Young adults didn’t have much assets in the past either. I suspect a strong factor here is rather that due to high rents for apartments in population centers, young adults are forced to stay with their parents which can be quite miserable at that age.
People earn more as they age there’s no doubting that. However young adults now own less assets overall than their parents or grandparents did at their age. It continues that way for every age cohort too.
The baby boomer generation owns and has owned more wealth than any other generation in US history even when accounting for age.
Or if you don’t have parents, or can’t move back with them for whatever reason, you just suck it up and remain in the rent poverty trap forever, unable to save up for a downpayment quickly, while house prices get higher faster than you can save otherwise.
I’m not even in a population centre, I work remotely and live in a tiny town rent a shitty mouldy damp basement, but even rent alone for this place alone is higher than what median monthly take-home is for almost half of the population. My neighbours upstairs, who have a hole in their ceiling, pay for an apartment not much bigger than mine as a houseshare of 5-6 people, they’re packed in there like sardines.
I think that’s just because boomers own all the assets. Assets are pretty much happinesses.
Young adults didn’t have much assets in the past either. I suspect a strong factor here is rather that due to high rents for apartments in population centers, young adults are forced to stay with their parents which can be quite miserable at that age.
People earn more as they age there’s no doubting that. However young adults now own less assets overall than their parents or grandparents did at their age. It continues that way for every age cohort too.
The baby boomer generation owns and has owned more wealth than any other generation in US history even when accounting for age.
Or if you don’t have parents, or can’t move back with them for whatever reason, you just suck it up and remain in the rent poverty trap forever, unable to save up for a downpayment quickly, while house prices get higher faster than you can save otherwise.
I’m not even in a population centre, I work remotely and live in a tiny town rent a shitty mouldy damp basement, but even rent alone for this place alone is higher than what median monthly take-home is for almost half of the population. My neighbours upstairs, who have a hole in their ceiling, pay for an apartment not much bigger than mine as a houseshare of 5-6 people, they’re packed in there like sardines.