this post was submitted on 28 Nov 2024
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Your link is paywalled. But I've also heard this before and the main reason for this is that we've changed how inflation is measured, among other things. I don't like replying with a half-hour video link but coldfusion's "why is gen z so poor" Video gives a good overview, also using the article you linked as a source in the video.
Home ownership rates don't need to take inflation into account. At the end of the day gen z, as individuals, own housing at roughly the same rate as gen x. The standard of living is higher and yes you can have this with inflation up and disposable income down people can still buy houses and do.
The US has weathered this global shift incredibly well, yet this sentiment displayed put Trump in office. It hurts me to see this disconnect and to see concepts like doom spending cheered.
Sure, but exclusively focusing on housing as an indicator for how rich a generation is gives a skewed perspective. Gen Z isn't implicitly richer for owning a home, as they were able to use the low interest rates during covid which made mortgages less of a burden. They also have more opportunities to work from home, which allows them to buy cheaper houses in less desired areas.
However, just owning a home doesn't mean you can actually get by.
It's somewhat telling that despite all of those advantages, the average age at which people buy their first home is at a record high.