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Old 10-07-2008, 08:08 PM
 
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actually 1982 is the first gen Y birth year
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Old 10-07-2008, 08:21 PM
 
48,508 posts, read 88,816,493 times
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Originally Posted by Lulu101 View Post
I heard that the majority of boomers have little savings and are planning to "work 'til they drop".

If you look at a site on wealth you will see that the vast majority of wealth in this country is possessed by those over 40.
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Old 10-08-2008, 05:30 PM
 
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Originally Posted by NJ Chutzpah View Post
actually 1982 is the first gen Y birth year
Be that as it may, my life and work experience is dead smack in the Gen Y's experience even being in the early portion of it, yet have little in common with the median Gen X'r in comparison. Heck I have 30 yo friends that have the same boomerang situation that's afflicting gen Yr's. Bottom line, when it comes to housing and purchasing power, we resemble Western Europe's 20-somethings more than what we have in common with Gen X....Thanks boomers, appreciate cha'.
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Old 10-08-2008, 07:28 PM
 
Location: SoCal
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Originally Posted by hindsight2020 View Post
Be that as it may, my life and work experience is dead smack in the Gen Y's experience even being in the early portion of it, yet have little in common with the median Gen X'r in comparison. Heck I have 30 yo friends that have the same boomerang situation that's afflicting gen Yr's. Bottom line, when it comes to housing and purchasing power, we resemble Western Europe's 20-somethings more than what we have in common with Gen X....Thanks boomers, appreciate cha'.
I'm a Gen X'er and many of my friends are in a boomerang situation if single or rent if married and still don't have enough money to buy. They are college educated and make a good salary close to 100k but even then a good home in socal is pretty tough to buy without creative financing.

I mean with 100k you should really only buy a 400k house which is the what the median house costs in the LA now but was 600k during the boom. The family home in good neighborhood with good schools start at 600K and up. Basically that means you need to have 200K saved up to buy it in todays market, i don't know that many Gen X's that have 200k in the bank unless they got a hand out from mom and dad.
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