Earlier quoted context omitted.
True. I'm also trying to provide some perspective to younger job hunters that while now it is more difficult to get a job than anytime since the Obama era, it was much, much harder during the George Bush Jr. era which wasn't all that long ago and I suspect there are a lot of folks here on HN who were working back then. Personally, I can go further. Things weren't too great during George Bush Sr. era where we had a re…
I don't know about that. During all previous major downturns, the base-level credential was a high school diploma or lower (yes, even during the GFC). That's no longer the case. Whatever our older siblings, parents, grandparents, etc. had to do, tack on another 4 years just to get your foot in the door. A lot of the people being hit today got their first wallops during 2008 (and were affected by their older relatives…
In 1987 I bought a condo for $55K at 7.5% interest and thought I got a steal because I was buying for cheaper than rent. I just looked up on Zillow and that property today is $163,200. That represents an average annual percentage increase of 5.46%. According to Google, IT salaries have increased an average of 3.8% per year every year since 1987. That indicates properties values are increasing at a rate of 1.6% per year faster than IT salaries are growing. But that needs to be tempered against interest rates being so much lower now than they were during the 80's and 90's.
The biggest difference between today and back then is the cost of higher education. College tuition has increased at an annualized percentage rate of 5.5% per year since 1987. That doesn't sound too bad until you realize the minimum wage has only increased by 2.3% per year over the same period - which now means students are no longer able to work a part-time job and go to school, which was very common when I went to college. Now they get loans. Then when they graduate, even though the housing market values hasn't increased too bad compared to IT wages, it's a lot when you also have a lot of student debt that we never had.