This is some let them eat cake bullshit disguised as ignorance off her own industry. I’m not even sure who the fuck this messaging is for.
Rich boomers who are starting to suspect that they destroyed the world and need someone to tell them everything is fine, every single person under 50 is just whiny and lazy.
What could a house cost? $10?
Oh, look. Another out-of-touch moron, with a useless opinion.
im sure her name was just added to a few peoples lists for that statement.
47 year old here.
Shut the fuck up you lying shit.
Moron, return to the 1950’s and 60’s, because that was the height of US consumer buying power.
I love whatever program it is that is job-placing these otherwise unemployable idiots.
Stop buying Starbucks coffee
They already did lmao, my old town was cheering because two Starbucks locations went out of business and got replaced by local cafes lol.
Although tbf that was in SE Michigan which exploded in the cafe business after Qawah house started a chain reaction by accident.
Can someone make sure she’s already on the menu? Move her up the list a bit.
She got added to the Italian package.
The 0.01% has stolen $75,000,000,000,000 from US workers over the last 45 years, but sure.
The median price of a home in the U.S. is about $460,000.
Let’s say by some miracle someone is able to put 20% down to avoid PMI so the cost is now $368,000. On a 7% 30 year loan your monthly payments will be $2,448/month.
So if those darn Gen Z would stop spending $80, literally every day, at Starbucks, they could afford a home.
People that say shit like this are wealthy enough to be completely out of touch with reality.
it’s one latte, michael. what could it cost, $80?
That’s also without escrow for taxes and insurance (some, not all states)
The latte?!
Gotta finance that latte
It’ll cost only 198 $USD in 2028 when you’re done paying 36th installment.
As someone who is paying a mortgage around the $2,500 mark, I can say this is a steal compared to renting anywhere within 1-2 hours of my area. I want to sell, but I can’t afford to… if I wanted to and move elsewhere into an apartment, I can possibly get something as low as $1500 but its run down, in a bad neighborhood, and only a studio or maybe if im lucky 1 bedroom. $2000, it’s still terrible looking from what I’ve seen. $2500 or basically a mortgage gets you something ok, but at this point, why sell and get something worse??? 3k mark is the starting point to getting you semi luxery, but I can’t afford that! That’s why I want to sell to begin with! The entire system is fucked… I don’t envy anyone that is just about to start their lives and move out.
better off not selling, are in a hcol. one of co-workers are getting a studio for 2k/month, its hcol in the west coast. our job isnt in tech so we arnt well off people.
Sounds about right. Real world numbers… I financed ~317,000 for my house last year at a really good rate for the time (6.51%) and my monthly payment for the house was about 2100 a month. Add in insurance, taxes and PMI (basically no one my age has 60k laying around) and I’m sitting at 2500 a month.
Sounds insane considering the “luxury apartment” I left was 1550 a month, but the rates apartment managers are charging go up ~300-400 bucks a month when your first year is up. So in a few years, this house will be much cheaper than that shitty apartment.
Extra reason why this is dumb… Not buying a coffee will save you 3800 bucks a year. My house went up in value ~10k this year. Not buying coffee for a year doesn’t get you closer to the house. The real answer is we need a maximum wage cap, and anything above that cap is taxed at 100%. Companies need to be forced to pay workers appropriately for their work.
Not to mention taxes, which go up every year, insurance, which goes up every year, and home maintenance.
people are paying with cash, or full price right off the bat, aint no genz going to compete with that. its mostly milleneals who had been in tech for a while + having family to pitch in on the cost or repairs/renovation. our next door neighbor was like this, but they were delusional into thinking having a child gives a priority to purchase it first.
How much Starbucks do these rich assholes drink to think stopping that purchase would get me my own home?
Giving rich assholes more credit than they deserve: this advice is from the 90s. Boomers had to tighten their belts, pick up extra shifts, and scrimp and save to get a down payment for a “starter home”. If someone one is a fucking idiot who doesn’t understand anything about the economy for the last 30 years, they tell their kids and grandkids to do what they did…there’s no such thing as a systemic issue, all you need is grit and give the manager a handshake yadda yadda yadda.
Isn’t everybody drinking 25,000 worth of Starbucks a year?
there are actually people who get it more than once every day on average, literally a hundreds of dollars a month expense
and the fucking dumbest part of it is that that’s still not enough to put a dent in a downpayment
To be fair…back in the 90’s, all you had to do to afford a mortgage was to stop drinking Starbucks.
ok, avoiding starbucks is easy because six fucking dollars for a coffee so they can pay their CEO 6,660 times what a barista makes, just so he can fly between seattle and sfo DAILY, yeah, that’s easy, but that’s not going to transform the entire fucking economy.
what boomers faced 30 years ago? lol, record low interest rates, cheaper education, much higher % of union participation, help me out here what was the rough stuff the boomers went through 30 years ago?
NO FUCKING TELL ME I WANT TO KNOW
They had to watch women, black people, queer folk and transgender people exist and they were scared.
the horrors
Boomers bought their houses in the '70s and '80s when the interest rates were 15%. It’s a big part of why the houses were cheaper for them.
Not giving them a pass. They did have what is likely the easiest economy in American history, but they didn’t have record low interest rates.
In 1970 the median house was about 22k and median income for white families was 10k mostly via a single earner.
Minorities were of course fucked as usual.
You could save up and outright buy. Now a median household is 80k with 2 folks working looking at 800k anywhere near the jobs they work. With interest of course its more like 1.6M
I more or less agree. The home price to income ratio in the US bottomed out in '74 at 3.62-ish. A healthy economy is between 4 and 5. The peak of the housing bubble was 6.78. Today it’s around 7.05. We are beyond cooked and this lady is out of her mind.
That’s a legitimate frustration. We don’t need to pretend interest rates were at a record low for the boomers to validate that.
valid
If a boomer was buying a house 30 years ago, they were between 32 and 50 years old. They were not buying starter homes 30 years ago. They already had equity.
I was well alive and conscious back then. There was no crisis and home ownership was carefree. The 99’s were awesome. She’s just a lying removed. Boomers never faced any real challenge besides poor brown kids.
So was I and there was a long recession from 90 to 92. Unemployment hits 7.8% and I believe there were a record number of people on food stamps. It’s what made George HW Bush a single term president.
Their economy boomed under Clinton and with the dawn of the internet, but even then middle-aged boomers Warren tech savvy enough to repo the full benefits.
None of that is to say they didn’t have it far easier than millennials and zennials. They did. But disliking them doesn’t mean we have to overlook the facts. They were challenges along the way.
they were complaining about the prices for their rentals probably
