The majority of 18- to 29-year-olds in the US are now living with their parents

Post by ballenf » Wed, Sep 16, 2020, 6:08 PM UTC

babelfish wrote: post #393

dcolkitt wrote: post #246

> Housing is more expensive for them than prior generations I harp on this constantly. But housing is not more expensive in the majority of American metros. Adjusted for inflation the median cost per square foot of new housing is almost exactly the same as it was in 1990. (This doesn't even take into account that mortgage rates are drastically lower since then.) We get skewed on this for two reasons. One is because h…

> Two is that we're highly skewed to a handful of elite metros, whose housing markets are not representative of the country as a whole Right, but what matters is the housing price where people are. It doesn't matter what the housing market looks like in South Dakota if I don't want to live there. While houses in South Dakota may be 1/10 the price of houses in NYC (likely cheaper, honestly), they also have 1/10 the po…

Post by lotsofpulp » Wed, Sep 16, 2020, 6:09 PM UTC

leetcrew wrote: post #330

Gunax wrote: post #294

Earlier quoted context omitted.

We might be talking about different budget levels, but to normal people (people who don't have the word 'software' in their job title), 200k in retirement is a lot. Actually the median 401k balance at retirement is only around 60k, so that alone would quadruple their retirement savings.

yeah, I'm assuming most of the people on this forum have upper-middle salaries or will likely have them in the future. I mostly wrote the post with this audience in mind, though I think the bit about analyzing spending in relation to your savings rate is relevant to everyone. I am very fortunate to have the opposite "problem": I tend to be very stingy and waste a lot of time and energy trying to save amounts of money…

Post by leetcrew » Wed, Sep 16, 2020, 6:11 PM UTC

lotsofpulp wrote: post #403

leetcrew wrote: post #330

Earlier quoted context omitted.

yeah, I'm assuming most of the people on this forum have upper-middle salaries or will likely have them in the future. I mostly wrote the post with this audience in mind, though I think the bit about analyzing spending in relation to your savings rate is relevant to everyone. I am very fortunate to have the opposite "problem": I tend to be very stingy and waste a lot of time and energy trying to save amounts of money…

> since this is a guaranteed payment until end of life, this is like having >$375k in a retirement account at age 67. I would not bet on social security retirement age staying at 67, nor would I bet on the purchasing power of $15.5k remaining anywhere close to it is today.

Post by beiller » Wed, Sep 16, 2020, 6:12 PM UTC

wonderwonder wrote: post #88

zpeti wrote: post #37

I think people need to start realising just how incredibly much the government is now stepping in at each of these crises to make them as smooth as possible. But there is a downside to this. You are not allowing the normal economic effects to happen because you are wanting to keep everything as it is, but then guess what, the status quo stays, and anyone joining the ladder is finding it increasingly difficult. What's…

"millennials shouldn't be arguing for more government intervention, but less" Your argument that government intervention is bad for millennials is flawed. Without government intervention such as eviction moratoriums, unemployment benefits and federal government stimulus checks there would have been massive homelessness. Prior to the pandemic 40% of americans could not cover a $400 emergency, all of these people would…

Post by vkou » Wed, Sep 16, 2020, 6:13 PM UTC

JanisL wrote: post #238

onion2k wrote: post #197

Earlier quoted context omitted.

House prices will never fall significantly. As soon as a house enters the market at anything below the going rate it's bought by a landlord or a rental company. This will keep house prices high forever.

House prices can fall in real terms even if they don't in nominal terms. I think the is exactly the situation we are likely to see in an environment where the solution to every problem is "stimulus" and "money printer go brrrrrr" in response to the housing market taking a dive.