Reply to Wells Fargo ad about millennials eating out

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[quote=Anonymous][quote=Anonymous]The rents are high, and housing is more expensive, but as a percentage of income, it is not that different.

I was born at the cusp of the Baby-boom and GenX (late '63).

When I graduated college, my field (not the overall economy) was dead.  So, I went to Grad School, and entered the workforce at 30.  (1994).

My first job, with a PhD paid 35K, and I was paying 1000/month in rent.  That was very tight.

Today, someone in my field earns 2x that (or more), with rents   around 2K in a comparable appartment.  Houses are 2.5x more money, but interest rates are much lower, so the monthly payments are only about 50% higher (8% vs 4% interest rates).

So the town house I bought in 1994 for 107K, and had a $900/month payment (including taxes), is now 250K, with a payment of $1500/mo.

The biggest difference is my college tuition was about 2K/year (Va Tech in-state), grad school was funded by grants).  So, I graduated debt free.

As I am getting ready to put my DD through school, Va Tech is 4x more per year (including housing) than when I went there.

This is the scandal.  Oh, and taxes are "lower" on the Uber-rich.[/quote]

Hey PP, I finished a PhD in 2015, started a job at $65k, and paid $1500 in rent. More or less on point so far. But now I want to buy...where are these $250k townhomes? Are you in DC?

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