Pardon my skepticism, but I’m supposed to believe that the average millennial and zoomer has $259k in assets? I have a feeling there are a handful at the tippy top skewing that data. Take out the top 1-5% and run those numbers again.
Tell that to the ever growing homeless population, the widing income gap, the 50% that can’t afford their rent, the 70% living paycheck to paycheck. Gaslighting doesn’t pay the bills.
When most people are in depth, percentage increase doesn’t really mean that much.
Like, say your net wealth is a dollar, if you find a dollar on the street, your net worth just doubled.
Lots of people died the last couple years, and this increase is likely just insurance and inheritance paying out
They are numbers. You can disagree with them and call them wrong, even deny them.
There was a worldwide collapse of the real estate and housing markets driven by the pandemic. That’s why rents are high.
I’m not sure this is an argument you can win, if you check their username. Lot of information warfare on here, as usual for the internet these days.
Probably right.
Rents and housing are high because Wall Street was purchasing homes for thousands over market value to create a renters market.
A collapse means house prices fall which means rents should fall. I’m not saying you are necessarily wrong, but it seems like a few steps are missing to get from A to B.
No, a collapse can happen when no business is being done in the sector, but demand still grows. In the case, there were no real estate transactions or building. However, demand grew. When the economy returned, there was far less housing than demand, driving prices up.
It’s not a problem of there not being enough homes for everyone, it’s that the vacant homes are not being made available to people who want / need them. There are far more than enough homes. In fact there’s about 26 vacant homes for every homeless person in the US.
It’s interesting to see these posts in contrast with posts showing that debt is soaring and that young people aren’t saving for retirement.
If median millennial wealth has greatly improved, then it’s not necessarily a “rich vs average and poor” scenario, but more likely “rich and average vs poor.” Add to that surveys that most people aren’t saving and now the data doesn’t agree with what people are saying.
Averages are kind of meaningless. The article does mention that median net worth also rose for people under 35, but it doesn’t give the numbers. Probably because the median numbers are considerably lower than the average. But even the median numbers wouldn’t’ tell the whole story. Net worth has gone up for people who own certain assets that have appreciated in value over recent years, like houses and stocks. Means nothing to those who don’t own any of those assets, and the more the value of assets goes up, the higher the barrier of entry will get for anyone looking to acquire such assets in an effort to improve their own wealth. It’s also worth mentioning that some people think we are in an asset bubble, and if that bubble were to pop, especially housing, people’s net worth would decline, maybe even significantly.
Frankly, I think we need to stop worrying about wealth and start carrying about well being.
