Yes. Millenials own property at the highest rate, age adjusted, in generations. (Anecdote: am Millenial. Own a home. Most of my friends do, too. Yes, it's a bubble, but it's a big one.)
> Where'd all of the value go?...(that's a rhetorical question)
No, it's not. It went to the people who bought houses. Including between 2019 and 2024.
Which generation's mode reached home-buying age in that interval, an interval also generously sprinkled with massive stimulus, a stock-market boom and forced consumption-reduction through stay-at-home orders? (That is a rhetorical question.)
"Yes. Millenials own property at the highest rate, age adjusted, in generations."
Age-adjusted?
So if you take out the fact that it took up more of the one resource that matters more than anything else to become property owners, then, yes, Millennials have more of it.
> Age-adjusted?...So if you take out the fact that it took up more of the one resource that matters more than anything else to become property owners
Ask before assuming.
Age adjusted means taking each generation when they were the same age, how wealthy were they? A Boomer today is wealthier than a Millenial because they've had more time to accumulate. But when a Boomer was Millenial-aged, she had on average less wealth than a Millenial today.
If you have more wealth, you can theoretically purchase more goods and services than if you had less.
The exception to this, of course, is if the goods and services cost more, and for things that you need to exist in American society (healthcare, education, transportation, housing, food), those things generally cost several times more for younger people than they did, "age-adjusted", when their parents were the same age, often with a difference that is more than that in wealth. That's why wages have been flat.
There's also the question of how that wealth is distributed among the generations and how it's stored. If the property-owning Millennial owns a few rental properties that their peers have to pay to live in, the "average" properties owned by the group can be the same (or even higher) but the number of people those properties are spread among is lower.
There's also the fact that lots of wealth is held in the casin... er... stock markets as people need to participate in those markets with their 401(k)s to be able to retire some day. You can't sleep in a stock certificate, but if you want to have any savings, it's easier to enter the equities market than it is to get into real estate from a startup cost perspective. People are having to compromise the "stability" of their fundamental needs (like housing) in order to grow more abstract definitions of wealth.
> You're trying to argue against facts with philosophy.
It is a fact that wages have remained stagnant for four decades.
It's also a fact that the wealth gap is growing between rich and poor, and that's what's distorting the figures you're citing. That's the only way, mathematically, you see wages remain flat while seeing wealth rise.
Look deeper at your facts, instead of letting them be tainted by your philosophy.
> wages have remained stagnant for four decades…It's also a fact that the wealth gap is growing between rich and poor
First is sort of correct for a very specific slice of America, those just above the welfare cut off. (For whom real wages have been flat to negative, assuming we scale up housing preferences and add in costs that didn’t make sense before, e.g. internet and cell-phone bills.) The second—about rising inequality—is true throughout.
Neither advances your argument, however—one can better off while others are much better off, and most in a population can be better off while some are worse off. (Observe the median Millenial and the statistics stand. Millenials are rich, in part because we’re going to stick Gen Alpha with the bill.)
Yes. Millenials own property at the highest rate, age adjusted, in generations. (Anecdote: am Millenial. Own a home. Most of my friends do, too. Yes, it's a bubble, but it's a big one.)
> Where'd all of the value go?...(that's a rhetorical question)
No, it's not. It went to the people who bought houses. Including between 2019 and 2024.
Which generation's mode reached home-buying age in that interval, an interval also generously sprinkled with massive stimulus, a stock-market boom and forced consumption-reduction through stay-at-home orders? (That is a rhetorical question.)