I’m late 30s myself. Here is how I see the generational situations:
My parents’ generation: if you got any college degree or went into any skilled trade, you would have no problem purchasing a home.
My generation: if you picked certain well-paying majors or trades, you would be able to own a home.
The generation currently coming out of school: you will not afford a home without inherited wealth/family assistance.
It went from nearly anyone could get a home, to those who made just the optimal choices could get a home, to basically no one can get a home. I work with people who graduated with the same degree I have, yet because they happened to be born a 10-15 year later, they’re locked out of home ownership. I look at the cost of housing and compare it to their salary, and there’s just no way to make it work. To buy a home around here as a young person, you either need family money or you need to be a married couple, both working full time in high-paying STEM fields.
I’m late 30s myself. Here is how I see the generational situations:
My parents’ generation: if you got any college degree or went into any skilled trade, you would have no problem purchasing a home.
My generation: if you picked certain well-paying majors or trades, you would be able to own a home.
The generation currently coming out of school: you will not afford a home without inherited wealth/family assistance.
It went from nearly anyone could get a home, to those who made just the optimal choices could get a home, to basically no one can get a home. I work with people who graduated with the same degree I have, yet because they happened to be born a 10-15 year later, they’re locked out of home ownership. I look at the cost of housing and compare it to their salary, and there’s just no way to make it work. To buy a home around here as a young person, you either need family money or you need to be a married couple, both working full time in high-paying STEM fields.