Millennials Are Sick of Baby Boomers' Housing Advice

In recent years, there has been a growing sense of frustration among millennials and Generation Z about the high cost of housing. This frustration has been exacerbated by baby boomers who complain about the high mortgage interest rates they faced when they bought a house in the 1970s and 80s.

For example, a recent article in the Daily Mail featured a baby boomer who recalled how she had to pay 19% interest on her mortgage in the 1990s. She went on to suggest that millennials should make sacrifices, such as giving up eating out and upgrading their mobile phones, in order to afford a home.

I recently posted a video on my Linkedin account about buying a home in 1980 vs buying a home today in 2023.

This advice was met with a wave of criticism from millennials and Gen Z, who pointed out that the housing market is much more competitive today than it was in the 1990s. They also argued that baby boomers had a number of advantages, such as higher wages and lower levels of student debt, that made it easier for them to buy a home.

The backlash against baby boomers is a reminder of the growing intergenerational divide in wealth and opportunity. Millennials and Gen Z are facing a number of challenges that their parents and grandparents did not, such as high housing costs, student debt, and stagnant wages. As a result, they are increasingly skeptical of the advice that baby boomers give them.

Comedian Ryan Long recently featured a sketch on this topic on his YouTube channel and his podcast, The Boys Cast.

It is important to note that not all baby boomers are wealthy or privileged. Many baby boomers have also struggled to make ends meet, and they have faced their own challenges in the housing market. However, the fact remains that baby boomers as a group have benefited from a number of advantages that have made it easier for them to accumulate wealth.

The backlash against baby boomers is a sign that millennials and Gen Z are starting to push back against this intergenerational inequality. They are demanding a fairer system that gives them the same opportunities that their parents and grandparents had.

What Can Be Done to Address the Intergenerational Wealth Gap?

There are a number of things that can be done to address the intergenerational wealth gap. These include:

• Increasing the minimum wage to help millennials and Gen Z afford to live on their own.

• Making college more affordable by reducing tuition costs and providing more financial aid.

• Reforming the housing market to make it easier for millennials and Gen Z to buy a home.

• Investing in infrastructure and job creation to create more opportunities for young people.

These are just a few of the steps that can be taken to address the intergenerational wealth gap. By taking these steps, we can create a more just and equitable society for all.

In addition to the above, it is also important to have a conversation about the role of personal responsibility in overcoming financial challenges. While it is true that millennials and Gen Z face a number of challenges that their parents and grandparents did not, it is also important for them to make wise financial decisions and take responsibility for their own financial future.

By working together, we can create a more just and equitable society where everyone has the opportunity to succeed, regardless of their generation.