A few decades ago, it was standard that people by the age of 25 would have bought their first house.
Boomers, in other words, people who were born between 1946 and 1964, have realized that Millennials, or people born between 1981 and 1996, have failed to buy their homes at a young age because they spend too much money on luxuries.
And by that, they mean apps like Netflix and takeout.
As research carried out by King’s College London, “[h]alf (48%) the UK public think a key reason more young adults today cannot afford to buy their own home is they spend too much of their income on things like takeaway coffees and food, mobile phones, subscription services like Netflix and holidays abroad.”
Could that be true? The Times let the public know of the results of this research and the reactions on Twitter are worth sharing.
Let’s take a look at them below.
1. Paying for someone else’s Netflix subscription
Cancel my parents’ Netflix subscription? That seems rude. https://t.co/ZyhyuCdfwo
— Christina Cress (@cress_cd) June 14, 2022
Indeed, it is true that Millennials often don’t only pay for their own subscriptions, but for their parents’ ones, too. Not all of us are selfish, the lady got that right!
2. Let’s not have a short memory
I’m a boomer and we bought our first house when I was 21, so did my friends.
Life was much easier for us than young people today.
Some old people have conveniently short memories.— anne juliff (@patanna) June 13, 2022
Thankfully, not all boomers have short memories, and they realize how hard things are today for young people. Even they, who have another, possibly saving-oriented background, are now facing financial difficulties.
3. House prices are too high
You would have to cancel Netflix for 2,300 years to save enough to pay for the average home price in the US. https://t.co/5g928euOyS
— Feminine Miss Geek (@femmissgeek) June 13, 2022
You see, it seems that home prices in the US have skyrocketed over the last decades.
“In 1980, it was $47,200, and by 2000, it had risen to $119,600. Even adjusted for inflation, the median home price in 1940 would only have been $30,600 in 2000 dollars, according to data from the U.S. Census,” CNBC reports.
4. Some irony
Ever since I canceled my Netflix sub, I am rolling in $$$. Just bought a mega yacht, a private jet, and a few mansions. Looking at picking up an island or 2. I wonder if Greenland is available.
— Andy Washburn 🏝 (@AndyWashburn1) June 14, 2022
An ironic post that shows exactly how Millennials feel about their life today. Maybe this is the proper answer to the Boomers’ accusations?
5. That’s right!
Or it could be baby boomers bought nice homes for 40k and millennials can’t get a cardboard box for under 300k. https://t.co/qMfcyFdSYr
— Tony Posnanski (@tonyposnanski) June 14, 2022
Here’s another one that points out how much prices have risen in general making it practically impossible for young people to buy their own homes.
6. Do the math
Food $200
Data $150
Rent $4000
Netflix $15
Utility $150
someone who is good at the economy please help me budget this. my family is dying https://t.co/iz9GE1fXlI— taddy mason (@no_goblins) June 14, 2022
Thanks to this woman’s post we can easily understand that something as low-priced as a Netflix subscription cannot be what makes it impossible for younger people to save money.
7. Airbnb- another reason
Oh yeah has nothing to do with hedge funds and Wall Street buying up affordable homes or viable apartments being used as Airbnbs. Nope it’s your Netflix subscription. https://t.co/jxBq1n43vA
— Lauren Walsh • Woubble’s Dad (@LaurenWalshArt) June 14, 2022
In fact, the Economic Policy Institute seems to agree with that. “Evidence suggests that the presence of Airbnb raises local housing costs,” they say.
8. To the point
The times cost more than Netflix
— Joe Kassabian (@jkass99) June 13, 2022
This is actually true. After the first four months, the subscription costs almost $32 per month! That’s crazy, right?
9. Some more irony
Hey young people, it’s easy as that. Save £100 a month by cutting Netflix and takeaways and in 41 short sweet years you will enough for a deposit on your very own flat in Swindon!!
— Fiasco (@FiascoNo42) June 13, 2022
Here’s an ironic tip from a Twitter user. However, it’s true that even cutting these expenses is not enough to help you save money for a decent house any time soon.
10. They had it coming
They say that while renting out a 1 bed flat for 1200 a month
— Jimmy (@BIG_JIM1988) June 13, 2022
With many Boomers owing and selling or renting out the houses Millennials wish to move into, it may be wise to lower the prices instead of criticizing them.
Well, this conflict between Boomers and Millennials will just keep going on and on, so we’d better get some popcorn or nachos and watch.
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