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from the would-you-like-fries-with-that? dept.
More than half of American millennials, the generation of people born between 1981 and 1996, believe that they will one day be millionaires; one in five think they will get there by the age of 40. These are the findings from a survey conducted in 2018 by TD Ameritrade, a financial-services company.
But a working paper by the Brookings Institution, a think-tank, offers a sobering antidote to this youthful optimism. It finds that millennials are less wealthy than people of a similar age were in any year from 1989 to 2007. The economic crisis of 2008-09 hit millennials particularly hard. Median household wealth in 2016 for 20- to 35-year-olds was about 25% lower than it was for the similar-aged cohort in 2007.
[...] But all is not lost. Millennials are living longer and are the best-educated generation in history. Taken together, this could yet mean that the youngest millennials, who have been less scarred by the crisis, could contribute towards their retirement pots for longer. Then there is mum and dad: even if they don’t become millionaires, millennials will one day inherit from their parents, and that may help redress their relative poverty.
(Score: 2, Offtopic) by PiMuNu on Tuesday April 23 2019, @01:21PM (1 child)
In the UK tenants pay council tax and uitilities, which I guess is equivalent to US property tax. I think maintenance costs are orders of magnitude below the price growth in the UK (speaking as a homeowner). Typical rent prices are approximately the same as a mortgage payment, because rental market is driven by "buy to let" i.e. put down a mortgage, buy up a nice place, tenants pay off the mortgage. Landlord takes profit from natural house price growth.
UK is an interesting case because:
1. there is a significant population boom (driven significantly from 1st through 3rd generation immigrants).
2. housing stock is limited by government regulation - motivated by the desire to maintain rural environments.
3. UK doesn't have the same culture of apartment living that is common in e.g. Europe. Everyone wants to own a 3 bedroom semi detached house in the suburbs.
I believe that this has driven big price growth especially around London.
(Score: 2) by Dr Spin on Tuesday April 23 2019, @06:45PM
motivated by the desire to maintain rural environments.
No:
The conservatives want a housing shortage so house prices will rise and home owners will vote conservative
Labour want a housing shortage so people will vote Labour because they cant afford to buy and want social housing.
Other parties are irrelevant (UKIP wouldn't know a housing policy if it fell on them from 30,000 feet).
Warning: Opening your mouth may invalidate your brain!