this post was submitted on 11 Feb 2024
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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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[–] Sir_Kevin@lemmy.dbzer0.com 183 points 2 years ago (3 children)

They really need to STFU with this "Millennials" crap. The entire population aside from the rich are being affected by the now destroyed economy. Nobody is getting a house outside of unusual circumstances.

[–] endhits@lemmy.world 117 points 2 years ago (1 children)

Pointing out how boomers and even gen x enjoy privileges that millennials and Z do not enjoy is not unfair.

[–] Facebones@reddthat.com 90 points 2 years ago (2 children)

Also stop treating millennials as teenagers. We're pushing 40 my guy, not our fault yall killed the idea of retirement and are still hoarding what good jobs aren't killed off in your late 70s.

[–] MonkeMischief@lemmy.today 40 points 2 years ago* (last edited 2 years ago) (2 children)

The worst part is, timeline-wise, still feeling like a teenager. Except physically stuff hurts more and memento mori is more of a thing now.

We've been set back so many times!

I feel like I'm forever working harder and thinking smarter and still trapped behind never really "being an adult".

And by the time we finally feel like we're actually starting our lives, they'll have already been mostly robbed from us.

[–] CheeseNoodle@lemmy.world 7 points 2 years ago (1 children)

Gen Z here, basically the same shit as millenials except I don't even remember there being anything else; not sure if that's a blessing or a curse. Kinda worried if this keeps going on more and more generations will have experienced nothing else and come to see it as normal.

[–] timmy_dean_sausage@lemmy.world 7 points 2 years ago

Most millennial's don't remember anything else either. What we had were parents that still believed in the "American dream" but weren't living it themselves and a generation before us that saw the writing on the wall, but eventually checked out of the fight. Now Gen Z and A have a generation to look to that is still fighting, but has lost steam because we're too bogged down with surviving while raising kids or working ourselves to death. We're exhausted, and on our last leg, so we're all pretty much counting on the younger generations (who have less to risk/lose) to pickup that torch. Thankfully, younger generations are realizing that voting only gets us so far, and mass civil disobedience is a far more affective strategy for real systemic change.

I'm super impressed with our young people and I'm with y'all 100% of the way!

[–] pinkdrunkenelephants@lemmy.cafe 2 points 2 years ago

We need to focus on buying land instead of real estate.

[–] viking@infosec.pub 6 points 2 years ago (3 children)

Wait, we are millenials? I thought that's folks born after 2000. What are those then? I'm totally out of touch apparently. Thought with my 39 years I'm in boomer territory.

[–] Facebones@reddthat.com 26 points 2 years ago* (last edited 2 years ago) (1 children)

It's perfectly reasonable to not be sure, nobody really cares except boomers who want to blame "the youth" and they just call anyone younger than them "millennials." I believe we're millennials because we were around for the millennium.

There's no hard and fast rule to it, but ya got boomers, Gen x, millennials, Gen z, and now Gen alpha - but if you ask boomers we all millennials 😂 There's no definitive agreement but from some quick clicking around a couple sites mostly agreed to

Boomers - 1946-1964 (~60-80) Gen X - 1965-1980 (~44-60) Millennials - 81-96 (~28-43) Gen Z - 97-2010 (~14-27) Gen Alpha - 2010-now (~13 and below)

[–] viking@infosec.pub 7 points 2 years ago

Wow, that puts my dad right on the edge of boomer to gen x. The more you know... Thanks!

[–] SendMePhotos@lemmy.world 18 points 2 years ago (2 children)
[–] FlyingSquid@lemmy.world 5 points 2 years ago (1 children)

My brother was born in 1965. He's just barely not a Boomer. I was born in 1977 (yes, I was planned). I'm just barely not a Millennial. We're both Gen X. That's weird. I mean I already knew we both were, but seeing it on a chart like this...

[–] SendMePhotos@lemmy.world 3 points 2 years ago (1 children)

Think of it like liquid. Oil and water separate but not always at the same level. Sometimes people born on the line could flip to the other side

[–] FlyingSquid@lemmy.world 1 points 2 years ago

I get that, it's just weird to see it laid out visually.

[–] viking@infosec.pub 1 points 2 years ago

Got it, thanks!

[–] axum@kbin.social 6 points 2 years ago

After 2000's era is where you enter gen z/zoomer area

[–] Ensign_Crab@lemmy.world 11 points 2 years ago (1 children)

Destroyed? Captive. The economy is doing fine for the dwindling number of the mega-rich for whom it operates.

[–] MonkeMischief@lemmy.today 10 points 2 years ago (1 children)

::mumbles:: notdwindlingfastenough....