Reply to Boomers' Billion-Dollar Bonanza: The Unseen Hoarding Behind Millennial Struggles

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This boomer once had a 17.25% mortgage and never had one in the 3% area. My husband also got drafted and had to fight and get wounded in Vietnam. He didn’t want to go but he didn’t have an option and he did his duty. We have set up very well funded 529 plans for all of our grandchildren. We gift our kids a lot of money every year at Christmas and they will inherit a great amount of money. I inherited very little from my parents and my husband deferred his inheritance and it went to our children. Yes, our children and grandchildren are very lucky and unlike OPs crowd they are very grateful. [/quote]

So incredibly tone deaf and sanctimonious!!!! Of course your kids and grandkids are grateful. They are not in the position that many of their peers are in - they are benefitting from the boomers wealth. What about all their peers who don't have boomer wealth in their families? You are completely missing the point, either intentionally or you don't have the ability to think on a more nuanced level....[/quote]

No, I’m not missing the point. I’m just tired of boomers being trashed by people who are clueless about interest rates and inflation when boomers were your age. Interest rates in the teens, inflation in the teens all during our 30’s. If you don’t think we were scared you are so wrong. Unemployment was high and if you lost your job and you had a 10% interest rate plus 10% inflation eating into your savings you were screwed. You have been spoiled by 2% inflation and 3% mortgages. That’s free money. Yes, inflation and interest rates are up…….welcome to the world boomers lived in for a decade.

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Yes, boomer you lived in that world but your real estate prices were dirt cheap and so was college tuition. [/quote]

My boomer father didn’t go to college because he was drafted to go to Vietnam at age 18 like all of his brothers, male cousins, and classmates. They did have cheaper starter homes but with 18% mortgage interest rates, deindustrialization moving jobs overseas, and multiple rescissions most of them couldn’t buy more than a very small starter home.

Sorry everything is so much harder for the young people today.[/quote]

DP- I don't really have a dog in this fight (for the record, I'm Gen-X, had student loans but DH didn't, we bought our small starter home 10 years ago).  But it's been pretty well documented that there is a housing shortage right now, compared to post-WWII and the decades thereafter where lots of building was happening.  There were plenty of "starter" homes to go around.  I live in one of those 1940s neighborhoods and what one of those old starter homes cost now is kind of nuts.  If any go on the market that is, everyone is sitting tight.

I think we can acknowledge that each generation had its challenges without making it a competition.  And right now, I feel for millennials like my sister trying to buy a house. [/quote]

Sure, we don't need to make it a competition but then again we're both responding to a thread titled "Boomers' Billion-Dollar Bonanza: The Unseen Hoarding Behind Millennial Struggles" that seems to have been initiated to pit one generation after another. Right? The OP didn't start with just why the millenials have it hard, but instead why that's entirely the fault of the boomers.[/quote]

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