Why do Gen Z and millennials complain about high house prices and how easily older generations bought homes, when they could just inherit one later?

Question

NaultD · Accepted Answer

I inherited half a million at 30. Yet I bought my own place at 24. Because my grandmother and father gave me $10,000 at 19 for a truck and i paid like another $16000 loan from a bank while living at home.

I have a very privileged life but beyond that I've played my cards better then most. Gotta give myself a little credit. None of this was a problem for me because my grandparents got premium property before the town ever got paved roads.

The most powerful force in the universe is compound intrest. So if you have parents that are going to leave you anything to begin with, you're already more or less set up already.

Yes is there is a giant transfer of wealth in the near future but ultimately it's going to deepen and widened the gap of the haves and have nots.

WindAtMyBack · Accepted Answer

They just want to complain when everything isn't handed to them.

One thing people don't get about housing costs is that housing is always affordable. The price is self-correcting. The ONLY way for housing costs to go up is if people can afford it. Otherwise the property remains vacant or unsold.

If they think older generations could more easily buy houses, they are completely wrong. It amazes me when I see people on here in their 20s who complain about not being able to buy a house. Seriously? When I was in my 20s nobody even considered buying a house. That's just not something they thought about.

Anonymous · Accepted Answer

Uh what? Not everyones parent have houses they can inherit. Some never owned a house, some sell their house when they get old, lots of people have siblings and they can’t all inherit the house, maybe people want to pick out their own house, maybe they want a house in a different neighborhood/city/state and maybe people want houses before they’re retirement age.

Anonymous · Accepted Answer

What a weird thing to say. Inherit one? Inherit one when they’re what 60-70 years old? People need and want houses before that, especially those who want to have children.

SeekerOfTruth007 · Answer

Older generations paid $1000 for 100 acre homesteads at a time.

Now, land in the same exact location costs $100,000 PER ACRE or more, and building supplies cost ten to 15 times more for INFERIOR building materials.

A home is not supposed to cost you your entire life's income, but in the USA many people fail to pay off their mortgage by the time they are supposed to be retiring. It's why Trump is moving towards a "50 years mortgage," plan, because so many people go underwater on 30 years mortgages.

400 years ago, people colonized the USA for free and built their own tight skin house out of lumber with their own hands, and they were not in debt for their entire lives.

Now, we are expected to pay up to 30 years income for a house.

Ariesman81 · Answer

It's a legit concern. At 44, both my parents are still alive. I will not see inheritance anytime soon.

My parents didn't receive their inheritance until 60ish. Waiting to be given wealth is not feasible nor is it advisable.

Inflation on homes over the generations is substantial. But then again, how many of the newer generations are actually personally putting sweat equity into building their homes? In 1981 my father took out a $60k construction loan at 18% interest. Built the home himself and reaped the benefits of his hard work.

exitseven · Answer

Houses are more expensive but wages are a lot more as well. Most young people do not want to sacrifice anything to save and buy a house. My wife and I moved back in with our parents before we got married so we could save money. We has a low budget wedding and low budget honeymoon. I worked my regular job bnd I had a side job on Saturdays installing lockers and steel shelving units. We saved just enough to put a down paynment on a less than perfect house.

DextroShade · Answer

Most boomers won't be leaving anything to their kids because what they have will be consumed by reverse mortgages and elder care. Crowder breaks it down well here:

capriVib · Answer

Will everyone really inherit enough from their families?

DrPepper12 · Answer

I'd be anon too if I asked that dumb a question

In_Trance · Answer

Because in a lot of cases, they can't

jahaims · Answer

You are very sheltered

Why do Gen Z and millennials complain about high house prices and how easily older generations bought homes, when they could just inherit one later?

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Why do Gen Z and millennials complain about high house prices and how easily older generations bought homes, when they could just inherit one later?

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