this post was submitted on 25 Sep 2023
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United States | News & Politics
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If you think that, I know you're unfamiliar with the economy and real estate.
They bought them, yes. In fact, they had higher interest rates! My dad's first mortgage in the 80s was at 17%...but the loan was less than 2 years of his salary which made his payments pretty easy. Now I'm expecting to have to pay 5-6x my salary for a similar home.
And to get ahead of some rebuttals: adjusted for inflation, I am making more than he did at the time so it's not that. And the homes I'm looking at are in less desirable neighborhoods than I grew up in so it's not that either.
Furthermore, his parents' generation wasn't hoarding real estate for Airbnb rentals.
Also, there has been a drop in new housing construction since 2008.
There was a massive multigenerational push to build new housing, with government agencies either facilitating new construction with infrastructure or helping to fund its construction.
Do you mean new housing as in individual stand alone houses, or does that also include multi unit apartment buildings?
I only ask because in the old area I used to live in it seemed like they were building new apartments left and right. Meanwhile as far as houses go I would be inclined to agree, as I haven't really noticed any new construction going on. But that's just in the area I live now. It'd be interesting to see nationwide numbers.
Any new housing unit. There has been an increase in multifamily housing, but nowhere near enough to cover for the total drop.
Ah, I gotcha. Thanks for the answer!
if he bought his first home in the 80's then your dad is a really young boomer to. or waited awhile for some reason. anyway there is a different with each generation over the 20 year span. not that it makes much of a difference when things are great. just older boomers had it a bit better even. The basic pattern is the younger the worse you have it if you where born in the 70's or later. I really can't fanthom why people are still having kids.
Hey wasn’t Airbnb started by millennials?
Hey wasn't Ford started by Henry Ford? It's an equally relevant question.
Are you a boomer going for some sort of gotcha here or something? Karl Marx could have started Airbnb and it wouldn't change the situation we're in now so...what does it matter?
The point obviously is that the relentless attacks on “boomers” conveniently and consistently leaves out that Gen X and Millennials are the landlording generations, who have grown up with cheap money.
Buy to let didn’t really take off until interests rates fell in the late 90s
But this doesnt fit the narrative, and would leave you looking like fools tricked into fighting a generational war, instead of the criticising government policy like the savvy individuals I’m sure you all are. 👍
But you're the one inserting a generational war here, not me.
I was explaining the difference between buying a home in the 80s and buying one now and why boomers DID have it easier in that regard because you made a dumb joke about young people thinking boomers got free houses. Then in response you pulled out some unrelated millennial bullshit...? I didn't even say BOOMERS held the rentals...I said prior generations weren't hoarding real estate.
Neither of your replies have addressed the comments you replied to. You just kinda made up an enemy to argue with.
I didn’t make any jokes about free houses.
Read better, fool.
Millennials barely own homes, we have much lower home ownership rates and that’s only dropping more with each subsequent generation.
Who cares? It could've been started by anyone but the point remains: airbnb has had a negative influence on housing affordability.