Why aren't millennials buying homes?

In the UK, only one in four middle-income millennials are on the housing ladder. Twenty years ago, 65% of this group owned homes. What's changed? Is it possible to buy a house without help? And with more people privately renting, what are the implications for starting families, retirement and society at large? We explore the numbers
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[@PMMagro]

Property prices are incerasing way faster than incomes. That's why.

[@jameshelliwell3829]

Peter Magro thats governments monetary policy for you there all corrupt conservatives and socialists

[@lucasbendit7564]

James Helliwell In America it has nothing to do with socialists or bad Govt policy. It has EVERYTHING to do diminished supply and stagnant wages. Property values are rising thru the roof while those with stagnant wages are seeing rising costs of living, debt (college or otherwise) and the affordable home market has cratered while the luxury market has boomed. But look socialista it’s all b/c the govt is bad!

[@AkkarisFox]

@@jameshelliwell3829 nobody seems to understand the wealthy people enjoy it when others are impoverished as long as it doesn't hit their profits. the time to build egalitarian societies is when it isn't economically impossible to support a standard of living by right.

[@moonbeeps]

Isnt that what the video said?

[@emuriddle9364]

Price Gouging too. I hate that. And if you're homeless, you get everything, except a place to live.

[@ericlanglois2501]

22% increase in salary 152% increase in housing prices. Doesn’t that answer the question? Idk why people continue to ask.

[@maythesciencebewithyou]

no no no, haven't you payed attention. It clearly because of all the avocadoes.

[@Davitofrito]

So what are the artificial forces keeping housing prices so high? Could it be the lack of new housing construction, Chinese money driving up housing values or the simple fact that immigrants are customers you must now compete with for jobs and housing. Why don't people move elsewhere to other parts of the UK that have lower prices? Why don't provinces (whatever the UK equivalent of states are), pass legislation to attract businesses and investment?

[@k0mm4nd3r_k3n]

@@Davitofrito "So what are the artificial forces keeping housing prices so high?" Wealth inequality. "Could it be the lack of new housing construction" There is a large amount of new housing construction. "Chinese money driving up housing values" Chinese money is paying for a large amount of new housing construction. "the simple fact that immigrants are customers you must now compete with for jobs and housing" Ignoring the simple fact that many former brits are themselves immigrants who are customers competing for jobs and housing in countries outside the U.K, immigrants disproportionally start businesses and create jobs compared to the British born. "Why don't people move elsewhere to other parts of the UK that have lower prices?" Because then they would have to spend six hours a day traveling to their jobs. "Why don't provinces (whatever the UK equivalent of states are), pass legislation to attract businesses and investment?" They do.

[@jolank]

​@@Davitofrito "So what are the artificial forces keeping housing prices so high?" - cheap credit. When credit is cheap, everybody wants it thus driving the demand through the roof. This is now a whole-developed-world problem. And the funny thing is that in order to prevent a massive collapse central banks try to "dose" the economies with even lower interest rates and thus lower credit. In short, as the loans got super cheap, people are willing to sacrifice more and more of their future income for today's goods (homes) driving the prices through the roof. People believe that as the mortgage rates are at all time low, it's OK to get a 30+ year mortgage.

[@Janelleybean23]

Davitofrito people moving to cheaper parts of the U.K. means that those prices are also going up

[@natashamcd12]

“Half of millennials will be renting in retirement”... dude, we won’t be retiring

[@danw1374]

I'm a Gen Xer and it looks as though I'll be working into my 80s, if I'm lucky enough to live that long!

[@natashamcd12]

Pandaboi that feels like a problem that will happen in the next 20 years, never mind the next 60 years

[@campkira]

not we will just going burn everything down...

[@mr_ekshun]

@@danw1374 I don't know if I want to live that long, especially if retirement is basically just a dream for us Millenials...

[@dark_takedagaming9253]

My retirement is going to be me going into a Buddhist monastery and living my life free from distraction.

[@hedgehog_fox]

"Bunch of boomers wondering why millennials won't buy their assets at sky high price." So cute.

[@michaelcap9550]

Stop wasting money on avocado toast and Starbucks.

[@localwillow9948]

As much as I hate to say this I agree. I’m a millennial btw

[@quantumthinker3248]

Let the housing market go bust and then say goodbye to their Ponzi dreams, brother

[@hedgehog_fox]

@@quantumthinker3248 Yes. That is exactly what today's housing market is. A generational Ponzi scheme.

[@marialindell9874]

799

[@goguirina9178]

“Why aren’t millennials buying homes?” Because they cost too much and they can’t afford it, next question

[@michaelcap9550]

Drop the avocado toast.

[@izabelaR]

I know, this whole video is like duh! I knew that was going to be answer but I watched it out of curiosity. How is it not obvious to everyone? But seriously though, there are people who think if you deprive yourself of stuff you'll buy a home, never mind actual maths.

[@-ac-8296]

@@michaelcap9550 prefer to drop you instead

[@che3se1495]

I laughed at the idea that you could share a rental for £300 each. Completely impossible anywhere near London.

[@InfoSopher]

The question is why they cost so much. These prices don't make themselves. They are in part the result of policy decisions.

[@WilliamThePayne]

You can't fall off a ladder if you've never been on it.

[@jonnoMoto]

It's been pulled up into the balloon by everyone else

[@Davitofrito]

In america their is a very different view on many issues. What is the UK view on personal responsibility for one's own success or failure, with the best government being the one that is least involved in person's life?

[@seannewhouse1943]

Exactly! Genius never fails to Spring forth

[@crums0nMyJ4cket]

But it shouldn't even be a ladder...

[@benangel3268]

@@Davitofrito Without being à maths genius it is so obvious that this model is just a ponzy scheme. People in Scandinavia can be extremely successful. I like watching Professor Richard Wolffe and Caleb Maupin.

[@bl5752]

This is a stupid question. We don't have any money and house prices have exploded. Boomers are so ignorant of the modern world.

[@Davitofrito]

Maybe if Boomers didn't create massive government spending programs and relied on their own wealth. Maybe if the Boomers didn't elect governments that flooded nations with mass immigration from completely alien cultures. Again, because they need more workers to pay into social programs they need in their old age.

[@bl5752]

@@Davitofrito First off, boomers have been cutting government spending and size since they have been in government. The exception is that they continue to subsidise corporations rather than using that money to help their population. Neo-liberal economics is a boomer thing. Secondly, "flooding" isn't whats going on. There is migrations, as there has always been, but it's not causing the problem. Quantitative easing has made credit cheap, driving up housing prices at the same time that neo-liberal boomers have been limiting wage growth for the majority of the population. Real wages (not the number but the value) has been declining since the 1970s. Those in power are using immigrants as a scapegoat for their policies that have caused these conditions. Stop drinking the Kool-aid and look at what is really going on.

[@Davitofrito]

@Claudio Dio more people means increased demand and thus houses are more valuable. It's basic supply and demand economics. If you didn't have a surging population due to immigration and relied on your own below replacement birth rates, you'd be fine. Of course we in the US don't have to worry about something like the EU allowing a flood of foreigners in. Japan takes in practically zero and you have affordable housing.

[@TheFourthWinchester]

In most of the world, people buy homes in outskirts where costs are less. Why do u people wanna buy in the poshest locations and then complain about it? And it takes 10-20 years to pay off the loans outside the EU.

[@sirsnapalot8757]

@@TheFourthWinchester because that's where the jobs be

[@hectorcarr3050]

Boomers: Just get a better paying job Millennials: Wait, you guys are getting paid?

[@tudorjason]

Boomers: Just get a better paying job Millennials: Sure. When are you retiring?

[@Maleick]

Wait you have a job

[@purple-flowers]

Boomers: they could earn a middle class income with a highschool degree Millennials: can't afford a home with a graduate degree

[@TheTexasDuke]

Ya boomer what u doing to make money anyway lol

[@paulbatista3627]

🤣

[@imastatistic8347]

“Why aren’t millennials buying homes? Having kids? Saving for retirement” bro we just trying to survive man....

[@MK-zq9yl]

Thank you! I don't think the other generations realize were barely getting by

[@BoredZodiac]

Just gotta get through the month...

[@heather-vs9qe]

This is dread buy gold and contemporary art work...we are in a mess ..oh NTF and bit coin ...we are living in serious times ..

[@heather-vs9qe]

I feel sorry for young people

[@nickmiller76]

My three offspring are 'millennials' and they're doing all three of those things. You get a decent education, get a proper job, and work hard, same as it's always been. Shock/horror news: you're not special.

[@ricochetsixtyten]

2050: Why arent millenials buying ramen noodles

[@Kobolds_in_a_trenchcoat]

2100: why aren't millennials buying air

[@Helaw0lf]

We found traditional ramen tastes better and is not instant.

[@ricochetsixtyten]

Clockwork King why arent newborn babies buying parents?

[@astraldragon5483]

2020: why suicide rate keeps increasing as people finally discover the best way to escape poverty wage jobs and wasting their lives giving rent to landlords

[@Wooplot]

we dead

[@Mircalla]

And this is for people on "average wages", never mind the people who are struggling on minimum wage or people who can't find work. I don't know anyone that earns anywhere near two grand a month.

[@carminamontoya2853]

This seems to be happening in the US too

[@Grimy_Aaronarr]

Mircalla go to college and you’ll get more. I know people under 25 that earn above 2k a month

[@carminamontoya2853]

@@Grimy_Aaronarr I know people in their thirties that make more than two grand in one month... But in my country these people have student loans also which makes buying a house nearly impossible.

[@j6873]

There are hundreds of thousands of decent paying jobs that go un-filled in the UK every year. If possible, retraining is a lot of people’s best chance. But I know it’s not an option for everyone.

[@S2Tubes]

So get a better job, and rather than buying an "average house" for your first home, buy a cheaper one. Or don't do that, and blame everyone else while you cry into your avocado toast.

[@RickysFarmAndHatchery]

The reason we don't buy homes is because House are 600k+ and job pay us 1800 a month.

[@Victoria-bo9xk]

Innit

[@carlosvasquez6054]

Nick Miller U have to be be trolling right?

[@jelicianorwood24]

@Nick Miller Stop trolling assuming someone's life.

[@cautarepvp2079]

@Nick Miller so in uk to earn 4-5k euro a month what skills you need ?

[@danielxbox28]

@Nick Miller Dude shutup , it's currently a worldwide phenomenon... only makes sens as population has increased so much since boomers time..

[@Spratdragon]

I'm 25 and just bought my second house. It's not that hard at all.....Just kidding I'm 31 and live with mum

[@swagsik390]

Where is Your dad?

[@Spratdragon]

@@swagsik390 Yeah dads also around.

[@vichuang1480]

I'm 29. A doctor. Living with parents

[@gemma8611]

😆

[@thelastmelon9446]

@Byebye kavekangs That's probably your safest bet to be honest

[@ozzyfromspace]

I’m 24 (millennial/gen-Z). Short answer: we broke, fam

[@topgun213]

go to trade school

[@8Jhartzell]

I’m so tired of this excuse. *you* are broke. Not every millennial is. The company I work for and almost every other company I’ve worked at since 2010 has plenty of people 20-35 making six figures. You just gotta WORK. And I second that trade school comment above. I’m an Electrical Journeyman specializing in oilfield automation. I make $140K right now. If I left the oilfield for a “normal” city based electrician job, I’d still be around $32 hour which is almost $70K not including any bonuses or OT.

[@ozzyfromspace]

​@@topgun213 I can only imagine how proud you must have felt when you wrote that. It's like telling people that *Everyone should code* . I wouldn't recommend it.

[@20stacks11]

Exactly

[@neoneherefrom5836]

lulz ma dude said fam

[@limou7rs]

"Why aren't millennials buying homes? " with what?

[@jameshawley1222]

Experience and exposure, of course!

[@roecigreview]

DEBTS

[@-cheshire-cat]

With the paycheck you got 6 minutes ago. Oh wait, it's spent.

[@blank21502]

Cheshire Cat LOL yeah spent on rent 🤧 but you tried, honey

[@Delimon007]

@@jameshawley1222 experience when they won't hire you?

[@hahahaaha7208]

WE DON'T HAVE MONEYYYY!!

[@paulp1008]

YES YOU DO......

[@Victoria-bo9xk]

You mean *you* don't

[@hhs_leviathan]

@RoadKillzine Ok Rockefeller, if I move where it's cheaper wouldn't my wage also be smaller? I can't live in Cumberland and work in Kent you know.

[@robynfurtado9610]

@RoadKillzine theres a reason why some places are cheaper to live than others though. Rents and house prices are highest in places where the demand is high. The demand is high in these places because there are a high numbers of companies and service there- lots of jobs. If it was as simple as move somewhere cheap, we'd all be doing it. But if the only place where you can find a job are in the big cities, then this argument doesn't work at all.

[@blessedevelyn339]

@RoadKillzine Move somewhere else - no jobs there.

[@terrierlover]

Our student loans is a mortgage! Can’t afford a house when you already got a loan that size

[@trevorgibbsnc]

Very underrated comment. Thank You.

[@Christina-ds7qk]

Amen!! 130k here

[@johnnycanuck123video]

A mortgage is far better than a student loan! You have the house as collateral and it can be sold if you declare bankruptcy, and the house will probably appreciate in value, so you could sell it later on at a profit. You can’t get rid of student loans in a bankruptcy, and a lot of the time the degree already has so many people in that field that it’s not even worth it to go get it, and that’s assuming you didn’t drop out and get absolutely nothing.

[@bradleylappin6107]

And that's before the car or the house

[@Bobo-jy5mg]

A student loan is nowhere near as expensive as a home...

[@TheCasualObservers]

Slight problem: Most boomers couldn't care less, as our elections show.

[@nullvoid564]

Actually they rake it in with Buy to let by renting it out at 4x the monthly cost. Why would they want to change that, Keep in mind Childless boomers tend to outlive ones who had kids

[@denzel270]

So they are not adding to the housing problem then and over population in this country and across the world which is being ignored by climate activists.

[@SurprisinglyDeep]

@@denzel270 Climate change leads to increased crop failures on farms. In addition to starvation and the subsequent spread of disease, this also leads to people joining violent militias out of desperation and anger (not morally justifiable but understandable.) Parents in the developing world living in an unstable situation will therefore have more children, since they know from firsthand knowledge and experience that theres a very high chance that not all of their children will live to see adulthood. (A family that would otherwise only make 1 or 2 kids will instead make 3 or 4.) Also they need extra children to farm larger fields (a percentage of a crop failing is less devastating if they have a larger crop) and to go work in the cities to help support themselves and the other family members.

[@Davitofrito]

@@denzel270 Africa is going to increase its current population by a billion within the next 50 years. Imagine Africa with cities built with Chinese loans, imagine those people each wanting cars, smartphones and all facets of middle class life. America reduced its pollution by 2% in ten years being the only country to meet Paris climate agreement targets. China just opened a hundred NEW coal power plants.

[@Davitofrito]

Which elections? You've literally got insane woke socialists championing the destruction of society, tradition and the economy.

[@Jon_H_S]

The Guardian 2060: Why can't Millennials afford food?

[@marcodecao867]

edit: Why aren't millenials buying food?

[@ericshang7744]

well, because they will be starting dying by then.

[@weareallbeingwatched4602]

2025 more like

[@veeree1746]

😂

[@Chrysaetos3]

I'm not even joking when I say I once saw an article that said something like "millennials spend less on groceries, but also eat out less." Does the stupidity ever end?

[@caleb2242]

I don’t even need to watch this ...we aren’t buying homes because wood, bricks and a stove doesn’t cost $1,000,000.

[@Nswix]

So go buy your own and build one...

[@Otterly_Sleepy]

-Name - with what land to build a house on? Also we can’t take time off to build a house, we are too busy working to just survive with what we have at the moment, not even having enough extra to save for retirement

[@TigerSamurai]

@@Nswix the land itself can be as high as 90% of the total cost of a house in some areas.

[@carlitoxb110]

-Name - the price of land is too high as well

[@KRYMauL]

Technically it's the land, and if anything I think the Japanese model fo a 99 year government lease works perfectly. I mean after that time the codes will likely change and it's probably better for you to just sell it anyway because why are you keeping your grandmother's home if it wasn't a manor house or something that could otherwise be considered a museum.

[@coffeequoh]

We can't afford it, period. Can't even afford to move out even, period.

[@monkeymoonky7900]

Ain't rocket science

[@izdatsumcp]

@George Rome Got a chip on your shoulder? The answer isn't clear-cut at all. Why is it that millennials can't afford housing when boomers could?

[@M3DL3Y]

@George Rome its simple. We buy bitcoin.

[@lehonyy2428]

true

[@Ball_Chat_FC]

Bumblesnuff buffallobath The only real solutions are as follows: If we want immediate results then we throw a revolution because peaceful demonstrations achieve literally nothing. If you want to play the long game: wait until this boomer generation has died off, assume enough political leaders and ensure that we fix the mess by the fair taxation of corporations, reducing the exploitative nature of employers, redistribution of wealth and building affordable properties for the population.

[@hannahbanting309]

These stats are simply NOT realistic - find me a property or more than a box room with single bed - to rent in an affluent city where there is relevant work - for less than £600 -£700 a month?! So, thats the £399 monthly "saving" that will take 24 years to reach a deposit... mortgages are often cheaper than most rents but its achieving the deposit - let alone qualifying for a mortgage - that screws the system. Lenders are much more cautious - now more than ever, to the point that when you hit your early 40s, your 'too old' for a 33 year mortgage...even though you manage to pay your higher value rent every month. This system is a joke, even with shared ownership - so no wonder people are finding comfort in the finer things in life - because at least smashed avocado and areopress coffee doesn't leave a bitter taste!

[@turkishdisco2]

It's based on average figures across the country. But the example deposit is 50% anyway! Who the hell pays a 50% deposit on a house?

[@rikkiola]

Depends on the coffee

[@theGuardian]

Hi Hannah. We took the figures for average rents from this article from the BBC (www.bbc.co.uk/news/business-46072509). As you say, there is obviously huge variance across the country. According to the article, a room in a three bed in Brixton will cost you £767 per month. SR

[@T30Turner]

@@turkishdisco2 It's based on the mortage you can get. Banks lend up to 4 times your income e.g. 4 x 25k (income) = 100k mortgage. House costs 200k. 200 - 100 = 100k left for you to come up with.

[@chownful]

@@turkishdisco2 I put down a 40% down payment/deposit at age 28, and I have no university degree, so it's possible.

[@Abcflc]

The only way I'm gonna own property is inheriting my boomer parent's house... and I have to share it with my siblings...

[@campkira]

inherence tax..

[@Ramxie35]

campkira nope. There are ways to avoid this

[@Banom7a]

@@campkira tfw your country have no inheritance tax

[@SH-zn1dm]

campkira some states don’t have that

[@SH-zn1dm]

Well, that’s better than us. My mom was a single mom and was unable to /didn’t know how to move up in a foreign country, so she’s stuck renting. Which makes me sad and makes me want to buy a house to bring her in BUT I can’t.

[@JH-kw8zy]

Why aren't millennials buying houses?!?!?!?!? Because there are millennials with four year degrees working for $12 at Walmart.

[@leelicayan2180]

Me but McDonald's

[@JB-kx9bx]

I worked as a cashier in a liquor store after graduating in 2009 with an engineering degree from a reputable university. Things got better but my career has taken a hit because of the 2008 financial crisis and now again because of COVID.

[@michaelcap9550]

Due to degrees ending in xxxStudies and useless Humanities.

[@UnlimitedEmeralds]

@@michaelcap9550 Did you not just see the comment above you? J B has an engineering degree and worked at a liquor store AFTER graduating. Every few years they add dozens of more degrees to the list of "useless degrees"... I wonder just maybe... a college education is losing its worth and it is no longer a path that leads to success. Hundreds of thousands of graduates are working minimum wage, all that work just to make a non livable wage. Even the ones who do make more than minimum wage aren't making enough to ever own a house, pay off their student loans, send their kids to college, etc etc.

[@matthewmize1995]

I guess a BA in Sculptung didn’t pay out.

[@mylanaa]

the background music and the tone of the video give off that impression that it's not that big of a deal when really it's a catastrophe

[@db-7531]

"Why aren't" should be "why can't"

[@AB-mg8is]

This was really informative! I hope next week we can learn why millennials aren't buying yachts either.

[@matthewmcmullan9669]

I dont know I plan on eventually once my house is paid off first tho 😂

[@GreenStorm01]

@@FunnyLittleFrog Ok boomer. thx. Please see that those two things have become pretty much the same thing to most of my generation. Unimaginable luxury.

[@howdarethee]

@A B I know right? It seems like who made this video wanted to take the piss

[@Helaw0lf]

More supplies going to waste for a stupid boat no one will use all the time.

[@jona2726]

LOL

[@itskankan]

this was all common sense .. the deeper question is why has this been allowed?

[@public.public]

the middle class... absolutely every regime in the world is propped up by it's middle class.

[@crazyjojp]

To make the baby boomers rich when they retire.

[@roddydoddy7]

Avocado toast

[@maythesciencebewithyou]

Old people are the biggest voting block. People with money have sadly also more influence on politics. Politicians themselves tend to be invested in the property market. There is lots of nepotism going on in town halls. As long as there is money to be made, they won't stop it.

[@emuriddle9364]

Corruption

[@shaun1293]

Hmmm let me see... parents bought a 3 bedroom semi-detached house for 80,000 in 2001, same houses on the street are now upwards of 250,000, and you need a 10% deposit for a house... I wonder why I can’t get one...

[@Johnny-cz2wv]

But the houses do sell for 250k so there are people who can finance it. Is the problem that millennials can't compete with 40-60yo's?

[@oswaldrabbit1409]

What state you live in?

[@silvasilvasilva]

At some point the house is gonna be yours, then the high prices will come in very handy.

[@Ball_Chat_FC]

Johnny Most properties go to the highest bidder, not the one in the most need for a roof. Most bidders are usually investors, with a plan to buy up as many empty properties as possible in order to add to their investment portfolios. The markets favours this. So yes, millennials with stagnant wages and student loans debt are indeed struggling to compete with wealthy investors and those who have inherited their wealth. Not exactly rocket science is it?

[@twiston43]

@@Johnny-cz2wv Nor with Asians who pay cash up front.

[@kerstinclaire2647]

225k for a house, I almost choked on my avocado toast because I was laughing so hard

[@TopTierGames]

Right? If only. That will get you a derelict house here in WA.

[@generalkermit6421]

in India everythings cheap and all but the houses in the cities, with like 225k you will get an apartment with 2-3 bedrooms thats it

[@sarrasinae]

In New Zealand the equivalent price ($550000 NZD) may get you a studio apartment or a car park.

[@bonezbaaaby]

😂😂😂😂 All we have is food to coax our sadness about renting for life 😂😂😂

[@-_MR666_-]

225k can buy me a beach hut here

[@phoenix5054]

The problem: Chinese and Wall Street investors buying homes as speculative assets rather than something they would actually use.

[@AdamBechtol]

mmm

[@phoenix5054]

@@BlueBohemianPictures The "neoliberals" (i.e. 95% of Democratic senate and congress) voted against the Trump tax. So please stop perpetuating your lies.

[@Davitofrito]

That and some construction markets (US), have insane zoning laws for what can or can't be built. Also mass immigration creates more customers for fewer resources and drives the prices up. If the UK see's a large exodus of people back to the EU, the housing bubble will burst and property values will come back down. Rents and home prices will follow suite.

[@emuriddle9364]

Yes. I've seen all the empty lots, going to waste.

[@chome4]

Croydon and Sutton have several 'luxury' flats and more are being built. Middle Eastern investors are involved, too.

[@reach831]

CAUSE WE BROKE. THE SYSTEM AINT BUILT FOR US!!

[@danachos]

The system ain't built for us /nor/ the planet!

[@Helaw0lf]

It has not adapted to the 21st century yet.

[@lazarusblackwell6988]

So true Rufino

[@punchindun]

I'm 29 this year and working as full time lecturer. Still living with parents. Working 8.5 hours a day. Also doing some freelance work at home.. I even don't go hanging out with friends. I am also still single. But still can't afford to buy a house. i don't know what i am doing with my life. I feel i have worked hard.. but still no achievement.. not yet.. just not yet.. hehe. Sometimes i wanna give up. But giving up is more difficult.. it's easier to keep going.. so here i am living my life.. just because i am alive.. hehehehehehehehe

[@mw6475]

Keep moving bro😊. only thing can do

[@ndubb100]

My coworker who is like 23 keeps getting outbid by Chinese investors so there's that...

[@TopTierGames]

@@elonsharar5977 They did this in places like Thailand and it works well for the most part.

[@twiston43]

In Canada or the UK? Canada is now Canasia and Hong Kong has now colonized the UK.

[@ericblanc4064]

@@twiston43 *Chinada. Vancouver is now Vankong.

[@twiston43]

@@ericblanc4064 Or Hongcouver.

[@annajones9701]

@@twiston43 All my neighbours in Canary Wharf are Chinese. Chinese from Hong Kong taken over UK. However, they are hard working and many quite bright.

[@OmarOmarOmar]

When u have landlords in places like London renting out a cupboard for £1,500 a month, it aint easy.

[@Lorryslorryss]

"inheritance has more of an effect on people's lifetime living standards that what they earn" pretty much sums up the state of modern Britain. That's appalling. And incidentally I don't think higher income tax is the problem. Why tax the people climbing and not the ones sitting on the top?

[@thechosenone1533]

Because it is the people sitting on the top who make the laws

[@emuriddle9364]

The ones responsible for the problem, don't like to admit their part in it. They'd rather play mental gymnastics with the victim.

[@FORKinFISH]

shut up and pay your way, the world does not owe you the lifestyle you want, you must earn it!

[@Ikbeneengeit]

Wealth tax

[@duckens2001]

Same thing in the U.S. Your destiny (health, income, lifespan, etc) is determined by your zip code.

[@juanmanuelpenaloza9264]

**opens wallet to reveal a dead moth** You tell me...

[@matthewmize1995]

Sounds like you need to start a budget or find a better job.

[@MadTrump]

🤣 fr

[@juanmanuelpenaloza9264]

@@matthewmize1995 buddy, I work in construction. Ironic huh. I'm like Red Skull, guiding people to a treasure I cannot possess.

[@cancel.lgbtq.6892]

Not many due to stagnant wage , high cost of living , debt ( student & personal ) , high taxes ( depends on where you live ). You be lucky if you have couple hundred dollars left at the end of each month.

[@moslemali1163]

Nu

[@deathuponusalll]

Yutube SuspendedMyAccount exactly! Smdh 😪

[@master8127]

I have significantly more than that left at the end of each month, still no chance of buying a house where I live

[@deathuponusalll]

Yutube SuspendedMyAccount Perhaps for the benefit of the working class we should all look into squatting as a means of rebellion and to force change to happen, this may be shameful to some but a lot of concepts we’ve been psychologically conditioned since childhood to want/revere are to our own detriment at times and just the opposite holds true with certain things we may consider shameful aren’t really nothing to look down on. For example it is often imposed in us since childhood to want to be wealthy ppl without a need unfulfilled, however our desires are often at our wims and change like the direction of the wind as well as attaining that socioeconomic status is next to impossible yet we’re taught that it is possible yet never do we hear about the hoarding of wealth and what contributes to it such as the ownership of property that the owner doesn’t even occupy or use, simply it is utilized to extract wealth from those of lesser socioeconomic status perpetually. I feel that seeing other suffer from lack of shelter yet hoarding shelter that you don’t even occupy to be shameful. I know many won’t like my comment and that’s fine.

[@cancel.lgbtq.6892]

@@master8127 Where do you live?

[@gorgeeshmorgee4660]

Because we don't have money. There, I just saved you 5 minutes.

[@joefitzgerald2762]

you dont have money, dont speak for all of us

[@joefitzgerald2762]

@Kevin W most millennials I know who have no money make the worst financial decisions. Yeah the economy sucks for us, but if they made responsible choices itd be so much better.

[@Ball_Chat_FC]

Joe Fitzgerald Responsible choices is one thing. But an entire housing market designed for investment and wealthy investors given priority to buy up thousands of empty properties for investment portfolios, while working class citizens struggle to even keep up with rent is a different matter entirely. Please do not conflate the two. It’s disingenuous and frankly insulting.

[@kenek3924]

I read all the comments right before yours (which they are all true) and when i got to yours I just burst out laughing omg I needed that thankyou.

[@indridcole7596]

@@joefitzgerald2762 your not cool. Most don’t have the money. This is a fact

[@Odesawaan]

"Why aren't millennials buying homes?" has to be the most thoughtless and naive question I've ever heard. Are you gonna ask why aren't more people flying like Superman next?

[@UnfinishedRiot]

Try to take this video as an explanation for the older generation

[@matthewmize1995]

Sounds like you’re taking it out of context. Flying like Superman is impossible. Buying a home is difficult. Not the same.

[@Odesawaan]

@@matthewmize1995 It's still entertaining a fantasy.

[@Vin_Venture896]

Imagine a journalist putting in so much effort to come to a conclusion that literally any person born past 1980 could tell you on the streets lol.

[@MsButtercup3000]

daniel wheater it’s not to prove it to us. It’s to prove the math to the boomers that don’t get it

[@Gav_Ireland]

plot the growth of wages on a graph from the past 20 years, now plot the growth of house prices and cost of living on graph on a graph the past 20 years. There is your answer, no fancy explanation just plain and simple, people wages have not be aligned to the cost of living.

[@Daathoman]

Get a better job

[@Gav_Ireland]

at least i have one

[@Nicolas-lg6ys]

@@Daathoman This is so shortsighted. Do you ever think before typing this garbage?

[@Daathoman]

@@Nicolas-lg6ys how is buying a shitty house short sighted? It's how to get in the market.

[@hisokamorow8388]

My grandfather immigrated from Mexico and worked minimum wage all his life and bought a home for $120,000 in 1992 in Los Angeles; that same home, after he remodeled it, is now worth $650,000.

[@CodHumors]

2022 rolled around and now it's probably 1 million - 1.2 million

[@Affluent-Ghetto-Blackman]

@@CodHumors I was just about to comment it’s wayyyyyy higher now 😭😂

[@MrTurtleface78]

Who the F only pays $7 in insurance? My spotify account costs more than that

[@TivoKenevil]

Underrated comment

[@TopTierGames]

maybe renters insurance. That's the only thing I can think of that cheap.

[@angelica.pickles]

@@TopTierGames Thats some cheap renters insurance! My tiny place in Toronto Canada is $36/month and thats after all the price comparisons and bartering I did to get it that low.

[@georgeh-w5041]

1) this is £s 2) I'd imagine it is contents insurance, at university my contents insurance was about this much

[@veeree1746]

@magic tower 😂😂😂

[@kingtrance6826]

“Inheritance from family may have more of an impact on your lifetime living standards than how much you earn.” Well there it is then. The New Normal! 💥💥💥

[@matthewmize1995]

Socially there are far more successful millenials who started with nothing than millenials who started with silver spoons. Just saying.

[@reynaldypratama5054]

@@matthewmize1995 maybe you should look up to structural poverty and also you have to consider the percentage between the ones that arent from rich family who succeeded and vice versa in order to be a fair comparison, just saying.

[@zuzanazuscinova5209]

It's the old normal. Who your parents are is the most important factor when it comes to life outcomes.

[@RobloxChiller]

Ya that and investments.

[@kp361]

Because we can't afford it. Also difficult to buy as a single person.

[@matthew8153]

Naomi V I bought a $150k house making only $35k. But I don’t buy stupid stuff like coffee, new cars, or fidget spinners.

[@kp361]

@@matthew8153 Your bizarre ideas about what people spend money on suggest you probably aren't the target audience for this video, but congrats on your purchase.

[@aryan_kumar]

@@matthew8153 If you were a millennial, you would know, that fidget spinners are out of trend since 2017.

[@jaceware8808]

@@aryan_kumar They should never have been a trend. That was just poor decisions on how money was spent.

[@91myumyu]

@@matthew8153 Where in the world do you a buy 150k home? Can't be the UK.

[@its_eis]

Feudalism is back, fellow plebs, and so are we-on the menu!

[@r3dp1ll]

i was reading that the level of inequality is back to where it was in the 1920's. Massive unrest will follow very soon

[@minutemengeneral1324]

At least in medieval feudalism you ‘owned’ land and you lived out in the countryside

[@its_eis]

Well not really, you belonged to land, which was part of the commons. But at least not everything was owned by private capital

[@hhs_leviathan]

@@minutemengeneral1324 No the knight owned the land and you merely rented it for your and you offspring's labour...

[@chrism8180]

Feudalism never left, only changed form

[@Gunner6391]

So basically it's impossible to own a home.. Thanks

[@theGuardian]

Sorry it is a bit depressing. Home ownership is doable but it has become much harder. If you buy with someone it becomes much more affordable, there are obviously government schemes available and certain areas of the country are much more affordable than others (Copeland, in the North West of England, is the cheapest area for instance).

[@AtkinsMedia]

@@theGuardian replies are high quality on this channel.

[@ikaustralia]

@@theGuardian Yeah, because there are no jobs in those areas :)

[@Cinephileofmany]

The Guardian I’m in my early 30’s but have had to move back in with my folks to save a substantial amount each month. By substantial I mean an amount that won’t take 24 years. I’m getting there but it’s taking forever as a single fellow. Great video!

[@matthewmcmullan9669]

Your looking to buy in the wrong places, at 26 I took my first step on the property ladder, when looking at houses you soon realise you have to set your sights lower buying houses that need work in areas you didn't think to look at.

[@thetowerfantasymusic]

"They're not too proud, they're too poor" -Robin Hood (2010)

[@Mixima101]

Millennial here. I'm too focused on affording food and rent.

[@Amybnunny]

When is the media going to stop asking stupid questions like this? I get that it's probably been decades since most professional journalists have ever had a minimum wage job, but this isn't exactly a complicated issue. We inherited a world with unprecedented levels of wealth inequality where corporate logic dictates that treating your underpaid workers like money making machines is okay as long as it pads your bottom line. There it is, we finally cracked the case.

[@Davitofrito]

Wealth inequality is not evil or bad. The government has no right to say how much money any one person should have. Bill Gates and Jeff Bezos built massive companies that created trillions in wealth and opportunities for countless millions of people, not to mention thousands of jobs. Life is unfair. Always. We have a short amount of time on earth and then we die. Make the absolute most of it. Love as much as you can, enjoy as much as you can and at the end of the day strive to always have more money. Money is security and freedom. The media helped create a broken narcissistic culture that is imploding on itself but that is not the fault of wealth inequality. The media makes people think they are victims and workers instead of free individuals with choice who are the boss of their own destiny.

[@Martenbiter]

@@Davitofrito I'm sure the billionaires value your defense immensely

[@andthestorybegins5597]

@@Davitofrito I don't really think you understand what's 'wealth inequality' really is. Cause from what I know, the word 'inequality' has a negative connotation.

[@RubyJamez]

@@Davitofrito well and here is the answer to why this basic videos are needed. Because people would rather stand by a dozen rich old dudes than by millions average workers. Yea the freedom is great, I can chose between billion job position all of which pay the same, all of which don't pay enough for me to have kids or house, oh, amazing freedom to own nothing and die alone, can't wait to enjoy it.

[@preoximerias7366]

Davitofrito Bezos will personally mail you a letter thanking you for defending him in the KZbin comments under a Guardian video.

[@badmanskill1112]

But they said the wealth would trickle down!

[@Milagro685]

RoadKillzine -Economist is “they”, and I’m not sure why you’re assuming Bad Man Skill is making excuses for anything. It’s called trickledown economics or voodoo economics.

[@r.h.f.6073]

@RoadKillzine it started with thatcher and reagan

[@shapeshfters]

That’s not wealth that’s trickling down.

[@cobalt1754]

@RoadKillzine in America, Republicans. I can't speak of the UK, but in the US, corporations have had their tax rates slashed and the wealthiest corporations pay no taxes at all.

[@moneymanfernando1594]

Money always trickles up , Piss trickles down.

[@CameronsCarReviews]

Ya when the average wage in the US is 13-14$ and hour and houses are 700k there’s a huge problem.

[@theadventurer247]

The inheritance part is so true. Without my parents, I would never be able to afford a house. Sad though seeing my friends struggling because they weren't as lucky as me, something must be done.

[@kotare86]

I got inheritance from a great aunt (passed down from my father to put towards a deposit)....was £16k but not near enough for a deposit. My father didn't seem to get it ooops

[@syedmuzammilahmed6553]

I have a feeling that the dream of renting a home is also slowly dying for some of us, especially in a city like London.

[@jacobs.9696]

I feel slightly better knowing other English people are struggling to afford basic housing as well.

[@robox91]

Probably every 'rich' country on earth.

[@AllTimeAmberx]

The Netherlands too, where half your loan goes to renting bad houses.

[@nathanieladams4173]

It's a global thing honestly

[@Andre-xf7tp]

@@nathanieladams4173 yes because the world money is related to dollar which they are still printing more -> people buy stuff with the stimulus -> money flows to the top as usual -> the top as usual invest it -> in this case in real estate -> and bam house prices are up. Wages are stagnant because they dont increase the same as the inflation because people nowadays can't leverage because no unions

[@MajinMist603]

@@Andre-xf7tp A global depression is about to hit ( we are already in a Global Recession rn ) .

[@FrostyAUT]

"Well that's a huge drop ... of nearly 40 percent." WRONG. That's percentage POINTS. The actual drop is 58,46%, which is even more mind-boggling.

[@Jamal-Ahmed786]

Obviously it's because the economy isn't working for us

[@RobzdaBlade]

It's working for the lazy elite who then tell us to consume less.

[@FutureKnut]

Jamal Ahmed - The skyrocketing prices of houses seems like the real issue in this context. I think more homes need to built, fast, to increase supply which would meet demand and bring prices down. When demand is higher than supply, prices go up. A real economist would probably say it’s not that simple I imagine. I agree with your point in general though.

[@sassoscrib]

I am a Genxer. I bought my pad in 99 for 100k. Its now worth 430k. Prices have outpaced wages,

[@FreeJulianAssange23]

I hope it 🔥 down.

[@sophisticatedwrat]

I know I wont ever have the money to buy a house but having to rent when I'm retired and too old to work is very concerning

[@WCCXtra]

That's why I focus on investing. After 2008 I pretty much held the belief that there won't be anyone else to help me in old age. I drive a 21 yr old car and moved back home years ago. Being single and childless makes a big difference, too. I also try to stay away from credit/borrowing which means no credit cards and I'll likely never take out a mortgage.

[@TopTierGames]

@@WCCXtra Wise man

[@GO-cz7cl]

Live with your parents and get a trust fund.

[@bonezbaaaby]

@@WCCXtra What do you invest?

[@jeromevuarand3768]

This is depressing. And I was already planning to leave the country anyway...

[@carminamontoya2853]

The US is the same

[@meekatomey-alleyne8160]

Me too. Feeling totally disillusioned at the moment and this video did not help.

[@TheIgdrasil1]

To Venezuela or North Korea? I heard that socialist goverments really do support housing. They ate the rich, so now they live in paradise...

[@jeromevuarand3768]

@@TheIgdrasil1 You know there's more homeless people per capita in the UK and USA than in these two countries you criticize, right? Ah but you're not a socialist, so you probably don't care about the poor among your own.

[@TheIgdrasil1]

@@jeromevuarand3768 Oh, Yeah. These states are garanting home to every citizen and yet their people are immensely suffering. Because they miss something with these interventions to market. And that is human greed which is basic atribute of humans. Without it people are not incentivised to do business. Without business and invisible hand of market state can not provide everything because markets are too complex to be directed. I recommend you to read Mankiw, perhaps his explaining of economy will open your eyes.

[@bobjoe3117]

No one wants it later it's just that they can only afford it later in life.

[@Azknowledgethirsty]

Most people do want kids later, it leaves more time for fun

[@Davitofrito]

@@Azknowledgethirsty Because our society has become hedonistic. It could also be why Autism and other issues are popping up is because people are being conned into putting off life events into their 30s that they shouldn't. Women have a very narrow window to have healthy children and sexual marketplace value is unfortunately a thing, so your peak is 16-22, with each year after being a mark in favor of someone young. By 29/30, over 90% of the woman's eggs are gone and dudes are looking at women in their early 20s. Men meanwhile are being told to live it up but increasingly are shut-ins or get with multiple partners, never settling down and having family. Single parent homes meanwhile have been proven to statistically produce dysfunctional children who may themselves never have kids or repeat the cycle. Also a man later in life who has children with a trophy wife half his age is more likely to produce children with disabilities because sperm from someone 45 and over are less viable/healthy. TLDR: Nature doesn't care what hot fad our society has told us is now the norm. The poor economic situation for young people only reinforces these terrible trends.

[@Davitofrito]

Except in the US up until the 70s/80s, you could work and support a family on one income. On an average salary you could pay off a mortgage in five to ten years because that was typically how much houses cost. Between 5-10 times yearly earnings. You could have two or three children with time and money for vacation once or twice a year. So much has happened since that has completely undone this life from being easily attainable. Women in the workforce doubled the number of potential employee's and thus wage growth. Automation and technology simply destroyed jobs while creating others. Not everyone can adapt to this new economy or is intelligent enough to become programmers. And if they could, it would simply drive down the wages for programmers because supply and demand. Finally the big taboo is that social saftey net programs remove much of the need to have families or keep homes that can be passed down. To pay for these programs we have imported more workers from third world/developing countries which produces problems because diversity and multiculturalism can't co-exist. I do know some people who are late 20s to early 30s who have a house and kids. They had to work much harder than plenty of people who simply don't want to try that hard for a dream they consider a boomer fantasy.

[@Azknowledgethirsty]

@@Davitofrito yeah, that's why many people are freezing eggs and sperm, or not having kids altogether, we're not slaves to nature!

[@shethewriter]

Are people seriously still asking this question? How out of touch can one be?

[@Karll541]

shethewriter they are if they’re boomers

[@cmac2295]

If they asked a millennial, we could have answered this in least than 10 seconds...

[@mihajlo961x]

Why aren't millennials buying homes? TL;DR: House prices.

[@pistolen87]

I'm a millennial and own an awesome apartment! Paid for with money from inheritance though, otherwise I'd never be able to buy it. Something got to change.

[@perhapsyes2493]

Lucky you. Those of us without family money are simply paying through the nose just to stay alive. Glad that you realize that even though your situation isn't bad, it is for others. More could use that quality.

[@pistolen87]

@@perhapsyes2493 Yeah, I know it sucks for renters. Many spend so much of their disposable income on rent, without having the benefit of the increasing house prices that you have as an owner.

[@perhapsyes2493]

@@pistolen87 Indeed, for me it's nearly 50% of monthly. (after income taxes) Yes, I could move outside the urban area and any 'gains' in cheaper rent would be spent on public transport, not only for work but one wants to visit friends and family every now and then... And moving costs money too of course. Deposit, key costs, whatnot. Even if you could magically find an available home. (which there aren't many of.) Personally, I am just utterly stuck in life where I am. Basically for me the only hope is to get into a relationship with another full-time working person, in order that banks allow you a larger mortgage. Yay, capitalism. Freedom is dead.

[@pistolen87]

@@perhapsyes2493 Agreed, there's housing available, but not in the right places, due to urbanisation. Commuting for hours everyday is horrible quality of life. I blame central banks for their monetary policies that mostly resulted in increased equity markets and housing, rather than increased consumer spending and investment, which was their intent. I know it won't mean much, but I wish you the best with your struggles!

[@hashmo101]

Sorry but you never actually own an apartment I’m afraid. You’re leasing a space in mid-air.

[@EdhellenCuar]

It’s because you old people refuse to pay us livable wages

[@truthseeker3595]

It's capitalism, has nothing to do with old or young people. The system is corrupt and dysfunctional.

[@scottdiamond3023]

If income has barely grown and housing prices have tripled over 20 years it doesn’t take an genius to figure out many have been bamboozled by the banks and central banks. Printing money at the rate they have done is at the heart of the problem.

[@purple-flowers]

It's not the inflation, it's that society is unwilling to acknowledge the inflation, adjust to it, and manage it.

[@andrewralte4844]

I remember this quote somewhere on twitter, "Coz we broke, bish" and it fits almost any situation.

[@harryjey8830]

Heheheh

[@MAjYQSammi]

Lol the £62 monthly student loan payment. Try $700 monthly in the US. 😂

[@BezKajdan]

As eastern euro $420 is a monthly minimum wage

[@hypothalapotamus5293]

@@BezKajdan That barely even covers health insurance in America.

[@BezKajdan]

@@hypothalapotamus5293 welcome to eastern europe

[@minas.831]

Yes I was Rofl

[@id_emotion]

If you can, move back in with your parents to save money. I know it sucks, especially if you're used to being independent at uni, but your bank balance will thank you for it

[@victoria.galvin]

“Perhaps” a student loan. Try definitely. And it’s not that we don’t want to own, it’s that we can’t afford to.

[@r.h.f.6073]

because we're all poor and the people in control of this economy are failing us.

[@911aaron]

I don't know why they say it's hard to buy a home. I'm a millennial and I worked my way through college, saved what I could, and with a small birthday gift of $500,000 from my CEO parents I bought a house last year. It's easy you guys.

[@Kpleaides]

HahahahahaahahahahHHHHHH

[@Tim_Linkel]

😂👍

[@HannahQueenOfAir]

😭

[@theinsider6462]

Bwahahaha haha bu hehe he hi hi 😂

[@Peppermon22]

Because banks Won’t give loans because we don’t have 20% down. They won’t let us payback $700 a month but leave us to pay $900-1000 a month on rent.

[@tylerissla7139]

The exact right answer.

[@NunayoBisnez]

$900 - $1000 is dirt cheap where I live.

[@KRYMauL]

Tbf this was what caused the Crash in '08, doesn't make it right, but still.

[@carlkpsplucky5554]

900-1000? I wish.

[@2tonesg]

Because rich people gave themselves tax cuts paid for by actual people and minimum wage hasn't caught up with inflation because of "socialism" or whatever.

[@Evanrolfe]

He says "average salary" but on the video it says "median salary" - which one is it? Also at £27k salary gives you £1824 take-home pay, not £2266 like it says on the video, you'd need around 35k to get that sort of monthly income.

[@Evanrolfe]

Also he says it would take 24 years to save for a 116k deposit on a 225k house? wtf? why would you need to get a 50% LTV mortgage? I agree that its much harder to buy a house now than it was in the past but the numbers in this video are really stupid. I guess the oxbridge humanities graduates at the guardian probably can't do useful things like basic statistics.

[@MrJason005]

Where the hell does it say in the video that on a £27k salary you get £2266 monthly take-home pay?

[@YA-hm5zy]

2266 before tax

[@ipassenger]

ER I think the point is it, to get the mortgage monthly payments into the affordable category, on that earning, a huge deposit is needed, in reference to the 8x vs 4x salary etc. So in this case the LTV is needed but only to get the monthly repayment amount low enough. Or at least that is the way I understood it.

[@V4lairiel]

ER how embarrassing that you obviously didn’t watch the video carefully, it clearly says on the right when he’s talking about monthly income this is the income you receive BEFORE tax deductions and NI. 🤦🏻‍♂️

[@stachowi]

Money is dirt cheap for those who have access to it, so they’ve bid up all assets out of the reach of the common person. Easy access to student loans also falls into this category. Cheap money is the problem IMO.

[@yaiburanakul8505]

stachowi Totally agree. How does the common person make enough to pay off a house in this day?

[@gdanny5]

They’ll never “own” a house when the bank owns their home. You’ll never own anything unless you buy in full.

[@olivermorrison7127]

You know that you can pay off a mortgage, right?

[@JillGmail]

As a Gen-Z, I've lived in rented homes my entire life. I don't know the concept of 'paying off your mortgage'.

[@bibekd]

The ridiculous leaseholding system in England means that no one really 'owns' a home anymore.

[@andrewallan5442]

Well, only true if there’s a lease hold

[@yezzey3]

What's a leasehold?

[@Bob-starr]

@@yezzey3 leasehold is when you don't own the land the house is built on. You own the house, but not the land. Typically, you'll pay land rent (anywhere between £30-£300 a month, typically). You'll have a guaranteed agreement, example 100 years. But the land owner can typically increase the rent whenever they want. My nan pays £40 a month for a leasehold 1 bedroom detached house in London. There's still 90 years on the lease as it was for 120 years, she brought the house in 2000. (Not new! Sorry, 10 years old!)

[@yezzey3]

@@Bob-starr wow that's really interesting. Is it possible to own the house and the leasehold?

[@Bob-starr]

@@yezzey3 but if you want to own a car, your own private driveway is a must. Don't buy a street house, or a house with "allocated parking". Buy a house with a physical driveway, that's yours! Some of these new developments love charging home owners private parking permits!!! Should be free!

[@amendus]

I'm from the Netherlands. My student loan prevents me buying a house and paying 500 - 700 in mortgage. I can however rent a shitty apartment for 1000 a month :D

[@MissMcFly1]

Yes! Same here. It’s such a messed up system. If a bank let me get a loan for the deposit too my monthly payment (in total) would be 900 ish euro, but the bank thinks that’s not realistic, so instead I have to sublet and pay 1400 a month. Which I’m doing and have done for the past 8 years. Paying that much rent keeps me from saving enough and that’s the vicious circle. I earn more than average but it doesn’t make a difference because it will still take me another 5-6 years to save up for the deposit, but by then houses will be even more expensive so it won’t end there. I’ve given up.

[@MrUnknownuser164]

If you don't mind me asking, which European countries have publicly funded education?

[@twiston43]

Thank the Boomer landlords for that.

[@shethewriter]

In American we don’t even have pension anymore.

[@SongsAboutHappiness]

@julio1c1saga Companies pushed the 401k replacement and removed pensions.

[@LostMySauce]

I just saw that and started laughing

[@duckens2001]

@julio1c1saga So we have to save for retirement on our own, too.

[@robertsmith5744]

"Millennials do not own anything and NEVER will." ---- Steve Bannon, Republican Strategist for President Donald J. Trump

[@narnia1233]

Bought my first home December of last year. All my friends have their own homes. It does depend on where you live. But yes, everyone I know my age waited much longer than our parents to get married and we graduated college right during the housing recession economic crisis. It took 2 years for me to get a job in my field. From that experience I learned you can’t count on the economy to be stable and that you have to save as much as possible for a rainy day. So I spent 9 years saving every penny before buying my first home right before this COVID crisis. This year I had done 6 months of renovations on my fixer upper first house and just was about to move in and then was furloughed because of corona. Thank goodness I learned from the recession in 2009 to plan for the worst. Because I saved for 9 years even with the worst happening this year, I was able to financially make it. Just this week got recalled and am finally back to work after months. So yeah, I can say at least for me personally it was just that the timing of these recessions has been unfortunately right on my critical years. It set me back years initially when I was trying to enter workforce and now it would have cost me my house if I hadn’t saved like crazy before buying. My parents didn’t save anything when they bought their first home but they just got lucky not having economic crisis when they were just starting out. I’m hopeful that now I can finally start to breathe a little and just continue investing and saving. It’s nice to finally be settled and hopefully we can avoid a crisis for at least a few years to give us time to recover.

[@eternalzoom5039]

Why do you think tiny houses among millennials is on the rise.

[@maythesciencebewithyou]

Tiny houses are sadly a total rip off. People have found a business model and now try to scam people with it. I was interested in building tiny houses, because I thought I would get away cheap, but it's better to just build a small house. And that's not the only problem, most places won't let you even build a tiny house. At the end you'll pay the price of a house for your tiny home. The investors are everywhere.

[@Davitofrito]

Its a fad the same way millennial's moving to urban centers ten years ago turned out to be. Once people got older they wanted the same thing boomers wanted because people aren't really so different. A nice house with two kids and dog, maybe two cars in the garage. Doesn't really matter how big your house is either because the government steals your money via property taxes. You don't actually own your home or land its on, your just renting. Its a massive scam.

[@duckens2001]

@@Davitofrito No. It's a wealth tax. Bigger house = Bigger tax. If you aren't rich enough to own a house, then you pay nothing. I don't know ANYONE who refuses to buy a house because they don't want to pay property taxes. We would all LOVE to be in a situation where we could pay property taxes. FTR, the one U.S. presidential candidate (Elizabeth Warren) is recommending a 2% Wealth Tax on savings over $50M. The first $50M is free. If you are worth $50,000,000, your Wealth Tax would be $0.02. It would provide preK and childcare for every child under age 5 in the U.S., and it would wipe out all student debt....and make college free for future generations.

[@CazmaRazz]

Without getting a great job or having a long term partner ALSO with a great job, buying a house is impossible for my generation. I’m 22 and the money involved with even looking at the cheapest houses is astronomically more than my expected income.

[@RyanBfromNYC]

1st world counties will he revert to 3rd world country living standards for families within 1 generation from now. Grandparents , parents, children and even more generations will have to live under one roof all because someone decided the price of the place you live far exceeds any possibility for you to own it mixed with a stagnating wave and rising cost of everything else. Such progress we’re making in the 1st world right ?

[@emuriddle9364]

That's exactly why third-world countries exist. Take everything, and give back nothing. All you have to do is compare their personal belongings: Do they take pride in everything they do? Or do they just not care. About anything, or anyone. And they'll try and stomp out any remnants of the 1st World, in the name of maintaining their Warlord status. I know this, because it's happened to me before.

[@germangomez7704]

Exactly like here in south america.

[@fernling]

“Wrong priorities” this is the perfect time for me to use ok boomer for the first time...

[@kimd4225]

My husband and I just bought a home in Arizona in April, 2020. We just barely got it. We had stiff competition with higher wage earners. One house had 8 offers on it. If it hadn't been for homebuyers assistance we would have never been able to buy a home . Now I hear they want at least $20,000 down. Who has that kind of money. Not to mention the debt to income ratio issue that comes into play when you have student loan debt or any debt. Arizona is not the ideal place to live by a long shot but, we could afford it, we have family here and in California. I wish all my fellow millenials all the best it's really tough out here.

[@GreenEnvy.]

The worst part is you didn't buy the home. You have a mortgage that will last decades.

[@ToreDL87]

@@GreenEnvy. But its cheaper than rent and value will either go up or stay constant.

[@phantom7884]

Anybody working min wage in student debt with a degree?

[@richardschmid272]

Nick Miller must be fun at parties.

[@gloria8659]

@Nick Miller hope the boomer wiper gets you

[@megspositiveoutlook5772]

The fact that this is reality for so many of us is disgraceful, while my parent’s generation bought a home at 22 from their entry level salaries of jobs that didn’t require degrees and 10ys experience to get.

[@tjtj7161]

Not having children is one way I'm planning to be able to save up money. I was lucky enough to have parents that helped me with a college education, but everything else I've earned has been on my own past that. I'm almost to the point to buy a house, but low and behold, I'm turning 34 like this video said was the average age to buy.

[@windwaker0rules]

cool so to get a house all you have to do is not have kids until you are 49 years old easy!

[@windwaker0rules]

@Nunnha B that doesn't have anything to do with this topic since first world nations don't really have population problems anymore.

[@hhs_leviathan]

@Nunnha B You do realise this will only work if we _final solution_ the pensioners as you need young taxpaying people to sustain the elderly? And the child of the short generation will have to do the work of two or three to support the economy built before. Look at Japan to see how this will work out... 14 hour shifts, mass celebecy, and the highest suicide rate in the world... That's the future you're painting.

[@master8127]

Wel thats how boomers did it (or not get any kids at all), but who is going to pay your pension then?

[@abramjessiah]

I"m 36 and live in LA. I don't know anyone who owns their home who doesn't live in a van.

[@jongthedasher]

lol, @priorities are wrong. I have been saving with my wife for nearly 2 years. We have a 5-year plan to buy a home in the bay area if things go well for the next three years. The answer is the price. Home prices are not what our parents paid, and the income gap is killing us.

[@matpullar]

Housing ladder, surely that's a marketing concept to keep people indebted for life?

[@caio5987]

Mat alright what about private renting?

[@matpullar]

@@caio5987what about it?

[@caio5987]

Mat will you ever payoff your rent?

[@chrisvoysey7050]

There is no such thing as a Housing 'Ladder' it's a market - and a very over inflated market at that. The concept of a ladder implies that you can climb up it but this is based on house price inflation and the 'ladder' only ever worked for a very few 'boomers' who migrated out of Islington to the boroughs, then to the home counties, then to the west country, each time taking advantage of lower prices where they were buying. Now that doesn't work at all and even back in the 80s and 90s it only worked for a very few. The system is broken and inflation in London prices are from outside foreign 'investors' who don't even live in the places they are buying. We need controls on the market for foreign nationals/'investments' like a great many counties already have like India etc.

[@caio5987]

Chris Voysey lol. You clearly don’t know how the housing market works... when you buy a house you start accumulating capital against it. Then after a few years if you want to move to a bigger house you can use the capital accumulated as deposit for the next house... that’s why it’s called a ladder That’s why young people aren’t able to buy a 300k property straight away whilst people moving homes can

[@AliFrostinho]

No jobs, no opportunity, no help.

[@Ceh000]

I make over 50k a year at a job that is considered technical and advanced. I can't afford a home. Wages have not kept up with cost it's that simple.

[@timtams5283]

Incomes have not increased in over 30 years but living expenses have, thats why.

[@testing7802]

My husband and I (32 & 37) have 120k in cash assets and make 100k combined a year. We can't afford a house unless we moved to a little town an hour away from where we work. We have tried so hard but we get priced out every time we save or earn more.

[@zuzanazuscinova5209]

100k combined not enough, sadly.

[@HannahQueenOfAir]

me and my fiancé earn 30k combined a year....can't even live together yet.