I read one story the young adult finally convinced his dad when he showed him a job posting for his old job. It payed less than when he had it, not even accounting for inflation.
I remember that story and can relate. It took showing my parents the cost of my tuition at a university now and comparing it to when they were 18, then doing the same for the yearly wage of a fast food worker, before they realized that cost inflation has out-paced wage inflation by a crazy amount and no, people can’t just sustain themselves through college to get a leg up in society.
I was searching for apartments a few years ago when I still lived with my parents. My Dad was frustrated with my search taking so long (basically accusing me of dragging my feet) asked me why I kept saying I couldn’t afford to live in any of the places near where we lived / my workplace (I live in one of the highest cost of living states in America). I made a bet with him that if he could find me an apartment that was within my budget of $2,200/month within a week, I would sign the lease and move out as soon as they would let me move in. If he couldn’t, he had to admit that finding an apartment in this area in this economy was not as easy as it was when he was my age (I was originally going to ask him to pay me $500 if he lost the wager, but he backed down from that so I took away any monetary incentive and just went for the moral victory instead).
Of course, three days after we made the bet, he came back to me and said “What happened to all the apartments that used to cost $800/month? These leases are more than what we pay for our mortgage!”. Somehow, he was still living in a reality so far removed from our own that he had no idea just how bad things had gotten.
There was something a while ago where people were worried in the 70s-90s (can’t remember the decade) where house prices had increased to 1.8x to 2.7x the Average annual income and were unaffordable.
I read one story the young adult finally convinced his dad when he showed him a job posting for his old job. It payed less than when he had it, not even accounting for inflation.
I remember that story and can relate. It took showing my parents the cost of my tuition at a university now and comparing it to when they were 18, then doing the same for the yearly wage of a fast food worker, before they realized that cost inflation has out-paced wage inflation by a crazy amount and no, people can’t just sustain themselves through college to get a leg up in society.
I was searching for apartments a few years ago when I still lived with my parents. My Dad was frustrated with my search taking so long (basically accusing me of dragging my feet) asked me why I kept saying I couldn’t afford to live in any of the places near where we lived / my workplace (I live in one of the highest cost of living states in America). I made a bet with him that if he could find me an apartment that was within my budget of $2,200/month within a week, I would sign the lease and move out as soon as they would let me move in. If he couldn’t, he had to admit that finding an apartment in this area in this economy was not as easy as it was when he was my age (I was originally going to ask him to pay me $500 if he lost the wager, but he backed down from that so I took away any monetary incentive and just went for the moral victory instead).
Of course, three days after we made the bet, he came back to me and said “What happened to all the apartments that used to cost $800/month? These leases are more than what we pay for our mortgage!”. Somehow, he was still living in a reality so far removed from our own that he had no idea just how bad things had gotten.
There was something a while ago where people were worried in the 70s-90s (can’t remember the decade) where house prices had increased to 1.8x to 2.7x the Average annual income and were unaffordable.
So… yeah…
I’d love to see a source on this because it’s believable and insane