Boomers and/or Young People Suck

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Slippery Pete said:
I’m going to say one nasty thing and one nice thing about Boomers. Brace yourselves.

1. Boomers, try as they might, just can’t seem to get it through their heads that doing what they did will not make a person wealthy anymore.

2. Let’s be honest, Boomers are probably the last competent generation. When they were in charge, things weren’t perfect, but they were okay. Now that Gen X is mostly in charge at the government and corporate level, it’s an absolute f*cking disaster.
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Fair take!

I will add though as a Gen Xer I lived through some pretty tough times in my formulative years than had the side effect of toughening you the %^$ up and probably being a little bit less sympathetic to following generations.

I left high school when Australia was experiencing record unemployment rates, my first mortgage was 15.5%, I couldn't go out without the fear of being struck down by a grime reaper with an HIV infested bowling ball, the best car i could afford was my Dad's Triumph 2000, had to deal with grunge music and Stephen Kernahan turning his back on the Crows.

It's no wonder with such dramatic events as that that Gen Xers think all subsequent gens have it too easy and rule accodingly.

All Boomers had to worry about was some maniac launching a global nuclear apocalypse and ending the World.
 
kirky said:
Interest rates were double digits thru 1980’s (got to 17%) and 1990’s.

As a boomer myself, I bought a one bedroom fibro house with barely a serviceable bathroom in Semaphore Park in the late 80’s and lived in it for 3 years before demolishing it and building a brand new house.

I will categorically state that no-one under the age of 40 would choose to live in a property like that for 2-3 years if offered that today, it would be beneath them to do so.

I understand things aren’t easy to buy a house nowadays however you need to temper expectations. You can’t have it all at once - started travelling once I paid the majority of the house off. Got a new car every 7 years.

Just on that, cars are actually cheaper as a % of salary nowadays.
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At its highest of 17% - which was only for a few months - interest payments were on average 6% of total household income. Today they are 7%.

So paying 17% interest on a cheaper house is a lot less expensive that what people face today at 6%.

That's before you consider that the average price to income ratio in Australia has doubled since 1980.

The insane price of properties is extraordinarily impactful on young people wanting to enter the market.
 
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cleanhands said:
And don’t you forget it
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One of the perks of being a millennial is that the women in our generation aren't all freeloading housewives.

why-are-you-booing-me-im-right.gif
 
footy4ever said:
For what kind of house? Absolutely not so in my case.
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Sorry, but you're completely wrong.

Here's interesting data for each capital city since 1970.



Median income to house price ratios have drastically risen across Australia with Sydney the worst, rising from 4.5 times median annual income to over over 12, meaning that you're paying interest to the bank for an extra 7.5 years.
 
Jetwa5h said:
You still missed the point ..................I would very much doubt that some or most of the current say 20-30 year olds would lower their standards far enough to live in said fibro shitbox to start with (im not a boomer either)
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Well, we have no way of knowing that, because none of them have the option. The fibro shitbox would still be $1m as a "fixer-upper".
 
Mostyn said:
Sorry, but you're completely wrong.

Here's interesting data for each capital city since 1970.



Median income to house price ratios have drastically risen across Australia with Sydney the worst, rising from 4.5 times median annual income to over over 12, meaning that you're paying interest to the bank for an extra 7.5 years.
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What I took from that is that Adelaide was invented in 1980
 
Rabish Binney said:
Well my wife didnt have any access to maternity leave when we had our children in the early 1990's. My wife gave up her full time job for 4 years when we had our first child. We survived on one income so we went without.

What happens now? Couples can both access maternity leave now from their employer and the Government. Wish we had that.
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Hell, in the early 1990s plenty of families could still survive on one income.

I'm sure most current couples would swap that for 100 days of parental leave.
 

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'I worked hard and was able to live in a brand new home in a beachfront suburb 4 years after graduating, if you work hard you can purchase a poor quality dog box at Angle Vale when you're 30 (if you have two incomes). Nothing's changed.'
 
Mostyn said:
At its highest of 17% - which was only for a few months - interest payments were on average 6% of total household income. Today they are 7%.

So paying 17% interest on a cheaper house is a lot less expensive that what people face today at 6%.

That's before you consider that the average price to income ratio in Australia has doubled since 1980.

The insane price of properties is extraordinarily impactful on young people wanting to enter the market.
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It's also just a horrible mindset to have. "things were shit for me, they should be shit for you too". I'm okay with people complaining about bad things that happened to them but it shouldn't be used to dismiss other people with similar concerns.
 
DJ75 said:
You are conveniently ignoring the other facts.

Home loan repayments are a significantly larger % of pay today than it was back then. Same for grocery costs. And fuel. And pretty much everything else.
You had it much easier. It's a fact. Thanks to decades of keeping wages as low as possible, today's generation will and are finding it almost impossible to purchase a home unless they have help from family.

You think you had it tough-ish, but the facts (these things are important) say otherwise.
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I don't think the real price of fuel has increased much if at all over a long time. I worked this out about 4 years ago. Probably gone up around 20% since then so that might tip the scales.
 

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