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Another thing I have noticed is parents in metro-west downsizing and giving a small piece of their windfall to their kids to help them with buying a home.
I think what many of the Gen Y people here and that I have met don't realize is that the outlook wasn't as rosy for your parents and grandparents either. I had my first experience with the Gen Y attitude a few years back and now subsequently as an employer so I'm not all that sympathetic. The expectations of some of Gen Y are out of whack with reality. Things that I still consider a luxury are often a necessity to Gen Y.
My parents bought their first house in the 60's. The max they could afford per month was $25. My dad was a teacher. He taught school, coached, tended bar and worked every summer. He fixed up the house with the help of friends. In the 70's and 80's grew vegetables and fished for flounder all summer. We ate the flounder we caught and froze every Friday night through the fall. No call for take out delivery for us. It's funny but no this self sustaining lifestyle is trendy. LOL We did it out of necessity.
I graduated from college in 1989 with a teaching degree. There were NO teaching jobs and the few that did exist paid 26K a year tops. My first apartment was over $500 a month- a tiny studio with a murphy bed in a tough neighborhood in Quincy. I never thought I would be able to afford a house- not only because of home prices but the staggering interest rates.
Bought our first house in 1992. We paid 4X what the previous owners had paid in 1978. It was a mess but structurally it was a great shape. My husband and I worked our tails off with the help of friends. It wasn't fully furnished right away, when it was, much was hand me downs or flea market finds dolled up- they call that Pottery Barn now. We did all the painting etc ourselves- never hired out any work until we were going to sell- at that point it was money well invested for resale value.
Fast forward 15 years and a hefty investment in the house and we go to market at 3X what we paid for it. We would make a good profit on paper but the hours we put in weren't taken into consideration. Mr. and soon to be Mrs. Gen Y fall in love with the house- their first house- it was on the market for a day. It was no longer a starter house- with additions and upgrades etc it was a turnkey, "move up" house. Mr and soon to be Mrs want it. No starter house for them! They love everything- but they don't think the price is right.
Their reasons:
1. They saw what we paid and don't think they should have to pay that much- we were greedy. (even though it was priced right)
2. Future Mr. Y needed to buy an engagement ring soon so he needed to watch what he spends on the house (and that's our problem how??)
3. Future Mrs. Y insisted she needed to purchase a very specific, very expensive washer and dryer with steam etc because Mr. Y said she couldn't send out her laundry anymore. (no sympathy from me my first washer was used and I hand washed anything that called for a delicate cycle)
4. The 200+ year old barn was not structurally sound enough to hold her Audi and it was going to have to *gasp* sit out in the driveway. (the barn was never advertised as a garage)
5. He only wanted to put 3% down (the fact that she wanted and deserved a NICE engagement ring was mentioned again) and was worried about the financing since the town we were selling in was considered a "declining market".
6. They had to have room in their monthly budget to hire a landscaper and pool person because they could not possibly take care of the property themselves.
I could not believe they gave these as reasons to our real estate agent during negotiations.
Before closing,we were told that all communication was to be with the person handling the closing (their Gen Y friend- a pushy paralegal)- the wedding, work and buying a house was too stressful for them to deal with. Pushing paralegal insisted EVERYTHING be taken out of house and barn. That included all the Benjamin Moore paint, (the interior and exterior had all just been painted, in the colors they loved) being taken away. The real estate agent suggested they should keep at least the exterior and the interior trim and wainscoting paint for touch up- that was the norm-she had never met anyone who didn't keep it. She explained in an old house that is a regular event and 11 rooms of custom, quality paint is very expensive. She suggested calling the buyer but PP said "NO", they will hire someone to do that and just buy new paint if they every needed it. A month after closing, the real estate agent called us to see if we had kept the paint because the buyer wanted it to do some touch up after he had nicked a couple of spots moving furniture around.
The entitlement and delusions of these buyers was staggering to us. It was our first real experience with Gen Y. These were 3 well educated, successful people. I can tell you, because I drive by the house on many occasions, the owners still drive very nice vehicles but the gardeners and painters they said they were going to hire obviously were never hired. I think they got a dose of home ownership reality.
The argument that a Gen Y can't work through college like the boomers and are strapped with so much debt they can't afford a house is absurd. Community college is short money. Two years there and onto a 4 year college after can save you a fortune. Commuting or online courses are always an option. It's not that it can't be done, it's that kids don't WANT to do it. It doesn't matter where you start college, what matters is where you finish and what you did in between. I have done the college tours with my kids. It is mind boggling to me the things that are highlighted by students and important to incoming students and their parents. "Ooh a wave pool- a sushi bar- excellent- concierge laundry service- fantastic- a cupcake room and puppies to relieve stress during finals!" Are you kidding me? Like housing, it's supply and demand. If you are willing to pay and extra 10-15K a year for a college that has a country club atmosphere then accept the debt.
Some of the comments on here "We don't WANT to work 60 hours". I will tell you what I tell my own kids- you can work more or expect to have less. It's a choice so don't complain that you can't afford what previous generations could if you aren't willing to work as hard. In real estate, working 40 probably won't get you the house you want. I agree with that but it didn't get anyone else it either.
I don't WANT to live in suburbia, a dump etc etc. I don't know many people who could afford to live exactly where they wanted in their first home. Settle for something else or like you said, just don't buy, but don't complain or blame others for the choice you made.
We do live in a different economy. I'm tired of hearing how great the markets were and how your generation will never see that. Not everyone in your parents and grandparents generation invested either. Just like not everyone in the Gen Y generation is working in the technology sector. How much did instagram sell for? Seriously, this economy is like the wild west. Develop an app and get rich. If you can't, find a good job and save for the future. There was no instant gratification for most of the the Boomers or Gen X and there isn't going to be for your Generation either.
I think what many of the Gen Y people here and that I have met don't realize is that the outlook wasn't as rosy for your parents and grandparents either. I had my first experience with the Gen Y attitude a few years back and now subsequently as an employer so I'm not all that sympathetic. The expectations of some of Gen Y are out of whack with reality. Things that I still consider a luxury are often a necessity to Gen Y.
My parents bought their first house in the 60's. The max they could afford per month was $25. My dad was a teacher. He taught school, coached, tended bar and worked every summer. He fixed up the house with the help of friends. In the 70's and 80's grew vegetables and fished for flounder all summer. We ate the flounder we caught and froze every Friday night through the fall. No call for take out delivery for us. It's funny but no this self sustaining lifestyle is trendy. LOL We did it out of necessity.
I graduated from college in 1989 with a teaching degree. There were NO teaching jobs and the few that did exist paid 26K a year tops. My first apartment was over $500 a month- a tiny studio with a murphy bed in a tough neighborhood in Quincy. I never thought I would be able to afford a house- not only because of home prices but the staggering interest rates.
Bought our first house in 1992. We paid 4X what the previous owners had paid in 1978. It was a mess but structurally it was a great shape. My husband and I worked our tails off with the help of friends. It wasn't fully furnished right away, when it was, much was hand me downs or flea market finds dolled up- they call that Pottery Barn now. We did all the painting etc ourselves- never hired out any work until we were going to sell- at that point it was money well invested for resale value.
Fast forward 15 years and a hefty investment in the house and we go to market at 3X what we paid for it. We would make a good profit on paper but the hours we put in weren't taken into consideration. Mr. and soon to be Mrs. Gen Y fall in love with the house- their first house- it was on the market for a day. It was no longer a starter house- with additions and upgrades etc it was a turnkey, "move up" house. Mr and soon to be Mrs want it. No starter house for them! They love everything- but they don't think the price is right.
Their reasons:
1. They saw what we paid and don't think they should have to pay that much- we were greedy. (even though it was priced right)
2. Future Mr. Y needed to buy an engagement ring soon so he needed to watch what he spends on the house (and that's our problem how??)
3. Future Mrs. Y insisted she needed to purchase a very specific, very expensive washer and dryer with steam etc because Mr. Y said she couldn't send out her laundry anymore. (no sympathy from me my first washer was used and I hand washed anything that called for a delicate cycle)
4. The 200+ year old barn was not structurally sound enough to hold her Audi and it was going to have to *gasp* sit out in the driveway. (the barn was never advertised as a garage)
5. He only wanted to put 3% down (the fact that she wanted and deserved a NICE engagement ring was mentioned again) and was worried about the financing since the town we were selling in was considered a "declining market".
6. They had to have room in their monthly budget to hire a landscaper and pool person because they could not possibly take care of the property themselves.
I could not believe they gave these as reasons to our real estate agent during negotiations.
Before closing,we were told that all communication was to be with the person handling the closing (their Gen Y friend- a pushy paralegal)- the wedding, work and buying a house was too stressful for them to deal with. Pushing paralegal insisted EVERYTHING be taken out of house and barn. That included all the Benjamin Moore paint, (the interior and exterior had all just been painted, in the colors they loved) being taken away. The real estate agent suggested they should keep at least the exterior and the interior trim and wainscoting paint for touch up- that was the norm-she had never met anyone who didn't keep it. She explained in an old house that is a regular event and 11 rooms of custom, quality paint is very expensive. She suggested calling the buyer but PP said "NO", they will hire someone to do that and just buy new paint if they every needed it. A month after closing, the real estate agent called us to see if we had kept the paint because the buyer wanted it to do some touch up after he had nicked a couple of spots moving furniture around.
The entitlement and delusions of these buyers was staggering to us. It was our first real experience with Gen Y. These were 3 well educated, successful people. I can tell you, because I drive by the house on many occasions, the owners still drive very nice vehicles but the gardeners and painters they said they were going to hire obviously were never hired. I think they got a dose of home ownership reality.
The argument that a Gen Y can't work through college like the boomers and are strapped with so much debt they can't afford a house is absurd. Community college is short money. Two years there and onto a 4 year college after can save you a fortune. Commuting or online courses are always an option. It's not that it can't be done, it's that kids don't WANT to do it. It doesn't matter where you start college, what matters is where you finish and what you did in between. I have done the college tours with my kids. It is mind boggling to me the things that are highlighted by students and important to incoming students and their parents. "Ooh a wave pool- a sushi bar- excellent- concierge laundry service- fantastic- a cupcake room and puppies to relieve stress during finals!" Are you kidding me? Like housing, it's supply and demand. If you are willing to pay and extra 10-15K a year for a college that has a country club atmosphere then accept the debt.
Some of the comments on here "We don't WANT to work 60 hours". I will tell you what I tell my own kids- you can work more or expect to have less. It's a choice so don't complain that you can't afford what previous generations could if you aren't willing to work as hard. In real estate, working 40 probably won't get you the house you want. I agree with that but it didn't get anyone else it either.
I don't WANT to live in suburbia, a dump etc etc. I don't know many people who could afford to live exactly where they wanted in their first home. Settle for something else or like you said, just don't buy, but don't complain or blame others for the choice you made.
We do live in a different economy. I'm tired of hearing how great the markets were and how your generation will never see that. Not everyone in your parents and grandparents generation invested either. Just like not everyone in the Gen Y generation is working in the technology sector. How much did instagram sell for? Seriously, this economy is like the wild west. Develop an app and get rich. If you can't, find a good job and save for the future. There was no instant gratification for most of the the Boomers or Gen X and there isn't going to be for your Generation either.
I agree with some of the points you make, but I would like to add this.
I think that you forget that many young people, that we tend to be throwing into the same basket, are just too young and inexperienced to know better. Labeling them all as this or that, it is too soon. I think it is fair to judge them on the whole, maybe twenty years from now. But, let us give them a chance first.
Yes, there were always primadonnas, lazy or incapable people. Age doesn't matter in that regard.
Fact is that millennial and younger, needs to make a huge adjustment between abundance they were growing up in vs. scarcity of jobs, decent homes, and opportunities now that they are entering adulthood. Not everyone has parents that are able or willing to help. Not everyone has cushy stock options. Not everyone was smart as not to fall pray at young 19 to college shark lenders. And those are necessary if you want to make the nest in MA. (I would blame parents more then kids, for failing to teach, direct, protect).
Also, what is luxury to older generations is often a necessity for younger one, but older folks tend to judge harshly because they do not understand what it takes to compete nowadays.
Give them some time.
I will also add this. We have generations of kids who were not at all prepared, unlike in other countries, to compete globally.
Our schools are still focused on teaching model from the seventies/eighties. There is no wide-scale investment in foreign languages at the early age, nor we are expanding STEM instruction in schools. Our primary education sucks. They are still people arguing about existence of kindergarten, and that shows complete insularity and lack of understanding of global economy. Waiting to high school and college to make up on some these subjects is too late. We can not compete half-educated, and hence so many foregin nationals are filling the gaps, and are flocking to this area and buying anything available.
I think what many of the Gen Y people here and that I have met don't realize is that the outlook wasn't as rosy for your parents and grandparents either. I had my first experience with the Gen Y attitude a few years back and now subsequently as an employer so I'm not all that sympathetic. The expectations of some of Gen Y are out of whack with reality. Things that I still consider a luxury are often a necessity to Gen Y.
My parents bought their first house in the 60's. The max they could afford per month was $25. My dad was a teacher. He taught school, coached, tended bar and worked every summer. He fixed up the house with the help of friends. In the 70's and 80's grew vegetables and fished for flounder all summer. We ate the flounder we caught and froze every Friday night through the fall. No call for take out delivery for us. It's funny but no this self sustaining lifestyle is trendy. LOL We did it out of necessity.
I graduated from college in 1989 with a teaching degree. There were NO teaching jobs and the few that did exist paid 26K a year tops. My first apartment was over $500 a month- a tiny studio with a murphy bed in a tough neighborhood in Quincy. I never thought I would be able to afford a house- not only because of home prices but the staggering interest rates.
Bought our first house in 1992. We paid 4X what the previous owners had paid in 1978. It was a mess but structurally it was a great shape. My husband and I worked our tails off with the help of friends. It wasn't fully furnished right away, when it was, much was hand me downs or flea market finds dolled up- they call that Pottery Barn now. We did all the painting etc ourselves- never hired out any work until we were going to sell- at that point it was money well invested for resale value.
Fast forward 15 years and a hefty investment in the house and we go to market at 3X what we paid for it. We would make a good profit on paper but the hours we put in weren't taken into consideration. Mr. and soon to be Mrs. Gen Y fall in love with the house- their first house- it was on the market for a day. It was no longer a starter house- with additions and upgrades etc it was a turnkey, "move up" house. Mr and soon to be Mrs want it. No starter house for them! They love everything- but they don't think the price is right.
Their reasons:
1. They saw what we paid and don't think they should have to pay that much- we were greedy. (even though it was priced right)
2. Future Mr. Y needed to buy an engagement ring soon so he needed to watch what he spends on the house (and that's our problem how??)
3. Future Mrs. Y insisted she needed to purchase a very specific, very expensive washer and dryer with steam etc because Mr. Y said she couldn't send out her laundry anymore. (no sympathy from me my first washer was used and I hand washed anything that called for a delicate cycle)
4. The 200+ year old barn was not structurally sound enough to hold her Audi and it was going to have to *gasp* sit out in the driveway. (the barn was never advertised as a garage)
5. He only wanted to put 3% down (the fact that she wanted and deserved a NICE engagement ring was mentioned again) and was worried about the financing since the town we were selling in was considered a "declining market".
6. They had to have room in their monthly budget to hire a landscaper and pool person because they could not possibly take care of the property themselves.
I could not believe they gave these as reasons to our real estate agent during negotiations.
Before closing,we were told that all communication was to be with the person handling the closing (their Gen Y friend- a pushy paralegal)- the wedding, work and buying a house was too stressful for them to deal with. Pushing paralegal insisted EVERYTHING be taken out of house and barn. That included all the Benjamin Moore paint, (the interior and exterior had all just been painted, in the colors they loved) being taken away. The real estate agent suggested they should keep at least the exterior and the interior trim and wainscoting paint for touch up- that was the norm-she had never met anyone who didn't keep it. She explained in an old house that is a regular event and 11 rooms of custom, quality paint is very expensive. She suggested calling the buyer but PP said "NO", they will hire someone to do that and just buy new paint if they every needed it. A month after closing, the real estate agent called us to see if we had kept the paint because the buyer wanted it to do some touch up after he had nicked a couple of spots moving furniture around.
The entitlement and delusions of these buyers was staggering to us. It was our first real experience with Gen Y. These were 3 well educated, successful people. I can tell you, because I drive by the house on many occasions, the owners still drive very nice vehicles but the gardeners and painters they said they were going to hire obviously were never hired. I think they got a dose of home ownership reality.
The argument that a Gen Y can't work through college like the boomers and are strapped with so much debt they can't afford a house is absurd. Community college is short money. Two years there and onto a 4 year college after can save you a fortune. Commuting or online courses are always an option. It's not that it can't be done, it's that kids don't WANT to do it. It doesn't matter where you start college, what matters is where you finish and what you did in between. I have done the college tours with my kids. It is mind boggling to me the things that are highlighted by students and important to incoming students and their parents. "Ooh a wave pool- a sushi bar- excellent- concierge laundry service- fantastic- a cupcake room and puppies to relieve stress during finals!" Are you kidding me? Like housing, it's supply and demand. If you are willing to pay and extra 10-15K a year for a college that has a country club atmosphere then accept the debt.
Some of the comments on here "We don't WANT to work 60 hours". I will tell you what I tell my own kids- you can work more or expect to have less. It's a choice so don't complain that you can't afford what previous generations could if you aren't willing to work as hard. In real estate, working 40 probably won't get you the house you want. I agree with that but it didn't get anyone else it either.
I don't WANT to live in suburbia, a dump etc etc. I don't know many people who could afford to live exactly where they wanted in their first home. Settle for something else or like you said, just don't buy, but don't complain or blame others for the choice you made.
We do live in a different economy. I'm tired of hearing how great the markets were and how your generation will never see that. Not everyone in your parents and grandparents generation invested either. Just like not everyone in the Gen Y generation is working in the technology sector. How much did instagram sell for? Seriously, this economy is like the wild west. Develop an app and get rich. If you can't, find a good job and save for the future. There was no instant gratification for most of the the Boomers or Gen X and there isn't going to be for your Generation either.
The one fact that pretty much makes this entire paragraph next to useless IMO is the fact that college tuition rates are increasing MUCH higher than inflation. Currently, college tuition is the largest bubble today. In other words, when you went to college in 1992, it might have cost you 6k a year, and you made 25k. Awesome. Whatever. Now, school is 20k and students make 16k. See the problem? Since the tuition rates are increasing, so do the student loans to try and pay for said colloege. The data link below shows student loans having a 511% growth since 1999 (article written in 2011). Meaning the students are taking out LARGER loans and not paying them off until 20+ years later because the size of the loans and the low starting pay compared to the loan.
BU is 44k a year for undergrad. UMass Lowell is 20k a year. Both not including room & board. So for a pretty good school in BU you're looking at over 176k for 4 years, plus whatever increase they add each FY of school. Plus the cost of living...room and board. For UML you're looking at 80k with the same added costs. When you went to school in 1992, Harvard was 16k a year. (2012 cost is 58k per year).
"A good rule of thumb is that tuition rates will increase at about twice the general inflation rate. During any 17-year period from 1958 to 2001, the average annual tuition inflation rate was between 6% and 9%, ranging from 1.2 times general inflation to 2.1 times general inflation. On average, tuition tends to increase about 8% per year. An 8% college inflation rate means that the cost of college doubles every nine years. For a baby born today, this means that college costs will be more than three times current rates when the child matriculates in college. This section of FinAid provides detailed information about the rate of increase of college tuition." FinAid | Saving for College | Tuition Inflation
This is why your story doesn't apply to Gen YXZ or any other future Gen for that matter.
I didn't even get into the housing market side of things.
I graduated from college in 1989 with a teaching degree. There were NO teaching jobs and the few that did exist paid 26K a year tops. My first apartment was over $500 a month- a tiny studio with a murphy bed in a tough neighborhood in Quincy. I never thought I would be able to afford a house- not only because of home prices but the staggering interest rates.
Do you really think starting salaries are all that much more today, 25 years later? I have friends in the Boston area who couldn't find public school teaching jobs, so they took lower paying jobs in private schools making in the low $30s. Public schools in Massachusetts start around 38K - so in 25 years, the salary has gone up $10,000 when housing and the cost of college has FAR outpaced that. Except today, studios are a whole lot more than $500. Rooming houses cost more than that! New teachers are probably walking out the door with $20,000 in student loans at the minimum, with an expectation by school systems to quickly pursue masters degrees on top of their teaching schedule.
My mom graduated from college in 1981 straight into a job teaching for $25,000 a year. Her private college was the most expensive she could find (messy divorce), and was less than $5000 a year. 30 years later, she could expect $38,000 tops and the same year at that school would cost close to $50,000 a year. My dad couldn't afford to go to college, but he was smart and his company TRAINED HIM ON THE JOB. He rose to management and then management consulting through a large company. Today, he would have needed at least an MBA for the same opportunity he received on the job.
This is where older generations tend to be more out of touch. I moved 1000 miles away from Georgia to Massachusetts for a $35,000 a year job, despite being bilingual and going to a top university. And I had to work more than 40 hours a week while going through chemotherapy for stage IV cancer on that 35K a year, living with roommates in slumlord apartments. And I'm lucky. I have a job with health insurance and benefits. 2-5 years out of college, many friends have yet to crack 40K in the Boston area. We're losing job opportunities to those who have masters degrees, but are afraid of going further into debt for those opportunities. The cheapest, scariest studios in bad neighborhoods are still out of financial touch for many of us.
The one fact that pretty much makes this entire paragraph next to useless IMO is the fact that college tuition rates are increasing MUCH higher than inflation. Currently, college tuition is the largest bubble today. In other words, when you went to college in 1992, it might have cost you 6k a year, and you made 25k. Awesome. Whatever. Now, school is 20k and students make 16k. See the problem? Since the tuition rates are increasing, so do the student loans to try and pay for said colloege. The data link below shows student loans having a 511% growth since 1999 (article written in 2011). Meaning the students are taking out LARGER loans and not paying them off until 20+ years later because the size of the loans and the low starting pay compared to the loan.
BU is 44k a year for undergrad. UMass Lowell is 20k a year. Both not including room & board. So for a pretty good school in BU you're looking at over 176k for 4 years, plus whatever increase they add each FY of school. Plus the cost of living...room and board. For UML you're looking at 80k with the same added costs. When you went to school in 1992, Harvard was 16k a year. (2012 cost is 58k per year).
"A good rule of thumb is that tuition rates will increase at about twice the general inflation rate. During any 17-year period from 1958 to 2001, the average annual tuition inflation rate was between 6% and 9%, ranging from 1.2 times general inflation to 2.1 times general inflation. On average, tuition tends to increase about 8% per year. An 8% college inflation rate means that the cost of college doubles every nine years. For a baby born today, this means that college costs will be more than three times current rates when the child matriculates in college. This section of FinAid provides detailed information about the rate of increase of college tuition." FinAid | Saving for College | Tuition Inflation
This is why your story doesn't apply to Gen YXZ or any other future Gen for that matter.
I didn't even get into the housing market side of things.
I'm well aware how much more expensive college is than when I went to school. As noted, I have 2 on that track. My post does apply because it's about CHOICES. It's about supply and demand just like housing. You have to think outside the box.
Just like people who don't want to choose overpriced homes, you don't have to choose an overpriced education. You completely disregarded online courses and community college. What is a year of community college? 4K? Heck Bridgewater State College- a 4 year school is 8K (18k to live there) but if you can commute, do that. I assume others are close to the same cost. That is completely doable for someone to work and go to school. One does not have to go to school full time either. Again, there are choices and alternatives. Just like you can buy the Campanelli ranch in Brockton to start out, you can start out at a less desirable college if you really want to go.
Here's a nice illustration of what I'm talking about - this does NOT apply to the absurd inflation of higher education costs, which mhsclassof00 covers.
Try entering a year around the early 1980s, and compare it to today. I did it for 1982 (year I was born) vs 2013 on my annual salary of ~$41,000. With inflation of 141%, that would have the same buying power as about $99,000 does today. Before classifying us as lazy and entitled (Mr. and Mrs. Gen Y sound like real pricks, we're not all like that - I'm happily living within my means out here in the sticks while simply being lightly exasperated at the broader ridiculous real estate market that forces many native MA people out), take a look at inflation of buying power, cost of living, and college costs.
Even small towns well past the 495 vail are affected by the metro Boston bubble, especially the rental market. Been doing some cost of living comparisons and even out here in the "country" we're still well above the national average for housing costs. In the range of 20%+ higher than some major metro areas like Philly, Minneapolis, Nashville, and Charlotte. Factor in places like the Amherst and Northampton, etc, and they're WELL above the cost of real cities. To translate, one could live that much cheaper (housing costs) in an actual city with urban amenities and lifestyle for the same price as I pay to live in one of the poorest, most maligned, isolated little post-industrial podunk (but wonderful in its own way of course) towns in Massachusetts. Knowing the sector I work in, with a move the pay would likely be about the same despite the move away from New England, and the lower average salaries overall.
Before you say, why don't you leave then? it's obviously not that simple of a choice when your whole network of family and friends is here in Mass. But it sucks to have to barely scrape by in order to afford your native home state.
I agree with some of the points you make, but I would like to add this.
I think that you forget that many young people, that we tend to be throwing into the same basket, are just too young and inexperienced to know better. Labeling them all as this or that, it is too soon. I think it is fair to judge them on the whole, maybe twenty years from now. But, let us give them a chance first.
Yes, there were always primadonnas, lazy or incapable people. Age doesn't matter in that regard.
Fact is that millennial and younger, needs to make a huge adjustment between abundance they were growing up in vs. scarcity of jobs, decent homes, and opportunities now that they are entering adulthood. Not everyone has parents that are able or willing to help. Not everyone has cushy stock options. Not everyone was smart as not to fall pray at young 19 to college shark lenders. And those are necessary if you want to make the nest in MA. (I would blame parents more then kids, for failing to teach, direct, protect).
Also, what is luxury to older generations is often a necessity for younger one, but older folks tend to judge harshly because they do not understand what it takes to compete nowadays.
Give them some time.
Agreed. Just as not all baby boomers used "sleazy schemes and are greedy trying to unload their POS houses to Gen Y"- paraphrasing from other posts.
You post a lot about housing etc. You acknowledge that college here kids fell prey to "shark lenders". So did some people who bought homes or so they claimed. They wanted what they couldn't afford just like these kids. There are alternatives. That is a major difference between the generations. Young people want it and want it now. But let's be honest. That is the way the world works. Technology delivers instant gratification. It's also a world where the bigger (but size wise usually smaller) better thing is just around the corner and everyone is convinced they have to have it.
Blame parents? Oy. My generation tried that. From the age of 13 to 22 most young people could be sitting with Stephen Hawking and still think they are the smartest person in the room. That will never change.
My point is this generation has to stop thinking they got screwed and realize every generation faces difficulties and uncertainty. You have to adjust accordingly. This is not your grandparents economy. In the 1800's people were making $ panning for gold. Those who came after didn't lament the gold was gone. They found new innovative ways to make a living.
As far as "not knowing what it takes to compete". You don't need $150 hair salon visits, regular salon manis and pedis, facials, massages expensive designer clothes, the I 4...4s...5 the moment it comes out and an Audi to compete. Those are the luxuries vs necessities I am talking about.
Do you really think starting salaries are all that much more today, 25 years later? I have friends in the Boston area who couldn't find public school teaching jobs, so they took lower paying jobs in private schools making in the low $30s. Public schools in Massachusetts start around 38K - so in 25 years, the salary has gone up $10,000 when housing and the cost of college has FAR outpaced that. Except today, studios are a whole lot more than $500. Rooming houses cost more than that! New teachers are probably walking out the door with $20,000 in student loans at the minimum, with an expectation by school systems to quickly pursue masters degrees on top of their teaching schedule.
This is where older generations tend to be more out of touch. I moved 1000 miles away from Georgia to Massachusetts for a $35,000 a year job, despite being bilingual and going to a top university. And I had to work more than 40 hours a week while going through chemotherapy for stage IV cancer on that 35K a year, living with roommates in slumlord apartments. And I'm lucky. I have a job with health insurance and benefits. 2-5 years out of college, many friends have yet to crack 40K in the Boston area. We're losing job opportunities to those who have masters degrees, but are afraid of going further into debt for those opportunities. The cheapest, scariest studios in bad neighborhoods are still out of financial touch for many of us.
Actually talked to a friend. I misspoke. Starting teacher salary in 89 was high teens to low 20's. The job I took in management was for 25K.
I'm not out of touch. You are an example of what people should be doing. You did what you HAD to do to get a job. But you also learned the hard way that top university and bilingual does not mean you will get the job which is why it's not prudent to go into crazy debt for college.
I am sorry you had to work that hard and go through chemo for cancer and I do hope you are healthy now. Don't get me started on the exorbitant cost of health care in this country. I give you a tremendous amount of credit.
It isn't easy. But a quick search on Craigslist and I found many apartments for $600-$750 a month. You are right, they aren't in the best area but neither were mine or many other people my age. Coupled with student debt however, it's nearly impossible to afford to live on your own. But that's the point. Going into crazy debt for college is a bad investment. And to blame the generations before for that choice, preventing them from getting into the housing market is absurd.
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