Article is paywalled so I can’t check for certain, but it looks like this refers specifically to people who got money from their parents to get a down-payment. If your parents paid for your education so that you graduated without debt, or housed you for an extended period while you saved up for a down-payment, or you got a cushy job in the family business, it amounts to the same thing.
From that perspective, 40% makes enough sense, but it also doesn’t really say much about the state of things. What I think we’d want to know is how many people actually took the boomer route of supporting themselves independently from an early age and still being able to buy a house before 30 (or at all, for that matter). That would likely be a vanishingly small number.
Can confirm, that I'm someone currently on the boomer route and it's literally impossible. I could afford a house 5 years ago on my current salary, but the rates and prices are rising so fast that even with pay rate increases that would make boomers blush I'm still broke after rent.
My partner and I finally landed jobs that paid well enough to start looking into buying about six months into the wild housing price spike. Now I'm just praying for the line to go down because there's fuck all I can do.
Article is paywalled so I can’t check for certain, but it looks like this refers specifically to people who got money from their parents to get a down-payment. If your parents paid for your education so that you graduated without debt, or housed you for an extended period while you saved up for a down-payment, or you got a cushy job in the family business, it amounts to the same thing.
From that perspective, 40% makes enough sense, but it also doesn’t really say much about the state of things. What I think we’d want to know is how many people actually took the boomer route of supporting themselves independently from an early age and still being able to buy a house before 30 (or at all, for that matter). That would likely be a vanishingly small number.
Can confirm, that I'm someone currently on the boomer route and it's literally impossible. I could afford a house 5 years ago on my current salary, but the rates and prices are rising so fast that even with pay rate increases that would make boomers blush I'm still broke after rent.
My partner and I finally landed jobs that paid well enough to start looking into buying about six months into the wild housing price spike. Now I'm just praying for the line to go down because there's fuck all I can do.
Same basically. Went from $15/hr to $30 but my rent more than doubled to over $2k