Monday, June 03, 2019

The High Cost of Everything Is Not an Accident

There's a segment of my generational demographic--Generation X--that points out the times we are completely ignored. Most American media assessments talk about Baby Boomers and Millennials, as if there were nothing in between. Recently, I read in a local real estate buyer's guide an article that was generated by the National Association of Home Builders, entitled "How to Attract Millennial Home Buyers." This article is about how Boomers can get Millennials to buy homes. But of course the writer recognizes that there are more Americans than just these two groups: the article finishes with an assessment of Generation Z.

Why is no one interested in selling home to Generation X? Maybe because of the impossible task that's been set for them.

Even though more than half [of Millennials] would consider purchasing a home, millennials have been slow to enter the housing market, [Allison] Paul noted, because of student loan debt, getting married later in life, and a decrease in starter-home inventory.

Hmm, who ran society as the real costs of college ballooned, as the financial positions associated with marriage came later in life, as local governments legislated against starter homes?

It's not all bad news for Boomers: many Millennials are looking to buy soon, "in part because of rising rents." And from which generation are most rentiers drawn?

America has a ton of wealth locked in the Baby Boomer generation that won't get released until they die. And, of course, they aren't going to die for a while, as society ages more than ever before. But, hey, it's the price of avocado toast that's keeping young people from reaching their potential.

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