I understand this article is pure Millennial outrage bait 🪤 and yeah I guess it's working as intended because I'm reposting it, but do Baby Boomers genuinely believe that if we just made coffee at home, didn't buy a few brand name clothes and shoes every once in a while, and cancel our Netflix subscriptions, we would be able to just buy 10 investment properties like they did and have millions of dollars in the bank, no problem??? Like, is that what they actually think?
---
The average loan amount in 1984 was $42,277 (AUD) to buy a home, which works out to be $154,641 in today's figures.
However, in 2023, that amount has skyrocketed to $802,357.
That loan from 40 years ago was just over twice a person's annual income. In 2023, the average home loan size is 6.4 times the average annual income.
All up, homeowners in 1984 were spending $418 per month on their mortgage (which works out to be $1,529 today), while people in 2023 were paying $4,809 per month.
https://au.finance.yahoo.com/news/baby-boomer-with-2-million-wealth-issues-blunt-cost-of-living-advice-no-crisis-001731037.html
Joshua Byrd
npub1m0…umqsy
2025-01-19 05:34:54 UTC
Author Public Key
npub1m0ew054uctaqtq370nh6ktlnfaczgnfu9q9upu884yl2r5tefh9ssumqsyPublished at
2025-01-19 05:34:54 UTCEvent JSON
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"content": "I understand this article is pure Millennial outrage bait 🪤 and yeah I guess it's working as intended because I'm reposting it, but do Baby Boomers genuinely believe that if we just made coffee at home, didn't buy a few brand name clothes and shoes every once in a while, and cancel our Netflix subscriptions, we would be able to just buy 10 investment properties like they did and have millions of dollars in the bank, no problem??? Like, is that what they actually think?\n\n---\n\nThe average loan amount in 1984 was $42,277 (AUD) to buy a home, which works out to be $154,641 in today's figures.\n\nHowever, in 2023, that amount has skyrocketed to $802,357.\n\nThat loan from 40 years ago was just over twice a person's annual income. In 2023, the average home loan size is 6.4 times the average annual income.\n\nAll up, homeowners in 1984 were spending $418 per month on their mortgage (which works out to be $1,529 today), while people in 2023 were paying $4,809 per month.\n\nhttps://au.finance.yahoo.com/news/baby-boomer-with-2-million-wealth-issues-blunt-cost-of-living-advice-no-crisis-001731037.html",
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