Total wealth since 1989

[lawdog77]

As someone who grew up around the aquarium hobby and still is an active participant, I was always familiar and used to see them a decent amount whether in online vendors or in specialty stores.  But over the last 4-5 years I feel like their popularity exploded.  I see them everywhere now.  Which is cool, given their predicament in the wild.  They are funky little dudes.

Did he get an albino one?

Nope, its yellow with red  feathery gills. Looks like friggin ronald mcdonald with the permanent smile. Poor thing has half a front leg (we think a family member ate it before we got him). Hoped it would regrow, as they have that ability to regrow limbs and its spinal cord as well.  Didn't happen. Named him Sally (Sal E. if its a boy). They are so popular now that Minecraft even has them. We have had Sal for about a year.

[Hards Alumni]

Kumbaya Bro, aina?

Hakuna matata

[Spaniel with a Short Tail]

I saw this on another site-

"At my age, my parents had a house and a family. So do I, but it's the same house and same family."

Gonna share that with my adult daughter when she gets home. Thanks for sharing.

[rocket surgeon]

   I just want the next generation to not have to deal with the mess y'all are leaving us."  ?????

  holy schnikees!!  ya'll??  whoa whoa  hows about YOU all!  the mess we are in right now has nothing to do with us meat lovers, that's for sure!  i'm hoping and praying enough people get religion in a few weeks and we can find our way back to the roaring days of cheap gas and low interest rates and stupid tweets

[Pakuni]

   I just want the next generation to not have to deal with the mess y'all are leaving us."  ?????

  holy schnikees!!  ya'll??  whoa whoa  hows about YOU all!  the mess we are in right now has nothing to do with us meat lovers, that's for sure!  i'm hoping and praying enough people get religion in a few weeks and we can find our way back to the roaring days of cheap gas and low interest rates and stupid tweets

Wasn't expecting to see rocket advocate for a return to the Obama years, and yet here we are.

[ZiggysFryBoy]

Wasn't expecting to see rocket advocate for a return to the Obama years, and yet here we are.

We are still in the Obama years, he's the shadow president.

[4everwarriors]

Pretty sure he's pullin' da Buffoon's puppet strings, hey?

[MUBurrow]

We are still in the Obama years, he's the shadow president.

Pretty sure he's pullin' da Buffoon's puppet strings, hey?

I wish.  His shadow looms large over everything Biden does, but that's a poor substitute for the highest IQ president we've had during my lifetime.

[Hards Alumni]

   I just want the next generation to not have to deal with the mess y'all are leaving us."  ?????

  holy schnikees!!  ya'll??  whoa whoa  hows about YOU all!  the mess we are in right now has nothing to do with us meat lovers, that's for sure!  i'm hoping and praying enough people get religion in a few weeks and we can find our way back to the roaring days of cheap gas and low interest rates and stupid tweets

Again, I'm doing great.  My generation is struggling.  I don't like that.

[Uncle Rico]

   I just want the next generation to not have to deal with the mess y'all are leaving us."  ?????

  holy schnikees!!  ya'll??  whoa whoa  hows about YOU all!  the mess we are in right now has nothing to do with us meat lovers, that's for sure!  i'm hoping and praying enough people get religion in a few weeks and we can find our way back to the roaring days of cheap gas and low interest rates and stupid tweets

5 out of 10

[rocket surgeon]

5 out of 10

  almost slipped one past the stalker...took over an hour for reeko to sniff this one out.  maybe the rocket beeper's batteries were running low or maybe he was in the john workin out an extra long deucer...it was a deuce you were workin out in there, right?  awww shnitt, we don't really wanna know-lalalalalalalalalalala.  TMI alert TMI alert TMI alert

[Uncle Rico]

  almost slipped one past the stalker...took over an hour for reeko to sniff this one out.  maybe the rocket beeper's batteries were running low or maybe he was in the john workin out an extra long deucer...it was a deuce you were workin out in there, right?  awww shnitt, we don't really wanna know-lalalalalalalalalalala.  TMI alert TMI alert TMI alert

Give this a 7 out of 10

Playing the victim, fantasizing about someone in the bathroom and rambling incoherently

[rocket surgeon]

Give this a 7 out of 10

Playing the victim, fantasizing about someone in the bathroom and rambling incoherently

  good morning sunshine

[UWW2MU]

I wasn't able to catch up with our conversation TAMU, and it largely seems to have moved on now.  However, I commend you for being someone who actually has a rational perspective on how the situation presents it's challenges and options for you.   Too many people in my circles just play the blame game instead of also trying to find solutions (and being open to a "starter house"). 

A few more observations; by and large our generation decided to postpone home buying and starting families.  So I can't help but cringe when I hear complaints that housing is tight now that both millennials and boomers are targeting the same homes.  If Millenials followed a traditional path (I'm not saying that's what they should have done, each decision by an individual can do what is right for them), they would already have a larger foothold on the market before boomers decided to downsize.  This also played a hand in how much new housing was built in the last 20 years and what types of homes.  Since mainly Boomers were driving the market, most homes built would be catered to them.  aka larger and more expensive homes.  This majorly depressed "affordable" new home building, that we're only now finally seeing again in the last 5-10 years. 

In addition, home ownership is one of the largest drivers of wealth. So when we look at lower average wealth of Millenials compared to their parents, how much of that is because they in fact decided not to pursue home ownership?  Yes, economic downturns made things more challenging compared to the late 80's/90's, but we still recovered and there was plenty of opportunity over that time. 

[MU82]

i'm hoping and praying enough people get religion in a few weeks and we can find our way back to the roaring days of cheap gas and low interest rates conspiracy theories guiding public policy and religious hypocrisy and policies pushing hatred toward marginalized groups and tax cuts for billionaires and violent coups against America and book banning and canceling millions of votes and rampant racism and love of guns above all else and attacks against democracy and stupid tweets

FIFY

[Spotcheck Billy]

I don't know about other areas but in SE Wisconsin, starter homes typically are found in urban areas. Everyone wants to live in the burbs but that's where all the larger homes are.

We couldn't afford Waukesha county in the 1990's so we "settled" for an old house in MKE county.

[Hards Alumni]

I wasn't able to catch up with our conversation TAMU, and it largely seems to have moved on now.  However, I commend you for being someone who actually has a rational perspective on how the situation presents it's challenges and options for you.   Too many people in my circles just play the blame game instead of also trying to find solutions (and being open to a "starter house"). 

A few more observations; by and large our generation decided to postpone home buying and starting families.  So I can't help but cringe when I hear complaints that housing is tight now that both millennials and boomers are targeting the same homes.  If Millenials followed a traditional path (I'm not saying that's what they should have done, each decision by an individual can do what is right for them), they would already have a larger foothold on the market before boomers decided to downsize.  This also played a hand in how much new housing was built in the last 20 years and what types of homes.  Since mainly Boomers were driving the market, most homes built would be catered to them.  aka larger and more expensive homes.  This majorly depressed "affordable" new home building, that we're only now finally seeing again in the last 5-10 years. 

In addition, home ownership is one of the largest drivers of wealth. So when we look at lower average wealth of Millenials compared to their parents, how much of that is because they in fact decided not to pursue home ownership?  Yes, economic downturns made things more challenging compared to the late 80's/90's, but we still recovered and there was plenty of opportunity over that time.

Revisionist history.  A large portion of Millennials came of age during the 2008 housing crisis.  Anyone buying a home from 04-08 was buying overpriced homes... homes that new home buyers (millennials) could not afford.  Afterwards was 10% unemployment and a lot of young people (millennials again) had problems finding work straight out of school. 

Fewer jobs available, decreased savings, and fear that the housing bubble would happen again strongly contributed to millennials being slow to purchase homes.

This lazy narrative that millennials CHOSE to not buy into the housing market seemingly, "just because" is just flat out wrong.  The generation was just beginning to build wealth and purchase homes when the pandemic struck.  Why do you think the housing market was so hot?  Millennials finally had the wealth to purchase homes en masse... except that a decades worth of them were all trying to purchase at once.  Pair that with low numbers of new builds, and boomers and SGs staying in their homes longer, and you see the results. 

Now that interest rates are through the roof for 30 year mortgages (over 7%) and housing prices have barely dipped, you're going to continue to see a lot of millennials and especially zoomers stuck at home with their parents... or they'll continue to be stuck renting.

https://www.investopedia.com/insights/how-financial-crisis-affected-millennials/
https://www.businessinsider.com/how-the-great-recession-affected-millennials-2019-8

[Hards Alumni]

I don't know about other areas but in SE Wisconsin, starter homes typically are found in urban areas. Everyone wants to live in the burbs but that's where all the larger homes are.

We couldn't afford Waukesha county in the 1990's so we "settled" for an old house in MKE county.

You can't get a 'starter' home in Madison for under 250k.  There are a few 2 BR 1B homes around the East Side that can be had for
that number... but also, supply is very low.

https://www.zillow.com/homedetails/105-Lansing-St-Madison-WI-53714/55417852_zpid/

I take it back.  I found one for 175k.  It's 672 sq ft.  Priced very affordably at $260 sq/ft.  Plus, you get the luxury of having a train rumble through your backyard several times a day!  Smaller than a lot of apartments.  50 sq ft smaller than my 1 BR apartment that I had straight out of college on 21st St.

https://www.zillow.com/homedetails/1805-Baird-St-Madison-WI-53713/55407507_zpid/?

[dgies9156]

Revisionist history.  A large portion of Millennials came of age during the 2008 housing crisis.  Anyone buying a home from 04-08 was buying overpriced homes... homes that new home buyers (millennials) could not afford.  Afterwards was 10% unemployment and a lot of young people (millennials again) had problems finding work straight out of school. 

Fewer jobs available, decreased savings, and fear that the housing bubble would happen again strongly contributed to millennials being slow to purchase homes.

This lazy narrative that millennials CHOSE to not buy into the housing market seemingly, "just because" is just flat out wrong.  The generation was just beginning to build wealth and purchase homes when the pandemic struck.  Why do you think the housing market was so hot?  Millennials finally had the wealth to purchase homes en masse... except that a decades worth of them were all trying to purchase at once.  Pair that with low numbers of new builds, and boomers and SGs staying in their homes longer, and you see the results. 

Now that interest rates are through the roof for 30 year mortgages (over 7%) and housing prices have barely dipped, you're going to continue to see a lot of millennials and especially zoomers stuck at home with their parents... or they'll continue to be stuck renting.

https://www.investopedia.com/insights/how-financial-crisis-affected-millennials/
https://www.businessinsider.com/how-the-great-recession-affected-millennials-2019-8

Brother Hards:

During the 2004 to 2008 housing run-up, there was a direct correlation between low interest rates and far higher housing values. As rates decreased, housing values increased, allowing more value to go to the homeowner rather than the mortgage company.

The housing crisis of 2008 affected all of us. In my neighborhood in Illinois, a good friend sold his home for $580,000 almost the day before the housing downturn hit. That house sold again six years later for $440,000.

In Illinois, the state's unfunded public pension deficit of $150 billion (excluding Chicago, which probably would push that to close to $200 billion), businesses that are relocating out of the state (Allstate, Caterpillar, Citadel, Boeing, Takada, Tysons etc) are combining to have a debilitating effect on home values. Couple that with absurd property taxes and uncertainty over the state's anticipated tax scenario and you get very poor real estate appreciation.

In the neighborhood in which I sold a home in August, we probably were close to the high water mark. With 30-year mortgage interest rates approaching 7 percent again, real estate is in for a shock that's likely to last for a few years. Unless, of course, you live in my new neighborhood in Florida where most buyers pay cash. Even then, with sales down in the Northeast and Midwest, I'm expecting a modest slowdown.

[MUBurrow]

Brother Hards:

During the 2004 to 2008 housing run-up, there was a direct correlation between low interest rates and far higher housing values. As rates decreased, housing values increased, allowing more value to go to the homeowner rather than the mortgage company.

The housing crisis of 2008 affected all of us. In my neighborhood in Illinois, a good friend sold his home for $580,000 almost the day before the housing downturn hit. That house sold again six years later for $440,000.

Oh yeah?  How did it change your and your friend's day-to-day?  Did you buy smaller homes, put off major life decisions, etc.?  The most frustrating thing about these conversations to me is that your age bracket says "hey millenials, thems the shakes, it affected us all." But it didn't. It emotionally affected you because your 401(k) balance went down. But it didn't ACTUALLY change any aspect of how you lived your life - you just temporarily felt less secure in your distant financial future. It is the functional equivalent now of a millenial looking at their 401(k) and pretending the stock market drop affects them the same as someone on a fixed income. It might make them feel less secure, but it doesn't affect their life decisions or spending in a material way. 

[Hards Alumni]

Brother Hards:

During the 2004 to 2008 housing run-up, there was a direct correlation between low interest rates and far higher housing values. As rates decreased, housing values increased, allowing more value to go to the homeowner rather than the mortgage company.

The housing crisis of 2008 affected all of us. In my neighborhood in Illinois, a good friend sold his home for $580,000 almost the day before the housing downturn hit. That house sold again six years later for $440,000.

In Illinois, the state's unfunded public pension deficit of $150 billion (excluding Chicago, which probably would push that to close to $200 billion), businesses that are relocating out of the state (Allstate, Caterpillar, Citadel, Boeing, Takada, Tysons etc) are combining to have a debilitating effect on home values. Couple that with absurd property taxes and uncertainty over the state's anticipated tax scenario and you get very poor real estate appreciation.

In the neighborhood in which I sold a home in August, we probably were close to the high water mark. With 30-year mortgage interest rates approaching 7 percent again, real estate is in for a shock that's likely to last for a few years. Unless, of course, you live in my new neighborhood in Florida where most buyers pay cash. Even then, with sales down in the Northeast and Midwest, I'm expecting a modest slowdown.

Cool story bro, totally off topic.

The topic at hand is UWW2MU's claim that millennials seemingly put off buying houses for 'reasons'.  I'm explaining the actual reasons instead of his broad belief that we all DECIDED to wait to buy homes just for funsies.  I'm pointing out how his hypothesis for low millennial home ownership is factually incorrect.  Many didn't have the money to enter the market due to run away bubble prices followed by lack of gainful employment once the GR kicked in.

Of course the GR affected everyone.  I never claimed otherwise.  So let's knockdown that straw man.  It certainly affected young people the most for the reasons I explained.  Boomers and Xers may have lost money too, but those housing prices have long since recovered and surpassed their 2008 valuations.  So unless they sold their properties at a loss and are now renters, or were evicted, they at least had a place to stay instead of with mom and dad.  In terms of housing prices, they've been made more than whole simply by waiting a few years.

[Hards Alumni]

Oh yeah?  How did it change your and your friend's day-to-day?  Did you buy smaller homes, put off major life decisions, etc.?  The most frustrating thing about these conversations to me is that your age bracket says "hey millenials, thems the shakes, it affected us all." But it didn't. It emotionally affected you because your 401(k) balance went down. But it didn't ACTUALLY change any aspect of how you lived your life - you just temporarily felt less secure in your distant financial future. It is the functional equivalent now of a millenial looking at their 401(k) and pretending the stock market drop affects them the same as someone on a fixed income. It might make them feel less secure, but it doesn't affect their life decisions or spending in a material way.

BINGO.

[Spotcheck Billy]

You can't get a 'starter' home in Madison for under 250k.  There are a few 2 BR 1B homes around the East Side that can be had for
that number... but also, supply is very low.

https://www.zillow.com/homedetails/1805-Baird-St-Madison-WI-53713/55407507_zpid/?

^ Nice starter home. Like ours was, no garage but at least it has AC already and is almost 50 years newer than mine. It is 300sq smaller than mine although that's because our LV is 25' x 20'.

[Hards Alumni]

^ Nice starter home. Like ours was, no garage but at least it has AC already and is almost 50 years newer than mine. It is 300sq smaller than mine although that's because our LV is 25' x 20'.

But did you pay 250k?  $260 sq/ft?

My wife and I bought our current home under $150 sq/ft almost a decade ago.

[MUBurrow]

But did you pay 250k?  $260 sq/ft?

My wife and I bought our current home under $150 sq/ft almost a decade ago.

"Millenials only have themselves to blame, the way they spend money on homes that aren't even that nice! Then they take out these huge mortgages and they expect the government to bail them out when they go under!"