a negative way. We have to realize ultimately we're all being affected by the same root problem of a housing shortage.

[@dc2guy2]

@@LoveForBluebirds you make a fair point and I certainly believe those communities negatively impacted by remote work more than deserve to have their voices heard as well when having these conversations.

[@Nerdyone50]

Hmmm, maybe it’s because the cost of housing doubled over the last 5 years!

[@chobiden7770]

Thanks Biden

[@jimw9415]

@@chobiden7770 If you're a Landlord, multi home-owner, successful real estate agent you might want to.

[@Here4TheHeckOfIt]

​​@@chobiden7770 Nope. You can thank corporate purchases of starter homes and apartments for jacking up the prices. Try to think beyond politics. It will help you expand your worldview.

[@vladimirofsvalbard9477]

@@chobiden7770 How did Biden do this? It's called the Federal Reserve printed $8Trillion; primarily under Trump's Administration. You forget that he appointed Jerome Powell

[@unc1221]

***Quadrupled

[@patricequinn7733]

The financialization of housing is so rampant that just building more housing will not solve the problem. Very wealthy individuals and corporations are buying property as investments. Often the property sits empty.

[@michaelrmurphy2734]

Exactly. And could easily be an apartment on "Billionaire's Row" or a tract house on a lot in the suburbs. Hedge fund purchasing has to stop.

[@goonigoogoo5868]

hahahaha. capitalism at is finest in germany. that is illegal.

[@silentmajority8365]

Selling property is financial Perhaps the billions being used on illegals and wars could be used to help home buyers

[@serebii666]

@@silentmajority8365 "used to help home buyers" The US did that after WW2 and the result was an insane housing price inflation bubble like the one we have today. The reason the average house costs 500k today is exactly because the government stepped in to underwrite them. It doesn't take a genius to understand that if the government guarantees money to buy a house, housing prices will go up as the market corrects to take those government guarantees into account.

[@jwake4803]

Yes! The primary talking point in mainstream media is that "not building enough homes" is the only factor in determining supply in the housing market.

[@jermainemyrn19]

I don't live in a city. I'm getting priced out of the country with nothing around me

[@Network126]

I'm 36, never married, homeless since the pandemic, and living in an old Toyota Sienna minivan now, despite working, and not addicted to drugs.

[@TheDoomWizard]

Yeah no joke it's like living in the great depression with smart phones

[@BBradshawProductions]

Student loan repayment, car note, car insurance, gas, telephone bill, food, and health insurance take 70% or more of people's earning per month, and with the cost of housing these days, no fresh of out college people can afford housing after paying all the bills.

For all those reasons, I still love in my father's house.

[@laurab9518]

And income taxes, rent, child care possibly and who knows what else

[@angelachanelhuang1651]

houses did go up in prices in recent years

[@robertbell525]

Student loan repayment on a worthless degree, $80K new truck instead of a $10K car paid in cash, latest iPhone and top tier plan, insisting on living in a "walkable area" and tolerating a low paying job instead of getting out there and making your own pay increases is a big part of the problem.

[@brandonayers483]

STOP PAYING STUDENT LOANS

[@CaraMarie13]

You know what's the one amenity I need above anything else? Good public transportation.

[@iJamesonTV]

Couldn’t agree more

[@SomethingSomethingg]

Amen!!! Especially since more and more people are unable to afford a home and a car

[@Nerdyone50]

My youngest adult son is paying 1150$ for a rental home that was rented for 700$ only 4-5 years ago!

[@Nerdyone50]

Ohio is one of the cheapest places to live, so people here earn much less also!

[@Nerdyone50]

It seems like most are just taking advantage of the fact that everything else increased! So if your rent almost doubled and your grocery store cost doubled and gas prices doubled and insurance went up, but you’re only making 2$ an hour more than 4-5 years ago…do the math = if nobody is willing to fund your existence = homeless or carless which can cause you to lose your employment real quick!

[@B86432]

What a mortgage would be

[@eddieg6436]

….my nephew pays $4,200 a month for an apartment in L.A.

[@SURENITY]

$1150 for a rental home? That is cheap! My old apartment 1 bedroom that I rented when I was a freshman in 2019 was only $890 in Frisco, Texas. The rent for the same apartment today is $2080 with all fees including valet trash.....

[@hereandnow8578]

not true. Ive been living in a cardboard box behind KFC for almost 5 years and lifes great!

[@jeffmiller9798]

Dam Lol

[@Hermes11332]

I live in the bush behind that cardboard box, Life is Amazin’!

[@williamrose3191]

and people ask why we dont want to work. why bother...

[@capitalismismoderndayslavery]

100% agree. I have 3 degrees amd plandemic destroyed my will power to work. No livable wages over $33/Hour and up. Anything below this is just too stressful for the crappy jobs in Amerika.

[@Network126]

Exactly. I'm 36, never married, homeless since the pandemic, and living in an old Toyota Sienna minivan now, despite working, and not addicted to drugs.

[@gajayjay]

Private equity and hedge funds should not be allowed to be landlords and property owners

[@rolandthethompsongunner64]

They’re only 30% of the market.

[@tw8464]

Exactly

[@sf510]

Support Senate Bill 3402 - End Hedge Fund Control of American Homes Act!

[@tw8464]

@@rolandthethompsongunner64 30% of the "market" too much.

[@rolandthethompsongunner64]

@@tw8464 Apparently many of our politicians are invested in these companies. Because no legislation to stop them has even been written. At least nothing I have heard about. I would tax them into oblivion.

[@davidgnz]

I’ve given up on ever owning property or being able to start a family.

[@SigFigNewton]

US will be surpassed by economies that didn’t make family rearing prohibitively expensive

[@apersonontheinternet8006]

How old? What do you have put away for retirement?

[@RATED4EVER]

The only hope for me for owning property is to WIN THE LOTTERY!! I've been playing the lottery since 2010 for this exact reason. You Gotta Be IN IT to WIN IT!

[@TS-pc1vx]

I'm a 94 millennial, I purchased my single family starter home, Dec of 2019 at 3.5%. I remember my peers thinking I was crazy for purchasing at 25, and giving up partying and clubbing. Truly one of the best decisions I ever made. Never listen to those around you, follow your own course.

[@deidrajames4258]

Exactly.

[@lieaorganasolo]

Listen I bought my house back in 2017 and kept telling my friends they should go on now. They kept thinking that housing prices was going to continue to drop. Now I'm up but 200kplus on that home. Later meet a nice guy and we bought our current home in late 2020 bc interest rates were crazy low. I told them to buy them, they said they will wait to prices get lower. That house is up by 200k and I rent the other one out. When you see a good opportunity a person should just do it.

[@mtngrl5859]

@@lieaorganasolo They have allowed themselves to be priced out of the market. TBH, it was disheartening for many buyers to continually lose homes to All Cash Buyers during those years. I'm a Realtor, I had some Buyers, that it took about 8-10 offers, before their offers were finally accepted. Last year alone, 30% of all sales were All Cash Buyers. I have found off market homes for Buyers, so that made it less stressful.

[@hondero4217]

Samething bought my house at 29 and people called me crazy because the interest was 5%. 5 years later my house went up 100k plus in value and refinanced for 2.2%. Don't let the haters dictate your success

[@owenparadis7766]

I was born in 96 and part of me believes that I unless I didn't go to school, or was born a few years earlier, I would have already owned a property 😅 most of my friends who are a couple years older own a property (or several) to which they all bought before the pandemic. I'll get one soon though I know it! ☺

[@Jeeps4evaandeva]

In 2014 I bought $110K townhome, it’s now worth $250K all updated from floor to ceiling. Mortgage free and debt free since 2021. Won’t be buying anytime soon but will accumulate cash and save up for when housing crashes and burns. Homes are unaffordable!

[@zensoundsarah9209]

i cant even afford a job

[@willrose5424]

Exactly.

[@SigFigNewton]

How much does a job cost

[@zensoundsarah9209]

@@SigFigNewton depends. Can't exactly show up to work stark naked unless you're of that occupation. Still need work clothes (cost), gas in the car (cost), lunch (cost), tell me it isn't expensive to have a job?

[@willrose5424]

@@SigFigNewton your time, emotional intelligence, physical exertion, etc. Look up the labor department.😄

[@raulingaverage]

Should also mention 40+ years of NIMBYism still being implemented today. #YIMBY

[@mariusfacktor3597]

Yep. In some cities it has been illegal to build more homes for the last half century. So it's no wonder why there aren't enough homes today. I'm so sick of all the cop outs. Let's scapegoat airbnb, greedy developers, institutional investors, the Fed. Yet for some reason the elephant in the room, that building more homes is literally illegal for absolutely no good reason, nobody wants to bring up.

[@ishortedenron3668]

Happening in the suburbs too! When homes are built and bought, those same buyers turn around and whine to the county/city to stop builders from building new homes and apartments. They have the nerve to complain about how expensive it was to purchase said homes while at the same time artificially limiting supply.

[@lg206]

Once you buy a home and you see how quickly a few bad apples can turn a nice, clean neighborhood into a dangerous, overcrowded slum village, you too, will support nimby-ism.

[@mariusfacktor3597]

​@@lg206 Overcrowding is a symptom of the housing shortage. Los Angeles has the most overcrowding of any city in America precisely because there aren't enough homes for everyone. If you're a NIMBY then the "bad apple" in your neighborhood is YOU. You're the one standing in the way of making it a more sustainable and healthier neighborhood. We need to abolish Exclusionary Zoning.

[@victorortiz193]

Wages are a bad, cruel joke against renting...

[@sonrt2107]

Millennial, I live away from the city in the suburbs. They're building more towards profit like townhouses, and apartments, they do not want to build houses since materials are costly now and trying to sell them less than what they want. 800k for townhouses is ridiculous as hell.

[@serebii666]

" do not want to build houses since materials are costly now" Not just that. detached houses need more land and need more public services to be stretched out farther (like roads, plumbing, electrical lines, sewage etc). The Sunbelt suburb explosion that started in the 1980s is seeing all those suburbs reaching the end of their infrastructural lifespans - which means they need all that infrastructure to be replaced soon. That needs to be paid from property taxes, which means those detached houses will be even more expensive, limiting the market that can afford them. Townhouses and apartments take up less space, and are more densely built, which means they are more economically efficient.

[@sonrt2107]

@@serebii666 yes very true but if have that option to purchase an actual house reasonable amount not price gouged. Also other factors in my area that inflate the property value not every state will have. Its the countys and state responsibility to up necessarily ulities not like it's free. The companies get some write off since it's privatize where am at near a larger city. Am not an expert just research and learned from my family that had many houses/rentals.

[@serebii666]

@@sonrt2107 "reasonable amount not price gouged" That's not for you to say. If houses are being sold and demanded regardless, especially if selling like hot-cakes, then they are obviously not price gouged - that is the market equilibrium of supply and demand. The simple fact is houses and construction have always been incredibly expensive industries that require lots of specialized labour, including constant new specializations and perks not typical in older construction (e.g. passive engineering, or home theaters etc) and scheduling itself which results in high financial risk to the developer no matter what. Those costs are obviously transferred to investors - i.e. the people who buy these houses. If you want to buy property in in-demand cities - you are paying premiums not only on the land - but every single person who took part in construction of that building as their salaries and cost of living are also logically higher. To be honest materials in the US have never been good - most housing is built of wood frame with only decorative fascias ever applied. In Europe, basically no typical American home would pass inspection. What is not true is there being a broad decline in materiality - one only needs to look at the houses built in the 1980s, or 1960s to see material science today is far superior. What has significantly died off however is poor spatial layouts, since houses have gotten larger, while plots have gotten smaller, and soffit lighting and A/C have replaced any logical layouts. "e countys and state responsibility to up necessarily ulities not like it's free." No it is not. When suburban developments are done, the developer either has to petition and sell off the built infrastructure to the city, or create a home-owners association that controls the maintenance of the infrastructure. If you had an isolated mountain shack, you'd also need to pay for laying down the infrastructure to connect it. Either way 10-30 years later, all that infrastructure needs to be replaced. The city will either fund it, if they own it, by raising your property taxes or other local tax, or the HOA will increase member dues. Utilities are something else entirely - Utility companies do not necessarily own the infrastructure used to deliver you those services, they too can rent their use from the city or other distributors. Regardless by living further from amenities and more spaced out, you WILL be paying far more for this infrastructure than if you lived more densely.

[@mikeydude750]

Made 160k last year in Silicon Valley, still can't qualify to purchase the cheapest condo listed on the market within an hour of work. Yeah, we need more housing.

[@capitalismismoderndayslavery]

Most Americans will only drive 1 hour to work for no less than $40/Hour ( 8 hours minimum ) a day for at least 40 hours of work.

[@doubleoseven273]

This is all the more reason remote work can help relieve this burden

[@Runco990]

Except most tasks that qualify for remote work will shortly be replaced with AI. It's going to be a trainwreck. The actual trades will be all that remains, and those jobs will likely be filled by migrants. Good luck out there.

[@tonythaiger93]

Plus, living in red states. Blue states have been worse in housing prices.

[@LoveForBluebirds]

How exactly is bringing a remote 200-300k income earning job into the middle of Idaho helping? This harms locals who don't have that level of buying power and displaces them from their localities, which destabilizes communities.

[@SIGNALFREQ]

@@LoveForBluebirds😂Exactly

[@lithium25693]

@@LoveForBluebirds because the more people that leave my city the lower the rent gets

[@darkmoongaming1010]

I'm so fed up with looking for a house. Why tf is everything within a 60 mile radius $800,000 plus? I'm damn near ready to give up on life. The prices that we're seeing is the exact reason why houses should have never been made into "investment vehicles". We need places to live ffs, I'm working 60 hours, what more can you take from us? American dream, my foot!

[@apersonontheinternet8006]

This is about as disingenuous as it gets. You are simply looking for the perfect house in the perfect location because you want to start life off at the finish line. You think you are too good to start off at the bottom like everyone else. Tell me what city, state or county and I will be more than happy to help you eat crow.

[@darkmoongaming1010]

@@apersonontheinternet8006 Don't patronize me. I'm a full time city government employee, and I'm well aware of the housing market in my area. I am far from asking for a dream home, and even smaller homes built in the 30s are priced far above half a million in my area. I don't need some rando to tell me a revelation about a market that I've been meticulously studying and planning for the entire time that I've been employed. Thanks but no thanks.

[@tiffanyhwang1738]

Stop complaining and move to somewhere

[@aureliobjm]

Completely agree. The current state of the economy is unduly difficult for most millennials of all ages. I'm used to simply buying and holding assets, but with the market being so volatile right now and inflation catching up to my $210 portfolio, it feels tough to do. My biggest concern is whether I'll survive after retirement.

[@fredm1]

May be unable to offer personalized investment guidance. However, I suggest consulting with a reliable advisor to ensure appropriate investment planning.

[@georgeh.5126]

Agreed, I’ve been investing in the market for 11 years now, last 4 years with the help of a financial planner apparently due to the covid-19 pandemic crash. Throughout these years of guidance alone, I've been fortunate enough to 10x my return as a DIY investor, summing up nearly $1.2m roi as of today

[@debwes1]

@georgeh Mind leaving info of your advisor here please?

[@georgeh.5126]

'Heather Lee Larioni'. One of the finest portfolio managers in the field also widely recognized. Just research the name. You’d find necessary details to work with and set up an appointment.

[@debwes1]

Thank you for sharing. it was easy to find her, then I scheduled a phone call with her. She seems proficient considering her résumé.

[@theblondebomber]

Honestly unpack why the middle class leaves cites for the suburbs to avoid US public schools in the city. Because the rest of the developed world doesn’t have this issue and has no idea why Americans literally move across county lines to live in a different city than where they work so their kids can go to a “safe” school.

[@pauldavid601]

We've let Patriarchy go. It's single moms and welfare dads. And trying families want nothing to do with that crap.

[@ERoss338]

Maybe because the govt set it up that way?

[@SeiyaSoiya-un4jj]

Because cities are filled with riff raff. I’d rather not send my kids to school with that.

[@jibarabicha4853]

Red lining, which leads to poorly funded schools and a huge dose of racism.

[@thedirtybubble9613]

@@SeiyaSoiya-un4jj So it's a culture problem. Fix the culture problem with a certain demographic and we wouldn't be having this issue.

[@TruthBeTold87]

I begin my home search in 2016. I noticed how the prices were slowly going up. I kept telling everyone they needed to purchase now... Only a handful of people actually listened to me. It paid off big time for anyone that purchased before 2020.

[@unc1221]

Bro I was in school, lol

[@TruthBeTold87]

@unc1221 lol I understand you were too young but for those that were around my age and adults chose not to listen and now they're paying the price.

[@DerrickRuthless]

There are 16 million vacant homes in America! We need to stop treating housing like a commodity. People shouldn’t be allowed to buy up all the properties and push the prices up. It’s insane.

[@Network126]

Amen! I'm 36, never married, homeless since the pandemic, and living in an old Toyota Sienna minivan now, despite working, and not addicted to drugs.

[@NocturneSonate]

I wonder if corporations that buy homes in the 10s of thousands at a time to rent out has an impact on the housing market 🤔

[@adrianroland4894]

i thought everyone was ballin with their fancy vacations and designer clothes 🤷‍♂️

[@Blackjack09721]

I feel there is a "breaking" news report about this topic every 2 weeks, lol. That always draws the same "conclusions/thoughts", too.

[@serebii666]

It is easier to watch and comment on an unfolding trainwreck than to start putting out the fires and drag out bodies.

[@wilsi473]

because the country is a mess

[@jirajira2872]

hispanic and asian are probably big percentage in owning a home. they all pitch in to buy home if need be and save money to buy more to expand. americans are different.

[@pteranodon6612]

We need to get rid of single family homes in high demand areas. High density multi-family developments are needed to increase the housing supply and drive down prices. But, Americans don't want to give up their cushy single family home lifestyle. To be honest, I would prefer a single family home too (if I could afford one).

[@blahmooblah789]

Couple of things that they didn’t mention which I thought was really odd, but it’s probably because these guys are not millennials, who are struggling in the housing market. They didn’t mention wages, shocking, they didn’t mention how wages haven’t increased, and more than the decade or two, and they also didn’t mention anything about how banks are making it harder and harder for lenders. You think a guy with a PhD would at least mention one of those two things not, oh they seem to be out on the periphery. So lame, they should’ve just interviewed a millennial.

[@thelogicalthinker5337]

Lol.. here in California minimum wage employees got a 33% raise this year. Now their supervisors also have to get a 33% raise to keep ahead on the bottom workers. But in the past, wages rose 13% under Trump admin. But you are right about lately, under Biden they dropped 3% (according to census.gov). But didn't most millenials vote for that?

[@TK-gd9td]

There’s plenty research you can do that shows wages has kept up with inflation. But housing it’s outpaced inflation. Why? Cause no supply and too many buyers especially in high desirable areas. Non desirable areas actually became ghost towns and lost their city charters, and all their tax bases, etc. The real problem is that demand for houses in desirable areas is so high its price growth outgrows inflation. We need more supply in locations where it matters.

[@apersonontheinternet8006]

@@TK-gd9td no, what needs to happen is people like you need to understand that you don't just get to waltz into your ideal home in the ideal locations without first building your wealth. So instead of buying the affordable starter home in the less than ideal location with a 10 year plan to build equity and upgrading, you just want people to bite the bullet and give you what you want at a loss. It is people like you that caused the 2008 financial crisis, they just had to buy that perfect house in the perfect neighborhood then got in over their heads because they borrowed to the limits of their pre-approvals then when the economy got rough all the sudden they had to walk away from their homes costing taxpayers a few trillion dollars. I made a lot of money off of people like you back then and am prepared to do the same here in the next few years. The best part about it is, people like you won't be able to buy when the next crash comes around anyway because lending will tighten up and only people with real liquid cash and assets will be able to buy that house people like you were under water in.

[@Melissa-oq3zu]

Not enough housing being built is not the real issue. Homes are expensive and rent is skyrocketing.

[@SigFigNewton]

Homes are expensive because there aren’t enough of them being built

[@apersonontheinternet8006]

That has nothing to do with it. The people that can build homes are building homes and selling their old ones. The problem is that we are importing a population of the 68th largest city in America (Pittsburgh) every month.

[@SigFigNewton]

@@apersonontheinternet8006 wait you’re blaming the housing shortage on the people who building all the housing? Lol

[@apersonontheinternet8006]

@@SigFigNewton I understand reading comprehension is hard for most of you these days. What I am saying is that those that can afford to build new houses are building them. Building is a very expensive process not just because materials and labor, but usually people that are building are carrying a mortgage, their construction loans that will get converted into a mortgage, the many out of pocket expenses for independent inspectors and landscaping.

[@LuckyDuckie115]

Millennial, 34, making $150k base a year. I can afford homes if i move to other parts of the US.. but i have no desire to. If i do that, im just pricing out the locals in that area, it doesnt solve the housing issue

[@saturdaysequalsyouth]

I live in Boston. A mortgage in my part of the city is about $3k/mo for a studio. When you add in condo fees, property taxes and bills it's about $4k-5k to keep a roof over your head.

[@zcorpalpha2462]

Should have lived in a van 🚐 Imagine the money you save

[@saturdaysequalsyouth]

@@zcorpalpha2462 I don't know if they let you do that in Massachusetts. Definitely not in Boston.

[@zcorpalpha2462]

@@saturdaysequalsyouth Worth a try

[@sf510]

Make housing affordable again! Support Senate Bill 3402 - End Hedge Fund Control of American Homes Act!

[@apersonontheinternet8006]

Less than 3% of all residential homes. This solves nothing and will only reduce the amount of rentals that you couldn't afford to buy anyway. How much money do you have saved for a down payment right now? If housing halved tomorrow, can you say you'd have $50k to put down on a $200k house that was $400k the day before? If your answer is no then you were always bound to be the 1/3rd of society that are perma-renters, it doesn't matter if it was 5 years ago or 50.

[@sf510]

First time home buyers can use an FHA loan with as low as 3.5% down payment. For a $400k home that is $14k one would need in savings for a down payment. $7k for a $200k home. With housing affordability at such a crises, all reasonable efforts to make it more attainable are helpful. The bill doesn’t solve everything, but it does help.

[@apersonontheinternet8006]

@@sf510 FHA loans are no different than the subprime loans of 20 years ago. $400k @ 7.77% with 3.5% down is 3,356.52 for 360 months (30 years for idiots) for a grand total of $1,173,929.33. At 6.5% it would total $1,052,230. At the same price, rates, and term with 20% down you are looking at a total of $979,899.62 and you actually have equity from day one in the event you need to sell in 10 or 15 years. At 6.5% you are looking at $881,142. Still getting beat for only $20k less in interest compared the the slighter higher, more average interest rate as opposed to the lower credit scores and higher rates. All of this is before the brokers cost, inspection, closing costs, money to move, furnishings and all the other fun things your $7k or $14k do not account for. Funny thing is that if every American cut out there cable bill, ditched their $1000 phones every year or so, quit eating and going out all the time, and quit pretending like every vacation need to be a destination event then the reality is that nearly every American could save $10,000 a year and have a down payment plus within 5 years. If they quit financing the most expensive cars they can get a loan for and actually save money and buy cash, they can potentially save even more. Instead, you have people like my brother that makes over $100k a year with almost $40k of that being tax free military retirement who just had has $400 a month car repossessed. Instead you have a very old friend of mine who was literally given a car for taxes and transfer fees last week because he couldn't afford a vehicle to replace his stuff due to an accident with an uninsured motorist all the sudden wants to by me tickets to a concert tomorrow night as if he actually has money in the bank when he couldn't put a few grand on a car for now last week. He and his wife make good money, the problem is that it is all gone as soon as the check comes in because they love their debt and shiny things. The two examples I just outlined are really the sum of most of my/our generation. People are financing cell phones, insta-pots, and air fryers these days and they wonder why they are broke. People, my own mother included, cannot be bothered to save for basic luxury items but thing they are just going to buy a home or replace the roof when a storm comes through and insurance is dragging their feet paying on claims. People think they will have the $6k to replace their furnace on Christmas Eve or the coldest day of the year, because that is the only time they fail, so that maybe Johnny on the spot can get you going. If you cannot find a way to put at least $50k away the simple fact of the matter is that you were always going to be the 1/3rd of people that were never going to own a home anyway. With that $50k you could take your merry self to the sheriffs sale, tax auction, or whatever your county and state calls it, walk into a place for next to nothing, fix it up for a few tens of thousands of dollars, and be living in a nice home within a few months with that free and clear deed. Jack White said you can't take the effect and make it the cause. Your mothers buying power with $10 back in the 90's and 2000's has the buying power of $5 today according to official inflation calculators. Real inflation is probably $2 or less to every $10 back then but nobody will tell you that, just consume and wait around to own nothing and be happy. I'm old enough to remember my mom complaining about $100 for a whole shopping cart and 99 cent a gallon gas but housing is the problem. I feel for the zoomers, my fellow millennials get no love.

[@Island8282]

The pay gap between what employers are willing to pay versus what landlords and the market wants to charge for rent or home prices…. The math just doesn’t add up. Not enough affordable housing and too many people willing to pay 40-60% their monthly take home pay on rent 🤷‍♂️

[@JEEDUHCHRI]

They don’t care if you have to live in a slum 90 minutes from your job.

[@dc2guy2]

just NATIONALIZE housing already 😒

[@triquepersonalwork6369]

Until the 70's, black and minorities were not allowed to live in suburbs by Federal law. Therefore, this is why cities are filled with minorities now, and whites live in the suburbs generally. If that law were not to have existed, city centers would have been built up with apartments and condos to accommodate demand and provided a lot more housing for people as opposed to expensive suburban houses being built

[@waltchan]

America needs more new public housing, but we are so ill-equipped to even offer that. Nothing wrong with public housing now.

[@pamelqtaylor8335]

Shhhhh! They finding out

[@sweetsour384]

Houses and apartments on the average cost about $100,000 during the 1950's to 1980's. Now these same houses and apartments are selling for over $1 million in today's real estate market. The first home buyer only paid $100,000, now wants to sell it to you for over a $1 million.

[@vital-wyn1310]

It’s not complicated, in 1992 my friends dad bought his house for 130k while his income was over 100k. Groceries were 1/4 of what they are today, cars were 1/3 and even taking the family out to eat was easily half. Today even if you made 100k that same house is 700k and the cost of the average new car starts at about 30k assuming you don’t mind driving a Yaris or Versa. Lastly who do you think has been in charge of development for the last 30+ years? Boomers.

[@gamingwitharlen2267]

100k income was amazing back then, that income is very good.

[@tw8464]

Exactly

[@capitalismismoderndayslavery]

I would be happy getting $100,000 today as this would be more than plenty for off grid living.

[@vital-wyn1310]

@@capitalismismoderndayslavery agreed, wish I was as well!

[@JWilliamONE]

Still no affordable houses in the burbs either

[@aztopaz863]

Even in tiny Missoula Montana the houses are 400k and up for tiny 1 and 2 bedroom houses.

[@dennynisevic7848]

What , you are joking 😢😢

[@mtngrl5859]

That's because Missoula got popular about 30 years ago with out of state people like Ted Turner. It also has the highest tax rate in Montana. Other parts of Montana aren't like that.

[@articrecon]

Runaway home prices from Pandemic factors. I couldnt afford my home in current market conditions. My mortgage payment is 1/4 of what I would pay now and I bought 6 years ago with a re-fi during the pandemic ultra low rates. I am one of the lucky ones and I acknowledge that.

[@kamiljay2697]

Problem is if you not self employed or flexible with work you need to be in area with relatively good driving distance to job market.Those areas are always will be tough to home buyers

[@melinda67]

Ever heard of remote jobs?

[@kamiljay2697]

@@melinda67 that was under flexible with work, thx for nothing

[@ElectroSharpTurtle]

It's really no different here in Canada too when it comes to the Millennials and the cost of living in the cities. In the USA, you have a lot of job opportunities there though. 👌

[@laurab9518]

I’m makiing last year 64k, college degree, nearly debt free and got myself out of poverty. I live with friends. Still feel poor and trying to find a second job

[@mr_0n10n5]

Instead of going to highschool, I should have been going to put a downpayment I started working at the start of my second year in college and I thought by the time I graduated from college, I would be ready to buy. I was so so wrong

[@apersonontheinternet8006]

Lmao. So you worked a part-time job in college and thought you'd just magically have tens of thousands of dollars in the bank for a down payment after graduation? The delusion is strong.

[@mr_0n10n5]

@@apersonontheinternet8006 Not a part-time job. I worked full time as an analyst for a multi-national. I was shocked I got the job but I was a step ahead in college since I came in with a bunch of certifications in offensive cybersecurity and project management. Initially, I was gunning for an internship but I changed my mind and focused on a job and I got in

[@LandonDean-zk4wn]

As a Gen Z person living on $28,300/year. I am going to starve...

[@zcorpalpha2462]

OnlyFans ❤

[@DailyMeditation365]

Not enough housing? More like greedy landlords charging insane amounts of rent, forcing people out of the city. I live in a HCOL city and pay $4k/month for a 2 bed condo. I sold one of my cars, rent out my other parking space, and take the bus M-F so I'm not paying $200/month in highway tolls and another $200/month for parking. Unless I make $200k+, there is no way I will be able to purchase a house/condo

[@SigFigNewton]

They’re able to that because there isn’t enough housing

[@MizAmeliaTv]

Damn the host are so out of touch .

[@LiveInnerCity]

completely agree! a lot of people can't even afford having a kids now

[@dianeg.1771]

I'm an older millennial and when we were ready to start our profession boomers stayed in them longer and so our time in service started later. Since COVID, many older folks passed which opened up those long held careers that now became easier to get into. Boomers weren't ready to retire when they should have! Which then affected us! Just like boomers are holding on to their property of a 3 or 4 bedroom home when its just 1 or 2 people in them! We had low job inventory and now low housing inventory because boomers create every mistake that has created a negative ripple effect.

[@bsr6823]

Not just cities and not just millennials

[@motivatingvision5874]

My man makes 70k I make 60k he has one more year and he can make 100k and we are renting a two bed for $1k a month it’s honestly just living in what you can afford. Right now all we can do is rent 😢

[@nicoletellini]

Houses listed for say, $420k are selling for $485k. That’s $65k over asking price. NUTS.

[@choco1490]

Why is the thumbnail a picture of a highway? Shouldn’t it be related to city life ? I missed the part in the video where they talked about highways

[@CaptainGameSlayer]

Boomers - "You just need to work harder, there's jobs out there, get another one."

[@tuckermay2597]

pretty much every city in the US has a large city centre with peripheral city surrounding, idk why that's some huge revelation for the host that not every city is like NY lmao

[@capitalismismoderndayslavery]

All cities not affordable

[@user-wi8up1bo4h]

As a millenial everything is overpriced!!! student loans, mortgages , healthcare, and auto are system that are broken in this country. The American Dream is exactly what it is nothing but a dream these day. My mom and dad could afford all these services without having a degree

[@Network126]

I'm 36, never married, homeless since the pandemic, and living in an old Toyota Sienna minivan now, despite working, and not addicted to drugs.

[@mcdizzle1863]

Do what I did and don’t have kids - world has too many people and it’ll make things cheaper

[@osirismoon]

They are building new Rent-To-Own sub-divisions in the suburbs where I live. 😮 Insane.

[@ChrisCleg]

The prices for rent and homes are rising but it’s not because of supply vs demand of homes. Stop this nonsense. It’s excessive bank lending, and private credit creation for real estate loans that’s driving up the price of land and housing. The only people who benefit are the commercial banks who are creating the mortgage , and the insurance and real estate agents who benefit from larger commissions. Everyone else loses and the “real” economy suffers because more of their income is dedicated to paying for housing rent or saving up for an even greater amount for a down payment. Stop banks from inflating asset values and creating asset bubbles.

[@luissalmeron5772]

$100k annum is the new $60k. Also, that's before taxes.

[@somekindaguy2184]

The doctor can't afford it either. Dude is renting an attic.

[@yootoob1001001]

Hello? It's not just Milennials. Maybe they are just the ones complaining the loudest (?).

[@paulridge2396]

Not just young people's older people getting priced out too just facts over feelings

[@mirrin55]

As a late millenial (96) that just bought their first house, I can speak directly to his study. Housing prices in our area were so astronomical that we had to look 35-40 minutes outside of downtown to borderline rural communities to find properties that were within our budget (that arguably were still overpriced to what most people our age could afford).

[@SigFigNewton]

Sounds like an unusually stressful life. Studies show time in cars to be bad for mental health

[@mirrin55]

@@SigFigNewton the commute definitely sucks. Cost of living makes up for it, though. Hopefully in a few years we'll be able to afford something closer!

[@SigFigNewton]

@@mirrin55 the right radio or Spotify or whatever listening routine can probably make it pleasant enough. You’re right, if it ever gets frustrating, focusing your thoughts on what you gain is healthy

[@watwudscoobydoo1770]

These 2 anchors are the most out of touch non boomers. It’s amazing how clueless they can be.

[@DRHOLEEFOOK]

People in the news are paid outrageously high salaries to act obtuse and like they don't know what's going on.

[@chuksosuji64]

don’t blame us (gen z) because yall chose not to build enough homes

[@Chatterbox-94]

I basically live paycheck to paycheck. Saving money is a hell of a challenge. Having kids is basically a dream rather than a reality.

[@roachtoasties]

In L.A., the suburbs have always been cities of themselves, with all the amenities (shopping, health care, schools, office complexes, parks, recreation, entertainment, and so on). As far as saving money on housing by moving to the suburbs, it doesn't work that way in L.A., unless you want to really moveout into the boondocks (like the remote corners of the Antelope Valley). Other than that, the suburbs are even more expensive.

[@Network126]

Yep. I'm in LA county. Born and raised. I'm 36, never married, homeless since the pandemic, and living in an old Toyota Sienna minivan now, despite working, and not addicted to drugs.

[@LordVader5738]

It’s not just not building enough housing. Is also not building enough AFFORDABLE housing. What happened to the 3 bedrooms and 1 bathroom ranch? Here in the USA our houses are HUGE. Not everyone needs a huge house. 1,200 sq ft ranch would be ideal for a lot of people.

[@dustywilson5461]

Building more housing will not help the problem; it would only encourage another problem to worsen: too many people. If all illegal immigrants left tomorrow, this problem would be significantly mitigated in a matter of weeks.

[@vladimirgorea8714]

It's not only about not building enough! It's about second homes, about houses as investments, it's about "passive income" by becoming a landlord. Ffs how can't you see this?!

[@serebii666]

"t's about second homes" Second homes are not a fundamental issue. They primarily exist outside of the super in demand job centers. Many people's "second home" are actually inherited properties in dead/dying communities that they are unable to sell. "houses as investments" That is another word for development - and is the primary way new housing is built. Investment properties are still rented out and contribute to housing stock. Many places place larger tax burdens on such properties (i.e. not homesteaded/ extra % tax from income etc) " "passive income" by becoming a landlord" There is no such thing as passive income, especially from the position of a landlord. Houses are big and complex thing that are battered by the environment from the outside and wear and tear from users inside. It is almost always far cheaper and less risky to just take the money in real estate and putting it into the stock market instead, without the added risks of being bound by contract to keep all the various bits and bobs in running order to maintain tenants. "Ffs how can't you see this?!" You are a great example of it. Because you didn't even identify the actual major issues currently at play - i.e. the fact that housing construction never recovered from the 2008 global crash anywhere in the world (which is why every developed country is seeing the same housing crisis, no matter their different policies) even as the population of these countries continued to increase. Likewise you missed the fact that globalization has prioritized a certain few "command center" cities where literally all professionally mobile jobs are, creating spikes of high demand there, while the vast majority of other communities slowly die out. America technically has millions of empty, available and cheap homes - they are however all in places like West Virginia, where there are no jobs and no demand.

[@vladimirgorea8714]

Thank you for taking your time and writing the answer. While I agree with your points that we've never recovered from 2008 crash and that there's a huge influx of demand into a very tight area (job centers), I stand by what i said about housing as an investment is a determining cause of this. In the wake of the 2008 bailout bad companies and bad decisions were not punished, instead they were saved by the public, thus becoming zombie companies. Lowest debt rates in human history, even negative rates. It was an abomination.This lead to a state of instability and growing concentration of wealth. The ones being able to take advantage of the new situation didn't realized that we're in a state of diminishing returns and high uncertainty, thus choose to park their money in hard assets - real estate mainly. China's Evergrande is a testimony of this. Thousands of residential investments appeared everywhere, just to be grabbed by "investors" that had access to the incredibly low rates. I know this by experience. Regular middle class thought that having some 2-3-4 airbnbs would allow them a "passive income". it's not that "passive income" is real, but most of them bought the idea, that was my less elaborate point.

[@serebii666]

​@@vladimirgorea8714 "bailout bad companies and bad decisions were not punished" Do you not realize the purpose of the bailouts were so everyone wouldn't be even poorer - losing their retirements and what little equity they did have? New regulations were indeed put in place - that is why today lending has shifted from housing primarily to credit. "thus becoming zombie companies" You do not know what a zombie company is. "Lowest debt rates in human history, even negative rates" First of all, by debt rate do you mean interest rate? Because the 2010s were definitively not the period of lowest debt in history, collectively nor individually. Secondly, do you not realize the purpose of low interest rates as a tool of economics? " state of instability and growing concentration of wealth" Instability? No. The past few years show exactly how much more stable the system is vis a vis 2008, let alone the 1970-80s. Wealth inequality? Yes. People who already had assets say their value grow - i.e. the rising tide. People without assets logically did not see growth. "real estate mainly. China's Evergrande is a testimony of this" No, you cannot draw generalized conclusions from China and apply it globally, let alone the US. China's real estate bubble is a combination of a number of Chinese specific policies: from a manipulated currency and market which meant that no one trusted financial markets to secure their wealth and housing being viewed as THE ONLY alternative to inflation eating away their savings - an attribute not present in the US; to Local governments being restricted to getting funding to enacted mandated GDP inputs by selling off public land to developer leases, which in itself creates a conflict of interest for a bubble, to China's GDP growth strategy being from 1992 dependent on infrastructure growth and projects, therefore seeing the construction sector being artificial propped up by easy government funding, even after the politburo realized that such growth was obsolete as early as 2007 (as per the comments of the Chinese premier at the time). You absolutely cannot use China, let alone Evergrande as an example here, the market and economic parameters are fundamentally dissimilar from the US let alone other OECD countries. especially since, aside from the above, China is not experiencing what the developed world is - they are in deflation. Stop trying to compare apples to oranges. "Regular middle class thought" No, regular middle class people saw the government policies that encouraged homeownership at subsidized rates and took that business opportunity - and now carry the risk of the various mortgages that saw their interest shoot up. The fact of the matter is, amny of the houses built up to 2007 were still dirt cheap in the early 2010s due to the Crash that wipes so much of the average household's assets. Banks were likewise desperate to offload these properties - exactly because they were not performing and still required investment (like security and maintenance) - so they were sold on the cheap, in auctions etc. A very good deal for people who still had assets/savings for commodities that were due to market forces, undervalued. ""passive income" is real, but most of them bought the idea" No they didn't - What these people were doing was running a hotel, with all the liabilities of running a hotel and they realized that. What they were betting on was the asset value of their investments (the equity on the houses) outstripping inflation making their hotel business more resilient. Short stay accommodation is itself far more intensive than long term tenancies. Please stop misusing the phrase "passive income".

[@ericalexanderson3442]

Or…anywhere. I don’t even live in a big city it’s small here.

[@DanielGonzalez-cs8pr]

Open space and zoning regulations set up to artificially raise the price of aging housing stock benefit home owners and local taxing authorities without having to bother with building more roads and schools for more people. It does not benefit anyone who wants to buy a home especially a starter home, but they will vote for those very same regulations when they go into the voting booth!

[@deejkeithanmusic]

In cities? I can't afford a home in rural TN, and I make double the median income of TN.

[@Bjm21703]

Condos with business built in? Corporations sinking claws deeper into families way of living.

[@mtngrl5859]

Lots of young people want everything at their fingertips. Look at uber eats, they are too F-lazy even to drive and pick food up. So, the idea of being within a few steps of cafes, stores etc is their dream come true. My sister chose to sell a perfectly nice home, to move into a very small condo, steps to cafes etc.

[@af3790]

I’m millennial can not afford to buy home, even no car payment, not good time to buy a home!

[@Network126]

I'm 36, never married, homeless since the pandemic, and living in an old Toyota Sienna minivan now, despite working, and not addicted to drugs.

[@ag-bk5wf]

Issue is our parents had too many kids...now we have all grown up and are competing to buy homes.

[@Jeremiah29.11plumbob]

Im 30, married, no kids yet, no house. We rent a townhouse. Idk if we will ever have a house.

[@MOBMJ]

I'm a Gen Z and I can't even afford a home. I live at home currently with my parents and even though I save a lot thanks to that, I can't even afford a down Payment. Also add that I do make $100K a year

[@robinly]

Something doesn't add up, bro. There must be a damn good reason why you make 100k, still live with your parents, "save a lot" but can't afford a down payment on a house. You're telling the half truth.

[@Network126]

I'm 36, never married, homeless since the pandemic, and living in an old Toyota Sienna minivan now, despite working, and not addicted to drugs.

[@Dannycky96]

On top of that companies are laying people off

[@dynamitedingo7720]

You have to have more than one income to live in most major cities now

[@Espoboogie]

This is really what is going on. The city is moving into suburban. It's getting to the point they will no where that you can afford.

[@thelogicalthinker5337]

Here in California we have 60,000 people who have tent homes (cost $50 to $100) and they live rent free in big cities like LA and San Francisco. We have hundreds of thousands of migrants who get free housing. Housing is very affordable if you know how to play the housing game.

[@chad9971]

If he's from NY he'd know that Queens also looks like a suburb buts it's apart of NYC.

[@knugee]

That doctor literally is jimmy nuetron

[@BrianTaylor1645]

There one basic reason behind all this and that's growing income inequality that's the one thing people don't want to discuss much. You have rich corporations coming in and buying houses in hot markets and jacking up prices. People need a place to live but for investment sake don't put all your money in a house and be house poor. Buy a whole bunch of stock (what ever you can afford) in Amazon, Nivida, Google, Advanced Micro Devices, even Uber and Bitcoin looks good. In addition to a house. The money is in AI.

[@economicdevelopmentplannin8715]

Best retirement advice, payoff a bedroom bathroom suite in a shared house on bus stops ASAP then buy a dividend strategy. Simple enough, and it works for most people.

[@Aunny123]

Guess we just need to work harder, right? 🤣

[@jynxbot352]

I mean in order for me to be at the office for the job they want us to sit in office for, my rent without utilities right now is $3200. I split with my partner thankfully but with cost of living I really only have a little in my checking account left to even "save" let alone invest.

[@therearenoshortcuts9868]

in other news water is wet what else is new?