As a millennial, i see little hope of having a family and owning a home

1 year - 223 posts - Latest - RSS
Thread: 584 Goods vs 324 No Goods

Economics Job Market Rumors » Off Topic » Off Topic

As a millennial, i see little hope of having a family and owning a home

Economist
a8e4

These numbers mean little unless you compare them to the typical salary a millennial can expect from an average job. Have these salaries kept pace with the rent index? No, because millennials have to compete with a global workforce which drives salaries down.

I am not saying the only difference is choices. Certainly some can't get as good a job, and other things are at work too. But, in 1990, lots of people had jobs far worse than the median millennial has now and made different choices and had kids and bought a house.

1 year ago # QUOTE 3 Volod 1 Vlad !
Economist
abdc

everything is expensive when your boomer parents have their brains too fried by the electric cop show picture machine to think about anything at all

1 year ago # QUOTE 3 Volod 1 Vlad !
Economist
7de6

These numbers mean little unless you compare them to the typical salary a millennial can expect from an average job. Have these salaries kept pace with the rent index? No, because millennials have to compete with a global workforce which drives salaries down.

I am not saying the only difference is choices. Certainly some can't get as good a job, and other things are at work too. But, in 1990, lots of people had jobs far worse than the median millennial has now and made different choices and had kids and bought a house.

Think in terms of aggregates, not individuals. There will be individuals that succeed in every generation.

1 year ago # QUOTE 2 Volod 1 Vlad !
Economist
50a9

Move out of the expensive city. This is what people used to do: move to opportunities and lower costs instead of just saying “well shucks guess I can’t reproduce!”

Moving to a small town means even lower chance of reproduction. Fancy finding single women in a small town which is not your home town.

1 year ago # QUOTE 3 Volod 1 Vlad !
Economist
7de6

Married millenials nowadays are typically a two incomes household. This is major difference compared to previous generations. Even if at least one of the spouses only makes 70-80k (quite easy to achieve, e.g. as policeman or nurse), the combined household income is at least 150k, which is more than enough to comfortably raise a family in most places (with the exception of a few expensive cities).

No, because with two parents working, you now have to pay for childcare. Additionally, more workforce participation by women means more competition in the labor market, driving down wages across the board.

1 year ago # QUOTE 4 Volod 0 Vlad !
Economist
e744

at this point
so why carry on working hard? i see no incentive at this point
see you bros in VR fortnite in a few years

I feel the same way

I think I am content with finding a sh1tty, low-stress job that pays enough for me to have an apartment, eat whatever I want, and occasionally travel

1 year ago # QUOTE 2 Volod 0 Vlad !
Economist
b38f

I am not saying the only difference is choices. Certainly some can't get as good a job, and other things are at work too. But, in 1990, lots of people had jobs far worse than the median millennial has now and made different choices and had kids and bought a house.

Think in terms of aggregates, not individuals. There will be individuals that succeed in every generation.

The point is that even those who were not successful still chose to have families a few decades ago. They adjusted their standard of living for that purpose. By contrast, millennials tend to adjust their household size to maintain a high (compared to previous generations at the same age) standard of living.

1 year ago # QUOTE 2 Volod 1 Vlad !
Economist
c770

Lol at boomers. They are the ones overdosing in a these rural areas. Sounds like a great life!

1 year ago # QUOTE 0 Volod 0 Vlad !
Economist
b38f

Married millenials nowadays are typically a two incomes household. This is major difference compared to previous generations. Even if at least one of the spouses only makes 70-80k (quite easy to achieve, e.g. as policeman or nurse), the combined household income is at least 150k, which is more than enough to comfortably raise a family in most places (with the exception of a few expensive cities).

No, because with two parents working, you now have to pay for childcare. Additionally, more workforce participation by women means more competition in the labor market, driving down wages across the board.

You only have to pay for childcare for about three years for each child, as well as perhaps a few hours of after-school care afterwards, which does not outweigh the lifetime earnings of an additional working spouse. The point about competition is well-taken, and could explain the rise in real estate prices in desirable areas, but Millennials are not earning less than previous generations at the same age. For example: "Millennials with at least a bachelor’s degree earned $56,000 in 2018, about the same as what college-educated Gen-Xers earned at the same age in 2001 and slightly more than what college-educated boomers earned. The analysis is in 2017 dollars."

1 year ago # QUOTE 1 Volod 2 Vlad !
Economist
7de6

Married millenials nowadays are typically a two incomes household. This is major difference compared to previous generations. Even if at least one of the spouses only makes 70-80k (quite easy to achieve, e.g. as policeman or nurse), the combined household income is at least 150k, which is more than enough to comfortably raise a family in most places (with the exception of a few expensive cities).

No, because with two parents working, you now have to pay for childcare. Additionally, more workforce participation by women means more competition in the labor market, driving down wages across the board.

You only have to pay for childcare for about three years for each child, as well as perhaps a few hours of after-school care afterwards, which does not outweigh the lifetime earnings of an additional working spouse. The point about competition is well-taken, and could explain the rise in real estate prices in desirable areas, but Millennials are not earning less than previous generations at the same age. For example: "Millennials with at least a bachelor’s degree earned $56,000 in 2018, about the same as what college-educated Gen-Xers earned at the same age in 2001 and slightly more than what college-educated boomers earned. The analysis is in 2017 dollars."

And how much more did it cost them to get that bachelor's degree? Did a boomer with the same cognitive capabilities even need to get a degree to obtain a similar job? That should also be factored in to your analysis.

1 year ago # QUOTE 3 Volod 1 Vlad !
Economist
ead5

Married millenials nowadays are typically a two incomes household. This is major difference compared to previous generations. Even if at least one of the spouses only makes 70-80k (quite easy to achieve, e.g. as policeman or nurse), the combined household income is at least 150k, which is more than enough to comfortably raise a family in most places (with the exception of a few expensive cities).

No, because with two parents working, you now have to pay for childcare. Additionally, more workforce participation by women means more competition in the labor market, driving down wages across the board.

You only have to pay for childcare for about three years for each child, as well as perhaps a few hours of after-school care afterwards, which does not outweigh the lifetime earnings of an additional working spouse. The point about competition is well-taken, and could explain the rise in real estate prices in desirable areas, but Millennials are not earning less than previous generations at the same age. For example: "Millennials with at least a bachelor’s degree earned $56,000 in 2018, about the same as what college-educated Gen-Xers earned at the same age in 2001 and slightly more than what college-educated boomers earned. The analysis is in 2017 dollars."

And how much more did it cost them to get that bachelor's degree? Did a boomer with the same cognitive capabilities even need to get a degree to obtain a similar job? That should also be factored in to your analysis.

Also needs to be factored that inflation estimates are manipulated downwards so that governments are able to make smaller COL increases in their payments.

1 year ago # QUOTE 0 Volod 3 Vlad !
Economist
225e

Your post was this: ITT: out of touch boomers still parroting the \"avocado toast\" meme in 2021. "Those millenials could afford a house if they spent less on bars and massages!"

1 year ago # QUOTE 0 Volod 0 Vlad !
Economist
e744

The point is that even those who were not successful still chose to have families a few decades ago. They adjusted their standard of living for that purpose. By contrast, millennials tend to adjust their household size to maintain a high (compared to previous generations at the same age) standard of living.

Yeah, if millennials would just stop eating avocado toast, they would be able to live like their parents did!

1 year ago # QUOTE 0 Volod 0 Vlad !
Economist
e744

Here is another thing boomers never really take into account: the greater career instability that millennials face. It's not just about how much you are making when you are employed.

1 year ago # QUOTE 9 Volod 1 Vlad !
Economist
ead5

Here is another thing boomers never really take into account: the greater career instability that millennials face. It's not just about how much you are making when you are employed.

At the same time, millennials are partly to blame in one way. In absolute population numbers, millennials are as large as boomers. If they voted more, politicians would not be so extreme in choosing policies that benefit boomers at the expense of everyone else.

1 year ago # QUOTE 3 Volod 1 Vlad !
Economist
0bcb

Here is another thing boomers never really take into account: the greater career instability that millennials face. It's not just about how much you are making when you are employed.

At the same time, millennials are partly to blame in one way. In absolute population numbers, millennials are as large as boomers. If they voted more, politicians would not be so extreme in choosing policies that benefit boomers at the expense of everyone else.

the millennials wanted Bernie but the DNC neutralized him

boomers hold most of the wealth and can influence elections

1 year ago # QUOTE 2 Volod 2 Vlad !
Economist
e744

Your post was this: ITT: out of touch boomers still parroting the \"avocado toast\" meme in 2021. "Those millenials could afford a house if they spent less on bars and massages!"

Yeah. They don't seem to understand that people indulge in whatever is within reach. For millennials, the lifestyle of their parents is out of reach. What is the point of making your life completely joyless so that you can save up a little more for something that will always be hopelessly out of reach? Might as well have that occasional avocado toast or go to that hipster coffee shop on Saturday morning.

1 year ago # QUOTE 3 Volod 2 Vlad !
Economist
a8e4

Not a boomer. Gen X, had kids young, they are middle millennials.

I eat avocado toast too. If you make it yourself at home, not expensive at all.

If you order it at some expensive brunch place, expensive--way to rich for me to afford.

Have a beer with friends at home, cheap. Have designer drinks at a fancy club, expensive.

Each of my kids easily spends over $5K more than me each year on cocktails and restaurant food than I do, and many many times more than I did at the same point in my life cycle, when it was almost 0.

This is not a complex point. Different choices are not bad. Just different. But we should not imagine changes in choice about how much to sacrifice for what end is not a significant part of this.

1 year ago # QUOTE 5 Volod 1 Vlad !
Economist
cd16

Millenial here. PhD Econ @ top 30, 39 yrs old, two houses and three cars. Make 200k each year and single but on the date market. Looking forward investing in the next years.
Dude, life goals must always be set way in advance.

1 year ago # QUOTE 2 Volod 3 Vlad !
Economist
8177

I'm 34 yo, $1.5 million net worth, own two homes, married with children. No inheritance.

1 year ago # QUOTE 0 Volod 1 Vlad !

« Previous 1 234…12 Next »

Recently Announced

Upcoming

Economics

Job Market

Off Topic

Job Market Wiki

Job Market Candidates

Updates

As a millennial, i see little hope of having a family and owning a home

Reply »