It was Sunday afternoon after a long weekend and I was going through the typical routine of Twitter, Instagram, TikTok when it happened....
I came across a post that was so astoundingly outrageous that I could not believe it. It literally floored me and stopped me in my tracks because it was that wild...
The median annual pay during the Great Depression was 22% of the cost of an average home. Today's it's 14%. That means that pay relative to home cost made it easier to buy a home during the Great Depression than right now.
Are you kidding me? Based on these statistics, it really is, not difficult, but extremely more difficult to buy a home right now than it was during the GREAT DEPRESSION.
As a millennial I find it hard to believe that anyone outside our generation thinks that this is true because we are and always have been known as the "lazy", "entitled", or whatever generation. When the truth is, there are a lot of other factors out there that put us behind the 8-ball. Do you think people called the generation of the Great Depression lazy? Doubt it.
When you think about your life and the "playbook" it is supposed to follow, you think at this point you are supposed to buy a house, gather assets, then sell those assets for a profit. All of our parents talk about how they bought the house for $350,000 and its now worth $650,000... like it is easy to do that. I really wish it was that easy, but with the amount of loans and debt our generation has incurred compared to the rate of inflation and cost of living around us, how do we catch up?
I for one am trying my best to have more than one source of income based on this day trading thing... but who knows how that will pan out... Swinging for the fences like a degen.