Home Buying – You vs Your Parents
Everybody knows that the past few years have been economically tumultuous for many countries, from the 2008 “Great Recession” that started in the United States and quickly spread worldwide, to high unemployment levels across the European Union and an ongoing debt crisis in many countries. For the generation of people that’s come-of-age over the past 10 years (which is collectively known as Generation Y), their first decade in the workforce has proven to be a challenging one. Many Gen Yers have found themselves facing a tougher career path than they anticipated, with their university degrees not opening as many doors as they had hoped.
But above all else, there is one metric of financial success that just about everybody wants to achieve at some point in their lives: home ownership! When you talk to many of today’s young professionals, they often express frustration that home ownership seems like a surprisingly difficult goal to achieve. The perception, in fact, is that buying a home is less attainable for them today than it was for their parents’ generation way back in 1980 (give or take a decade).
Perception, as we all know, can be a tricky thing; what really matters is the facts. When it comes to the affordability of homes, what do the statistics really tell us? Is the “American dream” of home ownership really less attainable for Generation Years, or was it more difficult for their parents, the Baby Boomers, to achieve back in 1980? “Aloha” Tony Kawaguchi, a prominent real estate agent based on the Hawaiian island of Oahu, decided to get to the bottom of it and settle this popular debate once and for all.
He dug up over 30 years’ worth of national sales figures, income data, and much more to provide a comprehensive overview of America’s housing market from the late 20th century to the present day. His remarkable conclusions have been released in convenient infographic format, which you can see below!