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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  • echutaa@programming.dev
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    9 months ago

    You’re mistaken, I already live 45 minutes from my job. Moving further from that would be untenable because it would increase my commute by another 30 minutes which wouldn’t leave enough time for me to care for my father in the area.

    • pixxelkick@lemmy.world
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      9 months ago

      me to care for my father

      That’s your choice to make then.

      Moving is an option, you are prioritizing your father’s comfort over your own life.

      You can do that, but no one us forcing you to.

      You can tell your dad “look I’m leaving, I can’t afford it here. You can come with me or not, but I have my own life to live and this place is killing me”

      If he doesn’t come with you, then that’s on him.

      He is a grown ass man, you aren’t his parent…

      Often I see this case, if you purposefully choose to shackle yourself to a relative, that’s no longer "the economy"s fault you can’t afford life. You made a choice to live outside your means, and that choice has consequences.

      You always have the option to leave and most if the time if push came to shove, your relative will cave and follow.

      Of not, you aren’t responsible for them, stop lighting yourself on fire to keep someone else warm.

      • Drivebyhaiku@lemmy.world
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        9 months ago

        Holy shit dude. You are an actual psychopath aren’t you? Fucking Ebenezer Scrooge pre ghostly trio levels of heartless.

        Fucking hell…

          • Drivebyhaiku@lemmy.world
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            9 months ago

            Heeeeellllll no. Seen enough that I am not touching that with a ten foot pole. I value my mental health more than that.

            • pixxelkick@lemmy.world
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              9 months ago

              That does sound a lot easier, making assumptions about people and not bothering to read what they wrote sounds like it makes it easier to sleep at night, knowing there’s zero possibility you maybe were just mistaken about something.

              • Drivebyhaiku@lemmy.world
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                9 months ago

                Perhaps, but as far as assumptions go I have not neglected to notice you have not bothered to correct me either.

                I have also experienced that some people refuse to give up and feel like they must deliver some nebulous and ultimately wanting ad hominem “parting shot” not persuant to the original arguement so they can self-rationalize their own position and feel like they came away saving face. You wanted to find a rationale to dismiss me and there you have it : I am not worth engaging with because I don’t “understand you”. Now back to your comfortable life you go.

                • pixxelkick@lemmy.world
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                  9 months ago

                  I have no idea what you are talking about at this point. You literally admitted to not being able to mentally handle my points and that they were bad for your mental health.

                  I’m curious what you think my point is, that’s it’s so eldritch and terrible its causing you 8d6 psychological damage.

                  Cuz I seriously don’t think my take is even a hot take, it’s wild how I’ll write what I perceive to be pretty basic “don’t be a dick” logic and people will be like “whooaaa hey now we got a psycho over here, hey this dude thinks parents shouldn’t treat their kids like objects, what the fuck right?”

                  W i l d

                  • Drivebyhaiku@lemmy.world
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                    9 months ago

                    Dude. You have shown regular disregard for the humanity of the people you were discussing stuff with in this thread. Essentially you told someone who is trying to help an ailing loved one that essentially they could always just force an elder to move or abandon them and that the hardship is essentially their fault. Tearing an elder from their eatablished support system is a massive blow to them particularly when they are reaching end of life.

                    I have also read enough in your surrounding comments to see you routinely try and force your very narrow vision of success and correct choices on others.

                    At a certain point don’t care what the hell what specific context you think absolves you of that notion. It’s toxic as fuck and I will personally have none of it.