Reply to Why is DCUM SO conservative with housing?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It is a change of generation. The younger generations don't believe in saving as much as their parents, grandparents, etc. They also haven't lived long enough to see the bottom fall out so they have never been scared senseless. Personally, I think society has gone sideways with the constant upselling on bigger, badder, better houses. It's not sustainable. I have no idea how these 6,000 sq ft homes are going to be maintained over the next 10-20 years. What will we do with them when our young kids and their kids want to bash and build?

Personally, I think we need to stop the perpetually supersizing mentality. But, alas, that is very un-American. [/quote]

[b]Wait, you don’t think young adults the worked between 2008 and today haven’t seen the bottom fall out TWICE??  [/b]

If anything, this generation understands that much better than the previous. My parent’s generation was super lucky overall, and their wealth was a lot more luck and lot less hard work than my generation or my son’s. [/quote]

1. People people in their 30s/40s did not have a lot of money invested in 2008, so the drop was not as scary.
2. What happened to the stock market in March 2020 COVID was nothing as it is quickly recovered.
3. Think when the tech bubble burst, or the lost decade in investing, earning no money for a decade. [/quote]

I am the OP and I am in my mid-forties. I have friends whose entire career trajectories were massively impacted by 2001 and 2008. Not just the stock market, but their entire careers.

My son and my friend’s son graduated during COVID or are graduating this year.[b] The job market isn’t great for this bunch as a whole.[/b] Much like my friends, this will impact their career trajectories, which impacts their savings, ability to purchase housing, etc.

In comparison my parents had it pretty damn good. $145k home now worth $2M. SAHM. College was $10k/year for me and my sister. Retired in their mid-50s with $4.5M, and are worth an awful lot more than that today because they got lifetime healthcare and paid off that $145k home when I was 14. They never made a lot, we were barely UMC (not lawyer/lobbyist types). It was not hard to save a ton when things were fairly cheap.

And yes, they had hardships - my dad was kicked out of his house at 17. But he was able to go to college on his own while working part time. No student loans needed. Went to Vietnam, but was also rewarded handsomely by government programs after that fact.

[/quote]

My experience is different.  All of the recent college grads I know had good jobs lined up or found something very shortly after graduating.  The only ones who seemed to struggle a bit were those who had non-marketable majors and/or lacked internship/volunteer experience.  [/quote]

That’s great, but it doesn’t match reality:

https://www.google.com/amp/s/www.washingtonpost.com/business/2020/05/27/millennial-recession-covid/%3foutputType=amp[/quote]

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