'Disenfranchised' millennials feel 'locked out' of the housing market and it taints every part of economic life, top economist Mark Zandi says
'Disenfranchised' millennials feel 'locked out' of the housing market and it taints every part of economic life, top economist Mark Zandi says
“If they feel like they're locked out of owning a home it colors their perceptions about everything else going on in their financial lives,” Zandi says.
Few milestones in life mean as much to the American Dream as owning a home. And millennials have encountered the kind of trouble totally befitting their generation, which largely graduated into the teeth of the disastrous post-2008 job market. Just as they entered peak homebuying and household formation age, housing affordability is at 40-year lows, and mortgage rates are near 40-year highs.
The anxiety this generation feels about the prospect of never owning their own home affects their entire perception of their finances and the economy, says Moody’s chief economist Mark Zandi.
“If they feel like they’re locked out of owning a home it colors their perceptions about everything else going on in their financial lives,” Zandi says.
Millennials have long been dogged by a brutal housing market. They faced not one, but two, cataclysmic economic events—the Great Financial Crisis in 2008 and the pandemic in 2020. Both of which left them reeling financially and struggling to afford a home. The Great Recession decimated the real estate market as the economy nearly collapsed under the weight of tenuous mortgage backed securities. While the pandemic brought with it a remote work boom that caused millions of citydwellers to flee to the suburbs, sending housing prices soaring.
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It would appear that you and a bunch of others didn't really read it at all. That, or the reddit hate trumps the point I'm making.
The saying goes you catch more flies with honey than with vinegar. Seems, however, that both you and pixxelkick have oddly chosen vinegar.
I don't think it's their choice. I think they're both idiots.
… but you catch the most (flies) with bullshit.
I didn't even have that big of a problem with what pixxelkick said overall until they started in with the "maybe if you had better budgeting software, you'd have an extra $700 a month like we do" bullshit.
Other people's reading comprehension issues aren't my problem. They're the ones who will find daily living difficult.
The funny thing is this thread started with a comment about how people can't manage their money. Maybe reading problems are a part of the issue too.
Today in Lemmy News: poor writer with ambiguous thesis is adamant it's everyone else's fault their point isn't getting across. Writer suggests their difficulties in communicating with others somehow translate to others having difficulties in everyday life. The smugness coupled with a complete lack of self awareness is palpable, folks!
Now back to Chuck in the Weather Wagon!
Hm.. Help me out, what part of my comment was confusing or unclear to you?
Edit:
your comment is mid, and doesn't add anything to the discussion. you being an ass in later comments makes you come across as an insufferable moron, playing like he's the smartest one in the room because nobody likes him. go DM pixxelkick and cry together
Doesn’t add to the discussion? It added data directly related to the OP, the comment I replied to, and the comment above that.
If being able to read makes me the smartest one in the room, we got other problems.
What actually happened is people like the initial one who replied read one fucking line and judged the whole thing.
self reflect, my dude. you're wrong and you're being an asshole.
Nah it's easier to blame everything else in the world instead of take responsibility for one's own issues.
Not a new problem, an issue as old as time.
The amount of people I've met that frivilously waste money daily and constantly indulge in retail therapy, ordering out, etc, then complain they can't afford anything is astronomical.
If I had a nickel for everytime I heard someone wistfully go "once I get my shit sorted out...."
Mate, go fuckin do it then, sort your shit out. Stop going to the bar after work, stop ordering mcdonalds, stop smoking weed, and do something constructive with your time.
Depression sucks, I get it, I've been there. But at a certain point you gotta just accept the only person to blame is the self, but that also means the only person who can fix it is the self.
BOOTSTRAPS DETECTED
Okay, boomer.
People on the internet? Reading things before responding to them?
I dunno, seems tough lol