"Wait, are millennials suddenly the wealthiest generation?"
As one of the generation discussed in this article, it's interesting to see. I did manage to buy our home in Q3 of 2013 which, at the time, felt like we were late getting it as the prices then had begun to go up -- but obviously we had no idea how much they would continue to rise.
In the past, this once-every-three-years survey held discouraging news for millennials. After adjusting for inflation, their wealth lagged behind where their Gen X and boomer parents had been at the same age. But when we incorporated the latest survey, conducted in 2022, we were shocked to see millennials had taken the lead.
And home equity seems to have emerged as the wealth-creation hero. The eldest millennials — now in their early 40s, old enough to sue for age discrimination — boast about twice the median home equity a Gen Xer did at that age. They also enjoy a substantial lead over boomers.
For once, the unluckiest generation seems to have benefited from exceptionally lucky timing. From 2019 to 2022, home prices catapulted 41 percent, making it the best three-year period on record, according to the home-price prodigies at the Federal Housing Finance Agency.
As a note, huge kudos to the WaPo team, the chart here captured as an image, was interactive even in my RSS reader and a sign of how far the web technology has come.
This is an important clarification later in the article as they disentangle and discuss the fact that renters and those living with their parents don't have the same wealth boon:
So, when we say millennials have record wealth for their age, we’re really saying millennials who have become financially independent are doing well for their age.
I can say that yes, while on paper, I have "wealth" thanks to the house I'm paying off every month - I am far from rich. Wealth and money are not the same thing until you cross some mysterious barrier where you can borrow against it, and avoid taxes with it, etc.
|
NYT still links to Google Podcasts on their site. I'm fairly surprised, their tech team are usually on top of things.
|
Podcast Middleman Dev
Hammered the majority of the podcast middleman out this morning thanks to Python. A few things still to fix (like the fact The Daily has a 12.5 meg RSS file and I am not looking to archive their entire backlog) but the core functionality is there and it's just about trimming off what I don't locally archive, etc.
|
Automated Archives for October, 18th 2024
This post was automatically generated
Articles To Read
The following are articles that I saved today. Substance and quality will vary drastically.
- How Washington State’s Climate Legacy Wound Up on the Ballot
- If JD Vance Is Wealthy, Why Did He Let His Own Mother Scrape by on Medicaid? | Common Dreams
Chess For the Day
Record: 4-0-5
Net Elo Change: -6
Games Played
- Baxili - LOSS
- bayycevap - LOSS
- Ricardo1045 - LOSS
- MisterStelian - WIN
- h_LTX - WIN
- PLAYER_MONDA - WIN
- NEMO379 - LOSS
- Shadinabk - LOSS
- ilidiomartins2 - WIN
Blog Posts On This Day
- 1 year ago (2 posts)
|
