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submitted 4 months ago by MicroWave@lemmy.world to c/news@lemmy.world

Few milestones in life mean as much to the American Dream as owning a home. And millennials have encountered the kind of trouble totally befitting their generation, which largely graduated into the teeth of the disastrous post-2008 job market. Just as they entered peak homebuying and household formation age, housing affordability is at 40-year lows, and mortgage rates are near 40-year highs.

The anxiety this generation feels about the prospect of never owning their own home affects their entire perception of their finances and the economy, says Moody’s chief economist Mark Zandi.

“If they feel like they’re locked out of owning a home it colors their perceptions about everything else going on in their financial lives,” Zandi says.

Millennials have long been dogged by a brutal housing market. They faced not one, but two, cataclysmic economic events—the Great Financial Crisis in 2008 and the pandemic in 2020. Both of which left them reeling financially and struggling to afford a home. The Great Recession decimated the real estate market as the economy nearly collapsed under the weight of tenuous mortgage backed securities. While the pandemic brought with it a remote work boom that caused millions of citydwellers to flee to the suburbs, sending housing prices soaring.

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[-] trackcharlie@lemmynsfw.com 59 points 4 months ago

Your comment had me remember this image by the artist EranFowler:

[-] killeronthecorner@lemmy.world 30 points 4 months ago

Can someone please Photoshop the Apple Vision ad copy over this

[-] young_broccoli@kbin.social 17 points 4 months ago
[-] killeronthecorner@lemmy.world 4 points 4 months ago

Unfortunately I just get a black screen when I try to view it :-(

[-] frunch@lemmy.world 12 points 4 months ago

Fuck is that a powerful image

[-] trackcharlie@lemmynsfw.com 7 points 4 months ago* (last edited 4 months ago)

It's reality now days. \o/

e. also the artist created the image in 2008. Right after the world economy died and has been on QE and 'rescue operations' by various central banks since. :/

[-] FlyingSquid@lemmy.world 10 points 4 months ago

It works, except that person would also be obese, kept alive by processed foods and getting no exercise.

Our bright and bold future.

[-] trackcharlie@lemmynsfw.com 3 points 4 months ago

"The world of tomorrow, today"

[-] Facebones@reddthat.com 10 points 4 months ago

I love it, and I hate it.

10/10 art I reckon.

this post was submitted on 11 Feb 2024
731 points (97.4% liked)

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