The article discusses the financial challenges faced by younger generations, particularly millennials and Gen Zers, when it comes to buying a home. The author's cousin, Matt, bought an apartment in Brooklyn with his wife when he was 35, but they had to pay $900,000 for it, which is an eye-popping sum. They were lucky to get the deal, and Matt acknowledges that they barely crossed the line in terms of affordability.
The article highlights the difficulties that younger people face in buying a home due to rising housing costs, stagnant wages, and high levels of student debt. Many young people are unable to save for down payments or qualify for loans, leading to a situation where they may have to rent forever unless they get married or receive significant financial support from their families.
The author talks to Kurt Supe, a financial adviser who works with clients in the boomer generation. He notes that younger people are playing "a different game" when it comes to real estate, as many of the most desirable properties are already owned by older generations. Supe encourages his clients to give their children early inheritances or help them buy a house, but many resist this advice due to fears about making their progeny irresponsible.
The article also discusses the rise of "buy now, pay later" loans and the increasing reliance on credit among younger people. According to the New York Federal Reserve, 15.3% of Gen Zers with credit cards have maxed out their cards. The author notes that these young people may never own homes in the classical sense but can console themselves with installment plans.
The economist William Gale is quoted as saying that intergenerational transfers are largely a phenomenon of the extremely rich giving to the very rich, and that the median inheritance is not life-transforming. He also notes that younger people may wish they had a fraction of their economic security.
Overall, the article highlights the complex and challenging financial landscape faced by younger generations in the US, particularly when it comes to buying a home. It emphasizes the need for open communication and planning between parents and children to ensure that younger people are prepared for the challenges ahead.
The article highlights the difficulties that younger people face in buying a home due to rising housing costs, stagnant wages, and high levels of student debt. Many young people are unable to save for down payments or qualify for loans, leading to a situation where they may have to rent forever unless they get married or receive significant financial support from their families.
The author talks to Kurt Supe, a financial adviser who works with clients in the boomer generation. He notes that younger people are playing "a different game" when it comes to real estate, as many of the most desirable properties are already owned by older generations. Supe encourages his clients to give their children early inheritances or help them buy a house, but many resist this advice due to fears about making their progeny irresponsible.
The article also discusses the rise of "buy now, pay later" loans and the increasing reliance on credit among younger people. According to the New York Federal Reserve, 15.3% of Gen Zers with credit cards have maxed out their cards. The author notes that these young people may never own homes in the classical sense but can console themselves with installment plans.
The economist William Gale is quoted as saying that intergenerational transfers are largely a phenomenon of the extremely rich giving to the very rich, and that the median inheritance is not life-transforming. He also notes that younger people may wish they had a fraction of their economic security.
Overall, the article highlights the complex and challenging financial landscape faced by younger generations in the US, particularly when it comes to buying a home. It emphasizes the need for open communication and planning between parents and children to ensure that younger people are prepared for the challenges ahead.
it's like they say money can't buy happiness but it definitely makes life way easier 
imagine having to pay $900k for an apartment 
it's crazy! and I feel for these young folks struggling to save for a down payment or qualify for loans 
their parents gotta do some soul-searching, like what can they do to help out without making things worse? maybe exploring other options like buying a house together with friends or community land trusts 
I'm also kinda curious about these "buy now, pay later" loans. Like, are they really an option for everyone? It's easy to get sucked into the convenience of having something now and paying for it later... but what happens when you're stuck in debt forever? 
I think the article hits on something really important - we need to rethink our whole approach to inheritance and supporting each other.
. And yeah, I get that older folks have more money and are just passing it on to their kids, but it's still not fair 
. The fact that 15.3% of Gen Zers with credit cards have maxed out their cards is super concerning 
. It feels like we're all living in a cycle where we're struggling to make ends meet and can't even start our own homes. I wish there was more transparency about the financial situation, you know? Like, some real talk from the government or something 
15.3% of Gen Zers maxing out their cards is insane! It's like, can't they just save up for a down payment or something? And the "buy now, pay later" thing is just a cop-out, if you ask me. 
. I mean, come on, $900k? That's just crazy! And it's not just the money itself, it's the fact that young people can't even qualify for loans without maxing out their credit cards 
we need 2 talk about this more & find ways 4 these young people 2 get back on their feet 
I mean, come on, $900k for an apartment? That's like me trying to buy a new gaming PC with my grandma's birthday money 
?
. The buy now, pay later loans are just a Band-Aid solution at this point... what's the real fix? 
.
If we want them to be financially stable and secure, we gotta start talking about it now. No more just winging it and hoping for the best. Let's get real about our economic future! 
My friend's cousin is actually trying to save up for a down payment but it's like, almost impossible 
. And don't even get me started on the whole "buy now, pay later" thing... it feels like we're just delaying the inevitable 
. Anyways, it's all good vibes only...