Tell us something we don’t know.

[Pixguy]

Yeah, seriously. Stock market tanked in 2019, we lost around 30% of value, but we kept buying shares as usual, so we got many more shares at lower prices. Stock market rebounded and since the start of 2021 we got our value back to pre-2019 levels and have now gained about 23% on top of that.

You're out of touch my friend. Not everyone is in the market like you and I. Lower income folks are hurting and no matter how much you deny it, the economy sucks.
I'm having to raise my prices 10% to cover increased labor and expenses and I'm sure I'll hear some customer complaints but we have no choice.

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www.reuters.com

 

[Oaktree]

Sounds like us (52 years this year). The key thing you said was "We live below our means." which most people don't do today.
When I hear about high "median home" prices research and you see this...but in my 20s I'd be looking at something like the old house like the second picture with a few acres. As long as it's structurally sound, roof doesn't leak it could be rewired, new plumbing, kitchen, windows, etc. which is what I did over time as I got money. I could add an addition, nice driveway...all that stuff.
I think lots of young people want to start off new and fairly large...maybe they don't know how to repair things.View attachment 859289View attachment 859290

I don't know how it is where you live, but even the "handyman specials" are going for ridiculously high prices these days, when they're even available. Relatively low number of houses on the market, and it seems that anything remotely affordable gets snarfed up in a very short time. Maybe we're not seeing the bidding wars we had during covid but not many bargains either, at least not in a neighborhood anyone wants to live in.

Agree on living below one's means, I've always done that too and have done pretty well for myself despite never earning the big bucks. Over-spending one's income is hardly unique to younger generations though...lots of stories of boomers facing retirement with very little in the way of savings.
I have to believe that there are plenty of millennials/gen z'ers who don't fit the stereotypes.

 

[WinterDeere]

I don't know how it is where you live, but even the "handyman specials" are going for ridiculously high prices these days, when they're even available. Relatively low number of houses on the market, and it seems that anything remotely affordable gets snarfed up in a very short time. Maybe we're not seeing the bidding wars we had during covid but not many bargains either, at least not in a neighborhood anyone wants to live in.

The real estate market has always been feast or famine, nothing new. It's not worse than 2003, when housing prices around here almost doubled overnight. Then, everything slid back down to 1.5x of the pre-2003 pricing, by 2010.

I'd be willing to bet your great-great grandparents could have written the same post, shifted by 100 years. Nothing new, time the market accordingly. Upgrade in a down (buyer's) market, when you can save more on the new bigger house than you're losing on the old smaller house. Downgrade in an up (seller's) market, when the ratios are reversed.

 

[kenmbz]

Houses up 50% or more in three years and salary increases at 3-4% .
Reminds me of the 70's.
Can't touch a house on my area for less than $400,000 (town home) or $100,000 an acre for land.
My friends kids bought a fixer upper for $300,000+ in West Trenton NJ, the schools there are horrible, so they will have to private or home school.

IN 2018, this was a very different area where you had good pickings in the 250-300 thousand range.

Next town over building new condos going for $1million+

 

[Pixguy]

Houses up 50% or more in three years and salary increases at 3-4% .
Reminds me of the 70's.
Can't touch a house on my area for less than $400,000 (town home) or $100,000 an acre for land.
My friends kids bought a fixer upper for $300,000+ in West Trenton NJ, the schools there are horrible, so they will have to private or home school.

IN 2018, this was a very different area where you had good pickings in the 250-300 thousand range.

Next town over building new condos going for $1million+

I was able to buy my first home at 23 with $2500 down at 40k in 1984. Interest rates? That's another story.

 

[JethroB]

National Parks being sued for refusing cash pay to enter at several parks.

Interesting because at Death Valley Monument the park service said it cost 40k to process 20k of cash paid entrance fees last year... No nearby bank, need to pay people that can count money/make change plus Armoured Car service to the the desert location.

I can understand that. Handling and safeguarding cash is a PITA.

 

[MossRoad]

You're out of touch my friend. Not everyone is in the market like you and I. Lower income folks are hurting and no matter how much you deny it, the economy sucks.

I realize that everyone's situation is different. However, I also realize that I'm better off today than I was 4 years ago. I also suspect that many folks in my demographic, no matter how much they complain, have increased their net worth in the past 4 years as well.

Unless one has been doing net worth statements for a long time, they have no way to actually see if their net worth has grown, shrunk or stagnated over their lifetime. They just "feel" that they are in X or Y situation with nothing on paper to prove one way or the other. That's why I encourage people to do those statements at least once a year, if not more often.
As for the economy sucking... GDP would beg to differ.

 

[Pixguy]

I realize that everyone's situation is different. However, I also realize that I'm better off today than I was 4 years ago. I also suspect that many folks in my demographic, no matter how much they complain, have increased their net worth in the past 4 years as well.

Unless one has been doing net worth statements for a long time, they have no way to actually see if their net worth has grown, shrunk or stagnated over their lifetime. They just "feel" that they are in X or Y situation with nothing on paper to prove one way or the other. That's why I encourage people to do those statements at least once a year, if not more often.
As for the economy sucking... GDP would beg to differ.

View attachment 859347

Good job ignoring my link as well as the bottom 50% who aren't part of the market.

 

[Eagle1]

I guess I'm better off because my wife started collecting SS while I still "work" until the end of Aug when my SS kicks in.

I know my land value is up a bunch but that means nothing to me. I'll die here and then it's my kids problem. Might just mean higher taxes cutting into my SS

 

[MossRoad]

Good job ignoring my link as well as the bottom 50% who aren't part of the market.

I read the link. Low income people are paring down fast food orders.... WHAAA! We never ate out when we were poor. Ever. That's how we got un-poor! We cooked at home.