Ah, I have a hard time remembering that the millennials have taken the boomers' place as the oppressive older generation.
Gen Z doesn't have a monopoly on spending their 20s in a scary financial situation. Let's see what the numbers look like in 10 years—if prior trends (the data I linked to above) are anything to go by, I expect them to be roughly the same as they always have been at about 66%+/-3%.
You better check what the average mortgage payment for new house buyer today and 5 years ago. Diff can be 2-3 times.
Also, actual homeownership is not a perfect proxy for wealth measurement, since it could be that today's gen z are buying 1br condos instead of single family houses like boomers.
You mentioned boomers. They faced higher interest rates, higher unemployment and higher inflation than people do now.
Sure, it may not be effortless coming of working age now, but it would take a staggering level of ignorance and/or entitlement to argue that it’s harder than it was in the 70s when boomers were coming up.
And much lower incomes. We can go back and forth like this all day.
The point you seem to be missing is that it has never been the norm in the US for a 25 year old to own their own home. The closest we ever got to that would be the Silent Generation returning home from WWII and the veterans benefits we were handing out.
My parents (Boomers) rented a dumpy townhouse in their 20s and early 30s while raising two kids. They finally bought their first home at ages 33 and 29 with a 19% interest rate. Money was really tight for the next 5 years or so until my dad's career progressed. This was with a college degree and a management position. Life has always been a challenge for the youngest generation just starting out. Today's 25 year olds look at their parents and forget that their parents have had decades of wealth accumulation and career progression. They didn't start out taking trips to Hawaii every year.
These numbers are all adults under 35, so your argument about generation gaps doesn't apply here. 20-something year olds are included in each decade's numbers, and the rate hasn't substantially changed in the measured decades.
> You better check what the average mortgage payment for new house buyer today and 5 years ago. Diff can be 2-3 times.
That's a separate question from whether people are priced out. If the average mortgage payment is much higher but 39% of people under 35 can still afford a mortgage, then no more people are priced out than were in previous generations.
> Also, actual homeownership is not a perfect proxy for wealth measurement, since it could be that today's gen z are buying 1br condos instead of single family houses like boomers.
True, but I'm not talking about wealth, I'm specifically addressing the question of whether the average American cannot afford to buy a home.
> If the average mortgage payment is much higher but 39% of people under 35 can still afford a mortgage
they afford rate they secured when it was much lower and in many cases houses were cheaper.
Today's 35 first house buyer salary man coming on housing market is also in very miserable situation.
majority of those 66% are older generation who benefited dramatically on homes prices increase. New gen is priced out.