Most people dream of owning a home. Millennials complain that Boomers can afford their first (even second or third) homes.
For Millennials and GenZers, buying a house is a remote reality. Who’s to blame for making buying a house hard? According to Millennials, it’s all the Boomers’ fault.
But is that the case? There are always two sides to every debate. Here is what some online forum users have to say on the issue.
No More Government Assistance
“Of course, boomers had it easier.
As someone who qualifies age-wise as a boomer, I have to say we are an oddly self-centered generation… any attempt by the government to give a fraction of the support we receive to anyone but us is the big one. We will not stand for that; the two major parties know it. They’re terrified of getting us offside.
In the past, massive government spending on affordable housing and first home buying meant we and our parents were gifted extraordinary intergenerational wealth. If we considered the big picture, we’d want others to experience that too. But no. There’s no way we will allow the next generations to get the helping hand we got in our twenties and thirties (and forties, fifties, and sixties).”
I Need to Earn How Much to Buy a House!?!
“We get it; lots of people worked hard. Lots of people have nothing. Lots of previous generations suffered and are still suffering. Requires 2 x incomes (i.e., 2 x work) even to begin to achieve the same result in housing and lifestyle of previous generations.”
“And do you know what the most cruel and painful thing is? It leaves the children of boomers with the grim prospect of having to wait for their ungrateful parents to die before they can get started with their lives. I don’t want to feel this way about my parents. I love them dearly. But there is definitely a tinge of resentment every time my dad tries to play the victim from his mortgage-free 4-bedroom suburban home.”
I Have a Silver Spoon In My Mouth
“While sounding great, the intergenerational wealth is part of the problem, IMO. It means children from small rich families outcompete those poor and large families. In addition, that houses keep increasing in value (faster than inflation) is great for wealth building, but also means that the next generation has a higher entry hurdle. It’s not sustainable over generations.”
It IS the Boomers’ Fault!
“Boomers ARE in a different position, and they DO entirely overlook it. They generally got decently paid jobs where one job was enough to buy a house for the family. Then they rode that wave as far as they could and are still riding it. Yet they are the cohort who overwhelmingly keep us with regressive, Tory governments whose sole focus is to continue making the wealthy more wealthy.
So I hold it against them, just like I hold it against the Gen Xers I refer to who are turning into Boomers. We (X/Xennial) are the last group to come through with a decent shot at home ownership. I hope one day we have a government strong enough to rip away all the tax concessions and instead start taxing investment properties so that everyone gets a chance.”
Divide And Conquer
“Yep, also, the properties they (Boomers) were buying were massive and cheap, even close to the city now. Whereas, these days, most cheap properties have been subdivided by the boomers for more profit, and requires a long drive to get to the city (with a high cost of petrol, and Eastlink tolls).”
Let’s Look at the Figures
“Even after looking at % of wages, I saw something that crunched the numbers that highlighted the stark difference. In 1970, at 17% interest rates, the average mortgage repayment was 24% of the average two-person take-home pay. Today, we will hit that same 24% mark if the interest rates hit just 5%.”
What About Us? The Generation That Is Trying to Help
“Once again, a comment and article are missing an entire bloody generation in the middle.
Why does everyone miss entirely a generation? Gen X. We are the generation trying to help millennials/Gen Zs get into the property market. We are the generation that is the Bank of Mum and Dad to try and help with the massive deposits needed. We are the generation that is helping with the first car. We are the generation trying to help with the high cost of living adjustment, AKA living at home.”
One Thing Is For Certain
Homeownership is something that young people desire. A place they can truly call their own. Yet, it’s a goal that is getting increasingly difficult to attain.
Are the Boomers to blame? That’s still a matter of debate. Many see that it is the fault of governments with their policies and greedy banks who keep interest rates high.
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