nfinf.substack.com
Inspired by some of the conversations we had here about the experiences of previous generations (especially with /u/the_nybbler, and yes, I know you're not a boomer), I wrote up a post that challenges a common narrative of how good the boomers had, and how screwed the millennials are. Main point is that the houses were not that much cheaper relative to now, and the interests rates were murderous. Enjoy!
(I'm a regular poster here, but I wanted to separate the identities for opsec purposes).
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Notes -
What about real interest rates back then? Low value mortgage was deflated away compared to 70s/80s nominal income growth of like 15% each year. Sacrifice for a few years, yes, then debt payment becomes increasingly trivial compared to rising income, which isn't true now.
That's a very good point, and you could use it to argue that boomers actually ended up well off as they aged, and the prospects of millennials are not so bright. This is most likely true: barring some AI singularity revolution, by the time millennials retire, they'll be pretty screwed relative to today's boomers.
That said, typically complaints about housing affordability come from people who want to buy or upgrade, not people who have been making payments for 5+ years.
The millennials are the children of the boomers, they are going to inherit those expensive houses that the boomers are living in. Some people think that they will end up being the wealthiest generation who have ever lived.
But yes, I'm sure that millennial pension schemes will be drastically less generous than their parents get now, due to ageing populations and the fact that those pensions were never sustainable to begin with.
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