Friday, May 21, 2021

I'm a Squatter

 Jason Kottke today posted this graphic showing how U.S. generations have grown and shrunk over each decade since 1920 (from Flowing Data:

(Click to see it larger.)

His take on it was this:

The thing that’s really apparent to me in this graph is how the size, increased life expectancy, and better quality of life of the Silent and (especially) Baby Boomer generations really shifted the social order in America. It’s a triple whammy: this large group of very healthy people stuck around so much longer than the previous generations that they were able to keep their wealth and political/corporate power instead of handing it off to the next generations. It’s a generational firewall — they didn’t leave any room for their children or grandchildren. Instead, Gen X and Millennials got branded as lazy/apathetic and financially careless.

Right after I saw his post, I saw this graphic on Twitter about Millennials and home ownership:

That major drop in home ownership among 25- to 34-year-olds fits right into Kottke's analysis. Here we are, Baby Boomers, squatting on our vastly appreciating houses (in many markets, though not all), while others of us invest in REITs and private equity firms that are snapping up single-family homes, townhouse developments, and now even manufactured home parks

The average existing single family home price just cracked $320,000, I believe I just heard — a 17% increase in one year. Seems like only yesterday that average was $235,000.

No comments: