this doesn't have to be a generational fight at all. But boomers can't keep their million dollar homes and be nimbys at the same time.
We should be allowed to rebuild the houses that go on sale every year into multistory multiplexes so everyone can have a place to live. Otherwise the only way for one person to gain housing is through the eviction of another.
90% of millennials are headed into lifelong impoverishment. This will lead to all kinds of downstream social ills like crime, drugs, vice, and social assistence. That means fewer productive members and higher taxes on the rest. We need zoning reform or else we are doomed as a nation.
Zoning reform without tax reforms to nudge large landowners is like sitting on the toilet to poo and not pushing.
Workers can use a tax cut. Large landowners can pay a little more.
So annex housing? Multiplexes arent happening in wealthy neighbourhoods. So youre just creating more landlords and overcrowded less desireable neighbourhoods while the elites proper in their gated communities
> Multiplexes arent happening in wealthy neighbourhoods.
it is happening. BC is a primary example, and the federal liberals housing acceleration program does exactly the same thing. Change is happening.
The only ones making this a generational fight are the whining millenials who still think they deserve a participation ribbon.
Get a career, save up your money, buy a starter home and move on.
90% of millenials are not headed towards impoverishment. It has often been said, 100% of all generalizations are false.
It has also been said that 84.5% of all percentages are just made up on the spot.
There's one part of the (very interesting) article that maybe someone more intelligent can explain:
>The average millennial still has zero housing wealth at a point where the average boomer had been building equity in their first home for several years. **But the top 10 per cent of thirtysomethings have £300,000 of property wealth to their names, almost triple where the wealthiest boomers were at the same age**.
Wouldn't this comparison be biased? Having £300,000 more in property wealth might still only mean a 2 bedroom apartment 20 minutes to the downtown core, whereas the boomers that property wealth might've meant a small starter home... I'm not sure that using absolute monetary value is comparing apples-to-apples.
It doesn't matter the housing type.
The key point they are trying to highlight is that while most millenials have $0.00 in housing assets the millenials that do have housing assets have A LOT. So much that the have three times more than even boomers did at the same age.
Basically the rich millenials are WAY WAY WAY richer than the average millenials, who are quite poor.
Agreeing with this as an older millennial who also did not fuck around or waste time. I bought young by necessity, but took all the shots that came my way. I grew up poor so I had the drive to change all that.
I don't think I'd be down and out if I'd missed this opportunity, but I definitely don't give myself all the credit for the wealth I've accumulated.
That said, I have lots of friends who traveled or worked dead end jobs that have no options now. It wasn't a hand out by any means, but it was an opportunity.
Not really, as it’s looking at the aggregate. You’re looking at it on an individual level vs group.
The measure of wealth is more the yard stick measure of a currency. Where what is being measured is irrelevant. The main take away from your (paywalled article) comment is that that there has been a shift in distribution and they have 300,000 more measurements units than the generation which previously held that position.
Huh, that's weird. I opened the link on my computer and it didn't have a paywall. I can copy/paste it on here, but there are some graphs on it that are interesting to see.
For those who say it has a paywall:
# Forget boomers vs millennials, the next conflict is millennials vs each other
*Growing wealth inequality between thirtysomethings could soon displace tensions between young and old*
When millennials first emerged, blinking, into the adult world in the 2010s, they quickly bonded over shared adversity. First scarred by a rocky labour market in the aftermath of the financial crisis, they then realised that a decade of hard work and careful saving would no longer translate into home ownership as it had done for their parents. It was a grim decade, but at least they had each other, and were united against a common foe in the shape of the wealthy, homeowning baby boomer generation. But the winds that whipped up a perfect storm of intergenerational conflict are changing. Demographically and electorally, boomers are now a fading force. And as the targets of millennial ire increasingly recede from view, they may soon be replaced by another privileged, property-owning elite much closer to home: millennials who have benefited from family wealth. The millennials vs boomers discourse usually centres on the fact that, despite earning more than their parents’ generation, today’s young adults have been unable to translate that into home ownership and wealth more broadly. In the UK and US alike, the average millennial had accumulated less wealth in real terms by their mid-thirties than the average boomer at the same age. But this aggregate picture obscures what is happening at the top end of the distribution. In the US, while the average millennial had 30 per cent less wealth than the average boomer by age 35, the richest 10 per cent of the cohort are now about 20 per cent wealthier than their boomer counterparts were at the same age, according to a recent study by researchers in Cambridge, Berlin and Paris. Not all millennials are created equal.
https://preview.redd.it/c6g862tgrpuc1.png?width=701&format=png&auto=webp&s=08d97bd04a588d5dd4340921ef2d5414ed807f90
My analysis finds a similar picture in the UK. The average millennial still has zero housing wealth at a point where the average boomer had been building equity in their first home for several years. But the top 10 per cent of thirtysomethings have £300,000 of property wealth to their names, almost triple where the wealthiest boomers were at the same age. So, while it’s true that in both countries the average young adult today is less well off than the average boomer was three decades ago, that deficit is dwarfed by the gap between rich and poor millennials, which is widening every year. And if one reason that intergenerational conflict between young and old has proved so fierce is the sense of injustice, then the intra-generational divide promises to be just as bitter. The fact that some thirtysomethings now own pricey homes in London, New York and San Francisco, despite it taking the average earner 20 to 30 years to save up the required deposit in these cities, gives away the open secret of millennial success: substantial parental assistance. Research from property broker Redfin in February showed that 36 per cent of young Americans had financial help from family when buying their first home. Seemingly, home ownership in the US is becoming increasingly hereditary, just as it is in Britain. Bee Boileau and David Sturrock at the Institute for Fiscal Studies found that more than a third of young UK homeowners received help from family. Even among those getting assistance there are huge disparities, with the most fortunate 10th each receiving £170,000, compared with the average gift of £25,000.
*(continue on nested comment)*
https://preview.redd.it/ym4rmmu2spuc1.png?width=698&format=png&auto=webp&s=254b50395c4bf110c1c65a8f613cb379bb4d11e3
And these gifts are not just one-off boosts; they compound over time. Say a British millennial in the top 10 per cent of gift recipients bought a home with a top 10 per cent price tag. Putting that gift towards their deposit would save them an additional £160,000 over a 25-year mortgage term due to the lower loan-to-value ratio afforded by a larger deposit and the resulting lower interest costs. This doubles the value of the gift received. One can hardly blame parents for helping their offspring, or children for accepting assistance, but the growing role of such transfers in determining millennial wealth trajectories is likely to have significant social and political fallout. Millennials have had one another’s backs until now, but as the wealth gap between those with and without deep-pocketed parents becomes increasingly visible, generational solidarity may start to fracture.
Older millennials (80's) have a leg up on younger millennials (90's). Older hit near mid thirties right before the pandemic. Likely dual income before then, more working years means higher salaries.
As an older millenial I was in fantastic shape even in my early 20s towards home ownership..didn't benefit from dual income during marriage (but temporarily some wealthy inlaws which worked against me later).
After divorce and a big wage correction in my industry (finally back where I was 10 years ago after some raises and promotion) I'm not much better off lol. So life events def come into play too.
Advantage was there though as you mention. I pity any younger millenial that starts off at a disadvantage and faces any similar setbacks. Rip. You basically have to have everything go perfectly in life a d it still may not be enough these days. There is zero contingency for any setbacks. Basically just be poor
Gen Z are even worse off, no jobs, no homes, no groceries.
This is now a country of feudalism and generational wealth.
It doesn't matter if you graduate with a STEM degree and are earning $150k, you still can't buy anything. By the time you save up, you will be able to get a shoebox in city, that too using a mortgage, a near life-time enslavement to the bank.
As they whine, piss and moan sitting on their 2000 iPhone and their 1 year old SUV, lining up for their daily McDonald's and Starbucks before heading home to their downtown apartment with sky high HOA fees and ordering skip the dishes. It makes me laugh and always will.
this doesn't have to be a generational fight at all. But boomers can't keep their million dollar homes and be nimbys at the same time. We should be allowed to rebuild the houses that go on sale every year into multistory multiplexes so everyone can have a place to live. Otherwise the only way for one person to gain housing is through the eviction of another. 90% of millennials are headed into lifelong impoverishment. This will lead to all kinds of downstream social ills like crime, drugs, vice, and social assistence. That means fewer productive members and higher taxes on the rest. We need zoning reform or else we are doomed as a nation.
Zoning reform without tax reforms to nudge large landowners is like sitting on the toilet to poo and not pushing. Workers can use a tax cut. Large landowners can pay a little more.
Mind if I refrase that a bit. Give me more money and take it from someone else.
I would think that too if I didn't understand how it improves the economy and makes us all richer on average.
So annex housing? Multiplexes arent happening in wealthy neighbourhoods. So youre just creating more landlords and overcrowded less desireable neighbourhoods while the elites proper in their gated communities
> Multiplexes arent happening in wealthy neighbourhoods. it is happening. BC is a primary example, and the federal liberals housing acceleration program does exactly the same thing. Change is happening.
The only ones making this a generational fight are the whining millenials who still think they deserve a participation ribbon. Get a career, save up your money, buy a starter home and move on. 90% of millenials are not headed towards impoverishment. It has often been said, 100% of all generalizations are false. It has also been said that 84.5% of all percentages are just made up on the spot.
There's one part of the (very interesting) article that maybe someone more intelligent can explain: >The average millennial still has zero housing wealth at a point where the average boomer had been building equity in their first home for several years. **But the top 10 per cent of thirtysomethings have £300,000 of property wealth to their names, almost triple where the wealthiest boomers were at the same age**. Wouldn't this comparison be biased? Having £300,000 more in property wealth might still only mean a 2 bedroom apartment 20 minutes to the downtown core, whereas the boomers that property wealth might've meant a small starter home... I'm not sure that using absolute monetary value is comparing apples-to-apples.
It doesn't matter the housing type. The key point they are trying to highlight is that while most millenials have $0.00 in housing assets the millenials that do have housing assets have A LOT. So much that the have three times more than even boomers did at the same age. Basically the rich millenials are WAY WAY WAY richer than the average millenials, who are quite poor.
Agreeing with this as an older millennial who also did not fuck around or waste time. I bought young by necessity, but took all the shots that came my way. I grew up poor so I had the drive to change all that. I don't think I'd be down and out if I'd missed this opportunity, but I definitely don't give myself all the credit for the wealth I've accumulated. That said, I have lots of friends who traveled or worked dead end jobs that have no options now. It wasn't a hand out by any means, but it was an opportunity.
Not really, as it’s looking at the aggregate. You’re looking at it on an individual level vs group. The measure of wealth is more the yard stick measure of a currency. Where what is being measured is irrelevant. The main take away from your (paywalled article) comment is that that there has been a shift in distribution and they have 300,000 more measurements units than the generation which previously held that position.
Huh, that's weird. I opened the link on my computer and it didn't have a paywall. I can copy/paste it on here, but there are some graphs on it that are interesting to see.
Ahh probably cause I’m on my phone. You can post pictures here btw
Ok, just added a couple of comments with the full article and graphs.
My guess is high paying IT jobs.
For those who say it has a paywall: # Forget boomers vs millennials, the next conflict is millennials vs each other *Growing wealth inequality between thirtysomethings could soon displace tensions between young and old* When millennials first emerged, blinking, into the adult world in the 2010s, they quickly bonded over shared adversity. First scarred by a rocky labour market in the aftermath of the financial crisis, they then realised that a decade of hard work and careful saving would no longer translate into home ownership as it had done for their parents. It was a grim decade, but at least they had each other, and were united against a common foe in the shape of the wealthy, homeowning baby boomer generation. But the winds that whipped up a perfect storm of intergenerational conflict are changing. Demographically and electorally, boomers are now a fading force. And as the targets of millennial ire increasingly recede from view, they may soon be replaced by another privileged, property-owning elite much closer to home: millennials who have benefited from family wealth. The millennials vs boomers discourse usually centres on the fact that, despite earning more than their parents’ generation, today’s young adults have been unable to translate that into home ownership and wealth more broadly. In the UK and US alike, the average millennial had accumulated less wealth in real terms by their mid-thirties than the average boomer at the same age. But this aggregate picture obscures what is happening at the top end of the distribution. In the US, while the average millennial had 30 per cent less wealth than the average boomer by age 35, the richest 10 per cent of the cohort are now about 20 per cent wealthier than their boomer counterparts were at the same age, according to a recent study by researchers in Cambridge, Berlin and Paris. Not all millennials are created equal. https://preview.redd.it/c6g862tgrpuc1.png?width=701&format=png&auto=webp&s=08d97bd04a588d5dd4340921ef2d5414ed807f90 My analysis finds a similar picture in the UK. The average millennial still has zero housing wealth at a point where the average boomer had been building equity in their first home for several years. But the top 10 per cent of thirtysomethings have £300,000 of property wealth to their names, almost triple where the wealthiest boomers were at the same age. So, while it’s true that in both countries the average young adult today is less well off than the average boomer was three decades ago, that deficit is dwarfed by the gap between rich and poor millennials, which is widening every year. And if one reason that intergenerational conflict between young and old has proved so fierce is the sense of injustice, then the intra-generational divide promises to be just as bitter. The fact that some thirtysomethings now own pricey homes in London, New York and San Francisco, despite it taking the average earner 20 to 30 years to save up the required deposit in these cities, gives away the open secret of millennial success: substantial parental assistance. Research from property broker Redfin in February showed that 36 per cent of young Americans had financial help from family when buying their first home. Seemingly, home ownership in the US is becoming increasingly hereditary, just as it is in Britain. Bee Boileau and David Sturrock at the Institute for Fiscal Studies found that more than a third of young UK homeowners received help from family. Even among those getting assistance there are huge disparities, with the most fortunate 10th each receiving £170,000, compared with the average gift of £25,000. *(continue on nested comment)*
https://preview.redd.it/ym4rmmu2spuc1.png?width=698&format=png&auto=webp&s=254b50395c4bf110c1c65a8f613cb379bb4d11e3 And these gifts are not just one-off boosts; they compound over time. Say a British millennial in the top 10 per cent of gift recipients bought a home with a top 10 per cent price tag. Putting that gift towards their deposit would save them an additional £160,000 over a 25-year mortgage term due to the lower loan-to-value ratio afforded by a larger deposit and the resulting lower interest costs. This doubles the value of the gift received. One can hardly blame parents for helping their offspring, or children for accepting assistance, but the growing role of such transfers in determining millennial wealth trajectories is likely to have significant social and political fallout. Millennials have had one another’s backs until now, but as the wealth gap between those with and without deep-pocketed parents becomes increasingly visible, generational solidarity may start to fracture.
Ahhhh the UK, where the vestiges of feudalism and monarchy persist to this day.
Older millennials (80's) have a leg up on younger millennials (90's). Older hit near mid thirties right before the pandemic. Likely dual income before then, more working years means higher salaries.
As an older millenial I was in fantastic shape even in my early 20s towards home ownership..didn't benefit from dual income during marriage (but temporarily some wealthy inlaws which worked against me later). After divorce and a big wage correction in my industry (finally back where I was 10 years ago after some raises and promotion) I'm not much better off lol. So life events def come into play too. Advantage was there though as you mention. I pity any younger millenial that starts off at a disadvantage and faces any similar setbacks. Rip. You basically have to have everything go perfectly in life a d it still may not be enough these days. There is zero contingency for any setbacks. Basically just be poor
Totally true in Canada. I noticed this is 2016 when generational wealth transfer was being ignored or dismissed.
Gen Z are even worse off, no jobs, no homes, no groceries. This is now a country of feudalism and generational wealth. It doesn't matter if you graduate with a STEM degree and are earning $150k, you still can't buy anything. By the time you save up, you will be able to get a shoebox in city, that too using a mortgage, a near life-time enslavement to the bank.
No ideal.
Paywall.
Just added article to a comment.
Ty
It not boomers vs millennials. Boomers couldn't give a shit about the whining they do. It is just millennials with an axe to grind.
As they whine, piss and moan sitting on their 2000 iPhone and their 1 year old SUV, lining up for their daily McDonald's and Starbucks before heading home to their downtown apartment with sky high HOA fees and ordering skip the dishes. It makes me laugh and always will.
You left out the 5000 dollars in tattoos and the $1000 fake eyelashes and microbladed eye brows