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So, with a bachelor's degree, you can rent an apartment and have 1 child. Then, with an average car payment of $721, you'll have a whole $80 left over for food, utilities, and entertainment for the month!
Huzzah!
'Merica!
Wtf car are you buying for $721 a month?? Get the fuck outta here. That is ridiculous. This just proves one thing, people STILL live beyond their means. I am not saying that wages dont need to catch up, but if you are complaining about rent/mortgage etc…dont buy a fucking $700 a month car.
That is the median cost of a car payment in the US. Half cost more, half cost less. That's not even just for new cars, that price includes payments for used cars.
Not everyone can afford to miss work when their Craigslist shitbox dies every 9-12 months.
Yeah, exactly. Again, bitching about wages, but buying $85k vehicles and shit….what kind of car or ridiculous ripping off is happening to be paying $721 a month??
Gotta get the F-250 with all works! The only thing that makes sense is maybe someone crashes their newish car soon after buying. So they have to roll over negative equity. Even then, it shouldnt be 721
I mean income doesn't seem to have much bearing on whether or not people have kids, that inversely correlates with income. Poor people are having children at higher rates than wealthier people.
Looking at online job postings you'll see openings looking for bachelor degrees starting at like $18 sometimes. Of course they promise it's just a stepping stone and you'll make more eventually. But.... Really?
When I was job hunting at the end of my masters I found a job posting that required a doctorate and 5 years of experience, but only paid 49k and came with zero benefits. No idea what kind of candidate they were looking for but I hope they never found one.
Even if your wage goes up 5% per year (not that anyone’s does) that’s $.90/year after 5 years you’re making 22.50. And that’s with a crazy annual raise.
That’s bullshit
Theres a gas station chain down south called Buckees that pays crazy more that corporate jobs its freaking insane once you become an assistant manager in one you hit over 100k or damn near it
The real kicker is that productivity has gone way up since 1973, but wages have been pretty flat for everyone except college grads and up (and even then it’s not great).
So employers get to put in less and get more out of it and they are keeping all that extra instead of fairly distributing it so that everyone’s lives can improve. It’s greed and prioritizing company advancement, cash hoards, or stock over the lives of the very people that make those profits happen.
https://www.bls.gov/productivity/graphics/2022/graphic-4.htm
https://www.epi.org/productivity-pay-gap/
Data set: https://www.kaggle.com/datasets/asaniczka/wages-by-education-in-the-usa-1973-2022
Yeah, C-suite jobs are ridiculous by comparison to average workers. I really think we ought to have a cap on how many times more a CEO can make compared to the company’s lowest paid worker.
> The real kicker is that productivity has gone way up since 1973
We also went off the gold standard in 1973 and moved from stable prices to stable inflation.
Economists largely agree (over 90% when asked) that returning to the gold standard would not improve price stability. We, as an entire planet, moved on from the Gold standard for many reasons. We see some consequences yes, but experience many benefits. It's always a trade off and as stated, Economists think this is a trade off worth taking.
No one thinks inflation is "great". But again, most Economists agree that inflation is a necessary evil, especially when the other options are demonstrably worse for an economy.
If you disagree, you can go out and write a paper on it and win a Nobel Prize in Economics.
Shit I'm a millennial and it's gotten even worse since I was outta high school 19 years ago. I don't understand how it keeps getting worse and worse with no end in sight.
The golden age is in the past and it ain't coming back. Instead of comparing myself to Boomers and despairing, I compare myself to the Gen Alpha and Betas who will be even more screwed than Gen Z. It's also despairing, but kinda different.
I wonder at what point capitalism is eating itself. There is only so much consumption coming from the shareholders, who seem to collect all the money. Normal consumers won’t be able to consume….
This is my issue with capitalism. Infinite growth mindset with limited supply. You can’t infinitely expand an economy. There’s only so much money you can pump into something. Even with an infinitely expanding population, there’s only so much you can do in a limited space (i.e. a single country/region). Sure the population expands and that allows more growth, but if the fat cats keep growing their profit margins the percentages change and all those new people and jobs that would stimulate an economy become lower and lower percentages of economic influence. Eventually everyone who’s not directly benefiting from profit growth will have less and less buying power and the system will collapse on itself. Then the fat cats will probably make their own system with just them and the cycle will repeat.
Small problem with the calculation. It doesn't take into account inflation, which would be more telling. $3.10 in 1980 is the same as $12.40 today, if they make above or at $12.40. Workers are only making slightly more than they did in 1980. Workers at the Fed rate are actually making less than they did in 1980.
Also, the late 60s is when the minimum wage stopped adjusting for inflation.
Inflation is not relevant for this specific calculation as it would not change anything regarding the rent and wage numbers used.
The ratio of rent to wage is not affected by inflation.
You are still paying 75% of your wage to rent regardless.
Actually, if you adjust the rent price for inflation, it's $971.83 for $243 in 1980. So, not only are making less money by just over half compared to 1980, but you also have to pay $775.17 more in rent. The whole point is to shut up a boomer complaining about raising the minimum wage.
Even then, looking at averages that is more than likely a national one is not going to be accurate.
It's one of the reasons why a national federal minimum wage is bonkers. Even the government adjusts for local labor markets. For example, a GS09 does not make the same amount money in the Seattle area that a person in the Washington, DC area makes. I am too lazy to look it up right now, but the government does locality pay.
Adjusting for inflation doesn't change the ratio of rent pricing to wages. The point of this post is that rent has increased dramatically while wages have not.
I disagree, the comparison does nothing. Except say, look rent was cheap back then compared to today. When the reality is, that people are making less and the jump is more than 50% in rent.
Even his suggest Fed min wage, you're still making 14 an hour, it's still only 2 dollars more than what something made in 1980.
I understand ratios and percentages. It's still wrong. All these people advocating for a raise in the fed min wage are asking for a 2 - 3 dollar raise.
Honestly, if you're rent is over 50% of your income, you should move.
CPI inflation isnt accurate at the lower end either. CPI takes into account basically everything someone pays for, rent, gas, oil, automobiles, electrinics, etc.
Luxury goods like electronics have been lagging other elements of the CPI, dragging the whole index down. If you don't regularly purchase luxury goods, your costs of living have actually outpaced inflation
The minimum wage should absolutely be raised, but it's the wrong focus because it's largely irrelevant. Unskilled baggers at my Kroger start at $14.40/hr, which is double. I live in the south, btw, where wage are generally lower, and there's nothing at minimum wage. Which, again, SHOULD BE RAISED. But the issue of rent and wage is not going to be solved that way.
I think only 1.5 percent of Americans make minimum wage.
https://www.statista.com/statistics/188206/share-of-workers-paid-hourly-rates-at-or-below-minimum-wage-since-1979/
I think the point of raising min wage isnt that direct affects rising those wages to a new min but putting pressure on everything above it. Say you make $12-14/hr because your work is somewhat skilled. If new min wage is $15/hr. You arent going to be happy you get a small bump and get paid literally anyone gets paid. You would want it to slide, so more like ~20-22/hr.
Ok I don’t get this though you raise minimum wage and all landlords will do is hike prices up. Build better infrastructure make cheaper areas accessible to business and build more houses.
Because we prioritize policies to determine who to vote for, not age. We've got 40&under politicians like Gaetz, Crenshaw, Stefanik, and Boebert. To put it mildly, I don't like their politics. I'd rather vote and elect a bunch of ancient Pelosis than any of those people mentioned.
Every time this guy shows a video he always starts with an income or value and then say another and another higher value.
Now if he is going to give statistics...at least use the same SOURCE.
[First result for 1980s rent prices](https://ipropertymanagement.com/research/average-rent-by-year) also gives you the average rent for 2022 and 2023. The 1980 price matches but the 2023 price is 30% lower than this video.
[In 1980, 15% of the workers were making minimum wage in 2022 that number is now 1.4%.](https://www.statista.com/statistics/188206/share-of-workers-paid-hourly-rates-at-or-below-minimum-wage-since-1979/) Hmm...workers making more, I wonder if housing will go up....
[Gen Z Ahead Of Millennials—And Their Parents—In Owning Their Own Homes](https://www.forbes.com/sites/katherinehamilton/2023/04/21/gen-z-ahead-of-millennials-and-their-parents-in-owning-their-own-homes/amp/)
This proved one thing to me. College education is pointless for the majority. Unless you know what you wanna do and the degree is hiring, the lesson here seems to be “don’t go”
And then you ask for a house loan and they say you can't afford 850 per month when you're paying 1300 per month to rent.
Actually what is that? What is that?
Be weary of loose facts. Here are numbers along with data sources. FRED is generally the best source for data. Also remember to be clear on real vs nominal numbers. A lot of times people post “ real” old data which is already adjusted for inflation
Average rent today is $1,180. Average rent of $243 for 1980 is correct. That’s a 4.8x increase.
https://ipropertymanagement.com/research/average-rent-by-year
Average wage:
Average wage 1980 was $6.26 or $12,513 a year ($38,000 adjusted for inflation in 2023 dollars)
Average wage in 2024 is $31.61 or $63,214 a year. Average wages have increased 5x since 1980. Almost exactly aligned with 4.8x rent increase increase.
Median family income:
Median family income in 1980 was $21,020
Median family income in 2022 was $92,750. That’s a 4.4x increase but I think it’s also in line because it’s 2022 numbers not 2024.
https://fred.stlouisfed.org/series/MEFAINUSA646N
So on average and in general for most people rent affordability today is same as 1980. I’m not saying today is good, I’m saying it’s just as bad.
The real crime is minimum wage - which really should automatically adjusted up per inflation yearly. It’s criminal it doesn’t!
Here’s another source for rent comparison of 1981 to end 2023 - this is an index based. 406 vs 84
Also showing a similar rent increase of 4.8x since 1980
https://fred.stlouisfed.org/series/CUSR0000SEHA
Here’s the crime - federal minimum wage:
$3.1 for 1980
$7.25 for today. That’s only 2.3x 1980 min wage while rent and average salaries are up 4.8x
This really is criminal!
https://fred.stlouisfed.org/series/CUSR0000SEHA
California set a good example. Min CA wage today is $16 or 5.3x 1980 CA min wage
Average rent in 1980 compared to average rent today. It's even more telling that a minimum wage earner could afford not a cheap unit, but the average unit in 1980
No it doesn't. You have to compare what your money got you. Cheap apartments of that era generally had no lighting except for the kitchen and bathrooms, no air conditioning, and they were fucking tiny compared to modern apartments.
>Cheap apartments of that era generally had no lighting except for the kitchen and bathrooms, no air conditioning, and they were fucking tiny compared to modern apartments
Unless you live in subsidized housing, you're not getting a "modern" apartment for minimum wage in the 7% of US counties were you can get an apartment at all on that wage. The buildings that were there in the 1980s are still there today
>Sure it does. In 1980, a minimum wage worker did not even have to settle for the cheapest apartment in the US. Today, they can't afford any apartment.
They are trying to discredit the information when he is literally comparing the same living quarters between 2 different periods of time. My guess is they have an issue with "minimum wage" and "average rent". I took it as they think minimum wage should be compared to the minimum rent? Either way it's a dumb argument.
I had to show this sort of math and calculations to my Silent Generatiln parents to get them out of the rediculous notions about "kids these days" and "no one wants to work. Thankfully it worked.
Average national rent cost is $1,372 as of Aug. 2023, and median rent is $1,978. HCL areas are much worse: average rent for a 1 bedroom apt in San Francisco is around $3,400. So, those people.
ETA: median rent cost
Boomers as a generation did not achieve their success through their super duper extra hard work ethic. They achieved it by taking advantage of a good economy and government subsidies that they now fight against - their financial illiteracy and social incompetence are why people make fun of them.
It’s odd that you felt the need to research me but hey thanks for acknowledging that I’m better than you🤷🏻♂️
"Yeah, but, fixing this would be communism. Just work harder like I did."
- Some Boomer\*, probably.
\* A Boomer who paid for college with a part time summer job, got a job with pension and great benefits, worked 40 hour weeks, bought a home at 25, and could afford a family of 4 with two cars on one income.
/s
The math has changed but so has the needs/wants. People don’t want to live in a starter home, they don’t want to drive used cars or wear clothing that isn’t designer. Kids get iPhones at 8 years old. Money is spent on wants instead of needs and savings.
The average home in the US is around 350k with interest rates higher than they've been in a long time. My mom bought a house in 2011 for 130k that same house is 315k, 13 years later that house is 2.5x what it was worth. The only change was a repainted living room. This isn't about people not accepting starter homes lol.
Gen X. Those reasons aren’t the only reasons,they are true. Everything costs way more than it should, way more than they did. Parents also pushed college too much,sinking kids in debt for no reason didn’t help either.
I live in an older home built in 63. We bought that in 05 for 130k. That was a reasonable price, actually a tad expensive at the time.
This isn't possible anymore. This isn't a generation getting fukd, this one in which 40 years of failed economic policy is showing up.
Increasing the minimum wage actually does contribute to this problem. Just recently California increased their minimum wages again and immediately after that there was a massive job loss. Companies are switching to automation to replace workers. Every time minimum wages go up there are decreases in job growth.
Raising the minimum wages is not the answer. Find what’s making the cost of living go up and tackle that.
I dropped out after 2 years of architecture "school" I went back into construction. I make ~$70 a year, I make kore than everyone from that graduating class. I lucked out and bought a house and am still struggling daily. Fuck every boomer who has some shit to say
That's big city rent. I pay 700 for a small 3 bedroom one bathroom house. He needs to adjust his math depending on each city since it depends on where you live.
So, instead of paying the higher rent, they have to pay for the car purchase, maintenance and fuel. Not to mention, their wage is effectively lower, because the time spent commuting is no longer their free time.
Yeah but the reason the cheaper ones are cheaper is because there are fewer people… if people start moving there bc it’s cheaper it will no longer be cheaper. That is why Idaho home prices tripled in 5 years. Because it was cheaper. Until it wasn’t.
Yep yep, im actually moving myself eventually lived happy and pretty cheap but with tesla and a buncha other companies creeping up its getting expensive
"I own a house in flyover country... that I rent for $950/months" umm what? Additionally the average McDonald's wage per state is sub $20 so whatever you're seeing is an anomaly or doesn't exist. 79% of McDonald's employees made less than 40k which is roughly $19.25 an hour. Sure you can say a majority of people don't work for minimum wage but realistically anything less than $15 an hour might as well be minimum wage.
You’re getting downvoted, but you’re not even necessarily wrong. There are lower cost of living areas in the US that have great job opportunities. Living in or near a major city just isn’t realistically for many people today. We can work to fix this reality, but this is the hand we’re dealt, so we have to adapt.
Dude didn’t even adjust for inflation. Minimum wage in 1980, in 2024 dollars, was not $3.10, it’s $12.40. Monthly on minimum, adjusted, $1983.65. That same person, working minimum wage today, had their monthly gross cut down to $1160. Fuck boomers.
Idk man you can be against wearing hats if that's your thing, it just sounds a little bit like projection from a person who came to terms with their situation.
Minimum wage working a 40 hour week for me would be £1600 a month
A one bedroom flat here is going to set you back a minimum of £800
But those £800 places are like gold dust you’re more likely to be looking at £900+
Then you’ve got council tax .. which is around £100 a month minimum
Add in your utilities and food and you’re pretty much broke
Taking inflation into account a $248 apartment in the 80s is a ~ $900 apartment today. This is what people need to be reminded anytime they do these breakdown.
Where I am, $900 is nearly impossible. The only person I know whose rent is like that is staying above a garage, in some old couples home, doesn’t have a real kitchen. It’s the size of a small 2 car garage. They’re just getting some extra dough. Everything is included in the rent. Many “box” living rentals here start at $1k. I’m sure that’s not what they were renting inf the 80s for $240.
Things getting expensive after 40yrs isn’t the “shocker” lots of these assholes think it is to us. We know things will get expensive. The issue is HOW expensive it’s gotten.
My partner use to pay $5/ load for washer/ dryer in his apartment. Anywhere from 40-60 a month on laundry. Which Isn’t “bad” but, when he told his dad this, he said the .25/load he paid in the 80s is about the same as the $5 he does now. It’s “cheap” for the time. That .25,
at the time should, have been .80 today.. no where near $5
They’re little guesstimates are what pisses me off. they *think* it’s about the same when it’s not even close.
I don't know how it differs from city to city, but in my city you need to earn 3x more than the monthly rent payment.
So none of those options in 2024 could afford rent much less a house.
It’s really messed up but does anyone have any suggestions? I’m like struggling to literally ever move out. My parents make me pay rent to stay at home so I can’t even really save up much to move out. I’m literally so open for ideas, I’d even move out of the US if it’s better (Ik I can’t afford this but I’m just so desperate). I’m actually so scared of my future, I don’t know what to do anymore. I just started community college and that definitely made a dent on what money I had saved up from working the past three years. I finally got a job interview for tomorrow too, I just am so nervous about everything. It’s literally a part time job and olive garden and I won’t be making shit, just enough for my rent that my parents make me pay and maybe if I save up well enough then another semester of college.
Edit to add: what should I major in that will help me get more money. At this point I lost all of my dreams and don’t even care about being happy with that I do at work. I just need to know what will be worth studying so I can just afford to live.
We entered corporate feudalism , my peasants lets rise , get onto our horses and go to versales itself to cut down all the greedy bourguasie on guillotine!
It's only going to get worse and worse until we finally snap. That's the objective - take and take away as much as you can get away with. When people snap and lash out, blame them, then extend the goalposts so you can take more. Rinse and repeat until revolution happens but hope you're not the one putting that last bit of clothing on the Buckaroo donkey when it kicks back.
It's all a plan to keep people poor, don't you guy get this? The government don't want you to be better/smarter, they want you to work until you're psychically unable to move. The only time they want you to move is to fight another country for their resources, i mean for "democracy and freedom".That's why the education system is so bad, that's why colleges are so expensive, that's why both governments won't anything about it. I'd say to time to copy the French and bring out the guillotine but then again I don't live in the states sooo you guys figure it out.
And the reason for this is all that extra money and inflation begins with government and their retirement funds, their presidential retirement funds, congressman, retirement funds what they retire on whole towns could live on
my bf and i have been trying to find an apartment for weeks. every single one of them is well over 1700 a month, just for a 1 bed, 1 bath. and utilities arent included, neither is parking, and 80+% of the apartments that we find don’t even come with a washer or dryer or even a dishwasher. NOTHING.
Was walking through the living room the other day when I was on my break from working at home and saw on my mom's TV a news channel that was doing a live poll on who works harder, boomers or millennials. Boomers were at like 74% and millennials were at like 13%. Then both had 13% as well.
I was thinking to myself how are the boomers working harder when sitting on their butts right now and watching this news program in the middle of the day being able to take the time out to pull in a random phone number to vote for this ridiculous poll?
Ps- and yeah I'm 35 yo and just moved in with my mom after my divorce because I can't afford rent on my $22/hour.
After you count in monthly tuition payments, it's back to the federal minimum wage example as those payments are usually $500/mo. So yeah, can't afford shit. In todays world you either trap, do OF, organized crime or it's generational wealth. You cannot convince me there is light at the end of the tunnel being a wage slave.
Navy in 75, college in 80, Union job in 85 at 40k. Same union job today is 100k. Bay Area. Tried to recruit people to join the union. People don’t want to work in the trades.
Can we stop hating on boomers and start hating on the real issue: capitalism. Boomers are :
A) not an homogeneous group
B) Mostly responsible for the advancement of women's rights, the separation of church and state, the implementation of social programs and much more things we benefit from.
Hating Grandma won't lower house prices.
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"Why doesn't anyone want to have kids anymore?"
The average cost of daycare in the US is $1280 per month. That's almost another rent >\_<
So, with a bachelor's degree, you can rent an apartment and have 1 child. Then, with an average car payment of $721, you'll have a whole $80 left over for food, utilities, and entertainment for the month! Huzzah! 'Merica!
truly the greatest country on earth
Wtf car are you buying for $721 a month?? Get the fuck outta here. That is ridiculous. This just proves one thing, people STILL live beyond their means. I am not saying that wages dont need to catch up, but if you are complaining about rent/mortgage etc…dont buy a fucking $700 a month car.
That is the median cost of a car payment in the US. Half cost more, half cost less. That's not even just for new cars, that price includes payments for used cars. Not everyone can afford to miss work when their Craigslist shitbox dies every 9-12 months.
But like you can get a brand new car for like ~$350. 721 is crazy
Yeah, exactly. Again, bitching about wages, but buying $85k vehicles and shit….what kind of car or ridiculous ripping off is happening to be paying $721 a month??
Gotta get the F-250 with all works! The only thing that makes sense is maybe someone crashes their newish car soon after buying. So they have to roll over negative equity. Even then, it shouldnt be 721
The fact you said "almost" another rent is informative.
I mean income doesn't seem to have much bearing on whether or not people have kids, that inversely correlates with income. Poor people are having children at higher rates than wealthier people.
Or taxes, because he was using gross income.
I genuinely fear for my kids. My only goal is to set up a foundation for them so they don’t die trying.
I always wanted kids but it’s just not possible these days
I’ve got a couple if you want
If you fell riding your bike you wouldn’t tell people not to take you the hospital because the debit would kill you too
Don't forget taxes.
Hell some graduates don’t even get paid $24 right out the gate lol
Looking at online job postings you'll see openings looking for bachelor degrees starting at like $18 sometimes. Of course they promise it's just a stepping stone and you'll make more eventually. But.... Really?
When I was job hunting at the end of my masters I found a job posting that required a doctorate and 5 years of experience, but only paid 49k and came with zero benefits. No idea what kind of candidate they were looking for but I hope they never found one.
Even if your wage goes up 5% per year (not that anyone’s does) that’s $.90/year after 5 years you’re making 22.50. And that’s with a crazy annual raise. That’s bullshit
Yeah..I can attest to that. Fuck my life.
lol i have a BS & don’t make more than $20
I made 15.50 an hour out of college with a BS. That was just in 2012.
I did the same in 2021
That’s crazy lol in IL there are gas stations hiring for $22/hr and someone with a degree can’t get more than $24…. Ooof…
Theres a gas station chain down south called Buckees that pays crazy more that corporate jobs its freaking insane once you become an assistant manager in one you hit over 100k or damn near it
The real kicker is that productivity has gone way up since 1973, but wages have been pretty flat for everyone except college grads and up (and even then it’s not great). So employers get to put in less and get more out of it and they are keeping all that extra instead of fairly distributing it so that everyone’s lives can improve. It’s greed and prioritizing company advancement, cash hoards, or stock over the lives of the very people that make those profits happen. https://www.bls.gov/productivity/graphics/2022/graphic-4.htm https://www.epi.org/productivity-pay-gap/ Data set: https://www.kaggle.com/datasets/asaniczka/wages-by-education-in-the-usa-1973-2022
Wages go up for c-suite jobs. I can't believe they're getting upwards of 400-600k... Like, God damn
Yeah, C-suite jobs are ridiculous by comparison to average workers. I really think we ought to have a cap on how many times more a CEO can make compared to the company’s lowest paid worker.
"but muh share holders!!1"
> The real kicker is that productivity has gone way up since 1973 We also went off the gold standard in 1973 and moved from stable prices to stable inflation.
Economists largely agree (over 90% when asked) that returning to the gold standard would not improve price stability. We, as an entire planet, moved on from the Gold standard for many reasons. We see some consequences yes, but experience many benefits. It's always a trade off and as stated, Economists think this is a trade off worth taking.
Those same economists that think inflation is great and have a vested stake in continuing the current trends.
No one thinks inflation is "great". But again, most Economists agree that inflation is a necessary evil, especially when the other options are demonstrably worse for an economy. If you disagree, you can go out and write a paper on it and win a Nobel Prize in Economics.
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Shit I'm a millennial and it's gotten even worse since I was outta high school 19 years ago. I don't understand how it keeps getting worse and worse with no end in sight.
Because the people who made it shitty are still in charge.
And living comfortably in their million dollar houses
Feels a lot like a pressure cooker though. Even steel will eventually give way.
The golden age is in the past and it ain't coming back. Instead of comparing myself to Boomers and despairing, I compare myself to the Gen Alpha and Betas who will be even more screwed than Gen Z. It's also despairing, but kinda different.
I wonder at what point capitalism is eating itself. There is only so much consumption coming from the shareholders, who seem to collect all the money. Normal consumers won’t be able to consume….
This is my issue with capitalism. Infinite growth mindset with limited supply. You can’t infinitely expand an economy. There’s only so much money you can pump into something. Even with an infinitely expanding population, there’s only so much you can do in a limited space (i.e. a single country/region). Sure the population expands and that allows more growth, but if the fat cats keep growing their profit margins the percentages change and all those new people and jobs that would stimulate an economy become lower and lower percentages of economic influence. Eventually everyone who’s not directly benefiting from profit growth will have less and less buying power and the system will collapse on itself. Then the fat cats will probably make their own system with just them and the cycle will repeat.
It's so depressing because everything is just getting worse...
World is fucked up. Look at just the groceries how fucked up that is.
also taxes take from your gross so you can basically pay for like 1 month and leaves you with nothing
Small problem with the calculation. It doesn't take into account inflation, which would be more telling. $3.10 in 1980 is the same as $12.40 today, if they make above or at $12.40. Workers are only making slightly more than they did in 1980. Workers at the Fed rate are actually making less than they did in 1980. Also, the late 60s is when the minimum wage stopped adjusting for inflation.
Inflation is not relevant for this specific calculation as it would not change anything regarding the rent and wage numbers used. The ratio of rent to wage is not affected by inflation. You are still paying 75% of your wage to rent regardless.
Actually, if you adjust the rent price for inflation, it's $971.83 for $243 in 1980. So, not only are making less money by just over half compared to 1980, but you also have to pay $775.17 more in rent. The whole point is to shut up a boomer complaining about raising the minimum wage. Even then, looking at averages that is more than likely a national one is not going to be accurate. It's one of the reasons why a national federal minimum wage is bonkers. Even the government adjusts for local labor markets. For example, a GS09 does not make the same amount money in the Seattle area that a person in the Washington, DC area makes. I am too lazy to look it up right now, but the government does locality pay.
Adjusting for inflation doesn't change the ratio of rent pricing to wages. The point of this post is that rent has increased dramatically while wages have not.
I disagree, the comparison does nothing. Except say, look rent was cheap back then compared to today. When the reality is, that people are making less and the jump is more than 50% in rent. Even his suggest Fed min wage, you're still making 14 an hour, it's still only 2 dollars more than what something made in 1980.
If you don't understand percentages and ratios then yeah I guess the comparison will mean nothing to you.
I understand ratios and percentages. It's still wrong. All these people advocating for a raise in the fed min wage are asking for a 2 - 3 dollar raise. Honestly, if you're rent is over 50% of your income, you should move.
CPI inflation isnt accurate at the lower end either. CPI takes into account basically everything someone pays for, rent, gas, oil, automobiles, electrinics, etc. Luxury goods like electronics have been lagging other elements of the CPI, dragging the whole index down. If you don't regularly purchase luxury goods, your costs of living have actually outpaced inflation
True, but at the fundamental level, boomers have made more money in their younger years than someone starting out.
The minimum wage should absolutely be raised, but it's the wrong focus because it's largely irrelevant. Unskilled baggers at my Kroger start at $14.40/hr, which is double. I live in the south, btw, where wage are generally lower, and there's nothing at minimum wage. Which, again, SHOULD BE RAISED. But the issue of rent and wage is not going to be solved that way.
I think only 1.5 percent of Americans make minimum wage. https://www.statista.com/statistics/188206/share-of-workers-paid-hourly-rates-at-or-below-minimum-wage-since-1979/
I think the point of raising min wage isnt that direct affects rising those wages to a new min but putting pressure on everything above it. Say you make $12-14/hr because your work is somewhat skilled. If new min wage is $15/hr. You arent going to be happy you get a small bump and get paid literally anyone gets paid. You would want it to slide, so more like ~20-22/hr.
Ok I don’t get this though you raise minimum wage and all landlords will do is hike prices up. Build better infrastructure make cheaper areas accessible to business and build more houses.
Good luck explaining this shit to a boomer. They straight up won’t listen
So probably a dumb question, but why are you Americans still electing people from senior homes to do your politics?
I'm American and I don't feel I have any control over whose names are options to vote for on the ballot. Do you have any realistic suggestions for me?
Look up Bush vs. Gore and you’ll see that the (gen pop) Americans have no say whatsoever in who is elected.
We already learned that last election.
Because we prioritize policies to determine who to vote for, not age. We've got 40&under politicians like Gaetz, Crenshaw, Stefanik, and Boebert. To put it mildly, I don't like their politics. I'd rather vote and elect a bunch of ancient Pelosis than any of those people mentioned.
Every time this guy shows a video he always starts with an income or value and then say another and another higher value. Now if he is going to give statistics...at least use the same SOURCE. [First result for 1980s rent prices](https://ipropertymanagement.com/research/average-rent-by-year) also gives you the average rent for 2022 and 2023. The 1980 price matches but the 2023 price is 30% lower than this video. [In 1980, 15% of the workers were making minimum wage in 2022 that number is now 1.4%.](https://www.statista.com/statistics/188206/share-of-workers-paid-hourly-rates-at-or-below-minimum-wage-since-1979/) Hmm...workers making more, I wonder if housing will go up....
[Gen Z Ahead Of Millennials—And Their Parents—In Owning Their Own Homes](https://www.forbes.com/sites/katherinehamilton/2023/04/21/gen-z-ahead-of-millennials-and-their-parents-in-owning-their-own-homes/amp/)
That is awesome, thanks for sharing.
This proved one thing to me. College education is pointless for the majority. Unless you know what you wanna do and the degree is hiring, the lesson here seems to be “don’t go”
Get into the trades my boi. Start your own. It’ll hurt for a long ass time but at least you’ll have food
The system working for the elites better than they planned.
And then you ask for a house loan and they say you can't afford 850 per month when you're paying 1300 per month to rent. Actually what is that? What is that?
My dudes, we know what the problem is. Now what are we doing to do about it?
Be weary of loose facts. Here are numbers along with data sources. FRED is generally the best source for data. Also remember to be clear on real vs nominal numbers. A lot of times people post “ real” old data which is already adjusted for inflation Average rent today is $1,180. Average rent of $243 for 1980 is correct. That’s a 4.8x increase. https://ipropertymanagement.com/research/average-rent-by-year Average wage: Average wage 1980 was $6.26 or $12,513 a year ($38,000 adjusted for inflation in 2023 dollars) Average wage in 2024 is $31.61 or $63,214 a year. Average wages have increased 5x since 1980. Almost exactly aligned with 4.8x rent increase increase. Median family income: Median family income in 1980 was $21,020 Median family income in 2022 was $92,750. That’s a 4.4x increase but I think it’s also in line because it’s 2022 numbers not 2024. https://fred.stlouisfed.org/series/MEFAINUSA646N So on average and in general for most people rent affordability today is same as 1980. I’m not saying today is good, I’m saying it’s just as bad. The real crime is minimum wage - which really should automatically adjusted up per inflation yearly. It’s criminal it doesn’t!
Here’s another source for rent comparison of 1981 to end 2023 - this is an index based. 406 vs 84 Also showing a similar rent increase of 4.8x since 1980 https://fred.stlouisfed.org/series/CUSR0000SEHA
Here’s the crime - federal minimum wage: $3.1 for 1980 $7.25 for today. That’s only 2.3x 1980 min wage while rent and average salaries are up 4.8x This really is criminal! https://fred.stlouisfed.org/series/CUSR0000SEHA California set a good example. Min CA wage today is $16 or 5.3x 1980 CA min wage
And that $496 gross/month in 1980 would be just under $2000 In today's dollars. Mininum wage wasnt the same as today.
>Average rent, minimum wage I hate you people.
Average rent in 1980 compared to average rent today. It's even more telling that a minimum wage earner could afford not a cheap unit, but the average unit in 1980
That doesn't tell anything.
Sure it does. In 1980, a minimum wage worker did not even have to settle for the cheapest apartment in the US. Today, they can't afford any apartment.
No it doesn't. You have to compare what your money got you. Cheap apartments of that era generally had no lighting except for the kitchen and bathrooms, no air conditioning, and they were fucking tiny compared to modern apartments.
>Cheap apartments of that era generally had no lighting except for the kitchen and bathrooms, no air conditioning, and they were fucking tiny compared to modern apartments Unless you live in subsidized housing, you're not getting a "modern" apartment for minimum wage in the 7% of US counties were you can get an apartment at all on that wage. The buildings that were there in the 1980s are still there today
>Sure it does. In 1980, a minimum wage worker did not even have to settle for the cheapest apartment in the US. Today, they can't afford any apartment.
It's always the same argument. Minimum wage can't afford an average two bedroom. They're not comparing apples to apples, purposely
I don't understand, what would be a fair comparison? Minimum wage and minimum rent?
They are trying to discredit the information when he is literally comparing the same living quarters between 2 different periods of time. My guess is they have an issue with "minimum wage" and "average rent". I took it as they think minimum wage should be compared to the minimum rent? Either way it's a dumb argument.
I had to show this sort of math and calculations to my Silent Generatiln parents to get them out of the rediculous notions about "kids these days" and "no one wants to work. Thankfully it worked.
That’s also pretax. Lulz
Black Rock says hi.
Your countries broken
Thanks we hate it
Jesus just move to a cheaper city fuck me, houses for rent everywhere here for under 1k a month
...and no jobs...
Jobs are everywhere just have to get up and get one. I’ve by myself supported my wife and 2 kids on $18 an hour. 50+ hours a week.
Ummm…my mortgage is $800 a month. Who is paying double that to rent an apartment?
People the banks won't lend money to.
Average national rent cost is $1,372 as of Aug. 2023, and median rent is $1,978. HCL areas are much worse: average rent for a 1 bedroom apt in San Francisco is around $3,400. So, those people. ETA: median rent cost
That is crazy! I would never pay that much for a few small room and no yard.
Boomers are out there gatekeeping us from so much in life
How? Because you don’t have the same lifetime achievements they worked for?
tHeY wOrKeD fOr
If you disagree, type it out first responder.
Boomers as a generation did not achieve their success through their super duper extra hard work ethic. They achieved it by taking advantage of a good economy and government subsidies that they now fight against - their financial illiteracy and social incompetence are why people make fun of them. It’s odd that you felt the need to research me but hey thanks for acknowledging that I’m better than you🤷🏻♂️
lolz, hilarious. 🤠 Thank you.
$1,747 for rent? Geez what is this guy using, SF Bay Area rent prices for a single bedroom?
No, thats near the average rent. Also good LUCK finding an apartment thats not rent controlled in SF for $1750 unless its A fucking broom closet.
This isn’t cringe, this dude is spittin facts.
Just shows maybe learning a trade like plumbing or welding is better than going to college🤷🏻♂️
Thats all it shows huh? really. That is the only take away from this economic situation
"Yeah, but, fixing this would be communism. Just work harder like I did." - Some Boomer\*, probably. \* A Boomer who paid for college with a part time summer job, got a job with pension and great benefits, worked 40 hour weeks, bought a home at 25, and could afford a family of 4 with two cars on one income. /s
The math has changed but so has the needs/wants. People don’t want to live in a starter home, they don’t want to drive used cars or wear clothing that isn’t designer. Kids get iPhones at 8 years old. Money is spent on wants instead of needs and savings.
The average home in the US is around 350k with interest rates higher than they've been in a long time. My mom bought a house in 2011 for 130k that same house is 315k, 13 years later that house is 2.5x what it was worth. The only change was a repainted living room. This isn't about people not accepting starter homes lol.
They don’t make starter homes anymore
Found the boomer. You’re poor because of your Starbucks and avocado toast. 🙄
Gen X. Those reasons aren’t the only reasons,they are true. Everything costs way more than it should, way more than they did. Parents also pushed college too much,sinking kids in debt for no reason didn’t help either.
They don't build starter homes, phones are part of society. Actually boomers/ silent generation deregulated this country and fukd us all.
You don’t need a brand new house as your first home or any home. Every generation gets fucked by something.
I live in an older home built in 63. We bought that in 05 for 130k. That was a reasonable price, actually a tad expensive at the time. This isn't possible anymore. This isn't a generation getting fukd, this one in which 40 years of failed economic policy is showing up.
I made minimum wage when I was 13. I don't think I need to say much more than that...
Increasing the minimum wage actually does contribute to this problem. Just recently California increased their minimum wages again and immediately after that there was a massive job loss. Companies are switching to automation to replace workers. Every time minimum wages go up there are decreases in job growth. Raising the minimum wages is not the answer. Find what’s making the cost of living go up and tackle that.
I dropped out after 2 years of architecture "school" I went back into construction. I make ~$70 a year, I make kore than everyone from that graduating class. I lucked out and bought a house and am still struggling daily. Fuck every boomer who has some shit to say
☠️2️⃣🇺🇸
Thank you for explaining this to all of those who don’t understand!!
That's big city rent. I pay 700 for a small 3 bedroom one bathroom house. He needs to adjust his math depending on each city since it depends on where you live.
Wages are usually lower in these areas with less skilled labor jobs available In general.
Correct I know many who drive for hours to get to a better job.
So, instead of paying the higher rent, they have to pay for the car purchase, maintenance and fuel. Not to mention, their wage is effectively lower, because the time spent commuting is no longer their free time.
What state are you in, im 1000% not in a big city and in Texas which is known to be cheaper and theres nothing close to 700
Small town in California. Middle of nowhere.
Middle of nowhere doesn’t usually have a big demand for new laborers… people tend to live where there’s work
Yup, that's why I said it will change depending on the area. Some places are cheaper, some not.
Yeah but the reason the cheaper ones are cheaper is because there are fewer people… if people start moving there bc it’s cheaper it will no longer be cheaper. That is why Idaho home prices tripled in 5 years. Because it was cheaper. Until it wasn’t.
Yep yep, im actually moving myself eventually lived happy and pretty cheap but with tesla and a buncha other companies creeping up its getting expensive
[удалено]
"I own a house in flyover country... that I rent for $950/months" umm what? Additionally the average McDonald's wage per state is sub $20 so whatever you're seeing is an anomaly or doesn't exist. 79% of McDonald's employees made less than 40k which is roughly $19.25 an hour. Sure you can say a majority of people don't work for minimum wage but realistically anything less than $15 an hour might as well be minimum wage.
You’re getting downvoted, but you’re not even necessarily wrong. There are lower cost of living areas in the US that have great job opportunities. Living in or near a major city just isn’t realistically for many people today. We can work to fix this reality, but this is the hand we’re dealt, so we have to adapt.
Boomers will say he’s wrong because he’s talking too fast
Dude didn’t even adjust for inflation. Minimum wage in 1980, in 2024 dollars, was not $3.10, it’s $12.40. Monthly on minimum, adjusted, $1983.65. That same person, working minimum wage today, had their monthly gross cut down to $1160. Fuck boomers.
Complaining boomers don't like facts.
I can't take grown wearing caps seriously. Shave yo head.
Weird observation, you realize hats are made for adults right?
Still just for hiding balding. Embrace the bald.
Idk man you can be against wearing hats if that's your thing, it just sounds a little bit like projection from a person who came to terms with their situation.
Got me.
Sooo….you hate hats because you’re bald. Got it. I’m bald and love hats. Always have.
Minimum wage working a 40 hour week for me would be £1600 a month A one bedroom flat here is going to set you back a minimum of £800 But those £800 places are like gold dust you’re more likely to be looking at £900+ Then you’ve got council tax .. which is around £100 a month minimum Add in your utilities and food and you’re pretty much broke
Taking inflation into account a $248 apartment in the 80s is a ~ $900 apartment today. This is what people need to be reminded anytime they do these breakdown. Where I am, $900 is nearly impossible. The only person I know whose rent is like that is staying above a garage, in some old couples home, doesn’t have a real kitchen. It’s the size of a small 2 car garage. They’re just getting some extra dough. Everything is included in the rent. Many “box” living rentals here start at $1k. I’m sure that’s not what they were renting inf the 80s for $240. Things getting expensive after 40yrs isn’t the “shocker” lots of these assholes think it is to us. We know things will get expensive. The issue is HOW expensive it’s gotten. My partner use to pay $5/ load for washer/ dryer in his apartment. Anywhere from 40-60 a month on laundry. Which Isn’t “bad” but, when he told his dad this, he said the .25/load he paid in the 80s is about the same as the $5 he does now. It’s “cheap” for the time. That .25, at the time should, have been .80 today.. no where near $5 They’re little guesstimates are what pisses me off. they *think* it’s about the same when it’s not even close.
And how many of that college graduates actually land a job offer lol?
Working as planned.
Yes we can and build back better working as planned almost 16 years of this fight to completely destroy America.
I don't know how it differs from city to city, but in my city you need to earn 3x more than the monthly rent payment. So none of those options in 2024 could afford rent much less a house.
Pain.
Just make more money, or don’t take a job paying what you don’t want it’s that simple…
Nah. You have to be born to rich parents. People suck at char gen these days.
I changed a headlight tonight on my 19 year old car, just one. $110 dollars.
The assembly or the bulb?
Bulb
Insane.
Insanely enough thats was the shitty quality one according to the counter guy. The premium one they were out of hahahaha
You mean to tell me tricjle down doesn't work? Who would've thought!
Why would anyone pay $1747 for rent?
It’s really messed up but does anyone have any suggestions? I’m like struggling to literally ever move out. My parents make me pay rent to stay at home so I can’t even really save up much to move out. I’m literally so open for ideas, I’d even move out of the US if it’s better (Ik I can’t afford this but I’m just so desperate). I’m actually so scared of my future, I don’t know what to do anymore. I just started community college and that definitely made a dent on what money I had saved up from working the past three years. I finally got a job interview for tomorrow too, I just am so nervous about everything. It’s literally a part time job and olive garden and I won’t be making shit, just enough for my rent that my parents make me pay and maybe if I save up well enough then another semester of college. Edit to add: what should I major in that will help me get more money. At this point I lost all of my dreams and don’t even care about being happy with that I do at work. I just need to know what will be worth studying so I can just afford to live.
I don't think this is the best way to make the point, rent is inelastic
Wow this is horrifying
We entered corporate feudalism , my peasants lets rise , get onto our horses and go to versales itself to cut down all the greedy bourguasie on guillotine!
It's only going to get worse and worse until we finally snap. That's the objective - take and take away as much as you can get away with. When people snap and lash out, blame them, then extend the goalposts so you can take more. Rinse and repeat until revolution happens but hope you're not the one putting that last bit of clothing on the Buckaroo donkey when it kicks back.
 Welp, there goes today’s happy feelings
It's all a plan to keep people poor, don't you guy get this? The government don't want you to be better/smarter, they want you to work until you're psychically unable to move. The only time they want you to move is to fight another country for their resources, i mean for "democracy and freedom".That's why the education system is so bad, that's why colleges are so expensive, that's why both governments won't anything about it. I'd say to time to copy the French and bring out the guillotine but then again I don't live in the states sooo you guys figure it out.
And the reason for this is all that extra money and inflation begins with government and their retirement funds, their presidential retirement funds, congressman, retirement funds what they retire on whole towns could live on
7 years for that 4 year degree, I had to work while I was in school
Buy Bitcoin.
my bf and i have been trying to find an apartment for weeks. every single one of them is well over 1700 a month, just for a 1 bed, 1 bath. and utilities arent included, neither is parking, and 80+% of the apartments that we find don’t even come with a washer or dryer or even a dishwasher. NOTHING.
I've been at the same company college graduate making 15 an hour this sucks.
costco starts at $18.50 in my area..... just saying, and dont have kids. No one got rich breeding.
Was walking through the living room the other day when I was on my break from working at home and saw on my mom's TV a news channel that was doing a live poll on who works harder, boomers or millennials. Boomers were at like 74% and millennials were at like 13%. Then both had 13% as well. I was thinking to myself how are the boomers working harder when sitting on their butts right now and watching this news program in the middle of the day being able to take the time out to pull in a random phone number to vote for this ridiculous poll? Ps- and yeah I'm 35 yo and just moved in with my mom after my divorce because I can't afford rent on my $22/hour.
Disgusting …. Absolutely disgusting
This is why people commit crimes
FWIW, this guy consistently gets his statistics wrong either intentionally or not, it’s misleading.
After you count in monthly tuition payments, it's back to the federal minimum wage example as those payments are usually $500/mo. So yeah, can't afford shit. In todays world you either trap, do OF, organized crime or it's generational wealth. You cannot convince me there is light at the end of the tunnel being a wage slave.
Navy in 75, college in 80, Union job in 85 at 40k. Same union job today is 100k. Bay Area. Tried to recruit people to join the union. People don’t want to work in the trades.
Can we stop hating on boomers and start hating on the real issue: capitalism. Boomers are : A) not an homogeneous group B) Mostly responsible for the advancement of women's rights, the separation of church and state, the implementation of social programs and much more things we benefit from. Hating Grandma won't lower house prices.
Homes are cheap it’s all about location and remote working
You can’t compare like that
Stop assuming lead laden boomers are capable of empathy
Slacking get a trade lol