Why Baby Boomers Don't Understand Occupy Wall Street

[slim 1,530]

You're obviously speaking to different people, then.

The two people my age I know who do own houses (with the help of deposits from their parents) own 2-bedroom terraces over 100 years old.

Of people I know with kids, the kids all share rooms, and in a couple of cases share with the parents.

Growing up, I actually had my own room. And I'm one of six kids. Oh, and my mother never worked!

I don't know a single person with a brand new car or who is sending their kids to private school.

Define 'things'. Because yes, things like electronic goods and certain food items are proportionately less expensive.

But my point was that basic needs, like rent, gas and electricity are proportionately more expensive. Really, salaries have increased at the same rate as those items? I don't think so.

$40,000 a year would've almost bought a house in my parents' town back in the 80s. Now houses are six times that price. My parents' first house cost something like 60,000 pounds in the early 90s. Three years later, they sold it for nearly 90,000. Bought a house for 130,000 in the late 90s; now that house is worth nearly half a million.

Do you think it would be more possible for young people to own a house if they didn't have things like iPhones and 145 channels of cable television?

What if they worked full-time jobs?

[^_^ 5,021]

iPhones aren't that expensive anymore.

[mawilson 2,133]

iPhones aren't that expensive anymore.

$100 a month or thereabouts. Adds up over time.

[^_^ 5,021]

$100 a month or thereabouts. Adds up over time.

You mean data plans are expensive.

btw tmobile has 50 usd / month unlmited talk text data.... of cours eits on the tmob network which sucks

[Alex & Rachel 78]

Do you think it would be more possible for young people to own a house if they didn't have things like iPhones and 145 channels of cable television?

What if they worked full-time jobs?

Er... not if their salary won't even come to a 1/10th of the average house price.

And not if they're having to pay rent... it's tough to save. Because my rent's so low I've currently been saving about $500 a month, but even then that's only $6,000 a year; it'd take me a few years still to save up a decent deposit. But it doesn't matter because with my current salary I'd qualify for a mortgage for... absolutely nothing here in the Bay Area. Maybe a 2 bed condo if I struck lucky.

Also... again... I do think most young people are NOT living the high life you imagine! We don't have cable. I didn't have a TV for ten years; same deal with all of my friends (well, one had a very old CRT, but she didn't wish to pay for a TV license in the UK so it remained plugged only into her VHS player).

$100 a month or thereabouts. Adds up over time.

Alex has an iPhone. Cost $150 to upgrade; same cost as to upgrade to any other smart phone. Monthly plan is $60 a month (Verizon, unlimited data plan).

Oh - and yes, he's the only one of our friends to have the iPhone. Most of our friends have the $30 a month text plan.

Edited October 25, 2011 by Alex & Rachel

[mawilson 2,133]

My bills are ridiculous.

$100 cell phone

$30 landline

$200 cable + internet (all premium channels)

$150 car insurance

$100-300 gas/electric

Not even including things like various magazine subscriptions, insurance premiums, monthly parking, storage unit, etc.

[I AM NOT THAT GUY 5,715]

My bills are ridiculous.

$100 cell phone

$30 landline

$200 cable + internet (all premium channels)

$150 car insurance

$100-300 gas/electric

Not even including things like various magazine subscriptions, insurance premiums, monthly parking, storage unit, etc.

What is you total housing cost? Mortgage + real estate taxes + homeowners insurance?

I couldn't believe what I watched last night. Now that the mortgage companies are going back to 30 year fixed, twenty percent down, fully documented loans, Congress and civil rights groups are complaining that few buyers can qualify for loans, and the mortgage companies are complaining that Fanny and Freddy are taking all the low risk loans for themselves.

[slim 1,530]

iPhones aren't that expensive anymore.

They're more than they were in the '70s.

$100 a month or thereabouts. Adds up over time.

And that's just one of the bills most young folks are paying today.

You mean data plans are expensive.

btw tmobile has 50 usd / month unlmited talk text data.... of cours eits on the tmob network which sucks

Still more than what folks spent in the '70s and '80s.

Er... not if their salary won't even come to a 1/10th of the average house price.

And not if they're having to pay rent... it's tough to save. Because my rent's so low I've currently been saving about $500 a month, but even then that's only $6,000 a year; it'd take me a few years still to save up a decent deposit. But it doesn't matter because with my current salary I'd qualify for a mortgage for... absolutely nothing here in the Bay Area. Maybe a 2 bed condo if I struck lucky.

Also... again... I do think most young people are NOT living the high life you imagine! We don't have cable. I didn't have a TV for ten years; same deal with all of my friends (well, one had a very old CRT, but she didn't wish to pay for a TV license in the UK so it remained plugged only into her VHS player).

Alex has an iPhone. Cost $150 to upgrade; same cost as to upgrade to any other smart phone. Monthly plan is $60 a month (Verizon, unlimited data plan).

Oh - and yes, he's the only one of our friends to have the iPhone. Most of our friends have the $30 a month text plan.

How many young people skip out on cable and that sort of thing to save for a house?

My bills are ridiculous.

$100 cell phone

$30 landline

$200 cable + internet (all premium channels)

$150 car insurance

$100-300 gas/electric

Not even including things like various magazine subscriptions, insurance premiums, monthly parking, storage unit, etc.

What you list as ridiculous is pretty much "normal" in today's world.

Our parents would find it quite excessive but for us, it's quite normal.

[Alex & Rachel 78]

Right now ours are pretty good. Apart from the cellphone:

No need for a landline - never had one!

$30 cable internet (we pay 50% as we apartment-share)

$60 gas/electric/water

$45 car insurance

$160 health insurance

I made Alex cancel all newsgroup subscriptions; I'm wary of any contracts beyond the minimum.

Although we have the bare minimum insurance, granted. Our car's actually pretty beaten up right now, as some kind person did a hit and run and left us with a huge dent. We had it checked out and it's not affecting anything important so we've been putting repairs off. We just can't have anyone too heavy sit in the rear seats or the wheel scrapes.

[^_^ 5,021]

My mom has stories of how expensive it was to call India back in the 70s. Today we have Vonage World Call which lets us call India (and the US and Canada and Puerto Rico) as much as we want for a flat 25 usd.

[Alex & Rachel 78]

How many young people skip out on cable and that sort of thing to save for a house?

Okay - put it this way. NO one I know has cable.

Oh - I forgot one monthly subscription. Netflix. That I consider worth it, for all the advert-free shows and movies you get. Plus, cheaper than a trip to the cinema.

[Alex & Rachel 78]

My mom has stories of how expensive it was to call India back in the 70s. Today we have Vonage World Call which lets us call India (and the US and Canada and Puerto Rico) as much as we want for a flat 25 usd.

Smart phone + skype = weekly hour-long calls to the UK for about $30 a year.

[slim 1,530]

Right now ours are pretty good. Apart from the cellphone:

No need for a landline - never had one!

$30 cable internet (we pay 50% as we apartment-share)

$60 gas/electric/water

$45 car insurance

$160 health insurance

I made Alex cancel all newsgroup subscriptions; I'm wary of any contracts beyond the minimum.

Although we have the bare minimum insurance, granted. Our car's actually pretty beaten up right now, as some kind person did a hit and run and left us with a huge dent. We had it checked out and it's not affecting anything important so we've been putting repairs off. We just can't have anyone too heavy sit in the rear seats or the wheel scrapes.

So in the next ten years or so you should be able to put down 20% on a house. If you're doing it, why can't everyone?

[Nina~ 431]

So in the next ten years or so you should be able to put down 20% on a house. If you're doing it, why can't everyone?

The point is that the older generation did not have to wait 10 years to be able to save for a downpayment. They could do it comfortably on 1 paycheck for a family of 5.

[Alex & Rachel 78]

I've been fortunate in both obtaining a degree and finding a boss who's been willing to take a chance on me, help train me and promote me (I've gained three wage increases in two years).

And honestly, I'm not going to be saving that much for much longer. We're going to have to find our own apartment soon (doubt roommates want to share with a baby!) which is going to pretty much double our rent (even for a one-bed/studio) and utilities. And all of Alex's paycheck will go on paying his mother to look after the baby part-time. I don't mind, though. It's my decision and I've pretty much given up on ever owning a house, anyway. Besides, renting has its advantages. No repair/maintenance costs!