Few milestones in life mean as much to the American Dream as owning a home. And millennials have encountered the kind of trouble totally befitting their generation, which largely graduated into the teeth of the disastrous post-2008 job market. Just as they entered peak homebuying and household formation age, housing affordability is at 40-year lows, and mortgage rates are near 40-year highs.

The anxiety this generation feels about the prospect of never owning their own home affects their entire perception of their finances and the economy, says Moody’s chief economist Mark Zandi.

“If they feel like they’re locked out of owning a home it colors their perceptions about everything else going on in their financial lives,” Zandi says.

Millennials have long been dogged by a brutal housing market. They faced not one, but two, cataclysmic economic events—the Great Financial Crisis in 2008 and the pandemic in 2020. Both of which left them reeling financially and struggling to afford a home. The Great Recession decimated the real estate market as the economy nearly collapsed under the weight of tenuous mortgage backed securities. While the pandemic brought with it a remote work boom that caused millions of citydwellers to flee to the suburbs, sending housing prices soaring.

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  • pixxelkick@lemmy.world
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    9 months ago

    Everytime this topic comes up, the absolute inundation of people willing to proudly demonstrate their vital lack of reading comprehension and math skills is fantastic.

    People are just way more interested in being mad and blaming their problems on everything else, to the degree they will proudly post examples supporting exactly what I have said and proceed to act like they just proved me wrong and really got one over on me.

    After many years of this, it’s such a common occurrence I’m shocked when anything otherwise happens.

    Feels b4 reals, as always.

    People just wanna be mad about shit, but they direct their anger at the wrong shit (I assume this is intentional redirection at times though, better to get all the idiots malding at ghosts so they don’t notice the actual causes of their issues)

    • StupidBrotherInLaw@lemmy.world
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      9 months ago

      The thing that’s funny is the only person your comment really applies to here is you. You’re wholly unable to substantiate a single thing you say yet you keep projecting your inadequacy on others. When someone is able to show that you’re full of shit, you just lie and pretend they said something else.

      You saying feels b4 reals has to be the funniest thing I’ve read all day, given all you’ve given us is feels and not a single reals. You’re so far up your own ass yet you still manage to fail to see how full of shit you are.

      I assume this is intentional redirection at times though, better to get all the idiots malding at ghosts so they don’t notice the actual causes of their issues.

      I lied, this is the funniest thing you’ve said. I originally thought you had zero self awareness but you’ve somehow managed to go negative.

      • Aleric@lemmy.world
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        9 months ago

        Yes, I’m stalking this guy because it’s funny.

        The irony of a guy who has left 49 heavily refuted responses lecturing anyone on just wanting to be mad might be the best for me. It’s either that or how he repeatedly tells people their math and reading comprehension skills suck as he repeatedly demonstrates a lack of both. Dude is so convinced he’s right that he’s engaging in Olympic class mental gymnastics to avoid any evidence otherwise. He’s a schadenfreude factory and I’m loving it.